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Sensex drops 1600 pts; breadth remains weak

Published on Mar 07, 2022 10:30

The benchmark indices were trading with steep losses in morning trade. Soaring crude oil prices amid ongoing Russia-Ukraine crisis continued to spook investors. The Nifty hovered above 15,800 mark. Barring the Nifty Metal index, all the sectoral indices on the NSE were in the red. Banks, autos and financial stocks were under pressure.

At 10:30 IST, the barometer index, the S&P BSE Sensex, dropped 1,601.37 points or 2.95% at 52,732.44. The Nifty 50 index slipped 444.70 points or 2.74% at 15,800.65.

In the broader market, the S&P BSE Mid-Cap index skid 2.92% while the S&P BSE Small-Cap index lost 2.61%.

The market breadth was weak. On the BSE, 594 shares rose and 2,577 shares fell. A total of 130 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 7,631.02 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,738.99 crore in the Indian equity market on 4 March 2022, provisional data showed.

In the commodities market, Brent crude for May settlement was up 9.45% at $129.27 a barrel. It has jumped 66% so far in calendar year 2022. India imports majority of its crude oil requirements. A spike in crude oil prices has raised concerns over the impact on inflation, currency and input cost for companies across sectors. Higher crude oil prices could increase India`s expenditure and adversely affects the fiscal deficit.


On the political front, the seventh and final phase of Uttar Pradesh elections 2022 began at 7 A.M. and will end at 6 P.M. today. This will conclude the fiercely contested polls held in five states. The results of exit polls for elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur will be broadcast from 7 P.M. today, after the end of polling. Votes will be counted on 10 March 2022.

Buzzing Index:

The Nifty Bank index dropped 4.36% to 32,906.60. The index lost 9.67% in five trading sessions.

RBL Bank (down 5.93%), IndusInd Bank (down 5.75%), Bandhan Bank (down 5.66%), Axis Bank (down 5.59%) and State Bank of India (SBI) (down 5.46%) were the top losers in the Bank segment.

Stocks in Spotlight:

Info Edge fell 1.17%. The company had announced that it has invested an amount of about Rs 91 crore in Aisle Network through its wholly owned subsidiary. Aisle is engaged in the business of running multiple dating platforms on the web via its mobile apps Aisle, Anbe, Arike and HeyDil. Info Edge said the investment is done as a strategic investments that would help to strengthen its offerings in the match making segment by addressing the needs of people of different age groups and beliefs, searching for a suitable match for them. The company has agreed to acquire 21,483 shares comprising 11,699 Compulsorily Convertible Preference Shares (CCPS) and 9,784 equity shares via mix of primary infusion and secondary purchase. The aggregate shareholding of the company, post this investment, in the said entity would be about 76% on a fully converted & diluted basis.

Zydus Lifesciences skid 3.32%. The lifesciences company has received approval for its New Drug Application (NDA) from the Drug Controller General of India for Oxemia (Desidustat). Desidustat is a first-of-its-kind oral treatment in India for anemia associated with Chronic Kidney Disease (CKD) in patients either on dialysis or not on dialysis. It is an oral tablet formulation which is the first-in-India alternative to injectable erythropoietin-stimulating agents (ESAs), Zydus Lifesciences said in a statement. CKD is a serious progressive medical condition characterized by a gradual loss of kidney function, usually accompanied by other comorbidities including anemia, cardiovascular diseases (hypertension, heart failure and stroke), diabetes mellitus, eventually leading to kidney failure. CKD patients are often on multiple medications and are at safety risks of drug-drug interactions.

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