Indices tumble for 4th day, Sensex slides 338 pts, Nifty settles below 17,050.

The domestic equity barometers ended with modest losses after a volatile session on Tuesday, sliding for the fourth straight session. The Nifty closed below the 17,050 mark after hitting the day's high of 17,224.65 in morning trade. Media and pharma stocks edged higher while PSU bank, metal and IT stocks witnessed a bit of selling pressure.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 337.66 points or 0.58% to 57,900.19. The Nifty 50 index lost 111 points or 0.65% to 17,043.30. Both the indices slipped 4% in four trading sessions.

Shares of index heavyweight Reliance Industries hit 52-week low of Rs 2,269.65 during intraday today.

In the broader market, the S&P BSE Mid-Cap index fell 0.46% while the S&P BSE Small-Cap index slipped 0.84%.

The market breadth was weak. On the BSE, 1,185 shares rose and 2,341 shares fell. A total of 104 shares were unchanged.

The turmoil in the US banking space with the failure of Silicon Valley Bank (SVB) and the closure of New York-based Signature Bank dampened the investors sentiment. Meanwhile, traders will keep a close eye on the U.S. consumer price index for February, due to be released later in the day.

Economy:

India's annual wholesale price index (WPI) based inflation eased to 25-month low of 3.85% in February 2023 as compared to 4.73% recorded in January 2023 and 13.43% in February 2022.

Decline in the rate of inflation in February 2023 is primarily contributed by fall in prices of crude petroleum & natural gas, non-food articles, food products, minerals, computer, electronic & optical products, chemicals & chemical products, electrical equipment and motor vehicles, trailers & semi-trailers.

Meanwhile, India's retail inflation, measured by the consumer price index (CPI), eased marginally in February but remained stubbornly above the 6% mark for the second straight month. Data released on Monday revealed that retail inflation stood at 6.44% in February against 6.52% in January. It stood at 6.07% a year ago. Both food and core inflation remained sticky and elevated at over 6% last month and the price pressures were higher in rural areas than urban centres.

Separately, as per the latest estimates of National Income released by National Statistical Office, Ministry of Statistics and Programme Implementation (MoSPI), real GDP is projected to grow by 9.1% in 2021-22 (1st RE) and 7% in 2022-23 (2nd AE). This was stated by the Union Minister of State for Finance, Pankaj Chaudhary in a written reply to a question in Lok Sabha. The International Monetary Fund (IMF) and the World Bank projects India to be the fastest-growing major economy in 2023.

New Listing:

Shares of Divgi TorqTransfer Systems settled at Rs 605.15 on the BSE, a premium of 2.57% as against the issue price of Rs 590.

The scrip was listed at Rs 600, representing a premium of 1.69% as compared to the issue price.

So far, it has hit a high of 615.75 and a low of 557.20 during the trading session. Over 3.43 lakh shares of the company had changed hands in the counter till now.

IPO Update:

The initial public offer (IPO) of Global Surfaces received bids for 63,10,600 shares as against 77,49,000 shares on offer, according to stock exchange data at 15:33 IST on Tuesday (14 March 2023). The issue was subscribed 0.81 times.

The issue opened for bidding on Monday (13 March 2023) and it will close on Wednesday (15 March 2023). The price band of the IPO is fixed at Rs 133-140 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.

Buzzing Index:

The Nifty PSU Bank index fell 1.90% to 3,675.45. The index slumped 7.85% in four trading sessions.

Indian Bank (down 8.43%), Bank of India (down 5.71%), Indian Overseas Bank (down 4.2%), Union Bank of India (down 4.19%), Punjab & Sind Bank (down 3.6%), Central Bank of India (down 3.57%), Bank of Maharashtra (down 2.54%), UCO Bank (down 2.16%), Bank of Baroda (down 0.98%) and State Bank of India (down 0.97%) tumbled.

Stocks in Spotlight:

Mahindra & Mahindra (2.96) declined 2.96%. The company said that it has sold 2,29,80,000 equity shares, representing 6.058% of the paid-up share capital of Mahindra CIE Automotive, a listed associate of the company at a gross price of Rs. 357.39 per share. Following the sale, the shareholding of the company in MCIE has come down from 9.253% to 3.195% of its share capital.

Sona BLW Precision Forgings jumped 6.83% after auto component maker announced that Blackstone's 20.5% stake in the company has been acquired by long-term investors.

