Market extends slide; breadth weak

Indices hit fresh intraday low as selling pressure intensified in mid afternoon trade. Barring Nifty auto index, all sectoral indices on the NSE traded in the red. Sentiment was negative amid anticipation of the first U.S. interest rate hike in three years, which could come this week.

At 14:30 IST, the barometer index, the S&P BSE Sensex, fell 891.76 points or 1.58% at 55,594.31. The Nifty 50 index lost 278.75 points or 1.65% at 16,592.30.

Broader markets suffered losses as well. The S&P BSE Mid-Cap index declined 1.03% while the S&P BSE Small-Cap index slipped 1.17%.

Sellers outnumbered the buyers. On the BSE, 1,182 shares rose and 2,152 shares fell. A total of 109 shares were unchanged.

Broader Market Losers:

Mindtree (down 4.69%), LTTS (down 4.56%), Mahanagar Gas (down 4.51%), Crompton Greaves Consumer (down 4.28%), Hindustan Copper (down 3.93%) and National Aluminum Company (down 3.61%) were top losers in Mid Cap space.

Balrampur Chini Mills (down 7.88%), Omaxe (down 6.34%), Gujarat Narmada Valley Fertilisers (down 5.96%), Delta Corp (down 3.83%) and BSE (down 3.81%) were top losers in Small cap space.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 6.825% as compared with 6.854% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 76.63, compared with its close of 76.54 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement fell 0.95% to Rs 51,805.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, fell 0.28% to 98.75.

In the commodities market, Brent crude for May 2022 settlement fell $6.28 at $100.62 a barrel.

Global Markets:

European stock markets opened lower on Tuesday as a fresh round of EU sanctions and a rebound in Covid-19 cases weighed on sentiment. Asian markets closed on a weak note on Tuesday as surging COVID-19 cases in China hit the confidence of investors who are already worried about the Ukraine war and the first U.S. interest rate rise in three years, which could come this week.

Major US stock indexes closed mostly lower on Monday as investors sold tech and big growth names ahead of this week`s Federal Reserve meeting and an expected hike in interest rates.

Wall Street kept an eye on the conflict between Russia and Ukraine, as the two countries resumed talks on Monday. A Ukrainian official reportedly said the country`s objectives were to secure a ceasefire and an immediate withdrawal of Russian troops, along with other security guarantees. Hopes that talks between Russia and Ukraine due to resume on Tuesday could provide a resolution to the conflict prompted a sharp fall in global oil prices.

Fighting has intensified around Ukraine`s capital, Kyiv, while Russian forces bombard cities across the country, killing civilians who are unable to escape.

Investors were also focused on the Fed, which is expected to raise its target fed funds rate by a quarter-percentage point from zero at the end of its two-day meeting Wednesday.

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