As per provisional closing data, the barometer index, the S&P BSE Sensex tanked 906.07 points or 1.23% to 72,761.89. The Nifty 50 index dropped 338.00 points or 1.51% to 21,997.70.
The broader market underperformed the headline indices. The S&P BSE Mid-Cap index slipped 4.20% and the S&P BSE Small-Cap index tumbled 5.11%.
The market breadth was firmly in favour of declines. On the BSE, 403 shares rose and 3,513 shares fell. A total of 60 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, climbed 5.82% to 14.43
Economy:
India's consumer price inflation softened marginally in February, data from the Ministry of Statistics and Programme Implementation showed Tuesday. The consumer price index posted an annual growth of 5.09% in February.
This was slightly slower than January's 5.1% increase and economists' forecast of 5.02% rise. In the same period last year, inflation was 6.44%.
Meanwhile, India's industrial production growth moderated in January after accelerating in the previous month, data from the Ministry of Statistics and Programme Implementation revealed on Tuesday.
Industrial output expanded 3.8% year-over-year in January, slower than the 4.2% in December.
Among the major three sectors, mining output grew the most, up by 5.9%. This was followed by a 5.6% rise in manufacturing output and a 3.2% increase in electricity production.
During April to January, industrial production grew 5.9% from the same period last year, data showed.
New Listing:
Shares of J.G.Chemicals ended at Rs 184.65 on the BSE, representing a discount of 16.45% as compared with the issue price of Rs 221.
The scrip was listed at Rs 211, exhibiting a discount of 4.52% to the issue price.
On the BSE, over 4.99 lakh shares of the company were traded in the counter.
IPO Update:
The initial public offer (IPO) of Popular Vehicles and Services received 61,95,900 bids for shares as against 1,44,15,110 shares on offer, according to stock exchange data at 15:20 IST on Wednesday (13 March 2024). The issue was subscribed 0.43 times.
The issue opened for bidding on Tuesday (12 March 2024) and it will close on Thursday (14 March 2024). The price band of the IPO is fixed at Rs 280 to 295 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Metal index dropped 5.69% to 7,647.40. The index dropped 8.64% in three consecutive trading sessions.
National Aluminium Company (down 10.98%), Steel Authority of India (down 8.75%), NMDC (down 8.52%), Hindustan Copper (down 8.47%), Vedanta (down 7.14%), Adani Enterprises (down 7.07%), APL Apollo Tubes (down 6.76%), Tata Steel (down 6%), Welspun Corp (down 5.94%) and Jindal Stainless (down 5.47%).declined.
Stocks in Spotlight:
Larsen & Toubro fell 2.32%. The civil construction firms construction arm secured a significant order for its Buildings & Factories (B&F) vertical from the All-India Institute of Medical Sciences (AIIMS) Madurai, Tamil Nadu.
Vedanta tumbled 7.14%. SEBI ordered Vedanta to pay Rs 77.62 crore to Cairn for delayed dividend payments and barred its board from accessing the capital market.
Aurobindo Pharma slipped 3.75%. Eugia Pharma Specialities, a wholly owned subsidiary of Aurobindo Pharma has started re-distribution of aseptic products manufactured at Unit III, a formulation manufacturing facility located in Telangana, which was temporarily stopped.
Shree Cement declined 2.09%. The company said that it has entered into an asset purchase agreement with StarCrete LLP for purchase of operational RMC (ready mix concrete) plants located in Mumbai Metropolitan Region of Maharashtra.
Shakti Pumps (India) locked in lower circuit of 5%. The company announced that it has received work order worth Rs 73.32 crore from Haryana Renewable Energy Department (HAREDA) for supply of 2,130 pumps under KUSUM 3 scheme.
Salasar Techno Engineering locked in lower circuit of 5%. The company said that it has secured a notification of award (NOA) for 7 distinct contracts aggregately worth Rs 1,033.78 crore from Tamil Nadu Generation and Distribution Corporation (TANGEDCO).
Oriental Rail Infrastructure locked in lower circuit of 5%. The company announced that its wholly owned subsidiary, Oriental Foundry has received an order from Ministry of Railways, Indian Railways to manufacture and supply 3,055 BOXNHL Wagons worth Rs 1,249 crore.
Rail Vikas Nigam (RVNL) dropped 8.83%. The company announced that it has received a letter of award (LoA) from Madhya Pradesh Paschim Kshetra Vidyut Vitran Company (MPPKVVCL) to install new 11 KV line in Jhabua division.
SJVN tumbled 10.80%. The company announced that its wholly owned subsidiary, SJVN Green Energy (SGEL) has received letter of intent (LoI) for 500 MW solar power project from Gujarat Urja Vikas Nigam (GUVNL).
Lumax Industries fell 2.55%. The company said that its board has approved a proposal to set up new manufacturing facility at Sanand (Plant-3), Gujarat, and also the expansion of Chakan Plant (Phase-II) at Pune, Maharashtra.
Global Markets:
European shares advanced while Asian stocks ended mixed on Wednesday after Wall Street jumped overnight, following U.S. inflation data that largely met expectations.
The U.S. consumer price index in February climbed 0.4% on the month and 3.2% year over year, the Bureau of Labor Statistics said on Tuesday.
Overnight in the U.S., all three major indexes climbed after the inflation readings. The tech-heavy Nasdaq saw the biggest jump, while the S&P 500 even reached a new record high.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
