Stock Market Today: Sensex, Nifty Close At Four-Month Low; Adani Stocks Extend Gains

The S&P BSE Sensex closed down 502 points or 0.84% at 58,909.35 while the NSE Nifty 50 was 129 points or 0.74% lower at 17,321.90.

Signage of National Stock Exchange of India Ltd. (NSE) on its building in Mumbai, India, on Tuesday, Dec. 20, 2022. Photographer: Atul Loke/Bloomberg

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Yield On The 10-Year Rises

The yield on the 10-year bond closed 3 bps higher at 7.42% on Thursday.It closed at 7.39% on Wednesday.

Source: Bloomberg

Rupee Weakens Against The U.S. Dollar

The local currency weakened by 8 paise to 82.59 against the greenback at close on Thursday. It closed at 82.51 on Wednesday.

Source: Bloomberg

Sensex, Nifty Log Declines, Dragged By I.T., Financial Stocks

Indian equity benchmarks traded lower follwing a weak Asia trade on Thursday and resumed daily losses after a day of advance on Tuesday.

Headline indices closed at its lowest level in over four months, falling the most since mid October last year.

Stock markets worldwide extended losses on Thursday, as the U.S. 10-year Treasury bonds topped 4% for the first time since November in a sign that the Federal Reserve’s warnings of higher-for-longer interest rates are finally sinking in.

U.S. equity futures also fell, with contracts on the rate-sensitive Nasdaq down about 1% after both it and the S&P 500 index ended February with losses. In Asia, Hong Kong stocks slid as much as 1.5%.

The S&P BSE Sensex closed down 502 points or 0.84% at 58,909.35 while the NSE Nifty 50 was 129 points or 0.74% lower at 17,321.90.

Adani Enterprises Ltd., Adani Ports and SEZ Ltd., Coal India Ltd., BPCL Ltd., and Hero MotoCorp Ltd. were the top gainers in the gauge.

Whereas, Maruti Suzuki India Ltd., Axis Bank Ltd., TCS Ltd., Mahindra and Mahindra Ltd., and SBI Life Insurance Co. were the top losers amongst the NSE Nifty 50 constituents.

Adani Group Stocks End Higher For Second Since Jan. 24

Furthermore, as Adani concluded it's three-day investor roadshow in Asian financial hubs on Wednesday, the Supreme Court on Thursday directed the market regulator SEBI to investigate the allegations raised in the public interest petitions in the Adani Group-Hindenburg Research matter.

The regulator has been asked to expeditiously conclude the investigation within two months and file a status report.

Shares of Adani Group companies climbed on Thursday as early block trades in some of the conglomerate’s stocks suggested institutional investors were buying after a prolonged rout.

All Adani Group company stocks advanced in for second day in a row since the launch of the U.S. short-seller Hindenburg Research's report in late January.

The broader market indices ended lower in trade; S&P BSE MidCap was down 0.13% whereas S&P BSE SmallCap was lower by 0.22%.

Fourteen out of the 20 sectors compiled by BSE declined, while the six advanced in trade.

The market breadth was tilted in the favour of sellers. About 1,580 stocks rose, 1,878 declined, and 142 remained unchanged on the BSE.

Railway Stocks React To The Vandhe Bharat Project Allotment 

Shares of railway companies rallied in trade on Thursday after the consortiums led by Rail Vikas Nigam Ltd., and Bharat Heavy Electricals Ltd., emerged as key winners for manufacturing and maintenance of 200 Vande Bharat trainset.

According to a flashnote by Macquaire Research, Rail Vikas Nigam Ltd. led consortium with Russia’s CJSC Transmashholding emerged as the L1 bidder for the 200 Vande Bharat trainset order, at an estimated cost of Rs 12 crore per trainset.

Also, Bharat Heavy Electricals Ltd., in consortium with Titagarh Wagons, has emerged has the L2 bidder for the same 200 Vande Bharat trainset order, with an estimated cost of Rs 14 crore per trainset.

The total order size of the 200 Vande Bharat trainset order is expected to be Rs 5,800 crore with Rs 2,400-2,600 crore being the upfront amount split between the L1 and L2 bidders.

As per the tender documents, the lowest bidder will manufacture 120 trainsets and the second-lowest bidder will manufacture 80 trainsets, only if the second lowest bidder can match the L1 bid's price.

Siemens India Ltd., in consortium with BEML Ltd., Alstom and Medha, were the other bidders in this tender.

