Indices slide in early trade on negative global stocks

Benchmark indices dropped in early trade on negative global stocks. The Nifty slipped below 17,750 level.

At 9:18 IST, the S&P BSE Sensex fell 278.56 points or 0.47% at 59,331.2. The Nifty 50 index shed 72.35 points or 0.41% at 17,735.1.

The broader market traded with gains. The S&P BSE Mid-Cap index rose 0.26% while the S&P BSE Small-Cap index gained 0.48%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, shares 1854 rose and 657 shares fell. A total of 85 shares were unchanged.

Stocks in Spotlight:

Titan Company was down 0.18%. In its Q4 FY22 business update, the company said its revenues from jewellery division fell 4% year-on-year in the March quarter, but watches and wearables revenue rose 12% during this period. Meanwhile, revenue from eyecare was up 5%.

HDFC Bank fell 1.4%. The private sector bank proposed to raise funds by issuing Perpetual Debt Instruments (part of Additional Tier I capital), Tier II Capital Bonds and Long- Term Bonds (Financing of Infrastructure and Affordable Housing) up to total amount of Rs. 50,000 crores over the period of next twelve months through private placement mode.

Global markets:

Asian markets were trading lower on Thursday following two days of declines on Wall Street.

US stock indexes fell for a second day as investors reacted to Fed guidance on tightening monetary policy.

The Fed`s release of its meeting minutes indicated on Wednesday afternoon that officials �generally agreed� it should shrink its balance sheet by $95 billion per month. The minutes also showed central bank officials were considering larger rate hikes than the usual 25-basis-point, or quarter-point, increments.

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