Sunday, March 7

Equity indices on downswing, auto and pharma stocks lose

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Equity benchmark indices drifted lower during early hours on Monday amid concerns over rising inflation and bond yields.

At 10:15 am, the BSE S&P Sensex was down by 417 points or 0.82 percent at 50,472 while the Nifty 50 edged lower by 99 points or 0.66 percent to 14,883.

Most sectoral indices at the National Stock Exchange were in the red with Nifty auto down by 0.9 percent and pharma by 0.8 percent. But Nifty metal was up by 2.8 percent.

Among stocks, Mahindra & Mahindra lost by 2.4 percent to Rs 858.05 per share while Maruti Suzuki skidded by 1.4 percent. Eicher Motors was down by 1.3 percent to Rs 2,550.50 per share.

The other major losers were Larsen & Toubro, HDFC, Axis Bank, IndusInd Bank, HCL Technologies, and Tata Consultancy Services.

However, metal stocks gained substantially with Hindalco up by 4.5 percent, Tata Steel by 3.3 percent, and JSW Steel by 3.2 percent. Besides, HDFC Bank, Adani Ports, ONGC, and Asian Paints traded higher.

Meanwhile, Asian share markets inched up as expectations for faster economic growth and inflation globally boosted commodities.

MSCI’s broadest index of Asia Pacific shares outside Japan added 0.2 percent. Japan’s Nikkei recouped by 1 percent and South Korea by 0.4 percent.