Sensex drops 770 pts, PSU bank stocks tumble, VIX climbs 6%.

The frontline indices traded in a narrow range with deep cuts in early afternoon trade. The Nifty slipped below the 17,400 level. Barring the Nifty FMCG index, all the sectoral indices on the NSE were in the red. Bank, financial services and media shares were under pressure.

The barometer index, the S&P BSE Sensex, was down 770.48 or 1.29% to 59,035.80. The Nifty 50 index lost 203.50 points or 1.16% to 17,386.10.

In the broader market, the S&P BSE Mid-Cap index slipped 0.95% while the S&P BSE Small-Cap index fell 0.56%.

The market breadth was weak. On the BSE, 1,218 shares rose and 2,109 shares fell. A total of 133 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.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.95% to 13.48. The Nifty 29 March 2023 futures were trading at 17,418, at a premium of 31.9 points as compared with the spot at 17,386.10.

The Nifty option chain for the 9 March 2023 expiry showed maximum Call OI of 34.6 lakh contracts at the 18,000 strike price. Maximum Put OI of 55.5 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty PSU Bank index slipped 2.59% to 3,841.45. The index tumbled 3.69% in two trading sessions.

Canara Bank (down 3.95%), Bank of Baroda (down 2.51%), Punjab National Bank (down 2.16%), Union Bank of India (down 2.15%), State Bank of India (down 1.95%), Indian Bank (down 1.93%), Bank of India (down 1.7%), Punjab & Sind Bank (down 1.6%), Indian Overseas Bank (down 1.41%) and Central Bank of India (down 1.31%) declined.

Stocks in Spotlight:

Ajanta Pharma slipped 2.33%. 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.

Bank of Baroda (BoB) fell 2.71%. 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).

IFL Enterprises shed 0.42%. The company on Friday announced that its board has approved 10-for-1 stock split and 1:4 issue of bonus shares.

Indices off the day's low; metal shares decline

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.

Barometers end near the day's low; Sensex drops 540 pts, Nifty ends below 17,600 mark.

The domestic equity barometers ended with deep cuts after a weak session on Thursday. The Nifty ended below the 17,600 level after hitting the day's high of 17,772.35 in early trade. Barring metal stocks, shares across sectors declined with auto, IT and FMCG shares falling the most.

As per provisional closing data, the barometer index, the S&P BSE Sensex, fell 541.81 or 0.90% to 59,806.28. The Nifty 50 index lost 164.80 points or 0.93% to 17,589.60.

In the broader market, the S&P BSE Mid-Cap index slipped 0.55% while the S&P BSE Small-Cap index declined 0.20%.

The market breadth favored the sellers. On the BSE, 1,575 shares rose and 1,919 shares fell. A total of 121 shares were unchanged.

Trading was volatile due to expiry of weekly index options on the NSE.

Buzzing Index:

The Nifty Auto index fell 1.83% to 12,781.20. The index had advanced 2.20% in the past three sessions.

Mahindra & Mahindra (down 3.34%), Balkrishna Industries (down 3.19%), Tube Investments of India (down 2.18%), TVS Motor Company (down 1.95%) and Eicher Motors (down 1.89%) were the top losers.

Among the other losers were Maruti Suzuki India (down 1.73%), Tata Motors (down 1.71%), Sona BLW Precision Forgings (down 1.47%), Hero MotoCorp (down 1.46%) and MRF (down 1.45%).

Stocks in Spotlight:

Reliance Industries fell 2.37%. Radisys Corporation, a wholly owned subsidiary of Reliance's Jio Platforms has signed definitive aggreements to acquire Mimosa Networks from Airspan Networks Holdings for $60 million on a debt free, cash free basis.

Power Grid Corporation of India fell 0.57%. The company has announced its plans to issue unsecured, non-convertible, non-cumulative, redeemable, taxable PowerGrid bonds-LXXI aggregating upto Rs 900 crore on private placement basis. The PSU's committee of directors for bonds has approved issue of bonds having base size of upto Rs 300 crore and green shoe option upto Rs 600 crore.

