The domestic equities suffered modest losses in early trade, mirroring weak global cues. IT and pharma stocks fell.
At 9:25 IST, the barometer index, the S&P BSE Sensex, dropped 152.20 points or 0.26% at 57,739.81. The Nifty 50 index lost 82.80 points or 0.48% at 17,221.80.
In the broader market, the S&P BSE Mid-Cap index declined 0.34% while the S&P BSE Small-Cap index fell 0.39%.
The market breadth was weak. On the BSE, 624 shares rose and 1,030 shares fell. A total of 80 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,242.10 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 901.10 crore in the Indian equity market on 17 February 2022, provisional data showed.
Stocks in Spotlight:
Ambuja Cements dropped 3.92%. The company reported 55% fall in consolidated net profit to Rs 431 crore on 2.1% rise in net sales to Rs 7,503 crore in Q4 CY21 over Q4 CY20.
Lupin lost 0.20%. Lupin Pharmaceuticals Inc., (Lupin) announced that the U.S. Food and Drug Administration approval of the Supplemental New Drug Application for SOLOSEC (secnidazole) in adolescents for both the treatment of bacterial vaginosis in females and trichomoniasis.
Birla Corporation rose 0.12%. The company informed that it has approved the allotment of 1,500 (AA) rated, listed, secured, redeemable Non- Convertible Debentures of Rs 10 lakh each aggregating to Rs. 150 crore on private placement basis.
Easy Trip Planners declined 0.55%. The company has fixed 2 March 2022 as the record date, for the purpose of ascertaining the eligibility of shareholders entitled for issue of bonus equity shares of the company in the proportion of one equity share of Rs 2 each for each equity share held.
Global Markets:
Most Asian stocks edged lower on Friday after an exchange of fire in eastern Ukraine and renewed U.S. warnings of an imminent Russian invasion had investors looking for safety ahead of the weekend.
US stocks slumped Thursday amid heightened tensions between Russia and Ukraine with confused investors dumping risky assets and rotating into bonds.
Russian-backed rebels and Kyiv's forces reportedly traded accusations that each had fired across a ceasefire line on Thursday and U.S. president Joe Biden said his sense was that a Russian invasion "will happen in the next several days."
The number of Americans filing new claims for jobless benefits unexpectedly rose last week. Initial claims for state unemployment benefits increased 23,000 to a seasonally adjusted 248,000 for the week ended February 12.
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