Macquaire On Railway Stocks

  • Assigns an "underperform" for Bharat Heavy Electricals Ltd. and maintains an "outperform" rating on Siemens India Ltd..

  • Rail Vikas Nigam Ltd., BEML Ltd. and Titagarh Wagons Ltd. are not rated by the brokerage.

  • Macquaire Research expects a 4% of additional upside for Bharat Heavy Electricals Ltd. however it expressed a negative sentiment for Siemens.

  • Brokerage sees the L2 bid win as a positive news for Bharat Heavy Electricals Ltd. with an upfront amount of Rs 480 crore that can be recognized over the next 4-5 years. This implies a 3-4% rise in the revenue for FY25E.

  • Siemens, on the other hand, has missed out on the 200 Vande Bharat trainset order and not participated in the 100 Aluminium body Vande Bharat trainset order.

  • Over the medium term, the margin profile of these orders will remain key, given aggressive bidding by players and heightened competitive intensity.

Shares of Rail Vikas Nigam Ltd., Titagarh Wagons Ltd., and Bharat Heavy Electricals Ltd. advanced in trade after the project win, whereas, Siemens India Ltd. declined following the missed project.

Source: Bloomberg, Exchange filing, Brokerage note

Adani Stocks Stage Rebound Amid Series of Block Trades

Shares of Adani Group companies climbed on Thursday as block trades in some of the conglomerate’s stocks suggested institutional investors were buying after a prolonged rout.

Flagship Adani Enterprises Ltd. erased an early loss of 10% as 36.8 million shares, equaling 3.2% of its equity, changed hands in two block trades. A series of block deals also punctuated early trading in other group stocks like Adani Ports and Special Economic Zone Ltd., Adani Transmission Ltd. and Adani Green Energy Ltd., according to exchange data.

All 10 Adani Group stocks closed higher on Wednesday, the first such occurrence since the U.S. short-seller Hindenburg Research report that release in late January.

Source: Bloomberg

Stocks In Focus: Rail Vikas Nigam, Sunteck Realty, Bajaj Finserv

Mark Matthews On Asian Markets’ Returns Potential :Talking Point

Real Estate Stocks Advance In Trade

Shares of real estate companies advanced in trade on Thursday and the headline index NSE Nifty 50 was lower by 0.40% in trade.

The NSE Realty Index was up 1.38% in trade. Six out of the 10 constituents compiled by the gauge advanced, while Prestige Estate Projects Ltd., Brigade Enterprises Ltd., Indiabulls Real Estate Ltd., and Phoennix Mills Ltd. declined in trade.

Macrotech Developers Ltd., Sunteck Realty Ltd., Sobha Ltd., Godrej Properties Ltd., DLF Ltd., and Oberoi Realty Ltd. advanced in trade.

Source: NSE

Sensex, Nifty Slip As I.T. Stocks Drag; Real Estate Stocks Rise: Midday Market Update

Indian equity benchmarks opened lower in trade following weak Asia trade and declined through midday on Thursday, after it snapped its eight-day losing streak on Wednesday.

Asian markets dipped, led by declines in Hong Kong-listed technology shares, and U.S. equity futures extended their declines as traders continued to digest more hawkish comments by Federal Reserve officials.

The drop clawed back some sharp moves in Chinese equities from Tuesday and came after the S&P 500 closed near the lowest in six weeks and as the 10-year Treasury yield pierced the closely watched 4% level.

As of 12:01 p.m., the S&P BSE Sensex was down 276 points or 0.46% at 59,135.20 while the NSE Nifty 50 was 68 points or 0.39% lower at 17,382.70.

Coal India Ltd., Adani Enterprises Ltd., Hero MotoCorp Ltd., BPCL Ltd., and HCL Technologies Ltd. were the top gainers in the gauge.

Whereas, Maruti Suzuki India Ltd., Axis Bank Ltd., TCS Ltd., Infosys Ltd., and Cipla Ltd. were the top losers amongst the NSE Nifty 50 constituents.

The broader market indices outperformed the larger peers; S&P BSE MidCap was up 0.13% whereas S&P BSE SmallCap was higher by 0.21%.

Ten out of the 20 sectors compiled by BSE declined, while the other ten advanced in trade.

The market breadth was tilted in the favour of buyers. About 1,723 stocks rose, 1534 declined, and 147 remained unchanged on the BSE.