State Bank of India (SBI) declined 1.01%. The country's largest lender has raised Rs 3,717 crore through its third Basel III compliant Additional Tier 1 bond issuance in the current financial year on Wednesday at coupon rate of 8.25%. The proceeds of bonds will be utilized in augmenting Additional Tier 1 Capital and overall capital base of the bank and for strengthening capital adequacy in accordance with RBI Guidelines.

Bharat Forge slipped 0.99%. The company through its E-Mobility subsidiary, Kalyani Powertrain, inaugurated its first E-bike manufacturing facility at MIDC Chakan on 8 March 2023. The facility has a production capacity of 60,000 units per annum and scalable to 100,000 units per annum, will undertake assembly of E-bikes for Tork Motors, 64.29% owned by Kalyani Powertrain.

Kirloskar Oil Engines shed 0.34%. Ten investors have picked up 13.65% stake in the company through bulk deals on Wednesday (8 March 2023), at an average price of Rs 322 per share, amounting to Rs 636 crore. Three promoters offloaded 17.71% stake in the company.

Jindal Stainless lost 0.93%. iShares Core MSCI Emerging Markets ETF has picked up 33.69 lakh equity shares (0.64% stake) in the stainless steel company through open market transactions, at an average price of Rs 309.42 per share.

Shoppers' Stop rose 0.10%. Shiseido Asia Pacific signed a strategic distribution partnership agreement with Global SS Beauty Brands, a subsidiary of Shoppers Stop, to expand its brand footprint in India. Through the partnership, Shiseido Group will officially launch its global make-up brand, NARS Cosmetics, in second half of 2023 in key cities in India.

Sequent Scientific was locked in 20% upper circuit. The company said that it will not acquire Tineta Pharma and the share purchase agreement entered by the company with Tineta and its promoters stands terminated.

Muthoot Finance declined 0.63%. The NBFC's board approved raising upto Rs 6,500 crore in one or more tranches by issuing redeemable non convertible debentures (NCDs) on private placement basis.

Ugro Capital added 1.65%. The investment and borrowing committee of the company's board allotted 5,000 non-convertible debentures (NCDs) aggregating to Rs 50 crore including a green shoe option of 2,500 NCDs for Rs 25 crore through private placement basis.

G R Infraprojects advanced 2.14%. The civil construction company announced that it has been emerged as lowest (L‐1) bidder for a tender by National Highways Authority of India (NHAI) under Bharatmala Pariyojana in Bihar on hybrid annuity mode. The bid project cost stood at Rs 1,248.37 crore. The construction is expected to be completed in 730 days from appointed date and the operation period is 15 years from the commercial operation date.

Global markets:

Shares in Europe declined while markets in Asia mostly ended lower on Thursday as investors digested more comments from U.S. Federal Reserve Chairman Jerome Powell.

Powell reportedly reiterated his warning message to lawmakers that the central bank may raise interest rates higher than previously anticipated. However, he reportedly said he hasn't made up his mind about what the central bank will do regarding interest rates when it meets later in March.

Japan's GDP grew slower at 0.1% on an annualized for the October-December quarter. The reading is weaker compared with preliminary estimates of a 0.6% growth, and also comes in lower than a 0.8% expansion. Private consumption, which accounts for around 57% of Japan's GDP, inched up by only 0.3%.

Meanwhile, China's consumer price index (CPI) for February was 1.0% higher than a year earlier, rising at the slowest pace since February 2022 and compared with the 2.1% annual rise seen in January, said the National Bureau of Statistics (NBS).

In the US, major stock indexes ended mixed as traders parsed stronger than expected economic data, sparking concerns of bigger rate increases following Fed Chairman Jerome Powell's congressional speech.

Stronger-than-expected private payrolls numbers for February reaffirmed the strength of the US economy. Private employment increased by 242,000 jobs last month, the ADP National Employment report showed on Wednesday. Data for January was revised higher to show 119,000 jobs added instead of 106,000 as previously reported.

Vacancies at US employers retreated at the start of the year but remained historically elevated. The number of available positions decreased to 10.8 million in January from an upwardly revised 11.2 million a month earlier, the Labor Department's Job Openings and Labor Turnover Survey, or JOLTS, showed Wednesday.

