Key equity indices hit fresh intraday low; auto shares decline

The key equity indices extended losses and hit fresh intraday low in morning trade. The Nifty traded below the 17,700 level. Auto shares witnessed some bit of profit booking after advancing in the past three sessions.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 235.35 or 0.39% to 60,112.74. The Nifty 50 index lost 62.35 points or 0.35% to 17,692.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.28% while the S&P BSE Small-Cap index gained 0.35%.

The market breadth was positive. On the BSE, 1,847 shares rose and 1,242 shares fell. A total of 149 shares were unchanged.

Buzzing Index:

The Nifty Auto index fell 0.85% to 12,908.50. The index had advanced 2.20% in the past three sessions.

Tube Investments of India (down 1.48%), Balkrishna Industries (down 1.36%), Mahindra & Mahindra (down 1.13%), Hero MotoCorp (down 0.79%) and Samvardhana Motherson International (down 0.78%) were the top losers.

Among the other losers were Eicher Motors (down 0.76%), Tata Motors (down 0.64%), TVS Motor Company (down 0.64%), Maruti Suzuki India (down 0.25%) and Ashok Leyland (down 0.24%).

On the other hand, Sona BLW Precision Forgings (up 0.46%), Bosch (up 0.27%) and Bajaj Auto (up 0.17%) turned up.

Stocks in Spotlight:

Ramkrishna Forgings fell 1.75%. The company said it incorporated a wholly owned subsidiary, RKFL Engineering Industry, on 6 March 2023. The subsidiary has been incorporated to implement the resolution plan under Corporate Insolvency Resolution Process (CIRP) for JMT Auto.

Shoppers' Stop shed 0.17%. Shiseido Asia Pacific signed a strategic distribution partnership agreement with Global SS Beauty Brands, a subsidiary of Shoppers Stop, to expand its brand footprint in India. Through the partnership, Shiseido Group will officially launch its global make-up brand, NARS Cosmetics, in second half of 2023 in key cities in India.

ISMT declined 1.68%. R Poornalingam has resigned as an independent director of the company from 8 March 2023.

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