Home Business Sensex Sheds Over 500 Points, Nifty Slips Below 14,900

Sensex Sheds Over 500 Points, Nifty Slips Below 14,900

Sensex Sheds Over 500 Points, Nifty Slips Below 14,900

Coal India, SBI, Adani Ports, GAIL and UPL have weakened by around 2 per cent each on the BSE

The domestic stock markets have shed a per cent in early trading, post the 1 per cent correction witnessed in Friday’s session. At 9:45 am, the BSE Sensex was trading at 50,241.15, lower by 566 points or 1.13 per cent and the NSE Nifty was at 14,864.50, down 160.65 points or 1 per cent. The broader markets are also trading weak, with the BSE Midcap index and BSE Smallcap index losing around a per cent each. All the BSE sectoral indices are trading in the red, with the banking, auto, healthcare and oil index slipping by more than a per cent in early trading.

Global stock prices were off to a solid start while U.S. bond yields hovered near a 13-month peak on Monday as investors bet U.S. economic growth will accelerate after the passing of a massive stimulus package.

U.S. S&P500 futures rose 0.25 per cent in early Asian trade, trading just below a record high level touched last week, while Japan’s Nikkei ticked up 0.1 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed.

On the economic front, the Consumer Price Index (CPI) or retail inflation for the month of February 2021 surged to 5.03 per cent, the Ministry of Statistics and Programme Implementation (MoSPI) said post market hours on March 12. And the Index of Industrial Production (IIP) contracted by 1.6 per cent in January, after growing in the preceding two months. The index rose by 0.4 per cent in November and by 1 per cent in December 2020.

On the stock-specific front, Coal India shed 2.9 per cent to top the loser’s list on the BSE. SBI, Adani Ports, GAIL and UPL weakened by around 2 per cent each.

On the other hand, Tech Mahindra, Powergrid Corporation, Hindustan Unilever and Nestle gained up to 1 per cent each on the BSE.

In the primary market, MTAR Technologies, a leading precision engineering solutions company, will be listing on the bourses today. The initial public offering had received a good response, being subscribed 200.79 times.

And the Laxmi Organic Industries IPO opens today. The company has fixed the price band at Rs 129-130 per share and expects to raise Rs 600 crore at the higher end of the price band.

The BSE market breadth is weak. Out of 2271 stocks traded on the BSE, there are 842 advancing stocks as against 1308 declines.

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