Barometers sharply pare losses; FMCG shares edge lower.

The domestic equity barometers sharply pared losses as they bounced back from the day's low in mid-morning trade. The Nifty traded above the 17,700 level after hitting the day's low at 17,668.90 in morning trade. FMCG stocks recorded some bit of profit taking after continuously advancing in the past three sessions.

The barometer index, the S&P BSE Sensex, was down 101.14 or 0.17% to 60,246.95. The Nifty 50 index lost 32.25 points or 0.18% to 17,722.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.26% while the S&P BSE Small-Cap index gained 0.32%.

The market breadth was positive. On the BSE, 1,835 shares rose and 1,424 shares fell. A total of 152 shares were unchanged.

Buzzing Index:

The Nifty FMCG index declined 0.48% to 45,501.65. The index had gained 1.99% in the past three sessions.

ITC (down 1.1%), Godrej Consumer Products (down 0.71%), Tata Consumer Products (down 0.43%), Hindustan Unilever (down 0.33%) and Marico (down 0.2%) were the top losers.

Among the other losers were Colgate-Palmolive (India) (down 0.13%), United Breweries (down 0.12%), Procter & Gamble Hygiene and Health Care (down 0.12%), Britannia Industries (down 0.08%) and Dabur India (down 0.07%).

On the other hand, Varun Beverages (up 2.06%), Emami (up 0.59%) and United Spirits (up 0.47%) moved up.

Stocks in Spotlight:

Power Grid Corporation of India added 0.70%. The company has announced its plans to issue unsecured, non-convertible, non-cumulative, redeemable, taxable PowerGrid bonds-LXXI aggregating upto Rs 900 crore on private placement basis. The PSU's committee of directors for bonds has approved issue of bonds having base size of upto Rs 300 crore and green shoe option upto Rs 600 crore.

Religare Enterprises jumped 8.04%. The company said that its subsidiary, Religare Finvest (RFL) has completed the entire one time settlement (OTS) payment of Rs 2,178 crore to sixteen OTS lenders. RFL will receive the No-Dues Certificates (NDC) from the OTS lenders as per the terms of the OTS agreement.

Sequent Scientific zoomed 13.16%. The company said that it will not acquire Tineta Pharma and the share purchase agreement entered by the company with Tineta and its promoters stands terminated.

Global markets:

Asian shares traded in a mixed manner on Thursday as Bank of Japan kicks off its two-day monetary policy meeting.

Japan's GDP grew slower at 0.1% on an annualized for the October-December quarter. The reading is weaker compared with preliminary estimates of a 0.6% growth, and also comes in lower than a 0.8% expansion. Private consumption, which accounts for around 57% of Japan's GDP, inched up by only 0.3%.

Meanwhile, China's consumer price index (CPI) for February was 1.0% higher than a year earlier, rising at the slowest pace since February 2022 and compared with the 2.1% annual rise seen in January, said the National Bureau of Statistics (NBS).

In the US, major stock indexes ended mixed as traders parsed stronger than expected economic data, sparking concerns of bigger rate increases following Fed Chairman Jerome Powell's congressional speech.

Stronger-than-expected private payrolls numbers for February reaffirmed the strength of the US economy. Private employment increased by 242,000 jobs last month, the ADP National Employment report showed on Wednesday. Data for January was revised higher to show 119,000 jobs added instead of 106,000 as previously reported.

Vacancies at US employers retreated at the start of the year but remained historically elevated. The number of available positions decreased to 10.8 million in January from an upwardly revised 11.2 million a month earlier, the Labor Department's Job Openings and Labor Turnover Survey, or JOLTS, showed Wednesday.

Shares trade with strong gains; IT stocks in demand.

The key equity barometers continued to trade with strong gains in mid-afternoon trade. The Nifty traded tad below 17,750 mark. IT shares advanced for second day in a row.

The barometer index, the S&P BSE Sensex, was up 497.36 points or 0.83% to 60,306.33. The Nifty 50 index added 146.30 points or 0.83% to 17,740.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.93% while the S&P BSE Small-Cap index advanced 0.88%.

The market breadth was strong. On the BSE, 2,136 shares rose and 1,392 shares fell. A total of 189 shares were unchanged.

