Indices trade with modest cuts; Sensex down 358 pts

The domestic equity indices continued to trade with significant losses in afternoon trade. The Nifty traded below the 17,400 level. Realty, PSU bank and metal shares advanced while IT, financial services and media stocks declined.

At 13:25 IST, the barometer index, the S&P BSE Sensex, was down 357.75 points or 0.60% to 59,053.33. The Nifty 50 index lost 97.10 points or 0.56% to 17,353.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.07% while the S&P BSE Small-Cap index advanced 0.05%.

The market breadth was almost even. On the BSE, 1,676 shares rose and 1,684 shares fell. A total of 149 shares were unchanged.

The National Stock Exchange on Wednesday said it has received approval from markets regulator Sebi to launch the rupee-denominated NYMEX WTI crude oil and natural gas futures contracts in its commodity derivatives segment. The launch date for these contracts will be announced soon, NSE said in a release.

The addition of these contracts will expand NSE's product offering in the energy basket as well as its overall commodity segment. These contracts are designed to provide the market participants with a more efficient way to manage their price risk, the release said.

Gainers and Losers:

Adani Enterprise (up 2.54%), Coal India (Up 2.15%), Hero Motocorp (up 1.67%), Bharat Petroleum Corporation (up 1.65%), Adani Ports and Special Economic Zone (up 1.31%) were major Nifty gainers.

Maruti Suzuki India (down 1.87%), Axis Bank (down 1.79%), Tata Consultancy Services (down 1.53%), Infosys (down 1.48%), Bharati Airtel (down 1.40%) were were top Nifty losers.

Stocks in Spotlight:

Eicher Motors rose 0.20% after the company's total motorcycles (Royal Enfield) sales increased 21% to 71,544 units in February 2023 from 59,160 units sold in February 2022.

Maruti Suzuki India fell 1.87% after the car major said its total production skid 5.79% to 1,59,873 units in February 2023 compared with 1,69,692 units in February 2022.

Hero MotoCorp advanced 1.67% after the company sold 394,460 units of motorcycles and scooters in February 2023, recording 10% growth over the corresponding month of the previous year (February 2022), when the company had sold 358,254 units.

Global Markets:

Shares in Europe and Asia traded mixed on Thursday, as investors braced for further hikes ahead as Federal Reserve speakers reiterated more hikes are needed to tame inflation.

Minneapolis Fed President Neel Kashkari on Wednesday said the Fed will continue doing what we're doing until we finish the jobs, and I'm committed to doing that. The U.S. 10-year Treasury yield briefly topped 4% overnight.

In the US, all the major averages finished lower on Wednesday as bond yields rocketed higher.

The tech-heavy Nasdaq Composite led Wednesday's losses, falling 0.66%, while the S&P 500 dipped 0.47%. The Dow Jones Industrial Average added just 5.14 points.

The rise In bond yields and concerns of a potentially larger-than-expected hike from the Federal Reserve have fueled investor concern in recent days.

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