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Market at day`s low; Sensex slumps 615 pts; Bajaj Auto slips 3.79%

Published on Feb 28, 2024 13:32

The frontline indices extended losses and traded near the day`s low in the afternoon trade. The Nifty traded below 22,000 level after hitting the day`s high of 22,229.15 in the morning trade. Realty, media and PSU bank shares advanced while consumer durables, IT and pharma stocks edged lower.

At 13:27 IST, the barometer index, the S&P BSE Sensex, tumbled 615.43 points or 0.84% to 72,479.79. The Nifty 50 index declined 208.70 points or 0.94% to 21,989.65.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index shed 1.62% and the S&P BSE Small-Cap index declined 1.85%.

The market breadth was weak. On the BSE, 814 shares rose and 2,959 shares fell. A total of 94 shares were unchanged.

Gainers & Losers:

SBI Life Insurance Company (up 0.31%), Hindustan Unilever (up 0.26%), Infosys (up 0.20%), Tata Consultancy Services (up 0.14%) and Bharti Airtel (up 0.04%) major Nifty gainers.

Bajaj Auto (down 3.79%), Apollo Hospitals Enterprise (down 3.65%), Power Grid Corporation of India (down 3.15%) Adani Enterprises (down 2.64%) and Eicher Motors (down 2.44%) were major Nifty losers.

Stocks in Spotlight:

Bajaj Healthcare surged 13.01% after the company announced that it has entered into a definitive CDMO agreement with esteemed UK/EU based customers for the supply of 15 active pharmaceutical ingredients (APIs).

Chemplast Sanmar declined 1.31%. The company said that it has commenced commercial production from the new Paste PVC facility set up at SIPCOT Industrial Complex, Semmankuppam Village, Cuddalore, Tamil Nadu.

Indiabulls Housing Finance slipped 2.47%. The company announced that its board has approved the public issue of non-convertible debentures (NCDs) up to Rs 100 crore (base issue size) with an option to retain oversubscription up to Rs 100 crore, aggregating up to Rs 200 crore.

Tanla Platforms gained 1.17% after the company announced it has extended its exclusive partnership with Truecaller to deliver customized solutions to enterprises.

Global Markets:

Most of the European stocks advanced while its Asian peers declined on Wednesday with investors awaiting key U.S. inflation and China data later this week. China�s manufacturing purchasing managers� index reading and U.S. personal consumption expenditures price index is due Thursday.

New Zealand�s central bank kept its interest rate steady. The Reserve Bank of New Zealand held its official cash rate at 5.50%, keeping it at a 15-year high, while warning that inflation remained well above its target range.

US stocks closed on a mixed note on Tuesday ahead of inflation and other economic data that could shed light on the possible timing of a Federal Reserve interest rate cut.

Federal Reserve Governor Michelle Bowman said that it`s too soon to begin rate cuts and reiterated her view that inflation will continue to rise with the current level of interest rates, as per reports.

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