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The domestic equity barometers came off the day's low as they pared some losses in morning trade. The Nifty traded above the 17,400 level after hitting the day's low at 17,324.35. Metal shares witnessed significant selling pressure.
The barometer index, the S&P BSE Sensex, was down 659.98 or 1.10% to 59,146.30. The Nifty 50 index lost 187.60 points or 1.07% to 17,402.
In the broader market, the S&P BSE Mid-Cap index fell 0.87% while the S&P BSE Small-Cap index slipped 0.51%.
The market breadth was weak. On the BSE, 1194 shares rose and 1911 shares fell. A total of 128 shares were unchanged.
Investors turned cautious ahead of the release of jobs report in the US later today. The report could further bolster expectations for the Federal Reserve to step up the size of rate hikes.
Buzzing Index:
The Nifty Metal index fell 1.08% to 5,621.25. The index had advanced 0.06% to end at 5,682.75 yesterday.
Adani Enterprises (down 3.64%), APL Apollo Tubes (down 3.31%), Jindal Steel & Power (down 1.93%), National Aluminium Company (down 1.58%) and Hindustan Copper (down 1.52%) were the top losers.
Among the other losers were JSW Steel (down 1.5%), Hindustan Zinc (down 1.01%), MOIL (down 0.94%), Vedanta (down 0.91%) and Tata Steel (down 0.83%).
On the other hand, Jindal Stainless (up 2.04%) and Welspun Corp (up 0.59%) edged higher.
Stocks in Spotlight:
Shalby shed 0.50%. The healthcare services provider's subsidiary Shalby Academy has signed MoU with Silver Oak University, Ahmedabad, to jointly develop various vocational undergraduate and post graduate courses in allied health science like radio imaging, operation theatre, and medical laboratory technology.
Glenmark Life Sciences rose 0.58%. The board members of the company are scheduled to meet on 16 March 2023 to consider and declare payment of interim dividend, if any, for the financial year 2022-23.
Hind Rectifiers surged 14.07%. The rectifier equipment and semi-conductor devices manufacturer has commenced commercial production at new manufacturing plant in Nashik, Maharashtra. The benefits of these new production lines will be availed from 2023-24 onwards.
Infosys fell 1.08%. The IT major has collaborated with mobility specialist ZF to revamp its multi-echelon supply chain with SAP Integrated Business Planning (SAP IBP) and Infosys Cobalt. Through this engagement with the aftermarket division of ZF, Infosys has implemented SAP IBP for demand planning and inventory optimization. ZF is a global technology company supplying systems for passenger cars, commercial vehicles and industrial technology, enabling the next generation of mobility.
PSP Projects slipped 1.01%. The company has received work orders worth Rs 123.38 crore in institutional, industrial and residential categories based in Ahmedabad, Gujarat. With this, the total order inflow for the financial year 2022-23 till date amounts to Rs 3415.97 crore.
NBCC (India) rose 1.38%. The state-owned project management consultancy and EPC company has received work orders worth Rs 229.81 crore, from Indian Institute of Foreign Trade. The company will construct new campus for IIFT in Kakinada.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper fell to 7.407 from 7.441 previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.0375, compared with its close of 82.0600 during the previous trading session.
MCX Gold futures for 5 April 2023 settlement lost 0.04% to Rs 55,280.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.11% to 105.20.
The United States 10-year bond yield declined 2.34% to 3.831.
In the commodities market, Brent crude for May 2023 settlement lost 40 cents or 0.49% to $81.19 a barrel.
Global markets:
Brent crude futures fell $1.07, or 1.3%, to settle at $81.59 a barrel on Thursday, their lowest close since 22 February.
The US Dow Jones index futures were down 124 points, indicating a positive opening in the US stocks today.
Asian stocks fell across the board on Friday, as investors await the closely watched February non-farm payrolls report from the U.S. that could further determine the direction on the Federal Reserve's rate hikes ahead.
The Hang Seng index in Hong Kong slumped 2.32%, leading losses in the region.
The US stocks tumbled Thursday, as investors braced for a key payroll report Friday that could shape the direction of interest rates. The S&P 500 slid 1.85% to end at 3,918.32, while the Dow Jones Industrial Average dove 543.54 points, or 1.66%, to settle at 32,254.86. The Nasdaq Composite shed 2.05% to finish at 11,338.35.
Thursday's losses brought the Dow to close below its 200-day moving average for the first time since 9 November 2022.
The number of Americans filing new claims for unemployment benefits increased more than expected last week. Initial claims for state unemployment benefits rose 21,000 to a seasonally adjusted 211,000 for the week ended 4 March, the Labor Department said on Thursday.
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