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Market at day`s low; Nifty below 17,500; auto shares slide

Published on Feb 24, 2023 12:33

The domestic equity barometers traded with minor losses near the lowest point of the day in early afternoon trade. The Nifty slipped below the 17,500 level after hitting day`s high of 17,599.75 in early trade. Auto shares declined for the fourth straight day.

At 12:29 IST, the barometer index, the S&P BSE Sensex, was down 152.54 points or 0.26% to 59,453.26. The Nifty 50 index lost 48.90 points or 0.28% to 17,462.35.

In the broader market, the S&P BSE Mid-Cap index fell 0.07% while the S&P BSE Small-Cap index rose 0.03%.

The market breadth was negative. On the BSE, 1,532 shares rose and 1,734 shares fell. A total of 197 shares were unchanged.


The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, fell 3.78% to 14.51. The Nifty 29 March 2023 futures were trading at 17,554.75, at a premium of 92.4 points as compared with the spot at 17,551.70.

The Nifty option chain for the 29 March 2023 expiry showed maximum Call OI of 26.3 lakh contracts at the 18,000 strike price. Maximum Put OI of 47.2 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty Auto index fell 0.64% to 12,899.70. The index shed 2.11% in four trading sessions.

Bosch (down 2.28%), Eicher Motors (down 1.42%), Balkrishna Industries (down 1.4%), Mahindra & Mahindra (down 1.19%), Tata Motors (down 0.97%), TVS Motor Company (down 0.85%), Samvardhana Motherson International (down 0.55%), Maruti Suzuki India (down 0.31%), Sona BLW Precision Forgings (down 0.14%) and Hero MotoCorp (down 0.03%) slipped.

Stocks in Spotlight:

Bharat Forge fell 0.10%. The company said that the `investment committee - Defence Business` of the company has approved the transfer of the company`s stake in Aeron Systems (Aeron) to Kalyani Strategic Systems, a wholly-owned subsidiary of the company (KSSL).

Olectra Greentech surged 18.37% after the company announced that it has developed a Hydrogen bus with its technology partner, Reliance.

Adani Transmission hit lower circuit of 5%. Fitch Ratings has affirmed the `BBB-` ratings on the $400 million senior secured notes issued by the restricted group of India-based Adani Transmission.

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