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Market extends losses; Sensex slides 332 pts

Published on Mar 13, 2024 11:34

The key equity indices extended losses in mid-morning trade. The Nifty slipped below the 22,250 mark. Media shares declined for the third day in a row.

At 11:27 IST, the barometer index, the S&P BSE Sensex was down 332.37 points or 0.45% to 73,335.59. The Nifty 50 index lost 133.30 points or 0.60% to 22,202.40.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index slipped 2.41% and the S&P BSE Small-Cap index tumbled 3.39%.

The market breadth was weak. On the BSE, 485 shares rose and 3,259 shares fell. A total of 78 shares were unchanged.

Economy:

India`s consumer price inflation softened marginally in February, data from the Ministry of Statistics and Programme Implementation showed Tuesday. The consumer price index posted an annual growth of 5.09% in February.

This was slightly slower than January`s 5.1% increase and economists` forecast of 5.02% rise. In the same period last year, inflation was 6.44%.

Meanwhile, India`s industrial production growth moderated in January after accelerating in the previous month, data from the Ministry of Statistics and Programme Implementation revealed on Tuesday.

Industrial output expanded 3.8% year-over-year in January, slower than the 4.2% in December.

Among the major three sectors, mining output grew the most, up by 5.9%. This was followed by a 5.6% rise in manufacturing output and a 3.2% increase in electricity production.

During April to January, industrial production grew 5.9% from the same period last year, data showed.

IPO Update:

The initial public offer (IPO) of Popular Vehicles and Services received 53,95,850 bids for shares as against 1,44,15,110 shares on offer, according to stock exchange data at 11:20 IST on Wednesday (13 March 2024). The issue was subscribed 0.37 times.

The issue opened for bidding on Tuesday (12 March 2024) and it will close on Thursday (14 March 2024). The price band of the IPO is fixed at Rs 280 to 295 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index dropped 3.09% to 1,836.25. The index fell 7.64% in three trading sessions.

Dish TV India (down 5.39%), Network 18 Media & Investments (down 4.34%), Hathway Cable & Datacom (down 3.9%), Nazara Technologies (down 3.6%), Saregama India (down 3.5%), TV18 Broadcast (down 3.08%), Zee Entertainment Enterprises (down 2.88%), D B Corp (down 1.99%), PVR Inox (down 1.72%) and Sun TV Network (down 0.4%) declined.

Stocks in Spotlight:

Salasar Techno Engineering fell 4.98%. The company said that it has secured a notification of award (NOA) for 7 distinct contracts aggregately worth Rs 1,033.78 crore from Tamil Nadu Generation and Distribution Corporation (TANGEDCO).

Oriental Rail Infrastructure shed 0.95%. The company announced that its wholly owned subsidiary, Oriental Foundry has received an order from Ministry of Railways, Indian Railways to manufacture and supply 3,055 BOXNHL Wagons worth Rs 1,249 crore.

Shalby slipped 1.80%. The company announced a strategic investment in Healers Hospital with an acquisition of 100% equity stake for a consideration of approximately Rs 104 crore.

Global Markets:

Most of the Asian stocks advanced on Wednesday after Wall Street jumped overnight, following U.S. inflation data that largely met expectations.

The U.S. consumer price index in February climbed 0.4% on the month and 3.2% year over year, the Bureau of Labor Statistics said on Tuesday.

Overnight in the U.S., all three major indexes climbed after the inflation readings. The tech-heavy Nasdaq saw the biggest jump, while the S&P 500 even reached a new record high.

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