The key equity indices sharply pared recovery gains and hit fresh intraday low in afternoon trade. The Nifty traded below the 17,050 mark after hitting the day’s high of 17,224.65 in morning trade. European markets traded in a mixed manner while their Asian peers witnessed significant selling pressure.

At 13:29 IST, the barometer index, the S&P BSE Sensex, was down 352.05 points or 0.60% to 57,885.80. The Nifty 50 index lost 119.10 points or 0.69% to 17,035.20.

Adani Enterprises (down 7.81%), Adani Ports (down 3.43%), HCL Tech (down 2.36%), Tech Mahindra (down 2.31%) and Wipro (down 1.83%) were the top Nifty losers.

Meanwhile, IndusInd Bank (up 1.45%), BPCL (up 0.81%), Titan Company (up 0.77%), Sun Pharma (up 0.68%) and Larsen & Toubro (up 0.52%) managed to outperform.

In the broader market, the S&P BSE Mid-Cap index fell 0.47% while the S&P BSE Small-Cap index slipped 0.73%.

The market breadth was weak. On the BSE, 1,003 shares rose and 2,428 shares fell. A total of 110 shares were unchanged.

The turmoil in the US banking space with the failure of Silicon Valley Bank (SVB) and the closure of New York-based Signature Bank dampened the investors sentiment. Meanwhile, traders will keep a close eye on the U.S. consumer price index for February, due to be released later in the day.

Economy:

Retail inflation, measured by the consumer price index (CPI), eased marginally in February but remained stubbornly above the 6% mark for the second straight month. Data released on Monday revealed that retail inflation stood at 6.44% in February against 6.52% in January. It stood at 6.07% a year ago. Both food and core inflation remained sticky and elevated at over 6% last month and the price pressures were higher in rural areas than urban centres.

Meanwhile, as per the latest estimates of National Income released by National Statistical Office, Ministry of Statistics and Programme Implementation (MoSPI), real GDP is projected to grow by 9.1% in 2021-22 (1st RE) and 7% in 2022-23 (2nd AE).

This was stated by the Union Minister of State for Finance, Pankaj Chaudhary in a written reply to a question in Lok Sabha. The International Monetary Fund (IMF) and the World Bank projects India to be the fastest-growing major economy in 2023.

Primary Market:

The initial public offer (IPO) of Global Surfaces received bids for 56.49 lakh shares as against 77.49 lakh shares on offer, according to stock exchange data at 13:36 IST on Tuesday (14 March 2023). The issue was subscribed 0.73 times.

The issue opened for bidding on Monday (13 March 2023) and it will close on Wednesday (15 March 2023). The price band of the IPO is fixed at Rs 133-140 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.

Stocks in Spotlight:

Lupin shed 0.04%. Global pharma major Lupin announced that the United States Food and Drug Administration (USFDA) has completed an inspection of its Bioresearch Centre in Pune. The inspection closed without any observation.

Tata Chemicals added 0.74%. Fitch Ratings revised the outlook on the company’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Positive from Stable and affirmed the rating at ‘BB+.

GAIL (India) lost 0.45%. The company has declared interim dividend for FY 2022-23 of 40% on the paid-up equity share capital, which is Rs 4 per equity share, with a record date of 21 March 2023.

Mahindra & Mahindra declined 2.51%. The company said that it has sold 2,29,80,000 equity shares, representing 6.058% of the paid-up share capital of Mahindra CIE Automotive, a listed associate of the company at a gross price of Rs. 357.39 per share. Following the sale, the shareholding of the company in MCIE has come down from 9.253% to 3.195% of its share capital.

Global Markets:

European markets opened mixed while Asian stocks declined across the board on Tuesday as investors grappled with the fallout of failed banks in the U.S., including the Silicon Valley Bank.

US stocks ended lower on Monday even as a plan to backstop all the depositors in failed Silicon Valley Bank, along with other extraordinary measures, failed to boost bank shares. The fallout from SVB’s collapse prompted President Joe Biden to promise stronger regulation of U.S. lenders, while reassuring depositors that their money is safe.

Traders are looking to the US consumer price index report later in the day for cues that may trigger further shifts in bets on the Fed’s next move ahead of its meeting on March 21 and 22. As per reports, a hot inflation report will raise expectations the Fed could hike rates by 50 basis points, up from the 25 points it implemented in February.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)