HomeMarketsIndian MarketsSensex drops 250pts, Nifty50 below 16,900

Sensex drops 250pts, Nifty50 below 16,900

The market on March 16 opens with all eyes on JSW Energy, Federal Bank, Zuari Inds, and Titagarh Wagons. The domestic market is very likely to start on a firm note irrespective of the global crisis.

Mindspace Business Parks raised Rs 550 crore by issuing green bonds with a fixed quarterly coupon of 8.02% per annum for a tenure of three years and thirty days. After resigning from Future Retail’s suspended board for a month and a half, Kishore Biyani withdrew his resignation due to objections raised by the Resolution Professional of Future Retail (FRL) regarding the content of his resignation letter. Patanjali Foods’ promoter holding has been frozen by the stock exchanges since the company failed to meet the 25% public shareholding requirement within the given timeframe, and the current stake is 80.82% backed by the promoters.

ITC’s foray into non-cigarette businesses is proving to be profitable as its margins in FMCG, hotels, agriculture, paperboards, paper, and packaging sectors are growing, and profits are contributing significantly to its overall revenue. While some initiatives failed or faltered, others were transformative and are now making a positive impact on the company’s bottom line.

The Indian rupee started the day trading at 82.74 against the US dollar, lower than Wednesday’s closing rate of 82.60. In the pre-open session, Sensex took a dip of more than 20 points and Nifty was recorded at below 17,000 points.

Opening bell makes sense to drop 100 pts further and Nifty remains below 16,950 pts. On Sensex Heatmap, companies like  Tata Steel, IndusInd Bank, Infy drag index; Titan, and PowerGrid were seen to lead. While in sectoral trend Defensive plays hold fort; the Metal index slides 2%.

Patanjali Foods’ stock dropped almost 4% after the company’s promoter holding was frozen by the stock exchanges for failing to meet the mandatory 25% public shareholding within the specified timeframe. As of now, the promoters hold a majority stake of 80.82%. Nifty breaks below 16, 900 intra-day. The Nifty Metal index plunged by 3% amid concerns about a global economic slowdown, causing the stocks of companies like Hindalco, Jindal Steel, and Tata Steel to fall by as much as 5%.

Sensex is recorded at near day’s low at below 300 pts.

Priyanshi Mishra
Priyanshi Mishra
Priyanshi Mishra is a student of MA in Economics at the University of Lucknow. She has strong communication and content-writing skills.
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