Nifty ends below 17,350; Sensex drops 502 pts

The domestic equity barometers ended a volatile session with major losses on Thursday. The Nifty settled below the 17,350 mark. Realty and oil & gas shares advanced while IT, auto and financial services stocks declined. Trading was volatile on account of weekly options expiry.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 501.73 points or 0.84% to 58,909.35. The Nifty 50 index lost 129 points or 0.74% to 17,321.90.

In the broader market, the S&P BSE Mid-Cap index shed 0.13% while the S&P BSE Small-Cap index slipped 0.22%.

The market breadth was negative. On the BSE, 1,577 shares rose and 1,881 shares fell. A total of 142 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.

IPO Update:

The initial public offer (IPO) of Divgi TorqTransfer Systems received bids for 11.67 lakh shares as against 38.41 lakh shares on offer, according to stock exchange data 15:30 IST on, Thursday (2 March 2023). The issue was subscribed 30%.

The issue opened for bidding on Wednesday (1 March 2023) and it will close on Friday (3 March 2023). The price band of the IPO is fixed at Rs 560-590 per share. An investor can bid for a minimum of 25 equity shares and in multiples thereof.

Stocks in Spotlight:

Maruti Suzuki India declined 2.78% 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.

Eicher Motors fell 0.46% 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.

Hero MotoCorp advanced 1.12% 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.

TVS Motor Company added 0.44%. The company said that it has registered sales of 276,150 units in the month of February 2023 as against 281,714 units in the month of February 2022, recording a de-growth of 2% on YoY basis.

Rail Vikas Nigam (RVNL) jumped 12.42% after the company along with its joint venture (JV) has been emerged as Lowest Bidder (L1) for Vande Bharat project. The total quantity is 200 Trainsets and cost per set is Rs 120 crore. Rail Vikas Nigam's share in the order is 25%.

Anant Raj surged 4.12% after the company announced that its board will meet on Saturday, 4 March 2023, to consider the fund raising proposal.

KNR Constructions rose 2.11% after the company received letter of acceptance (LoA) for development of greenfield highway project in Andhra Pradesh. The bid cost of project is Rs 665 crore. The completion period of project is 24 months and operation period is 15 years from commercial operation date (COD).

Global Markets:

Shares in Europe declined while Asian stocks ended 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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