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Market near day`s low; Nifty below 17,950

Published on Feb 17, 2023 13:32

The headline equity indices traded near the day`s low with significant losses in afternoon trade. The Nifty traded below the 17,950 mark. All the sectoral indices on the NSE were in the red with bank, realty and financial services stocks declining the most.

At 13:26 IST, the barometer index, the S&P BSE Sensex, was down 403.18 points or 0.66% to 60,916.33. The Nifty 50 index lost 113 points or 0.63% to 17,922.85.

In the broader market, the S&P BSE Mid-Cap index slipped 0.76% while the S&P BSE Small-Cap index declined 0.21%

The market breadth was negative. On the BSE, 1,360 shares rose and 1,985 shares fell. A total of 150 shares were unchanged.

Gainers & Losers:

Adani Enterprises (down 4.02%), Nestle India (down 2.91%), IndusInd Bank (down 2.83%), SBI Life Insurance Company (down 2.54%) and HDFC Life Insurance Company (down 2.45%) were top Nifty losers.

Larsen & Toubro (up 2.80%), Ultratech Cement (up 2.12%), Bharat Petroleum Corporation (BPCL) (up 1.46%), HeroMoto Corp (up 1.35%) and Asian Paints (up 1.08%) were major Nifty gainers.

Stocks in Spotlight:

UltraTech Cement rose 2.12%. The company announced commissioning of 1.30 mtpa brownfield cement capacity at Hirmi, Chhattisgarh and 2.80 mtpa greenfield grinding capacity at Cuttack, Odisha. With this commissioning the company`s total cement manufacturing capacity in India now stands at 126.95 mtpa.

Vedanta lost 0.05%. The company has been declared as the `Preferred Bidder` in respect of e‐auction of Kelwardabri Nickel (Ni), Chromium (Cr) and Associated Platinum Group Elements (PGE) Block based on highest Final Price Offer of 4.15% submitted by the Company.

Schaeffler India jumped 4.84% after the company`s net profit rose 21.2% to Rs 230.98 crore on 17.8% increase in revenue from operations to Rs 1,794.65 crore in Q4 CY22 over Q4 CY21.

Angel One fell 2.57%. The company announced the resignation of its chief executive officer, Narayan Gangadhar, with effect from 16 May 2023, due to personal reasons.

Global markets:

Shares in Europe and Asia tumbled on Friday as investors digested more economic data out of the U.S. and more hawkish commentary from the Federal Reserve.

Reserve Bank of Australia governor Philip Lowe reiterated warnings of inflation risks and hinted at further hikes ahead.

Wall Street ended sharply lower on Thursday after unexpectedly strong inflation data and a drop in weekly jobless claims added to fears that the US Federal Reserve will keep raising interest rates to tame high prices.

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