Rail Vikas Nigam Climbs 15% As It Bags Vande Bharat Project

Shares of Rail Vikas Nigam Ltd. advanced 14.27% to Rs 66.85 apiece, as of 11:44 a.m., in trade on Thursday.

The stock rose as much as 15.04% intraday to Rs 67.3 apiece, gaining the most in nearly four months since Nov.7, 2022.

The total volume stood at 10.8 times its 30-day average. The relative strength index was at 49.

Two analysts tracking the company maintain a 'buy' rating on the stock.

Sun Pharmaceutical Industries Probes Information Security Incident

  • Sun Pharma informed regarding information security incident.

  • Company has isolated the impacted IT assets.

  • The incident has not impacted company's core systems and operations.

  • Sun Pharma is taking appropriate containment and remediation actions in a controlled manner to address the incident.

Source: Exchange filing

Adani Green Energy Refutes Media Report On $800 Million Debt Facility

  • Adani Green Energy has not signed any definitive agreement for debt facilities at this point.

  • Company keeps pursuing fund raising opportunities.

  • It shall make appropriate public disclosures in accordance with SEBI and other laws as and when there is a disclosable event.

Source: Exchange filing

L&T Technology Shares Drop As Nomura Initiates Coverage With 'Reduce' Rating

Shares of L&T Technology Services Ltd. dropped on Thursday after Nomura flagged a challenging industry outlook, the integration of margin-dilutive SWC businesses, and rich valuations.

It initiated coverage on the company with a 'reduce' rating and a target price of Rs 3,050 per share, implying a potential downside of about 17%.

The scrip was trading 1.40% lower at Rs 3,696.25 per share, compared with a 0.19% decline in the benchmark Nifty 50 as of 9:21 a.m.

The relative strength index stood at 57.

Of the 30 analysts tracking the stock, 11 maintained 'buy,' eight suggested 'hold,' and 11 recommended 'sell,' according to Bloomberg data. The average 12-month price target implies a potential downside of 9.1%.

Source: Bloomberg, Brokerage Note

CreditAccess Grameen Up As Income Tax For AY19-19 Was Quashed To Rs 122.63-Crore

Shares of CreditAccess Grameen Ltd. advanced 1.74% to Rs 983.85 apiece in trade on Thursday.

As per the fresh assessment order dated Feb. 28, 2023, received from the Assessment Unit of Income Tax Department the company Income Tax for AY18-19 was quashed from Rs 2,333 crore to Rs 122.63 crore.

The stock rose as much as 3.30% intraday, the most in seven days since Feb. 20, 2023.

Total traded volume stood at 6.5 times its 30-day average. The relative strength index was at 56

Sixteen analysts tracking the company maintain a 'buy' rating on the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 26.9% over the next 12 months.

Source: Bloomberg, Exchange filing

KNR Construction Gains After Securing Order For Bengaluru–Vijayawada Economic Corridor

Shares of KNR Construction Ltd. advanced 1.39% to Rs 261.75 apiece in trade on Thursday.

The company received a letter of award for development of six lanes of access-controlled greenfield highway from Marripudi to Somvarappadu of Bengaluru–Vijayawada economic corridor in Andhra Pradesh under the Bharatmala Pariyojana. The cost of the project is Rs 665 crore.

The stock rose as much as 3.33% intraday, the most in over three weeks since Feb. 6, 2023.

Total traded volume stood at 6.5 times its 30-day average. The relative strength index was at 56

Out of the 23 analysts tracking the company, 19 maintain a 'buy' rating, two recommend a 'hold' and two suggest to 'sell' the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 16.5% over the next 12 months.

Source: Bloomberg, Exchange filing

EKI Energy Services Rises As It Plans To Raise $125 Million For Energy-Efficient Stoves

  • Shares of EKI Energy Services Ltd. advanced 2.69% to Rs 706.45 apiece in trade on Thursday. The stock rose as much as 3.76% intraday.

  • Total traded volume stood at 0.8 times its 30-day average. The relative strength index was at 34.

  • Singapore-based Impact Capital plans to raise as much as $125 million to supply energy efficient stoves to families in India and Africa. This is expected to generate returns for investors by selling carbon credits. 

  • Improved Cook Stoves Carbon Fund will be managed by Singapore’s Impact Capital Asset Management has partnered with EKI Energy Services.

  • EKI will invest $25 million in the fund and will also make the stoves.