Varun Beverages shed 0.24%. The carbonated soft drinks maker said that it has invested 9.80% of equity share capital (5.68% on fully diluted basis) of Lone Cypress Ventures, a special purpose vehicle (SPV), for a cash consideration of Rs 3.15 crore.

Lupin added 0.65%. The global pharmaceutical firm said that the United States Food and Drug Administration (U.S. FDA) had completed an inspection of its Pune-based Bioresearch Centre. The inspection closed without any observation.

NMDC rose 1.44% after the company announced that Amitava Mukherjee, director (finance) has been assigned the additional charge of chairman and managing director (CMD) for a period of 3 months upto 31 May 2023. Amitava Mukherjee will continue as CMD upto 31 May 2023 or till regular incumbent joins the post, or until further orders, whichever is the earliest, said NMDC.

Glenmark Pharmaceuticals fell 1.59%. The drug maker announced that it has received final approval by the United States Food & Drug Administration (USFDA) for Clindamycin Hydrochloride capsules. Clindamycin Hydrochloride capsules are used to treat bacterial infections of the lungs, skin, blood, female reproductive organs, and internal organs.

Tata Chemicals added 0.22%. Fitch Ratings revised the outlook on the company's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Positive from Stable and affirmed the rating at 'BB+.

GAIL (India) skid 0.23%. The company has declared interim dividend for FY 2022-23 of 40% on the paid-up equity share capital, which is Rs 4 per equity share, with a record date of 21 March 2023.

Krsnaa Diagnostics declined 0.20% after the company announced that it has won a tender to provide services of lab investigation facilities under 'Hinduhridaysamrat Balasaheb Thakeray Chikitsa' in Mumbai. The scope of order includes providing services of lab investigation facilities for BMC dispensaries and hospitals in Mumbai in the month of January 2023. The company said that it has operationalized 100 more pathology collection centers.

Surya Roshni rallied 3.47%. The company received orders amounting to Rs. 96.39 crores (including GST) for supply of 3LPE coated Line pipes from HPCL for City Gas Distribution projects in three geographical areas in the state of Rajasthan, Bihar, Jharkhand and West Bengal.

Global Markets:

European markets traded mixed while Asian stocks declined across the board on Tuesday as investors grappled with the fallout of failed banks in the U.S., including the Silicon Valley Bank.

US stocks ended lower on Monday even as a plan to backstop all the depositors in failed Silicon Valley Bank, along with other extraordinary measures, failed to boost bank shares. The fallout from SVB's collapse prompted President Joe Biden to promise stronger regulation of U.S. lenders, while reassuring depositors that their money is safe.

Traders are looking to the US consumer price index report later in the day for cues that may trigger further shifts in bets on the Fed's next move ahead of its meeting on March 21 and 22. As per reports, a hot inflation report will raise expectations the Fed could hike rates by 50 basis points, up from the 25 points it implemented in February.

Sensex slides 248 pts, Nifty below 17,100 level.

 

The domestic equity benchmarks traded with modest losses in morning trade. The Nifty traded below the 17,100 level after hitting the day's high of 17,224.65 in morning trade. PSU bank stocks tumbled for the fourth consecutive trading session.

The barometer index, the S&P BSE Sensex, was down 248.39 points or 0.43% to 57,989.46. The Nifty 50 index rose 84.60 points or 0.49% to 17,069.70.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.87% while the S&P BSE Small-Cap index slipped 1.12%.

The market breadth was weak. On the BSE, 963 shares rose and 2,162 shares fell. A total of 118 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,546.86 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,418.58 crore in the Indian equity market on 13 March, provisional data showed.

The turmoil in the US banking space with the failure of Silicon Valley Bank (SVB) and the closure of New York-based Signature Bank dampened the investors sentiment. Meanwhile, traders will keep a close eye on the U.S. consumer price index for February, due to be released later in the day.

Economy:

Retail inflation, measured by the consumer price index (CPI), eased marginally in February but remained stubbornly above the 6% mark for the second straight month. Data released on Monday revealed that retail inflation stood at 6.44% in February against 6.52% in January. It stood at 6.07% a year ago. Both food and core inflation remained sticky and elevated at over 6% last month and the price pressures were higher in rural areas than urban centres.

New listing:

Shares of Divgi TorqTransfer Systems were currently trading at Rs 570 at 10:13 IST on the BSE, a discount of 3.39% as against the issue price of Rs 590.

