The key equity barometers ended with modest losses after a volatile session on Friday, snapping a three day gaining streak. Negative global cues triggered profit selling in domestic shares. Traders are worried about rising inflation, US bond yields and dollar index. The Nifty closed below the 17,950 mark. Selling was wide spread with realty, healthcare and banks shares sliding the most.
The barometer index, the S&P BSE Sensex fell 316.94 points or 0.52% to 61,002.57. The Nifty 50 index lost 91.65 points or 0.51% to 17,944.20. Both the indices advanced 1.5% in the past three sessions.
Adani Enterprises (down 4.32%), Nestle India (down 3.19%) and IndusInd Bank (down 3.17%) were major drags.
In the broader market, the S&P BSE Mid-Cap index slipped 0.75% while the S&P BSE Small-Cap index declined 0.24%.
The market breadth was negative. On the BSE, 1,401 shares rose and 2,053 shares fell. A total of 136 shares were unchanged.
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The yield on India's 10-year benchmark federal paper rose to 7.385 from 7.342 previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.825, compared with its close of 82.7025 during the previous trading session
MCX Gold futures for 5 April 2023 settlement declined 0.69% to Rs 55,841.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.60% to 104.46.
The United States 10-year bond yield advanced 1.53% to 3.902.
In the commodities market, Brent crude for April 2023 settlement slipped $2 or 2.35% to $83.14 a barrel.
Global Markets:
The Dow Jones index futures were down 158 points, indicating a negative opening in the US stocks today.
Shares in Europe and Asia tumbled on Friday as investors digested more economic data out of the U.S. and more hawkish commentary from the Federal Reserve.
In the U.S., wholesale prices rose 0.7% in January, which was more than expected and encouraged fears over the country's stubbornly high inflation metrics.
Reserve Bank of Australia governor Philip Lowe reiterated warnings of inflation risks and hinted at further hikes ahead.
Wall Street ended sharply lower on Thursday after unexpectedly strong inflation data and a drop in weekly jobless claims added to fears that the US Federal Reserve will keep raising interest rates to tame high price.
Stocks in Spotlight:
Minda Corporation tumbled 4.58% while Pricol dropped 4.44%. Minda Corporation acquired 1,91,40,342 equity shares of Pricol, representing 15.70% of the Pricol's total issued and paid-up equity share capital. The said shares of Pricol have been acquired by Minda Corporation via the open market, at an average price of Rs 208.9820 per share aggregating to Rs 400 crore.
The media reported earlier today that Minda Corporation is looking to acquire up to 15.7% stake in precision engineered products manufacturer Pricol through a reverse book building process.
Offering clarification on the same, Pricol, in an exchange filing, said "Our company has no information in this regard. We don't find any communication from Minda Corporation Limited to the stock exchanges regarding the said news. Minda Corporation Limited is a competitor in one of our major business segments.
It further added: "Managing Director of Pricol Limited has issued a clarification a little while earlier reiterating that the promoter group stands fully committed to the company and that they have absolutely no intent in undertaking any secondary sale of promoter's stake."
PTC Industries jumped 8.50%. Aerolloy Technologies (ATL), wholly owned subsidiary of PTC Industries, has received an order from Safran Aircraft Engines (SAE), for development and supply of Titanium cast components for aircraft engines.
Angel One fell 1.80%. The company announced the resignation of its chief executive officer, Narayan Gangadhar, with effect from 16 May 2023, due to personal reasons.
Schaeffler India jumped 3.82%. The company's net profit rose 21.2% to Rs 230.98 crore on 17.8% increase in revenue from operations to Rs 1,794.65 crore in Q4 CY22 over Q4 CY21.
RailTel Corporation of India advanced 1.45%. The company has received the work order from Bangalore Metro Rail Corporation for Supply, Installation Testing and Commissioning of the IT network infrastructure amounting to Rs. 27.07 crore (excluding taxes) and Comprehensive Annual Maintenance Contract amounting to Rs. 6.22 crore (excluding taxes) per year for 5 years extendable to 10 years.
RPP Infra Projects jumped 6.71%. The company received new orders aggregating to Rs 183.59 crore for construction of integrated storm water drain works in M1 and M2 components in Kovalam basin in Chennai. The company's current market capitalization is Rs 161.80 crore.
UltraTech Cement rose 1.81%. The company announced commissioning of 1.30 mtpa brownfield cement capacity at Hirmi, Chhattisgarh and 2.80 mtpa greenfield grinding capacity at Cuttack, Odisha. With this commissioning the company's total cement manufacturing capacity in India now stands at 126.95 mtpa.
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