Benchmarks further pare losses; breadth remains strong

The key equity benchmarks further pared losses and traded with minor cuts in early afternoon trade. The Nifty traded above the 17,750 level.

At 12:40 IST, the S&P BSE Sensex fell 125.12 points or 0.21% at 59,485.29. The Nifty 50 index shed 32.80 points or 0.18% at 17,774.85.

The broader market traded with gains. The S&P BSE Mid-Cap index rose 0.64% while the S&P BSE Small-Cap index gained 0.59%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 2173 shares rose and 1128 shares fell. A total of 123 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.

Stocks in Spotlight:

BLS International Services surged 17.32% to Rs 330.55 after the company said that its board will meet on 13 April 2022 to consider the proposal for issue of bonus shares to its equity shareholders.

Man Industries (India) gained 1.51% to Rs 101 after the company said that it has entered into a technical collaboration and know-how agreement with Singapore-based OMS Oilfield Services.

Alembic Pharmaceuticals advanced 2.56% to Rs 780 on securing a tentative approval from the United States Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) of Dabigatran Etexilate capsules, 75 mg, 110 mg, and 150 mg.

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