Indices slide in early trade on negative global cues

The key equity barometers dropped in early trade amid selling in index pivotals. The Nifty was trading tad above the 17,150 mark. While banks and financials declined, metal, oil & gas and IT stocks edged higher. Negative global cues impacted market sentiment.

At 09:21 IST, the barometer index, the S&P BSE Sensex, was down 315.85 points or 0.55% to 57,368.97. The Nifty 50 index lost 93.15 points or 0.54% to 17,152.50.

Kotak Mahindra Bank (down 3.64%), HDFC Bank (down 1.69%), ICICI Bank (down 1.46%), IndusInd Bank (down 1.25%) and HDFC (down 1.04%) were the top Nifty losers.

Coal India (up 2.02%), Hindalco (up 1.64%), ONGC (up 1.45%), Dr Reddy`s Lab (up 1.42%) and JSW Steel (up 0.97%) were the top Nifty gainers.

In the broader market, the S&P BSE Mid-Cap index slipped 0.23% while the S&P BSE Small-Cap index shed 0.02%.

Buyers outnumbered sellers. On the BSE, 1422 shares rose and 942 shares fell. A total of 107 shares were unchanged.

Stocks in Spotlight:

Piramal Enterprises shed 0.09% to Rs 2220.05. A meeting of the board of directors of the company will be held on 28th March 2022, to consider and approve the issue of secured, rated, listed, redeemable, principal protected, market linked non-convertible debentures up to Rs 50 crore along with an option to retain oversubscription up to Rs 325 crore, the total size aggregating up to Rs 375 crore, on a private placement basis.

Adani Total Gas advanced 0.62% to Rs 1906.55. The company was granted authorization for development of City Gas Distribution Network by Petroleum and Natural Gas Regulatory Board in 10 geographical areas.

CSB Bank declined 0.16% to Rs 219.45. The Reserve Bank of India approved appointment of Pralay Mondal, Deputy Managing Director as interim Managing Director and CEO of the bank for a period of three months with effect from April 1.

Global Markets:

Asian stocks are trading lower on Thursday, as the recent global equities rally eased. Volatile commodity prices added concerns to a market already dealing with record inflation and the impact of an ongoing war in Ukraine.

Activity in the services sector, which has been battered by the pandemic, contracted for the third straight month, but the pace of decline slowed. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers` Index (PMI) rose to a seasonally adjusted 53.2 in March from a final 52.7 in the previous month.

US stocks eased Wednesday as oil prices rose, renewing inflation fears. Traders digested the latest news on the Ukraine-Russia war. Ukrainian President Volodymyr Zelenskyy called for more pressure on Russia from other countries as the conflict appears to be entering a stalemate.

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