Sensex down 460 pts, Nifty holds 17,100 mark

Equity indices traded range bound with deep losses amid geopolitical concerns. The Nifty traded above the 17,100 mark. All sectoral indices traded with losses with realty, media and metal stocks losing the most.

Ongoing Russia-Ukraine conflict, rising crude oil prices and relentless selling by foreign portfolio investors (FPIs) continued to put pressure on domestic shares. In the commodities market, Brent crude for April 2022 settlement fell 22 cents at $93.32 a barrel.

At 9:25 IST, the barometer index, the S&P BSE Sensex, dropped 460.92 points or 0.8% at 57,372.81. The Nifty 50 index lost 146.95 points or 0.85% at 17,129.80.

In the broader market, the S&P BSE Mid-Cap index declined 1.03% while the S&P BSE Small-Cap index lost 1.78%.

The market breadth was weak. On the BSE, 598 shares rose and 2,600 shares fell. A total of 140 shares were unchanged.

Buzzing Index:

The Nifty Metal index slipped 1.47% to 5,693, extending its losing run to fourth consecutive trading session. The metal index declined % in four days.

Coal India (down 4.01%), APL Apollo Tubes (down 2.09%), Hindalco Industries (down 1.97%), Vedanta (down 1.22%) and Hindustan Zinc (down 1.09%) were the top losers. Among the other losers were JSW Steel (down 0.85%), Tata Steel (down 0.75%), NMDC (down 0.7%) and Jindal Steel & Power (down 0.31%).

Stocks in Spotlight:

Kansai Nerolac Paints fell 1.16%. The paint maker appointed Anuj Jain as the managing director (MD) for a term of five years, with effect from 1 April 2022. Jain is a B.Sc. and Master of Management Studies, University of Bombay (Mumbai). Jain had joined Kansai Nerolac Paints on 4 June 1990 and was the director of Decorative and Industrial Sales & Marketing, prior to his appointment.

Strides Pharma Science fell 1%. The drug company announced that its step-down wholly-owned subsidiary, Strides Pharma Global Pte., Singapore, received approval for Amantadine Hydrochloride Softgel capsules from the United States Food & Drug Administration. The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Symmetrel Capsules of Endo Pharmaceuticals, Inc (Endo). According to IQVIA MAT December 2021 data, the US market for Amantadine Hydrochloride Capsules USP,100 mg is approximately $11 million.

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