Market off day`s low; Sensex down 313 pts; metal shares slide
Published on Feb 27, 2023 11:31
The frontline equity benchmarks came off the day`s low and traded with modest losses in mid-morning trade. Negative global cues dented investor sentiments. The Nifty traded below the 17,350 mark. Metal shares declined for second straight day.
At 11:29 IST, the barometer index, the S&P BSE Sensex, was down 312.98 points or 0.53% to 59,150.95. The Nifty 50 index shed 117.10 points or 0.67% to 17,348.70.
In the broader market, the S&P BSE Mid-Cap index fell 1.23% while the S&P BSE Small-Cap index slipped 1.26%.
The market breadth was weak. On the BSE, 873 shares rose and 2,448 shares fell. A total of 194 shares were unchanged.
The Nifty Metal index declined 2.45% to 5,310.15. The index shed 5.45% in two trading sessions.
Adani Enterprises (down 5.81%), Jindal Stainless (down 4.3%), Ratnamani Metals & Tubes (down 2.64%), Tata Steel (down 2.46%), Welspun Corp (down 2.29%), Hindalco Industries (down 2.23%), Hindustan Copper (down 2.2%), Vedanta (down 2.16%), Jindal Steel & Power (down 2.01%) and JSW Steel (down 1.91%) slipped.
Stocks in Spotlight:
Dr. Reddy`s Laboratories declined 2.47%. The company said that its wholly owned subsidiary Dr. Reddy`s Laboratories SA has entered into a definitive agreement to acquire the U.S. generic prescription product portfolio of Australia-based Mayne Pharma Group.
Dilip Buildcon added 1.50% after the company, through its joint venture, Dilip Buildcon-Skyway Infraprojects [DBL-SIPL (JV)] has executed the EPC agreement with Madhya Pradesh Jal Nigam Maryadit for a project worth Rs 1,947.06 crore.
Lemon Tree Hotels fell 0.34%. The company has signed license agreement for a 110 room property in Kasauli, Himachal Pradesh under its brand Aurika Hotels & Resorts. The hotel is expected to be operational in November 2024. Carnation Hotels, a wholly owned subsidiary and the hotel management arm of the company, will be operating this hotel.
Asian shares declined across the board on Monday, after major indexes on Wall Street recorded their worst week for 2023.
The US stocks declined on Friday, following a bigger-than-expected increase in the latest reading for personal consumption expenditures, the Federal Reserve`s preferred inflation gauge.
The personal-consumption-expenditures price index showed the cost of U.S. goods and services jumped 0.6% in January, according to a Bureau of Economic Analysis report Friday.
The more closely followed core index, which is the Fed`s preferred inflation measure, also rose 0.6% in January, climbing 4.7% over the past 12 months.
Powered by Capital Market - Live News