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The domestic equity benchmarks ended with deep cuts after a weak session on Friday. The Nifty managed to close some points above the 17,400 level after hitting the day's low at 17,324.35 in early trade. Barring the FMCG and consumer durables, shares across sectors declined with banks, financials and metal stocks falling the most.
As per provisional closing data, the barometer index, the S&P BSE Sensex, tumbled 671.15 or 1.12% to 59,135.13. The Nifty 50 index dropped 176.70 points or 1% to 17,412.90.
In the broader market, the S&P BSE Mid-Cap index slipped 0.69% while the S&P BSE Small-Cap index shed 0.59%.
The market breadth was weak. On the BSE, 1,418 shares rose and 2,087 shares fell. A total of 106 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 PSU Bank index fell 2.19% to 3,857.10. The index has declined 3.30% in two sessions.
Bank of India (down 4.03%), Canara Bank (down 3.88%), Union Bank of India (down 2.28%), Bank of Baroda (down 2.1%) and Punjab & Sind Bank (down 1.95%) were the top losers.
Among the other losers were State Bank of India (down 1.95%), Punjab National Bank (down 1.87%), Central Bank of India (down 1.31%), UCO Bank (down 1.29%) and Bank of Maharashtra (down 0.92%).
Stocks in Spotlight:
Infosys fell 0.45%. 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.
Tata Motors rose 0.95%. The auto major said that its subsidiary, Tata Technologies, filed a draft red herring prospectus with market regulator Securities and Exchange Board of India (Sebi) for an initial public offering.
Tata Technologies, a global product engineering and digital services company, has filed a draft red herring prospectus dated 9 March 2023 with Sebi. It is planning an initial public offering by way of an offer for sale of up to 9,57,08,984 equity shares for cash, representing approximately 23.60% of its paid-up share capital. Tata Motors currently holds 74.42% in Tata Technologies.
REC declined 2.85%. The company's board on Thursday (9 March 2023) approved raising Rs 1.2 lakh crore via various debt instruments for the financial year 2023-24.
PSP Projects slipped 2.36%. 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.Bank of Baroda (BoB) fell 2.13%. The bank said that its board has approved a proposal to divest up to 49% of the bank's shareholding in its wholly owned subsidiary BOB Financial Solutions (BFSL).
Thermax rose 0.18%. The company said that it has signed a memorandum of understanding (MoU) with Fortescue Future Industries (FFI) to explore green hydrogen projects, including new manufacturing facilities in India.
Ajanta Pharma slipped 1.06%. The drug maker announced that its board has approved a share buyback of upto Rs 315 crore at a price of Rs 1,425 per equity share through tender offer route. The indicative maximum number of equity shares bought back would be 22,10,500 shares which is 2.59% of the total number of paid-up equity shares of the company.
NBCC (India) advanced 1.57%. 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.
Glenmark Life Sciences rose 1.84%. 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 10.15%. 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.
Magellanic Cloud was locked in an upper circuit of 5%. The company informed that its board is scheduled to meet on Tuesday, 14 March 2023 to consider issue of bonus shares to the existing equity shareholders of the company.
Global markets:
Shares in Europe and Asia tumbled 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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