The scrip was listed at Rs 600, representing a premium of 1.69% as compared to the issue price.

So far, it has hit a high of 615.75 and a low of 561.75 during the trading session. Over 2.08 lakh shares of the company had changed hands in the counter till now.

Buzzing Index:

The Nifty PSU Bank index declined 1.69% to 3,683.05. The index slumped 7.66% in four trading sessions.

Bank of India (down 2.92%), Indian Bank (down 2.82%), Indian Overseas Bank (down 2.31%), Central Bank of India (down 1.98%), Union Bank of India (down 1.59%), Bank of Maharashtra (down 1.57%), UCO Bank (down 1.18%), Bank of Baroda (down 1.1%), Punjab & Sind Bank (down 0.95%) and Canara Bank (down 0.94%) tumbled.

Stocks in Spotlight:

Lupin added 0.18%. The global pharmaceutical firm said that the United States Food and Drug Administration (U.S. FDA) had completed an inspection of its Pune-based Bioresearch Centre. The inspection closed without any observation.

Krsnaa Diagnostics rose 0.88% after the company announced that it has won a tender to provide services of lab investigation facilities under 践induhridaysamrat Balasaheb Thakeray Chikitsa' in Mumbai. The scope of order includes providing services of lab investigation facilities for BMC dispensaries and hospitals in Mumbai in the month of January 2023. The company said that it has operationalized 100 more pathology collection centers.

Axita Cotton fell 1.43% after the company received contract from Bangladesh's Taraspinning Mills and Khadiza Sadek Spinning Mills for Indian raw cotton, aggregating $2,716,091.84. The sales contract will be executed by 30 April 2023.

Market slumps for 3rd day, Sensex drops 897 pts, Nifty sinks below 17,200.

The headline equity indices tanked on Monday, extending losses for the third straight session. After opening higher at 17,529.90, the Nifty 50 index declined as the session progressed to settle below the 17,200 level. All the sectoral indices on the NSE ended in red. Banks, media and auto shares witnessed major selling.

As per provisional closing data, the barometer index, the S&P BSE Sensex slumped 897.28 points or 1.52% to 58,237.85. The Nifty 50 index lost 258.60 points or 1.49% to 17,154.30. In third consecutive session, the Sensex slipped 3.5% while the Nifty declined 3.38%.

In the broader market, the S&P BSE Mid-Cap index shed 1.82% while the S&P BSE Small-Cap index fell 2.08%.

Sellers outnumbered buyers. On the BSE, 772 shares rose and 2,829 shares fell. A total of 156 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 20.89% to 16.22.

Over the weekend, U.S. regulators announced plans to backstop both depositors and financial institutions associated with Silicon Valley Bank (SVB). The US regulators on Sunday (12 March) night cleared a plan for the Silicon Valley Bank to protect depositors and assured that no losses would be borne by the taxpayers.

After SVB's downfall, New York-based Signature Bank was closed by New York state financial regulators on Sunday. Signature had been a popular funding source for cryptocurrency companies.

Depositors at both failed SVB and Signature Bank in New York, which was shuttered Sunday over similar systemic contagion fears, will have full access to their deposits as part of multiple moves that officials approved over the weekend. Depositors at the bank will have access to their money from Monday.

Today, London-based HSBC announced an agreement with the Bank of England to buy the U.K. operations of Silicon Valley Bank for 1 euro.

The Bank and (His Majesty's Treasury) can confirm that all depositors' money with SVBUK is safe and secure as a result of this transaction, the Bank said in a joint statement with the Treasury. SVBUK's business will continue to be operated normally by SVBUK. All services will continue to operate as normal and customers should not notice any changes.

Back home, consumer inflation data for February will be unveiled today, 13 March 2023. The annual consumer price inflation in India accelerated to 6.52% in January of 2023, the highest in three months, compared to 5.72% in December.

Buzzing Index:

The Nifty PSU Bank index fell 2.87% to 3,746.55. The index slumped 6.07% in three trading sessions.

Bank of Maharashtra (down 5.04%), UCO Bank (down 4.88%), Punjab & Sind Bank (down 4.54%), Central Bank of India (down 3.99%), Indian Overseas Bank (down 3.65%), Punjab National Bank (down 3.61%), State Bank of India (down 3.38%), Canara Bank (down 3.32%), Bank of Baroda (down 2.38%) and Indian Bank (down 2.27%).

