Indices off the day's low; metal shares decline

The domestic equity barometers came off the day's low as they pared some losses in morning trade. The Nifty traded above the 17,400 level after hitting the day's low at 17,324.35. Metal shares witnessed significant selling pressure.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was down 659.98 or 1.10% to 59,146.30. The Nifty 50 index lost 187.60 points or 1.07% to 17,402.

In the broader market, the S&P BSE Mid-Cap index fell 0.87% while the S&P BSE Small-Cap index slipped 0.51%.

The market breadth was weak. On the BSE, 1194 shares rose and 1911 shares fell. A total of 128 shares were unchanged.

Investors turned cautious ahead of the release of jobs report in the US later today. The report could further bolster expectations for the Federal Reserve to step up the size of rate hikes.

Buzzing Index:

The Nifty Metal index fell 1.08% to 5,621.25. The index had advanced 0.06% to end at 5,682.75 yesterday.

Adani Enterprises (down 3.64%), APL Apollo Tubes (down 3.31%), Jindal Steel & Power (down 1.93%), National Aluminium Company (down 1.58%) and Hindustan Copper (down 1.52%) were the top losers.

Among the other losers were JSW Steel (down 1.5%), Hindustan Zinc (down 1.01%), MOIL (down 0.94%), Vedanta (down 0.91%) and Tata Steel (down 0.83%).

On the other hand, Jindal Stainless (up 2.04%) and Welspun Corp (up 0.59%) edged higher.

Stocks in Spotlight:

Shalby shed 0.50%. The healthcare services provider's subsidiary Shalby Academy has signed MoU with Silver Oak University, Ahmedabad, to jointly develop various vocational undergraduate and post graduate courses in allied health science like radio imaging, operation theatre, and medical laboratory technology.

Glenmark Life Sciences rose 0.58%. The board members of the company are scheduled to meet on 16 March 2023 to consider and declare payment of interim dividend, if any, for the financial year 2022-23.

Hind Rectifiers surged 14.07%. The rectifier equipment and semi-conductor devices manufacturer has commenced commercial production at new manufacturing plant in Nashik, Maharashtra. The benefits of these new production lines will be availed from 2023-24 onwards.

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