Market pares losses; bank stocks decline for 2nd day

The domestic equity barometers managed to pare losses in mid morning trade. The Nifty was trading below the 17,050 mark. Banks shares declined for the second consecutive session.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 111.45 points or 0.19% to 57,181.04. The Nifty 50 index shed 38.75 points or 0.23% to 17,078.85.

In the broader market, the S&P BSE Mid-Cap index declined 0.72% while the S&P BSE Small-Cap index shed 0.14%.

Buyers outnumbered sellers. On the BSE, 1317 shares rose and 1864 shares fell. A total of 139 shares were unchanged.

Buzzing Index:

The Nifty Bank index fell 1.01% to 35,656.10. The index has lost 2.12% in two sessions.

Bandhan Bank (down 2.88%), IDFC First Bank (down 2.51%), SBI (down 1.58%), Axis Bank (down 1.48%), HDFC Bank (down 1.13%), ICICI Bank (down 0.77%), Punjab National Bank (down 0.70%) and Kotak Mahindra Bank (down 0.57%) declined.

Stocks in Spotlight:

Indoco Remedies fell 1.65% to Rs 402.80. The company announced the receipt of final approval from the United States Food & Drug Administration (USFDA) for Lacosamide tablets, the generic version of Vimpat tablets of UCB, Inc.

Dhampur Sugar Mills rose 0.24% to Rs 533.05. The company`s board has declared an interim dividend of Rs 6 per share. The record date for the same is 31 March 2022.

Global Markets:

Most Asian stocks were trading higher on Tuesday, shrugging off tepid overnight cues from Wall Street.

US stocks broadly declined on Monday after Federal Reserve Chair Jerome Powell sounded alarms on surging inflation and vowed tough action.

Powell on Monday said �inflation is much too high� and pledged to take �necessary steps� to bring prices under control. He noted rate hikes could go from the traditional quarter-percentage-point moves to more aggressive half-basis-point increases if necessary.

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