Sensex slides 384 pts, Nifty below 17,850 mark
Published on Feb 20, 2023 14:31
The frontline indices declined further and hit a fresh intraday low in mid-afternoon trade. The Nifty slipped below the 17,850 mark after hitting the day`s high of 18,004.35 in morning trade. Auto and IT stocks were in demand while bank, financial services and oil & gas shares witnessed a bit of a selling pressure.
At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 383.71 points or 0.63% to 60,618.86. The Nifty 50 index lost 124.90 points or 0.70% to 17,819.30.
In the broader market, the S&P BSE Mid-Cap index shed 0.13% while the S&P BSE Small-Cap index declined 0.15%
The market breadth was weak. On the BSE, 1,354 shares rose and 2,144 shares fell. A total of 183 shares were unchanged.
Numbers to Track:
The yield on India`s 10-year benchmark federal paper declined to 7.369 from 7.388 previous trading session.
In the foreign exchange market, the rupee higher lower against the dollar. The partially convertible rupee was hovering at 82.7275, compared with its close of 82.8250 during the previous trading session
MCX Gold futures for 5 April 2023 settlement added 0.01% to Rs 56,260.
The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.06% to 103.93.
The United States 10-year bond yield fell 0.30% to 3.817.
In the commodities market, Brent crude for April 2023 settlement advanced 76 cents or 0.92% to $83.76 a barrel.
The Nifty Bank index fell 1.06% to 40,694.20, extending losses for the third session. The index slipped 2.48% in three trading sessions.
AU Small Finance Bank (down 1.78%), IDFC First Bank (down 1.34%), State Bank of India (down 1.14%), Kotak Mahindra Bank (down 1.09%), Bank of Baroda (down 1.02%), Axis Bank (down 0.9%), HDFC Bank (down 0.82%), ICICI Bank (down 0.78%), Federal Bank (down 0.51%) and IndusInd Bank (down 0.26%) declined.
Stocks in Spotlight:
Ugro Capital shed 0.52%. The investment and borrowing committee of the company`s board has approved fund raising of up to Rs 20 crore by issuing non-convertible debentures (NCDs) on a private placement basis. The NBFC said that the NCDs will be issued at a coupon rate of 10% per annum. The tentative allotment date for the NCD is 24 February 2023. The tenure of the instrument is 18 months from the date of allotment. Meanwhile, the tentative maturity date is 24 August 2024.
Pennar Industries surged 7.01% after the company said it has bagged orders worth Rs 851 crore across its various business verticals. The company has won orders from clients like Reliance, TVS ILP, Ashok Leyland, Yamaha, Emerson, Hindalco, Kirloskar Toyota, Mahindra Defence Systems, Tata Power, Saint Gobain and Texmaco, etc. These orders are expected to be executed within the next two quarters, the company said in a statement.
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