Nifty above 17,500; European shares edge lower

The domestic equity barometers traded in a narrow range, near the day`s high in afternoon trade. The Nifty was trading above the 17,500 mark. European shares mostly declined while most Asian markets edged higher.

At 13:25 IST, the barometer index, the S&P BSE Sensex was up 695.48 points or 1.20% to 58,639.13. The Nifty 50 index gained 176.50 points or 1.02% to 17,501.80

Bajaj Finserv (up 3.38%), Bajaj Finance (up 2.97%), Hero MotoCorp (up 2.95%), Maruti Suzuki (up 2.40%) and Axis Bank (up 2.33%) were the top index gainers.

Hindalco (down 4.68%), ONGC (down 4.62%), JSW Steel (down 3.65%), Tech Mahindra (down 2.07%) and Tata Steel (down 2.06%) were the top index losers.

In the broader market, the S&P BSE Mid-Cap index added 0.78% while the S&P BSE Small-Cap index rose 1.35%.

The market breadth was strong. On the BSE, 2,312 shares rose and 1,006 shares fell. A total of 106 shares were unchanged.

Economy:

Domestic ratings agency ICRA, on Tuesday, slashed India`s FY23 real GDP growth estimate by 0.8% to 7.2%, primarily driven by the fallout of Russian invasion of Ukraine.

Stocks in Spotlight:

Sun Pharmaceutical Industries fell 0.71% to Rs 913. One of the wholly-owned subsidiaries of Sun Pharma has entered into an exclusive patent licensing agreement with H. Lundbeck A/S to market and distribute its own version of Vortioxetine, a novel antidepressant, in India under the brand name, VORTIDIF. The territory of the licensing agreement will only cover India.

Aurionpro Solutions was locked in 5% upper circuit at Rs 322.35. Integro Technologies (Integro), an Aurionpro subsidiary based in Singapore, has won orders from the two large banks in Singapore. The orders are together valued more than 3 million Singapore dollars.

Dilip Buildcon jumped 4.17% to Rs 250.50 after the company announced that it has been declared as lowest (L-1) bidder by National Highways Authority of India (NHAI) for a road project in Karnataka. The bid project cost is Rs 1,589 crore.

Global Markets:

European stocks mostly edged lower on Wednesday following the latest round of talks between Russia and Ukraine, aimed at finding a solution to the conflict.

In Asia, stocks were trading higher on Wednesday as investors watch for developments surrounding the war in Ukraine.

Russian claimed it would reduce its attacks on Ukraine as delegates from the two countries met for their latest face-to-face peace talks in Istanbul. Moscow said it would cut back its military activity near Ukraine`s capital of Kyiv and the northern city of Chernihiv, as per reports. Ukrainian officials have pushed for a cease-fire agreement and a resolution to the humanitarian crisis sparked by Moscow`s invasion.

However, the General Staff of Ukraine`s Armed Forces says the Russian withdrawal pledge is designed to mislead, media reported.

The general staff reportedly said the Russian units were continuing to move away from both Kyiv and Chernihiv. Russia has already said it will now focus on operations in the eastern Donbas region.

Ukraine`s military believes the withdrawals "are probably a rotation of individual units" aimed at misleading Ukraine`s military leadership and creating a "misconception" about the meaning of their deployment, media reports added.

The update echoes statements made by Pentagon spokesman John Kirby, who reportedly said the threat to Kyiv remained despite Russian troop movements away from the city.

Meanwhile, Japanese retail sales fell in February for the first time in five months. Retail sales fell 0.8% in February from a year earlier, government data showed on Wednesday.

US stocks rose on Tuesday, extending Wall Street`s winning streak as traders monitored ceasefire negotiations in Europe and key levels in the bond market.

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