Indian shares fluctuated in early trade on Tuesday, as investors weighed the SVB fallout concerns against falling oil prices and expectations that the Federal Reserve will be less aggressive in raising rates.
The benchmark S&P BSE Sensex was down 35 points at 58,202, giving up early gains. The broader NSE Nifty index was down 28 points, or 0.2 percent, at 17,125.
Adani Group stocks led losses, with Adani Enterprises and Adani Ports falling 5.7 percent and 2.8 percent, respectively.
Mahindra & Mahindra dropped 2.4 percent after offloading 6.05 percent stake in Mahindra CIE Automotive via a block deal.
Tata Motors and Kotak Mahindra Bank both fell over 1 percent while Cipla, Bharti Airtel and Larsen & Toubro were up around 1 percent each.
Axita Cotton jumped 3 percent on winning orders worth $2.7 million from Bangladesh.
Lupin added 1.5 percent after the U.S. FDA completed inspection of its bioresearch center in Pune without any observation.
Apollo Pipes rose 0.7 percent ahead of a board meet to consider fund raising.
Tata Chemicals was little changed. Fitch Ratings has revised its long-term foreign currency issuer default rating at ‘BB+’ with a positive outlook from stable.
Market Analysis
Sensex, Nifty Struggle For Direction In Early Trade
2023-03-14 04:01:42
