As per provisional closing data, the barometer index, the S&P BSE Sensex, tumbled 736.37 points or 1.01% to 72,012.05. The Nifty 50 index declined 238.25 points or 1.08% to 21,817.45.
In the broader market, the S&P BSE Mid-Cap index slipped 1.36% and the S&P BSE Small-Cap index declined 1.04%.
The market breadth was weak. On the BSE, 1,242 shares rose and 2,575 shares fell. A total of 111 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, gained 1.56% to 14.11.
New Listing:
Shares of Popular Vehicles and Services ended at Rs 276 on the BSE, representing a discount of 6.44% as compared with the issue price of Rs 295.
The scrip was listed at Rs 292, exhibiting a discount of 1.02% to the issue price.
On the BSE, over 1.80 lakh shares of the company were traded in the counter.
Buzzing Index:
The Nifty IT index declined 2.90% to 35,814.65. The index slipped 4.94% in the past three trading session.
Tata Consultancy Services (down 4.33%), L&T Technology Services (down 3.93%), Mphasis (down 3.15%), Wipro (down 3.1%), HCL Technologies (down 2.84%), Persistent Systems (down 2.4%), Infosys (down 2.39%), Coforge (down 2.38%), Tech Mahindra (down 1.7%) and LTIMindtree (down 1.21%) edged lower
Stocks in Spotlight:
Tata Consultancy Services (TCS) slipped 4.33% after media reports suggested that the company?s parent firm, Tata sons likely to sell 0.6% stake or 2.2 crore shares at average price of Rs 4,043 per share.
Tata Steel shed 0.64%. Tata Steel UK has decided to cease operations of the Coke Ovens at the Port Talbot plant, in Wales, following a deterioration of operational stability. Tata Steel UK will increase imports of coke to offset the impact of the coke oven closures.
Meanwhile, the steel major also announced that its board has approved fund raising of Rs 2,700 crore by issuing non-convertible debentures (NCDs) on private placement basis.
Grasim Industries declined 1.43%. The company said an investment of Rs 1,250 crore, or $150 million, made by the World Bank Group's private sector arm, the International Finance Corporation (IFC), by way of subscription to non convertible debentures to be issued by the firm.
Sonata Software rose 0.60%. The company said that it has signed joint go-to-market agreement for five years with Zones to simplify enterprise application. As part of the five-year partnership, Zones and Sonata Software will support cost efficiency and data optimization through joint offerings and delivery of industry-specific solutions.
PC Jeweller was locked in lower circuit of 5%. The jewellery maker announced that its board is scheduled to meet on 22 March 2024 to consider the proposal of raising of funds.
JBM Auto gained 1.80% after the company announced that its subsidiary, JBM Ecolife Mobility received an order worth Rs 7,500 crore for procurement, supply, operation and maintenance of 1,390 electric buses.
H.G. Infra Engineering advanced 2.36% after its consortium Stockwell Solar Services joint venture (JV) received four solar projects worth Rs 1,026 crore from Jodhpur Vidyut Vitran Nigam.
IOL Chemical & Pharmaceuticals soared 11.60% after Brazilian Health Regulatory Agency (ANVISA) has successfully completed the GMP audit of the company?s 10 APIs manufacturing units situated at Barnala, Punjab. The inspection was conducted from 11th March 2024 to 15th March 2024. At the end of the inspection (ANVISA) gave zero observations.
L&T Finance Holdings shed 0.27%. The NBFC announced that its board has approved the raising of funds by issuance of non-convertible debentures (NCDs) in one or more tranches, such that at any point of time the NCDs issued and outstanding does not exceed Rs 1,01,000 crore.
Bondada Engineering was locked in upper circuit of 5% at Rs 815.05 after the company has received a letter of intent (LoI) from the Singareni Collieries Company (SCCL) for grant of work order worth Rs 433 crore.
Global Markets:
Most of European stocks advanced while Asian stocks ended mixed as investors look ahead to the start of the U.S. Federal Reserve?s two-day policy meeting.
Japan?s central bank raised its benchmark interest rate, the short term rate was raised to a range of 0% to 0.1% from -0.1%. It?s the first rate hike since February 2007.
The Reserve Bank of Australia held its benchmark rate at 4.35% for the third meeting in a row.
Wall Street's main indexes closed higher on Monday, as tech companies gained, while investors awaited monetary policy guidance from the Federal Reserve. Investors will be watching insights on the U.S. central bank's future rate trajectory.
Powered by Capital Market - Live News