Source: Bloomberg, Exchange filing

Paradeep Phosphates' Six Granulation Trains To Be Shut For Maintenance

  • Company's six granulation trains of phosphatic fertilizers located at Paradeep, Odisha and Goa will undergo shutdown in phased manner.

  • It will shut down from March 1 to carry out regular annual maintenance activities.

  • Company assumes 50% of the total capacity utilization of the granulation trains during the month of March 2023.

  • It expects maintenance activities of all six trains to complete by end of March, 2023.

Source: Exchange filing

Sunteck Realty Rises After Leasing Property To Upgrad For 29 Years

Shares of Sunteck Realty Ltd. advanced 4.23% to Rs 318.95 apiece in trade on Thursday.

The company leased out two lakh square feet of its Mumbai-based premium commercial building, Sunteck BKC51, to Upgrad Education Pvt. for 29 years. The total revenue generated from the project will amount close to Rs 2,000 crore over the entire lease tenure.

The stock rose as much as 4.77% intraday to Rs 320.6 apiece, gaining the most in three weeks since Feb. 16, 2023.

Total traded volume stood at 6.3 times its 30-day average. The relative strength index was at 45.3.

Eight analysts tracking the company maintain a 'buy' rating on the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 62.7% over the next 12 months.

Source: Bloomberg, Exchange filing

Rail Vikas Nigam Climbs 10% After Bagging Vande Bharat Project

Shares of Rail Vikas Nigam Ltd. advanced 9.83% to Rs 64.25 apiece in trade on Thursday.

The company emerged as the lowest bidder for manufacturing-cum-maintenance of Vande Bharat train sets, including upgradation of the government manufacturing units and trainset depots, in joint venture with selected partners.

The total quantity is 200 trainsets and cost per set is Rs 120 crore.

The stock rose as much as 10.09% intraday to Rs 64.4 apiece, falling the most in nearly four months since Nov. 15, 2022.

Total traded volume stood at 9 times its 30-day average. The relative strength index was at 44.3.

Two analysts tracking the company maintain a 'buy' rating on the stock.

Source: Bloomberg, Exchange filing

Broader Markets Mixed In Trade

The broader market indices were mixed in trade; S&P BSE MidCap was down 0.03% whereas S&P BSE SmallCap was higher by 0.16%.

Eleven out of the 20 sectors compiled by BSE declined, while nine advaanced in trade.

The market breadth was tilted in the favour of buyers. About 1,596 stocks rose, 1,235 declined, and 126remained unchanged on the BSE.

Source: BSE

Top Movers On Nifty 50 Index

Adani Enterprises Ltd., Adani Ports and SEZ Ltd., Coal India Ltd., Bajaj Finserv Ltd., Hero MotoCorp Ltd. were the top gainers in the gauge.

Whereas, TCS Ltd., Axis Bank Ltd., Infosys Ltd., Eicher Motors Ltd., and Maruti Suzuki India Ltd. were the top losers amongst the NSE Nifty 50 constituents.

Adani Enterprises Declines After Large Trades

Shares of Adani Enterprises Ltd. declined 1.29% to Rs 1,544.1 apiece in trade after 367.8 lakh or 3.2% equity changed hands in two bunched trades.

The stock fell as much as 10% to Rs 1,407 apiece after the large trade.

Adani Group Company Stocks Trade Mixed

Adani Transmission Ltd., Adani Green energy Ltd., Adani Power Ltd., Adani Wilmar Ltd., and NDTV Ltd. advanced in trade.

Source: Bloomberg

Shares of Adani Transmission Ltd. advanced to 4.99% to Rs 676 apiece in trade after 284 lakh or 2.5% equity change hands in a block deal.

Shares of Adani Ports and SEZ Ltd. were volatile and rose 1.63% to Rs 602.1 apiece in trade after 886 lakh or 4.1% equity change hands in a block deal.

Sensex, Nifty Decline At Opening Bell

Indian equity benchmarks opened lower in trade following weak Asia trade on Thursday, after it snapped its eight-day losing streak on Wednesday.

Asian markets swung lower as trading got underway in China, led by declines in Hong Kong listed technology shares.

The drop clawed back some sharp moves in Chinese equities from Tuesday and came after the S&P 500 closed near the lowest in six weeks and as the 10-year Treasury yield pierced the closely watched 4% level.

At pre-open, the S&P BSE Sensex was down 124 points or 0.21% at 59,287.18 while the NSE Nifty 50 was 29 points or 0.17% higher at 17,421.50.

