The domestic equity benchmarks extended losses for the third session on Thursday. Domestic investors remained cautious ahead of RBI's monetary policy meeting outcome on Friday. The Nifty slipped below the 17,650 level. Realty and pharma stocks bucked broader selling pressure.
As per the provisional closing data, the S&P BSE Sensex fell 575.46 points or 0.97% at 59,034.15. The Nifty 50 index shed 168.1 points or 0.94% at 17,639.80.
The broader market witnessed profit selling. The S&P BSE Mid-Cap index fell 0.42% while the S&P BSE Small-Cap index slipped 0.75%.
The market breadth was almost even. On the BSE, shares 1,709 rose and 1,697 shares fell. A total of 108 shares were unchanged.
Economy:
Asian Development Bank (ADB) on Wednesday said that South Asian economies are expected to expand collectively by 7.0% in 2022 and 7.4% in 2023, with Indiathe subregion's largest economyexpected to grow 7.5% this fiscal year and 8.0% next fiscal year.
ADB said developing Asia's economies are forecast to grow 5.2% this year and 5.3% in 2023, thanks to a robust recovery in domestic demand and continued expansion in exports. "However, uncertainties stemming from the Russian invasion of Ukraine, the continuing coronavirus disease (COVID-19) pandemic, and tightening by the United States Federal Reserve pose risks to the outlook," ADB Outlook said.
New Listing:
Shares of UMA Exports were currently trading at Rs 84 on the BSE, at a premium of 23.53% compared with the issue price of Rs 68. The scrip was listed at Rs 80, representing a premium of 17.65% to the initial public offer (IPO) price. The scrip has hit a high of Rs 84 and a low of Rs 76. Over 16.85 lakh shares of the company have changed hands in the counter till now. The initial public offer (IPO) of UMA Exports was subscribed 7.67 times. The issue received bids for 7,08,34,280 shares as against 92,30,769 shares on offer. The issue opened for bidding on 28 March 2022 and it closed on 30 March 2022. The price band of the IPO was fixed at Rs 65-68 per share.
Stocks in Spotlight:
Godrej Consumer Products advanced 4.14% after the company said that it expects to deliver a higher than mid-single-digit sales growth for the quarter ended 31 March 2022. In its quarterly update for Q4 FY22, the company said that some of the short term challenges such as unprecedented global commodity inflation and the performance of the Indonesia business, continued to play out during the quarter, impacting consumption and margins. The Indian FMCG industry witnessed a consumption slowdown over the last few months. The sector continued to be hit hard by higher inflation levels, leading to successive price increases, and impacting volumes.
Despite this, the company said it remains competitive given the relatively non-discretionary, mass pricing of its portfolio. "We have been gaining market share in 85% of our categories," Godrej Consumer said.
HDFC Bank fell 1.95%. The bank said that it plans to raise capital of Rs 50,000 crore by issuing bonds through private placement mode. In a regulatory filing made after trading hours yesterday, the bank announced a proposal to raise funds by issuing perpetual debt instruments (part of Additional Tier I capital), Tier-II capital bonds and long-term bonds (financing of infrastructure and affordable housing) up to total amount of Rs 50,000 crore over the period of next twelve months through private placement mode. The board of directors would consider this proposal at its ensuing board meeting to be held on 16 April 2022.
Titan Company declined 3.33%. In its Q4 FY22 business update, the company said its revenues from jewellery division fell 4% year-on-year in the March quarter, but watches and wearables revenue rose 12% during this period. Meanwhile, revenue from eyecare was up 5%.
Tata Motors fell 1.37%. The commercial vehicle maker secured an order of 1300 commercial vehicles from VRL Logistics, a leader in surface logistics in India, to expand VRL Logistics' commercial vehicle fleet portfolio in the country. The order is for Tata Motors' medium & heavy commercial vehicle and intermediate & light commercial vehicle range, suited for logistics operations of the company, across India.
Maruti Suzuki India declined 1.27% after the company announced that it will voluntarily recall 19,731 units of its EECO model. The recall is being undertaken to inspect and rectify 'incorrect marking of wheel rim size', if any, on the wheel in some of these vehicles, company stated. The automobile major said that, in a routine inspection, it found that in some units of EECO, manufactured between 19 July 2021 and 5 October 2021, the wheel rim size was incorrectly marked. This issue has no implication on performance, safety or environment.
L&T fell 1.48%. The company said that its construction arm has secured 'significant' orders for its various businesses. As per L&T's classification, the value of the said contracts lies between Rs 1,000 crore and Rs 2,500 crore.
Paras Defence and Space Technologies rallied 7% after the company was awarded the Transfer of Technology (ToT) of optronic submarine periscope as developed by IRDE, Defence Research and Development Organisation (DRDO).
BLS International Services surged 15.5% after the company said its board will consider proposal to issue bonus shares on 13 April 2022. The announcement was made during market hours today.
Alembic Pharmaceuticals advanced 1.66% on securing a tentative approval from the United States Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) of Dabigatran Etexilate capsules. The capsules are indicated for the reduction of risk of stroke and systemic embolism in non-valvular atrial fibrillation in adult patients, treatment of deep venous thrombosis and pulmonary embolism in adult patients.
Global Markets:
Most European shares advanced while most Asian shares declined on Thursday, as volatility continued following details of the U. S. Federal Reserve's monetary tightening plans and the ongoing war in Ukraine.
US Fed meeting minutes released on Wednesday showed that officials planned to reduce their trillions in bond holdings by a consensus amount of around $95 billion. Meanwhile, policymakers indicated that one or more 50-basis-point interest rate hikes could be warranted to battle surging inflation.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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