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The domestic equity benchmarks were trading with modest losses in early trade. The Nifty traded below the 16,950 mark. Pharma, healthcare and consumer durables stocks edged higher while metal, PSU bank and IT shares declined .
The barometer index, the S&P BSE Sensex, was down 182.08 points or 0.32% to 57,373.82. The Nifty 50 index lost 54.75 points or 0.32% to 16,917.40.
The broader market underperformed the headline indices. The S&P BSE Mid-Cap index fell 0.93% while the S&P BSE Small-Cap index slipped 1.20%.
The market breadth was weak. On the BSE, 729 shares rose and 1,900 shares fell. A total of 106 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,271.25 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,823.94 crore in the Indian equity market on 15 March, provisional data showed.
Investors sentiment was dented amidst risks of contagion in the global financial sector after fresh turbulence at Credit Suisse. Credit Suisse announced that it will borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank in what it called decisive action to boost its liquidity.
Stocks in Spotlight:
ITC added 0.17%. ITC Infotech India (I3L), a wholly owned subsidiary (WOS), said that it has incorporated a WOS in Germany under the name of ITC Infotech GmbH (ITC Germany) on 10th March 2023. Consequently, ITC Germany has become a step-down wholly owned subsidiary of the company.
Federal Bank shed 0.79%. A meeting of the board of directors of bank is scheduled on 18 March 2023 to consider and approve the proposal to raise funds by way of issue of Unsecured Basel III Tier-II Subordinate Bonds in the nature of Debentures, amounting up to Rs. 100 crore on a private placement basis.
Patanjali Foods tumbled 4.26%. Stock exchanges BSE and NSE have frozen shareholding of promoters and promoter group in the company. The freezing is applicable till compliance of minimum public shareholding requirements as per regulation 38 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Godawari Power And Ispat rose 0.54%. A meeting of the board of directors of the company is scheduled on 18 March 2023 to consider and approve a proposal for buyback of fully paid up equity shares of the company.
Sarda Energy & Minerals added 0.64%. The Chhattisgarh Environment Conservation Board, Raipur has granted to the company, the consent to operate under water (Prevention and Control of Pollution) Act, 1974 and air (Prevention and Control of Pollution) Act, 1981, for expansion in existing Rolling Mill from 1,80,000 tonnes per annum to 2,50,000 tonnes per annum.
Global Markets:
Asian stocks were trading lower on Thursday as turmoil around Credit Suisse added onto banking fears in the region.
Credit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.
The decision comes shortly after shares of the lender fell sharply Wednesday, hitting an all-time low for a second consecutive day after its top investor Saudi National Bank said it won't be able to provide further assistance.
US stocks pared losses late on Wednesday but the Dow and S&P 500 still closed lower, as problems at Credit Suisse revived fears of a banking crisis, eclipsing bets on a smaller US rate hike this month.
US retail sales and wholesale prices slipped in February. Retail sales contracted in February by 0.4% to $698 billion, down from a revised $701 billion a month earlier, the Commerce Department said on Wednesday.
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