Meanwhile, oil prices retreated on Monday as a weaker-than-expected GDP forecast from China dented some optimism over a recovery in crude demand this year.

Focus this week is also squarely on a testimony by Federal Reserve Chair Jerome Powell on Tuesday, which is expected to shed more light on where U.S. interest rates could go this year.

Economy:

The government, in the latest review, has hiked the windfall profit tax levied on crude petroleum to Rs 4,400 per tonne from Rs 4,350. The special additional excise duty on diesel has been reduced to Rs 0.5 a litre from Rs 2.5, while it has been slashed to 'nil' on Aviation Turbine Fuel. The new tax rates come into effect from 4 March 2023.

Numbers to track:

The yield on India's 10-year benchmark federal paper declined to 7.411 from 7.430 in previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.7000, compared with its close of 81.9750 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement gained 0.07% to Rs 55,830.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.07% to 104.45.

The United States 10-year bond yield fell 0.87% to 3.928.

In the commodities market, Brent crude for May 2023 settlement lost 60 cents or 0.70% to $85.23 a barrel.

Buzzing Index:

The Nifty IT index rose 1.35% to 30,218.15. The index has gained 1.68% in two sessions.

Mphasis (up 2.8%), Infosys (up 2.08%), LTI Mindtree (up 1.69%), Coforge (up 1.5%) and Wipro (up 1.08%) were the top gainers.

Among the other gainers were Tata Consultancy Services (up 1.01%), HCL Technologies (up 0.53%), Persistent Systems (up 0.24%) and Tech Mahindra (up 0.13%).

Stocks in Spotlight:

PNC Infratech rose 2.25%. The company said that it has received provisional completion certificate for an Uttar Pradesh-based national highway project awarded by NHAI on hybrid annuity mode effective from 1 March 2023.

Vardhman Textiles added 0.33%. The company said that its board will meet on Thursday, 9 March 2023, to consider and approve Issue of non-convertible debentures upto an amount of Rs 150 crore on private placement basis.

Neogen Chemicals jumped 5.74%. The company entered into a definitive agreement to acquire 100% stake in BuLi Chemicals India from Livent for Rs 25 crore. BuLi Chem is engaged in carrying out Manufacture and sale of N Butyl Lithium and other organolithium products. It has presence in India.

Sensex gains 648 pts; oil & gas shares rises over 4% in four days.

The key equity indices continued to trade with strong gains in early afternoon trade. The Nifty traded above 17,750 level. Oil & gas shares advanced for fourth consecutive session.

The barometer index, the S&P BSE Sensex, was up 648.25 points or 1.08% to 60,457.22 The Nifty 50 index added 179.20 points or 1.02% to 17,773.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.92% while the S&P BSE Small-Cap index advanced 1.09%.

The market breadth was strong. On the BSE, 2249 shares rose and 1196 shares fell. A total of 184 shares were unchanged.

Meanwhile, oil prices retreated on Monday as a weaker-than-expected GDP forecast from China dented some optimism over a recovery in crude demand this year.

Focus this week is also squarely on a testimony by Federal Reserve Chair Jerome Powell on Tuesday, which is expected to shed more light on where U.S. interest rates could go this year.

Economy:

The government, in the latest review, has hiked the windfall profit tax levied on crude petroleum to Rs 4,400 per tonne from Rs 4,350. The special additional excise duty on diesel has been reduced to Rs 0.5 a litre from Rs 2.5, while it has been slashed to 'nil' on Aviation Turbine Fuel. The new tax rates come into effect from 4 March 2023.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 1.49% to 12.3625. The Nifty 29 March 2023 futures were trading at 17,831.25, at a premium of 57.7 points as compared with the spot at 17,773.55.

The Nifty option chain for the 9 March 2023 expiry showed maximum Call OI of 30.7 lakh contracts at the 18,000 strike price. Maximum Put OI of 47 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty Oil and Gas index advanced 1.93% to 7,248.85. The index jumped 4.43% in four trading sessions.