Source: Bloomberg

Sensex, Nifty Open Lower At Pre-Open

At pre-open, the S&P BSE Sensex was down 124 points or 0.21% at 59,287.18 while the NSE Nifty 50 was 29 points or 0.17% higher at 17,421.50.

Source: Bloomberg

Rupee Weakens Against The U.S. Dollar

The local currency weakened by 6 paise to 82.57 against the greenback at open on Thursday. It closed at 82.51 on Wednesday.

Source: Bloomberg

Three Adani Group Stocks Have Equity Change Hands In A Block Deal

  • Adani Transmission has 284 lakh or 2.5% equity change hands in a block deal.

  • Adani Ports and SEZ has 886 lakh or 4.1% equity change hands in a block deal.

  • Adani Green Energy has 556 lakh or 3.5% equity change hands in a block deal.

Source: Bloomberg

Keep An Eye Out For Railway & Defence Stocks :Trade Setup

Global Cues

  • U.S. Dollar Index at 104.6

  • U.S. 10-year bond yield at 3.97%

  • Brent crude down 0.17% to $84.17 per barrel

  • Nymex crude at $77.54 per barrel

  • SGX Nifty down 0.36% at 17,456.5 as of 7:31 a.m.

  • Bitcoin down 0.18% to $23,516

Also Read: U.S. Stocks, Bonds Drop As Data To Keep Pressure On Fed: Markets Wrap

Pledged Share Details

  • Jindal Steel & Power Ltd.: Promoter group Siddeshwari Tradex created a pledge of 36 lakh shares on Monday.

Also Read: Why 5G Rollouts For Bharti Airtel And Reliance Jio Are Different

Block Deals

  • Delhivery Ltd.: Amazon Market Neutral Fund bought 1.24 lakh shares (0.02%), Baillie Gifford bought 34.81 lakh shares (0.48%), BAYVK A2-Fonds bought 3.42 lakh shares (0.05%), Best Investment Corporation bought 16.38 lakh shares (0.22%), BNP Paribas Arbitrage bought 8 lakh shares (0.11%), Bureau Of Labor Funds bought 12.99 lakh shares (0.18%), City Of New York Group Trust bought 29.01 lakh shares (0.4%), Dendana Investments Mauritius bought 1.17 lakh shares (0.02%), Fidelity Funds bought 25.55 lakh shares (0.35%), Invesco Mutual Fund bought 67.06 lakh shares (0.92%), Morgan Stanley Mauritius Company bought 7.93 lakh shares (0.11%), OPSEU Pension Plan Trust Fund bought 1.88 lakh shares (0.03%), Quilter Investors OEIC bought 3.75 lakh shares (0.05%), Regal Funds Management bought 5.02 lakh shares (0.07%), Saudi Arabian Monetary Authority bought 21.38 lakh shares (0.29%), Societe Generale bought 24 lakh shares (0.33%), St James's Place Multi Asset Unit Trust bought 1.65 lakh shares (0.02%) , State Of Indiana Public Employees Retirement Fund bought 72,337 shares (0.01%), TA Asia High Conviction Mandate bought 14,724 shares (0.002%), Tasman Market Neutral Fund bought 1.24 lakh shares (0.02%), Teachers Retirement System Of The City Of New York bought 1.49 lakh shares (0.02%), Vanguard Investments Funds bought 1.54 lakh shares (0.02%), Virginia Retirement System bought 2.12 lakh shares (0.03%), SVF Doorbell (Cayman) sold 2.8 crore shares (3.85%) at Rs 340.8 apiece.

  • Bajaj Finserv Ltd.: Bajaj Sevashram bought 5.58 lakh shares (0.06%), Hercules Hoists bought 1.85 lakh shares (0.02%), Rajivnayan Bajaj sold 1.28 lakh shares (0.01%), Rishab Family Trust sold 6.17 lakh shares (0.06%) at Rs 1,350 apiece.

Also Read: Tata Group’s Talks Over $1 Billion Bisleri Stake Stall

Offerings: Divgi TorqTransfer Systems IPO Day 2

  • Divgi TorqTransfer Systems Ltd.: The IPO was subscribed 0.12 times, or 12%, on its first day. The retail portion was subscribed 60%, whereas non-institutional investors picked 6% of the portion reserved for them. No bids were placed for the portion of the qualified institutional buyers.

