The benchmark indices continued to hover near the day's low during early afternoon trade, as strong sell off in bank and auto scrips pulled the market lower. The global investor community continued to grapple with the economic fallout from the escalating Russia-Ukraine conflict. The Nifty managed to trade tad above 16,500 mark.
At 12:30 IST, the barometer index, the S&P BSE Sensex, dropped 1073.61 points or 1.91% at 55,173.67. The Nifty 50 index lost 275 points or 1.64% at 16,518.90.
In the broader market, the S&P BSE Mid-Cap index fell 0.45% while the S&P BSE Small-Cap index slipped 0.22%.
The market breadth was negative. On the BSE, 1,562 shares rose and 1,659 shares fell. A total of 139 shares were unchanged.
Manufacturing PMI:
India's manufacturing sector saw an expansion in output and new orders in February as per the IHS Markit Purchasing Managers' Index (PMI) which rose to 54.9 for the month of February 2022, from 54 in January 2022. A reading of 50 on the PMI indicates no change in activity levels.
Economy:
India's GDP growth slowed down to 5.4% in October-December 2021 from 8.5% in the previous quarter, data released on February 28 by the Ministry of Statistics and Programme Implementation showed. The statistics ministry also said India's GDP will likely grow by 8.9% in FY22, down from its first advance estimate of 9.2%, released in early January 2022.
The gross Goods and Services Tax (GST) revenue collected in the month of February 2022 is Rs 1,33,026 crore of which CGST is Rs 24,435 crore, SGST is Rs 30,779 crore, IGST is Rs 67,471crore (including Rs 33,837 crore collected on import of goods) and cess is Rs 10,340 crore (including Rs 638 crore collected on import of goods). The revenues for the month of February 2022 are 18% higher than the GST revenues in the same month last year and 26% higher than the GST revenues in February 2020.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 5.48% to 30.1375. The Nifty 24 February 2022 futures were trading at 16,509.70, at a discount of 9.2 points as compared with the spot at 16,518.90.
The Nifty option chain for 31 March 2022 expiry showed maximum Call OI of 22.1 lakh contracts at the 18,000 strike price. Maximum Put OI of 50.6 lakh contracts was seen at 16,500 strike price.
Buzzing Index:
The Nifty Oil & Gas index rose 1% to 7,340.85. The index gained 3.642% in two sessions.
Oil India (up 9.46%), GAIL (India) (up 5.66%), Oil & Natural Gas Corporation (ONGC) (up 2.55%), Mangalore Refinery and Petrochemicals (MRPL) (up 2.11%) and Castrol India (up 0.23%) were the top gainers in the Oil & Gas segment.
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