Market wrap: Sensex slips 143 pts; Nifty holds 17,500; Realty worst hit

Top headlines
 
·       Sensex slips 143 pts; Nifty holds 17,500; Realty worst hit
·       Nifty Metal shines; Hindustan Copper gains 6%
·       Godrej Properties slumps 10% as board approves stake buy in DB Realty
·       Monte Carlo Fashions sheds 10% on weak Q3 results
·       Vedant Fashions IPO subscribed only 11% on day 1
 
Mixed global cues kept the domestic equities volatile throughout the day on Friday, as Brent crude inched closer to $93-a-barrel mark, and bond yields climbed in the US and India, adding to the nervousness in the markets.
 
The BSE Sensex oscillated 517 points intra-day and eventually settled 143 points lower at 58,645. The Nifty50, on the other hand, ended at 17,516, down 44 points. Both benchmarks were down 0.2% each.
 
In the Sensex pack, SBI was the biggest loser. It dropped over 2%. M&M, NTPC, Kotak Bank, Bajaj Finserv, HDFC, Power Grid, and RIL were the other major losers.
 
On the upside, Sun Pharma, Asian Paints, Tata Steel, UltraTech Cement, and Bajaj Finance were the major gainers, all rising up to 1.4%.
 
The broader markets underperformed the benchmarks, with the BSE MidCap and SmallCap indices closing 0.7% and 0.45% lower, respectively.
 
Elsewhere in Asia, markets ended higher, with Japan's Nikkei and South Korea's Kospi rising 0.7% and 1.6%, respectively. European markets, however, were little changed. This was after the European Central Bank kept interest rates unchanged on Thursday, despite record inflation levels across the euro zone. The Bank of England, however, increased rates, in a first back-to-back rise since 2004.
 
Back home, among sectors, the Nifty Realty index was the biggest loser today. It closed 3% lower, and was followed by Nifty PSU Bank and Nifty Auto indices, which shed 2% and 1%, respectively. The Nifty IT and FMCG indices ended flat.
 
On the other hand, the Nifty Metal index was the sole gainer. It ended 1% higher in a weak market. Metal stocks have been gaining after the Union Budget proposed to extend customs duty exemption on steel scraps for a year. Index constituents Hindustan Copper, Vedanta, Ratnamani Metals, Hindustan Zinc and Jindal Steel were the top gainers, all up between 1% and 6%.
 
Among stocks, Monte Carlo Fashions lost 10% after investors were disappointed with its December quarter performance. The apparel company's net profit declined 2.4% year-on-year to Rs 77.45 crore. Its EBITDA margins also came lower at 24.6%, against 28.8% in the year-ago period.
 
Further, Godrej Properties slumped nearly 10% after its board approved an investment of Rs 400 crore in DB Realty to acquire around a 10% stake. The stock has tanked 16% in the past two sessions. The company also reported a subdued performance in the December quarter as its pre-sales volumes declined 7% year-on-year and 39% sequentially.
 
Lastly, the IPO of Manyavar owner Vedant Fashions saw a tepid response from investors on day 1 of the subscription period. As of 3:50 pm, the IPO had been subscribed only 11%, with the retail investor portion being subscribed 20%. The Non-Institutional Investor and Qualified Institutional Buyer categories did not see much participation.