At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 417.41 points or 0.57% to 73,454.88. The Nifty 50 index declined 109.70 points or 0.49% to 22,295.05.
In the broader market, the S&P BSE Mid-Cap index shed 0.20% and the S&P BSE Small-Cap index declined 0.55%.
The market breadth was weak. On the BSE, 1,283 shares rose and 2,256 shares fell. A total of 197 shares were unchanged.
Economy:
The seasonally adjusted HSBC India Services Business Activity Index registered 60.6 in February, down from 61.8 in January. Despite having slipped, the headline index was comfortably above the neutral mark of 50.0 and signalled a sharp rate of expansion that was well above the series history (since December 2005).
With both manufacturing production and services activity in India increasing during February, there was a further upturn in private sector output. The HSBC India Composite PMI Output Index slipped from a six-month high of 61.2 in January to 60.6, indicating a softer but sharp rate of expansion.
New Listing:
Shares of Platinum Industries were currently trading at Rs 221.55 at 10:14 IST on the BSE, representing a premium of 29.56% as compared with the issue price of Rs 171.
The scrip was listed at Rs 228, exhibiting a premium of 33.33% to the issue price.
So far, the stock has hit a high of 237 and a low of 219. On the BSE, over 2.57 lakh shares of the company were traded on the counter so far.
Shares of Exicom Tele-Systems were currently trading at Rs 235.25 at 10:14 IST on the BSE, representing a premium of 65.67% as compared with the issue price of Rs 142.
The scrip was listed at Rs 264, exhibiting a premium of 85.92% to the issue price.
So far, the stock has hit a high of 274.45 and a low of 233.30. On the BSE, over 10.16 lakh shares of the company were traded on the counter so far.
Buzzing Index:
The Nifty Auto index gained 1.76% to 21,207.90. The index shed 0.49% in the past trading session.
Tata Motors (up 7.18%), Balkrishna Industries (up 3.23%), Samvardhana Motherson International (up 2.88%), TVS Motor Company (up 1.86%) and Bajaj Auto (up 1.85%), Mahindra & Mahindra (up 1.72%), Bharat Forge (up 1.34%), Sona BLW Precision Forgings (up 0.9%), Maruti Suzuki India (up 0.71%) and Ashok Leyland (up 0.46%) advanced.
On the other hand, Tube Investments of India (down 2%), Hero MotoCorp (down 0.06%) edged lower.
Stocks in Spotlight:
Star Housing Finance rallied 3.37% after the company informed that its board will meet on Saturday, 9 March 2024 to raise funds through issuance of non-convertible debentures on private placement basis.
Easy Trip Planners declined 1.42%. The company has partnered with Punjab National Bank (PNB) to launch PNB EMT Credit Card. This co-branded travel credit card is aimed at mass to premium customer segments and has been meticulously designed to offer a variety of rewards for the Indian travellers.
Kalpataru Projects International (KPIL) advanced 1.15% after the company announced that it has received letter of intent (LoI) from Aramco for carrying out EPC work for the Master Gas System Network (MGS‐3) in Saudi Arabia.
Godrej Properties rose 0.91%. The company announced that it has declared the highest bidder and has secured the allotment letter to develop a prime land parcel in Noida through an e-auction conducted by the NOIDA Authority.
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