Indices slide in early trade on negative global stocks

Benchmark indices dropped in early trade on negative global stocks. The Nifty slipped below 17,750 level.

At 9:18 IST, the S&P BSE Sensex fell 278.56 points or 0.47% at 59,331.2. The Nifty 50 index shed 72.35 points or 0.41% at 17,735.1.

The broader market traded with gains. The S&P BSE Mid-Cap index rose 0.26% while the S&P BSE Small-Cap index gained 0.48%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, shares 1854 rose and 657 shares fell. A total of 85 shares were unchanged.

Stocks in Spotlight:

Titan Company was down 0.18%. 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%.

HDFC Bank fell 1.4%. The private sector bank proposed 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 crores over the period of next twelve months through private placement mode.

Global markets:

Asian markets were trading lower on Thursday following two days of declines on Wall Street.

US stock indexes fell for a second day as investors reacted to Fed guidance on tightening monetary policy.

The Fed's release of its meeting minutes indicated on Wednesday afternoon that officials generally agreed it should shrink its balance sheet by $95 billion per month. The minutes also showed central bank officials were considering larger rate hikes than the usual 25-basis-point, or quarter-point, increments.

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