Sensex drifts lower in early trade; breadth positive

The key equity indices traded in negative zone in early trade. The Nifty was trading below the 17,150 mark.

At 09:25 IST, the barometer index, the S&P BSE Sensex, was down 56.08 points or 0.10% to 57,236.41. The Nifty 50 index shed 0.80 points to 17,116.80.

ONGC (up 4.40%), Indian Oil (up 3.18%), BPCL (up 1.78%), Hindalco (up 1.66%) and Tata Steel (up 1.64%) were the top Nifty gainers.

In the broader market, the S&P BSE Mid-Cap index shed 0.20% while the S&P BSE Small-Cap index added 0.22%.

Buyers outnumbered sellers. On the BSE, 1371 shares rose and 1126 shares fell. A total of 118 shares were unchanged.

Stocks in Spotlight:

Larsen & Toubro (L&T) rose 0.15% to Rs 1759.05. L&T said that the meeting of the board of directors of the company is scheduled on 24 March 2022, to seek approval for raising funds including through issue of debt securities as part of company's refinancing program.

Wipro added 1.05% to Rs 606.45. The company has informed that the meeting of the board of directors of the company is scheduled on 25 March 2022 to consider and approve the declaration of interim dividend, for the financial year ending 2021-22.

G R Infraprojects advanced 2.11% to Rs 1457.45. The company has emerged as L-1 bidder for the tender invited by National Highways Authority of India for '4-Laning of Ujjain-Badnawar Section (Length-69.1 kms) in the State of Madhya Pradesh on HAM.'

Global Markets:

Asian stocks are trading mostly higher on Tuesday, shrugging off tepid overnight cues from Wall Street as Federal Reserve Chair Jerome Powell sounded a hawkish note on monetary policy.

US stocks declined broadly on Monday after Federal Reserve Chair Jerome Powell sounded alarms on surging inflation and vowed tough action.

Powell on Monday said inflation is much too high and pledged to take necessary steps to bring prices under control. He noted rate hikes could go from the traditional quarter-percentage-point moves to more aggressive half-basis-point increases if necessary.

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