Stocks in Spotlight:

Nazara Technologies shed 0.05%. The company on Sunday (12 March) said its step down subsidiaries Kiddopia Inc and Mediawrkz Inc hold cash balances worth $7.75 million (about Rs 64 crore) in SVB. Kiddopia Inc is a 100% subsidiary of Paper Boat Apps (owned 51.5% by Nazara) & Mediawrkz Inc is a 100% subsidiary of Datawrkz Business Solutions (owned 33% by Nazara).

Further, Nazara Group (Nazara Technologies and its subsidiaries) said it continues to maintain healthy reserves of cash and cash equivalents in excess of Rs 600 crore excluding the SVB impacted funds. The situation with SVB remains fluid and the company shall keep all the stakeholders and public at large updated on further developments, it added.

The Adani Group has completed full prepayment of margin linked share backed financing aggregating to $2.15 billion, well before committed timeline of 31 March 2023. Promoters have also prepaid $500 million facility taken for Ambuja acquisition financing. This is in line with promoters' commitment to increase equity contribution and promoters have now infused $2.6 billion out of total acquisition value of $6.6 billion for Ambuja and ACC.

Following the update, Adani Power, Adani Transmission, Adani Green Energy, Adani Total Gas were up 5% each.

Adani Wilmar (down 3.26%), Adani Ports and Special Economic Zone (down 2.64%) and Adani Enterprises (down 1.93%) declined.

IndusInd Bank tumbled 7.39%. The Reserve Bank of India (RBI) on 10 March 2023, granted approval for re-appointment of Sumant Kathpalia as managing director and chief executive officer (MD & CEO) of the bank for two years, with effect from 24 March 2023.

Tech Mahindra surged 6.79% after the company announced Mohit Joshi, the former president of Infosys, as its managing director (MD) and chief executive officer (CEO) designate for a period of five years, effective from 20 December 2023. Mohit Joshi will take over as MD & CEO when CP Gurnani retires on 19 December 2023. However, he will join Tech Mahindra well before that date to allow for sufficient transition time, said the company.

Mahindra CIE Automotive shares tumbled 7.89% and Mahindra & Mahindra(M&M) fell 2.45%. As per media reports, M&M was to sell a 4.6% stake in auto component firm Mahindra CIE Automotive through a block deals on Monday. The floor price for the sale is Rs 355 a share and the deal size is estimated to be Rs 615 crore, the reports added. M&M held 9.25% stake (equivalent to 3,51,02,068 crore shares) in Mahindra CIE Automotive at the end of December 2022 quarter.

JSW Steel declined 0.29%. The company on Friday (10 March 2023) announced that its wholly owned subsidiary, JSW Steel Coated Products (JSWSCPL), has acquired 31% stake in Ayena Innovations.

One 97 Communications (Paytm) fell 1.80% after the company's lending business witnessed a 94% year on year (YoY) growth during the two months ended February 2023. The number of loans disbursed through the company's platform zoomed 94% YoY to 7.9 million cumulative loans in two months ended February 2023, while the value of loans disbursed grew 286% YoY to Rs 8,086 crore ($979 million).

Sula Vineyards shed 0.91%. India's largest and only listed wine produce announced that it has taken on record the resignation of its chief financial officer, Bittu Varghese, to explore opportunities outside the company. Varghese will continue to be associated in his current role as the CFO till 9 June 2023. The company will keep all the stakeholders notified as soon as a replacement for Varghese is identified.

Sona BLW Precision Forgings slipped 6.33%. As per media reports, Blackstone was likely to sell 20.5% stake in Sona BLW Precision Forgings through a block deal on Monday. The floor price has reportedly been fixed at Rs 400 per share. Blackstone, through an entity named Singapore VII Topco III Pte Ltd., held 20.50% stake or 11,99,25,641 shares of Sona BLW Precision as on 31 December 2022.

Spandana Sphoorty Financial declined 2.74%. The company announced that its board approved the transfer of stressed loan portfolio to an asset reconstruction company (ARC) for Rs 133 crore. As on 31 December 2022, the company's outstanding written-off portfolio stood at Rs 372.45 crore. The company received a binding bid from an ARC, amounting to Rs.133 crore, on security receipt consideration basis.

Global Markets:

The Dow Jones futures were down 135 points, indicating a negative opening in the US stock market today.

