Key indices extend slide

Equity indices dropped to day's low in mid-morning trade amid selling pressure in index pivotals. At 11:27 IST, the barometer index, the S&P BSE Sensex, fell 126.06 points or 0.24% at 51,577.07. The Nifty 50 index fell 20.8 points or 0.14% at 15,188.35. Negative global cues impacted sentiment.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index jumped 0.82% while the S&P BSE Small-Cap index gained 0.93%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,637 shares rose and 1,018 shares fell. A total of 154 shares were unchanged.

Buzzing Index:

The Nifty Metal index surged 1.25% to 3,620.70, rising for third trading session. The metal index added 4.34% in three days.

Steel Authority of India (up 4.33%), Coal India (up 2.37%), National Aluminium Company (up 2.08%), Jindal Steel & Power (up 1.65%), NMDC (up 1.59%), Hindalco Industries (up 1.46%), Tata Steel (up 1.44%), Vedanta (up 0.96%) and Hindustan Zinc (up 0.74%) were top gainers in metal space.

Stocks in Spotlight:

Larsen & Toubro (L&T) fell 0.19%. The EPC major said that its construction arm has secured a significant order in the Nuclear sector from Nuclear Power Corporation of India (NPCIL) to build two units of Kudankulam Nuclear Power Project. The scope of work includes construction of the reactor building, reactor auxiliary building, turbine building, diesel generator building and other safety related structures in a duration of 64 months.

Phillips Carbon Black advanced 3.77% after company informed about the commissioning of two specialty black lines at Palej in Gujarat. The lines are for production of wide range of specialty black products totalling about 32,000 MTPA (million tonnes per annum) to service the growing needs of its customers.

Global Markets:

Asian stocks were mixed on Thursday, as investors watched movements in mainland Chinese stocks as they returned from the Lunar New Year holiday. Lingering pandemic concerns pushed against stronger economic data, and with little firm direction from Wall Street.

In US, the Nasdaq closed lower while the S&P 500 was little changed on Wednesday as investors rotated out of technology shares and concerns about inflation added some pressure on stocks.

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