Benchmarks trade with deep cuts; European mrkt opens lower

The key equity indices continued to trade with major losses in the afternoon trade. The Nifty traded near the 17,400 level. Barring the Nifty FMCG index, all the other sectoral indices on the NSE were in the red. Bank, financial services and media shares were under pressure.

At 13:28 IST, the barometer index, the S&P BSE Sensex, was down 707.29 or 1.18% to 59,098.99. The Nifty 50 index lost 187.70 points or 1.07% to 17,401.90.

In the broader market, the S&P BSE Mid-Cap index slipped 0.88% while the S&P BSE Small-Cap index shed 0.57%.

The market breadth was weak. On the BSE, 1,252 shares rose and 2,119 shares fell. A total of 134 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.

Gainers and Losers:

Power Grid Corporation of India (up 0.91%), Tata Motors (up 0.75%), NTPC (up 0.70%), Britannia Industries (up 0.65%) and Dr. Reddy's Laboratories (up 0.48%) were major Nifty gainers.

Adani Enterprises (down 2.41%), Apollo Hospitals Enterprise (down 2.36%), HDFC Bank (down 2.27%), Axis Bank (down 2.24%) and Housing Development Finance Corporation (HDFC) (down 2.03%) were were top Nifty losers.

Stocks in Spotlight:

Infosys fell 0.88%. 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 0.75% after 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 2.97%. 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.

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.

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 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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