The key equity benchmarks traded lower in early trade amid significant selling in many index stocks. While metals and oil & gas stock advanced, banks, financials and auto stocks edged lower.
The barometer index, the S&P BSE Sensex, was down 603.59 points or 1.07% to 55,643.69. The Nifty 50 index lost 162.70 points or 0.97% to 16,631.20.
In the broader market, the S&P BSE Mid-Cap index rose 0.10% while the S&P BSE Small-Cap index added 0.34%.
The market breadth was positive. On the BSE, 1397 shares rose and 1146 shares fell. A total of 109 shares were unchanged.
Economy:
India's GDP growth slowed down to 5.4% in October-December 2021 from 8.5% in the previous quarter, data released on February 28 by the Ministry of Statistics and Programme Implementation showed. The statistics ministry also said India's GDP will likely grow by 8.9% in FY22, down from its first advance estimate of 9.2%, released in early January 2022.
Goods and Services Tax (GST) collections for February declined to Rs 1.33 lakh crore, down 5.6% from the first month of 2022, data released on March 1 by the finance ministry showed.
February Auto sales:
Maruti Suzuki India fell 2.71% to Rs 8087.35. The company recorded total sales of 1,64,056 units in February 2022, down 0.25% as against 1,64,469 units sold in February 2021.
Tata Motors shed 0.94% to Rs 449.90. The company's sales in the domestic & international market for February 2022 stood at 77,733 vehicles as compared to 61,258 units during February 2021, recording a growth of 26.89%.
Ashok Leyland declined 0.72% to Rs 117.90. The Hinduja Group company's sales grew 7% to 14,657 units in February 2022 from 13,703 units sold in February 2021.
Eicher Motors fell 1.22% to Rs 2554.70. VE Commercial Vehicles (VECV), Eicher's unlisted subsidiary, sold 5,856 units of commercial vehicles in February 2022, registering a rise of 7.3% year on year from 5,457 units in February 2021.
Eicher Motors' total motorcycles (Royal Enfield) sales dropped 15% to 59,160 units in February 2022 as against 69,659 units sold in the same period last year.
Escorts added 0.50% to Rs 1861.30. The company's total tractor sales declined by 45.6% YoY to 6,114 units in February 2022 from 11,230 units sold in February 2021.
Hero MotoCorp were down 2.80% at Rs 2465.30. The two-wheeler major sold 3,58,254 units of motorcycles and scooters in February 2022, which is lower by 29.12% compared with 5,05,467 units sold in February 2021.
Global Markets:
Asian stocks are trading mixed on Wednesday as the ongoing Russia-Ukraine conflict continued to lead to a surge in oil prices.
Oil prices rose on Wednesday as sanctions on Russian banks following Moscow's invasion of Ukraine hampered trade finance for crude shipments and some traders opted to avoid Russian supplies in an already tight market. Brent crude futures climbed above $108 a barrel, scaling highs not seen since July 2014.
Wall Street ended sharply lower on Tuesday, with financial stocks bearing much of the damage for a second straight day as the Russia-Ukraine crisis deepened and stirred anxiety among investors.
Investors are also gearing up to hear from Federal Reserve Chair Jerome Powell in his semiannual hearing at House Committee on Financial Services, which begins on Wednesday. Investors will be watching closely for his comments on potential rate hikes, as market expectations for hikes this year has eased slightly since Russia's invasion.
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