The key equity indices trade with steep losses in early trade, dragged down by sharp sell-off in index pivotals. The Nifty traded below the 17,400 level. Shares across sectors declined, with metals, banks and IT stocks falling the most.
At 09:26 IST, the barometer index, the S&P BSE Sensex, was down 702.93 or 1.18% to 59,103.35. The Nifty 50 index lost 198.60 points or 1.13% to 17,391.
Adani Enterprises (down 3.99%), IndusInd Bank (down 2.29%), HDFC (down 2.14%), HDFC Bank (down 1.99%) and ICICI Bank (down 1.93%) were the top index losers.
Concurrently, Britannia (up 1.05%), Tata Motors (up 0.93%), Bharti Airtel (up 0.47%), Bajaj Auto (up 0.25%) and Mahindra & Mahindra (up 0.16%) managed to trade in the green.
In the broader market, the S&P BSE Mid-Cap index fell 1.05% while the S&P BSE Small-Cap index slipped 0.71%.
The market breadth was weak. On the BSE, 789 shares rose and 1,772 shares fell. A total of 102 shares were unchanged.
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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.
Stocks in Spotlight:
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.
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