European markets tumbled while Asian stocks ended mixed on Monday as investors reacted to plans by the Bank of England and the US Federal Reserve to backstop both depositors and financial institutions associated with Silicon Valley Bank (SVB).

SVB last week was shuttered by regulators, after customers withdrew a staggering $42 billion of deposits by the end of Thursday.

After SVB, US state regulators closed New York-based Signature Bank on Sunday, making it the third largest failure in U.S. banking history.

All of the depositors of Signature Bank and Silicon Valley Bank will be made whole, and no losses will be borne by the taxpayer, the U.S. Treasury Department and other bank regulators said in a joint statement.

US stocks closed sharply lower on Friday over fears of contagion in the financial sector and strong February employment data showing that the economy added more jobs than expected.

Market drifts higher in early trade, breadth negative.

The domestic equity barometers were trading with modest gains in early trade on buying demand in index pivotals. The Nifty traded above the 17,500 level. Metal, IT and PSU bank stocks advanced while media, consumer durables and auto stocks edged lower.

The barometer index, the S&P BSE Sensex, was up 349.83 points or 0.59% to 59,484.96. The Nifty 50 index advanced 104.15 points or 0.60% to 17,517.05.

In the broader market, the S&P BSE Mid-Cap index added 0.01% while the S&P BSE Small-Cap index fell 0.29%.

The market breadth was negative. On the BSE, 1,303 shares rose and 1,488 shares fell. A total of 144 shares were unchanged.

U.S. regulators announced plans to backstop both depositors and financial institutions associated with Silicon Valley Bank (SVB). The US regulators on Sunday (12 March) night cleared a plan for the Silicon Valley Bank to protect depositors and assured that no losses would be borne by the taxpayers.

After SVB's downfall, New York-based Signature Bank was closed by New York state financial regulators on Sunday. Signature had been a popular funding source for cryptocurrency companies.

Depositors at both failed SVB and Signature Bank in New York, which was shuttered Sunday over similar systemic contagion fears, will have full access to their deposits as part of multiple moves that officials approved over the weekend. Depositors at the bank will have access to their money from Monday.

Back home, consumer inflation data for February will be unveiled today, 13 March 2023. The annual consumer price inflation in India accelerated to 6.52% in January of 2023, the highest in three months, compared to 5.72% in December.

Stocks in Spotlight:

Nazara Technologies slipped 3.08%. Two of Nazara Technologies (Nazara) step down subsidiaries Kiddopia Inc and Mediawrkz Inc hold cash balances at Silicon Valley Bank (SVB), which is currently under the receivership of the Federal Deposit Insurance Corporation (FDIC). The balances held at SVB by Kiddopia Inc. and Mediawrkz Inc cumulatively account for $7.75 million (about Rs 64 crore).

Mahindra & Mahindra (M&M) rose 0.24%. M&M on Friday announced that the company's total production of automobiles advanced 14.04% to 56,997 units in February 2023 as compared with 49,979 units sold in February 2022. The auto major's total sales rose 9.51% to 56,551 units in February 2023 as against 51,641 units sold in the same period a year ago.

IndusInd Bank tumbled 4.79%. The private lender said that the Reserve bank of India (RBI) has approved the re-appointment of Sumant Kathpalia as managing director and chief executive officer (MD & CEO) of the bank for two years effective from 24 March 2023.

Godrej Industries added 0.38%. The management committee of the company's board on Friday, 10 March 2023, approved raising upto Rs 1,000 crore by issuing non-convertible debentures (NCDs) on private placement basis.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper declined to 7.371 from 7.429 previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.8150, compared with its close of 82.0650 during the previous trading session

MCX Gold futures for 5 April 2023 settlement advanced 0.85% to Rs 56,625.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.81% to 103.78.

The United States 10-year bond yield rose 0.15% to 3.701.

In the commodities market, Brent crude for May 2023 settlement added 25 cents or 0.30% to $83.03 a barrel.

Global Markets:

Asian stocks were trading mixed on Monday as U.S. regulators announced plans to backstop both depositors and financial institutions associated with Silicon Valley Bank (SVB). SVB last week was shuttered by regulators, after customers withdrew a staggering $42 billion of deposits by the end of Thursday.

US stocks closed sharply lower on Friday over fears of contagion in the financial sector and strong February employment data showing that the economy added more jobs than expected.

Key equity benchmarks end with deep cuts; PSU banks witness sharp sell-off.

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.

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.