Mahanagar Gas (up 5.61%), Adani Total Gas (up 5%), Indraprastha Gas (up 2.73%), Oil India (up 2.71%), GAIL (India) (up 2.71%), Oil & Natural Gas Corporation (up 2.37%), Gujarat State Petronet (up 2.29%), Indian Oil Corporation (up 1.73%), Hindustan Petroleum Corporation (up 1.42%) and Aegis Logistics (up 1.22%) edged higher.

Stocks in Spotlight:

Olectra Greentech jumped 3.24% after the company said that Evey Trans (EVEY) has received two letter of awards (LoAs) from Telangana State Road Transport Corporation (TSRTC) for 550 electric buses. The value of these 550 bus supply would be approximately Rs 1,000 crore for Olectra.

Mahanagar Gas (MGL) surged 5.78%. The company signed share purchase agreement (SPA) to acquire 100% stake in Unison Enviro (UEPL), a subsidiary of Ashoka Buildcon. The company will acquire 100% shareholding for a cash consideration of Rs 531 crore.

Force Motors advanced 3.17% after the company registered 105.9% jump in domestic sales to 2,236 units in February 2023 from 1,086 units sold in February 2022.

Key indices extend gains; Sensex jumps 673 pts, Nifty nears 17,800 level.

The key equity indices extended gains and hit fresh intraday highs in morning trade. The Nifty marched towards the 17,800 level. Metal shares rose for second consecutive session.

The barometer index, the S&P BSE Sensex, was up 673.36 points or 1.13% to 60,482.33. The Nifty 50 index added 197.15 points or 1.12% to 17,791.50.

In the broader market, the S&P BSE Mid-Cap index rose 1.07% while the S&P BSE Small-Cap index advanced 1.21%.

The market breadth was strong. On the BSE, 2352 shares rose and 891 shares fell. A total of 185 shares were unchanged.

Meanwhile, oil prices retreated on Monday as a weaker-than-expected GDP forecast from China dented some optimism over a recovery in crude demand this year.

Focus this week is also squarely on a testimony by Federal Reserve Chair Jerome Powell on Tuesday, which is expected to shed more light on where U.S. interest rates could go this year.

Economy:

The government, in the latest review, has hiked the windfall profit tax levied on crude petroleum to Rs 4,400 per tonne from Rs 4,350. The special additional excise duty on diesel has been reduced to Rs 0.5 a litre from Rs 2.5, while it has been slashed to 'nil' on Aviation Turbine Fuel. The new tax rates come into effect from 4 March 2023.

Buzzing Index:

The Nifty Metal index rose 1.98% to 5,779.90. The index has added 5.60% in two sessions.

Adani Enterprises (up 12.84%), Jindal Stainless (up 5.78%), National Aluminium Company (up 2.24%), APL Apollo Tubes (up 1.91%) and Vedanta (up 1.4%) were the top gainers.

Among the other gainers were Welspun Corp (up 1.13%), Hindalco Industries (up 0.8%), Hindustan Copper (up 0.58%), Hindustan Zinc (up 0.58%) and MOIL (up 0.29%).

On the other hand, Jindal Steel & Power (down 0.64%), Ratnamani Metals & Tubes (down 0.3%) and JSW Steel (down 0.13%) moved lower.

Stocks in Spotlight:

Housing Development Finance Corporation (HDFC) rose 1.48%. The National Company Law Tribunal (NCLT) has given approval for the amalgamation of HDFC Property Ventures and HDFC Venture Capital with HDFC Capital Advisors, a subsidiary of HDFC.

Hindustan Aeronautics added 1%. The company has received Income Tax Refund Order from the Office of Joint Commissioner of Income Tax (OSD) for the Assessment Yeas 2012-13. The order has allowed R&D expenditure of Rs 725.98 crore as capital expenditure, resulting in refund of Rs 570.05 crore. The above refund of Rs 570.05 crore includes of interest Rs 163.68 crore.

Krsnaa Diagnostics gained 0.85%. The company announced that it has operationalized diagnostics center at Fazilka, Punjab. This is part of the agreement with the Government of Punjab for procurement, operation and maintenance of 25 CT scanners, 6 new MRI machines, 30 pathological laboratories, 1 referral laboratory and 95 collection centers across the State of Punjab.