Also Read: Divgi TorqTransfer Systems IPO: All You Need To Know

Stocks To Watch: Adani, Rail Vikas Nigam, Axis Bank, HAL, L&T

  • Axis Bank Ltd.: The bank completed the acquisition of Citibank consumer business in India at a total cost of Rs 11,603 crore. The acquisition added over 1.8 million credit cardholders and deposits worth Rs 39,900 crore into Axis Bank's fold.

  • Rail Vikas Nigam Ltd.: The company emerged as the lowest bidder for manufacturing-cum-maintenance of Vande Bharat train sets, including upgradation of the government manufacturing units and trainset depots, in joint venture with selected partners. The total quantity is 200 trainsets and cost per set is Rs 120 crore.

  • Sunteck Realty Ltd.: The company leased out two lakh square feet of its Mumbai-based premium commercial building, Sunteck BKC51, to Upgrad Education Pvt. for 29 years. The total revenue generated from the project will amount close to Rs 2,000 crore over the entire lease tenure.

  • Hindustan Aeronautics Ltd.: The Cabinet Committee on Security approved procurement of 70 HTT-40 basic trainer aircraft from the company for Rs 6,828 crore over six years. The board of the company will meet on March 10 to consider an interim dividend.

  • Larsen and Toubro Ltd.: The Union Cabinet approved signing of a contract with the company for acquisition of three cadet training ships at an overall cost of Rs 3,108.1 crore.

  • Dreamfolks Services Ltd.: The board approved acquisition of 60% stake in Vidsur Golf Pvt. for Rs 1.5 crore. The company will have a subsidiary in Singapore for this purpose.

  • Bajaj Finserv Ltd.: The company received certificate of registration from market regulator SEBI to commence its mutual fund operations under Bajaj Finserv Mutual Fund.

  • Adani Ports and Special Economic Zone Ltd.: Adani Agri Logistics Ltd., a step-down subsidiary of the company, incorporated a subsidiary named HM Agri Logistics to develop and operate silo complexes across the nation.

  • Dish TV India Ltd.: The company refuted allegations of minority shareholders claiming breach of corporate governance norms in a clarification to the exchanges.

  • KNR Constructions Ltd.: The company received a letter of award for development of six lanes of access-controlled greenfield highway from Marripudi to Somvarappadu of Bengaluru–Vijayawada economic corridor in Andhra Pradesh under the Bharatmala Pariyojana. The cost of the project is Rs 665 crore.

  • CreditAccess Grameen Ltd.: The income tax demand for assessment year 2018–19 has been reduced to Rs 122.6 crore from the Rs 2,333 crore earlier.

  • Maruti Suzuki India Ltd/Hero MotoCorp Ltd./Eicher Motors Ltd.: The passenger car major reported a 6% decline in production volumes at 1.59 lakh units during February, partially due to shortage of electronic components. The dearth of components may have an impact on March production as well, according to Maruti Suzuki.

    Two-wheeler giant Hero MotoCorp registered a 10% rise in sales at 3.94 lakh units during the month under review.

    Royal Enfield maker Eicher Motors posted a 21% growth in sales at 71,544 units.

Also Read: Slowing Farm Segment Orderbook Is A Risk For India Chemicals, Says Morgan Stanley

SGX Nifty Suggests A Lower Open For Benchmarks

Asian markets were poised for lower opening on Thursday as investors positioned for a higher peak in interest rates following another round of hawkish comments from Federal Reserve officials.

Equity futures for benchmarks in Japan and Hong Kong fell while Australian shares edged higher. The headwinds for Asia come after the S&P 500 closed near the lowest in six weeks and Treasury yields climbed.

Meanwhile, the yield on 10-year Treasuries advanced to 3.97%. Crude prices were trading around $84-mark, while Bitcoin was trading above 23,500-level.

At 7:31 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was down 0.36% at 17,456.5.

The domestic benchmark indices snapped their eight-day-long losing streak, supported by a rally in metal and bank stocks.

The rupee closed higher against the U.S. dollar for the second day in a row as domestic equities recovered and crude prices eased.

Overseas investors in Indian equities remained net sellers for the sixth day in a row on Wednesday. FPIs offloaded equities worth Rs 424.88 crore, while the domestic institutional investors were net buyers for the sixth day in a row and mopped up stocks worth Rs 1,498.88 crore.

Also Read: Stock Market Today: All You Need To Know Going Into Trade On March 2

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WRITTEN BY
Rishabh Mishra
Doused in the drill, Rishabh is often found updating the market blog. Cover... more
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