As per provisional closing data, the barometer index, the S&P BSE Sensex tumbled 616.75 points or 0.83% to 73,502.64. The Nifty 50 index fell 160.90 points or 0.72% to 22,332.65.
In the broader market, the S&P BSE Mid-Cap index shed 0.24% and the S&P BSE Small-Cap index slipped 2.01%.
Sellers outnumbered buyers. On the BSE, 924 shares rose and 3,039 shares fell. A total of 119 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, advanced 2.80% to 14.
Economy:
Continuing the gaining streak, Indias forex reserves surged $6.55 billion to $625.626 billion during the week ended March 1, according to the latest RBI data.
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For the week ended March 1, the foreign currency assets, a major component of the reserves, increased by $6.043 billion to $554.231 billion, the data said.
Gold reserves increased by $569 million to $48.417 billion during the week. The special drawing rights (SDRs) were down by $17 million to $18.18 billion, according to the data.
Indias reserve position with the IMF was also down by $41 million to $4.798 billion in the reporting week, the apex bank data showed.
IPO Update:
The initial public offer (IPO) of Gopal Snacks received 9,09,09,444 bids for shares as against 1,19,79,993 shares on offer, according to stock exchange data at 15:20 IST on Monday (11 March 2024). The issue was subscribed 7.59 times.
The issue opened for bidding on Wednesday (6 March 2024) and it will close on Monday (11 March 2024). The price band of the IPO is fixed at Rs 381 to 401 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Media index slipped 3.03% to 1,928.10. The index advanced 2.54% in the past trading session.
Dish TV India (down 4.96%), Saregama India (down 4.31%), TV18 Broadcast (down 4.27%), Hathway Cable & Datacom (down 4.06%), Nazara Technologies (down 2.95%), D B Corp (down 2.84%), PVR Inox (down 2.57%), Zee Entertainment Enterprises (down 2.49%), Network 18 Media & Investments (down 2.3%) and Sun TV Network (down 1.2%) declined.
Stocks in Spotlight:
Power Grid Corporation of India slipped 2.53%. The company has signed a memorandum of understanding (MoU) with Rajasthan Rajya Vidyut Prasaran Nigam (RRVPNL) to incorporate a joint venture company for the development of an Intra State Transmission System in Rajasthan.
Coal India (CIL) declined 1.16%. The company announced that it has executed a memorandum of understanding (MoU) with Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) for securing power to meet the growing energy demand of Rajasthan.
NLC India jumped 6.35% after the company announced the signing of an MoU with the Government of Rajasthan for formation of joint venture to set up 125 MW Lignite-based power plant and 1000 MW Solar power plant.
Rail Vikas Nigam (RVNL) rallied 3.03% after the company announced that it has received an order from Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company (MPPKVVCL) and Himachal Pradesh State Electricity Board (HPSEBL), aggregating to Rs 1,139.61 crore.
InterGlobe Aviation rallied 3.75% after the companys co-founder Rakesh Gangwal reportedly plans to sell a 3.3% stake in Interglobe Aviation to raise around $450 million. The offer floor price for the proposed block deal is Rs 2,925 per share, as per reports.
Torrent Power advanced 1.84% after the company said that it has emerged as a successful bidder and received letter of award (LoA) from MSEDCL for setting up of 306 MW grid-connected solar power project at Nasik in Maharashtra.
Gensol Engineering dropped 9.21%. The company announced that it has emerged as lowest (L-1) bidder for a partial capacity of 70 MW/140 MWh out of 250 MW/500 MWh standalone battery energy storage systems (BESS) floated by Gujarat Urja Vikas Nigam (GUVNL).
NBCC (India) locked in an lower circuit of 5%. The company said that its wholly owned subsidiary HSCC (India) has bagged orders worth Rs 367.92 crore from Medical Education & Ayush, Maharashtra, and Power Grid Corporation India.
SJVN fell 2.09%. The company said that its wholly owned subsidiary SJVN Green Energy (SGEL) has signed a PUA for 500 MW solar power and a PPA for 100 MW solar power with Rajasthan Urja Vikas and IT Services (RUVITL).
D B Realty slipped 4.90%. The company said that it has received a letter of acceptance (LOA) from Brihanmumbai Municipal Corporation (BMC) for renting out approx. 186.52 acres of land parcels owned by the companys partnership firm Mira Real Estate Developers.
Global Markets:
European market declined and Asian stocks traded mixed on Monday taking cues from the decline on Wall Street as investors awaited the U.S. CPI print.
Japan averted a technical recession, with revised official data showing the economy expanded 0.4% in the October-December period last year. This comes after earlier estimates had shown that Japans economy shrank 0.4% in the fourth quarter on an annualized basis, following a revised 3.3% slump in the third quarter.
Separately, China recorded its first month of inflation in four months with the countrys consumer price index climbing 0.7% year on year in February. The figure is a marked reversal from the 0.8% fall in January.
U.S. stocks lost ground on Friday with artificial intelligence major Nvidia finishing down more than 5% in its worst session since late May. Investors also assessed fresh data, with the Labor Departments Bureau of Labor Statistics reporting that nonfarm payrolls increased by 275,000 for the month while the jobless rate moved higher to 3.9%.
Investors look ahead to US inflation data due Tuesday that is expected to show a further slowing in core prices.
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