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Nifty below 16,250; auto shares decline

Published on Mar 04, 2022 10:27

The equity benchmarks declined further in morning trade amid negative global cues. The Nifty was trading below the 16,250 mark. Auto shares declined for the fourth day in a row.

At 10:24 IST, the barometer index, the S&P BSE Sensex, was down 1017.64 points or 1.85% to 54,085.04. The Nifty 50 index lost 273.60 points or 1.66% to 16,224.45.

In the broader market, the S&P BSE Mid-Cap index fell 1.78% while the S&P BSE Small-Cap index declined 1.31%.

The market breadth was weak. On the BSE, 930 shares rose and 2054 shares fell. A total of 126 shares were unchanged.

The continued escalation of the Russia-Ukraine war, rising oil prices and continued FIIs selling puts a significant headwind on the economy by dampening growth prospects. FIIs were net sellers Rs 6,645 crore while DIIs were net buyers Rs 4,799 crore yesterday.

Economy:

Commerce and Industry Minister Piyush Goyal has called for increasing India`s share in global trade to 10% and taking India`s share of exports in GDP to about 25%. Addressing the closing session of the Post-Budget Webinar on `Make in India for the World`, Goyal said these are ambitious targets, but doable.

He said other countries are also talking of programmes very similar to AatmaNirbhar Bharat. Goyal called for taking India among the top three nations in Global Services Trade.

Stating that the government is looking at a more liberal regulatory regime for the Drones sector barring the Defence systems, he said that the Industry should aim to make India become the manufacturing hub of Drones.

He called for integrating quality in full value chain and said it should not just come into picture once the final product is made. Underlining the need to develop technical skills of tomorrow for the industry, the Minister called for the need to reorient academic courses to make it relevant to the "needs of today".

Buzzing Index:

The Nifty Auto index fell 2.99% to 9,954.10. The index has lost 8.64% in four session sessions.

Ashok Leyland (down 4.85%), Hero MotoCorp (down 4.27%), Maruti Suzuki (down 4.24%), Eicher Motors (down 3.34%), Mahindra & Mahindra (down 3%), TVS Motor Company (down 2.98%), Tata Motors (down 2.72%), Bajaj Auto (down 2.10%) and Bharat Forge (down 0.84%) declined.

Stocks in Spotlight:

LT Foods rose 1.82% to Rs 67. The company`s wholly-owned subsidiary, LT Foods Americas entered into agreement to acquire 51% stake of Golden Star Trading on 2 March 2022, with a call option to buy the remaining 49% stake at the end of 3 years.

IndiaMART InterMESH fell 1.71% to Rs 4480.10. The company entered into an agreement to invest 10% of the share capital (on fully diluted basis) of Zimyo Consulting (referred as Zimyo) for a cash consideration of Rs 17.01 crore. Zimyo is engaged in a business of offering SaaS-based human resource management software for the companies.

KEC International slipped 1.58% to Rs 459.20. The EPC company secured new orders of Rs. 1,131 crores across its various businesses.

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