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Shares trade with significant cuts; Infosys outperforms

Published on Mar 08, 2022 13:30

The key equity benchmarks continued to trade with significant cuts in afternoon trade. The Nifty was trading below the 15,700 mark.

At 13:29 IST, the barometer index, the S&P BSE Sensex, declined 512.84 points or 0.97% to 52,329.91. The Nifty 50 index lost 175.40 points or 1.11% at 15,687.75.

The broader market bucked weak trend. The S&P BSE Mid-Cap index fell 0.61% while the S&P BSE Small-Cap index shed 0.32%.

The market breadth was positive. On the BSE, 1,618 shares rose and 1,581 shares fell. A total of 129 shares were unchanged.

Soaring crude oil prices due to ongoing Russia-Ukraine crisis continued to spook investors. 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.

Nifty Gainers & Losers:

Infosys (up 2.65%), Cipla (up 2.61%), TCS (up 2.60%), NTPC (up 2.27%) and Tech Mahindra (up 2.17%) were the top index gainers.

ONGC (down 4.31%), Tata Motors (down 4.01%), Hindalco (down 3.99%), Eicher Motors (down 3.91%) and JSW Steel (down 3.55%) were the top index losers.

Stocks in Spotlight:

Wipro rose 1.57%. The IT firm announced the appointment of Turki Bin Nader as General Manager and Country Head for the Kingdom of Saudi Arabia (KSA).

Great Eastern Shipping Company (G E Shipping) advanced 1.59%. Greatship (India) (GIL), a wholly owned subsidiary of the company has contracted to sell its 2010 built R-class Platform Supply Vessel `Greatship Rohini` for scrapping.

Dodla Dairy added 0.18%. The company`s board has approved purchase of assets, business, and plant & machinery up to Rs 55 crore. It has also approved funding for subsidiaries Orgafeed, and Dodla Dairy Kenya, up to Rs 40 crore each.

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