The benchmark indices hit intraday low during afternoon trade, dragged by metal, oil & gas and IT scrips. The Nifty slipped below 16,700 mark.
At 13:30 IST, the barometer index, the S&P BSE Sensex, fell 592.71 points or 1.05% at 55,893.31. The Nifty 50 index lost 180 points or 1.07% at 16,691.30.
Reliance Industries (down 2.18%), Infosys (down 2.25%) and HDFC Bank (down 1.17%) dragged the market.
Broader markets suffered minor losses. The S&P BSE Mid-Cap index skid 0.44%. The S&P BSE Small-Cap index slipped 0.66%.
Sellers outnumbered the buyers. On the BSE, 1,362 shares rose and 1,937 shares fell. A total of 109 shares were unchanged.
Economy:
India's consumer price index (CPI) based inflation rose slightly to 6.07% in February 2022 from 6.01% in the previous month, data released by the Ministry of Statistics and Programme Implementation (MoSPI) showed yesterday. The consumer food price index also edged up to 5.85% in February 2022 compared to 5.43% in previous month.
Gainers & Losers:
Tata Consumer Products (up 4.47%), Maruti Suzuki India (up 2.36%), Mahindra & Mahindra (M&M) (up 1.90%), Cipla (up 1.65%) and UPL (up 1.57%) were the major gainer in Nifty 50 index.
Oil & Natural Gas Corporation (ONGC) (down 5.62%), Hindalco Industries (down 5.13%), JSW Steel (down 4.16%), Coal India (down 4.13%) and Tata Steel (down 3.89%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Godrej Properties rose 0.33%. The Mumbai-based developer said that it has acquired approximately 50 acres of land in Sonipat, Haryana, which will offer approx. 1 million sq. ft. of plotted residential development, plot sizes and lifestyle amenities. The site has good connectivity to the Delhi border and national highways. In addition, the site is in close proximity to the upcoming educational and industrial hub of Sonipat and offers a well-developed social infrastructure.
Reliance Industries (RIL) declined 2.18%. Reliance New Energy, a wholly-owned subsidiary of Reliance Industries, signed definitive agreements to acquire substantially the assets of Lithium Werks B.V. for a total transaction value of $61 million including funding for future growth. Reliance Industries, through its subsidiary, will acquire Lithium Werks B.V.'s company to be set up in Netherlands (NewCo), all the assets of Lithium Werks including its 100% stake in Lithium Werks Technology B.V. (LW Tech) and Lithium Werks China Manufacturing Co (LW China) along with key business contracts and hiring of existing employees. NewCo will issue shares to the founders and existing employees at closing and after such issuance. Reliance New Energy (RNEL) will hold 85.8% stake of NewCo.
Avantel was locked in an upper circuit of 20% at Rs 892.40 after the company received the supply order for supply of Loco devices for implementation of RTIS phase - 2 (Real Time Train Information system) for an amount of Rs 125.68 crore.
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