Indices pares losses; Nifty climbs above 17,150

The domestic equity indices reversed all losses and traded with tiny gains in morning trade. The Nifty marched above the 17,150 mark after hitting day's low of 17,045.30 in early trade. Media, auto and pharma stocks advanced while IT, PSU bank and realty shares declined.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 19.43 points or 0.03% to 58,234.02. The Nifty 50 index added 12.85 points or 0.07% to 17,164.75.

In the broader market, the S&P BSE Mid-Cap index fell 0.11% while the S&P BSE Small-Cap index slipped 0.23%.

The market breadth was positive. On the BSE, 1,796 shares rose and 1,283 shares fell. A total of 145 shares were unchanged.

The US Fed hiked rates by 25 basis points, which is in line with the market expectations amid turmoil in the US banking sector.

Buzzing Index:

The Nifty IT index lost 0.77% to 27,999.60. The index advanced 0.19% in the past trading session.

LTI Mindtree (down 1.6%), Persistent Systems (down 1.41%), L&T Technology Services (down 1.38%), HCL Technologies (down 1.07%), Coforge (down 0.95%), Wipro (down 0.91%), Infosys (down 0.78%), Mphasis (down 0.65%), Tata Consultancy Services (down 0.22%) declined.

Stocks in Spotlight:

H.G. Infra Engineering rose 1.67% after the civil construction company announced that it has been declared as lowest bidder (L-1) by National Highways Authority of India (NHAI) for a road construction project in Jharkhand.

Glenmark Pharmaceuticals fell 0.33%. The drug maker said that it has received final approval from US Food & Drug Administration (USFDA) for Calcipotriene and Betamethasone Dipropionate Foam, 0.005%, 0.064%.

Man Industries (India) surged 8.49% after the company said it has started production at its new plant at Anjar, Gujarat on 22 March 2023. The new Anjar plant will manufacturing of ERW API grade line pipes to serve hydro-carbon and City Gas Distribution (CGD) sector

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