FIRST TRADE: Sensex slips over 250 pts, Nifty below 21,950; Bajaj Auto down 2%

Stock market today: Domestic equity benchmarks began Thursday's session mildly weaker, extending losses after falling around 1.5 per cent in a broad-based sell-off the previous day, tracking mixed moves across global markets as investors awaited fresh cues that might offer some clarity on an imminent easing of benchmark interest rates.

Both headline indices declined as much as 0.4 per cent in the first few minutes of trade, with the Sensex shedding 264.7 points to hit 72,497.2 on the downside and the Nifty50 sliding to as low as 21,917.5, down 80.2 points from its previous close.

While the Sensex was down 189 points at 72,572.3 at the last count, the 50-scrip barometer was at a loss of 76.8 points for the day at 21,921. 

Among broader indices, the Nifty Midcap 100 and the Nifty Smallcap 100 were in the negative zone, down 1.5 per cent each, after logging their worst single-day fall in more than two years on Wednesday ahead of the outcome of a stress test of the country's mutual funds conducted by the markets regulator.

The high-beta Nifth Bank gauge was down 0.9 per cent at 46,579.4. 

"There is room for the broader market to correct more since the valuations continue to be elevated. Investors should now focus on large-caps and quality mid-caps. The turbulence in the market will give cherry-picking opportunities," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

From now on, irrational exuberance will take a back seat while rational valuations and quality will be the driving force in the market, said Vijayakumar.

"High-quality private sector banks and the leading names in capital goods, telecom, and autos can be accumulated in a calibrated manner. It is important to understand that India’s macro fundamentals continue to be good and the bull market is intact," the analyst added. 

BUZZING STOCKS

Federal Bank shares were down over 2 per cent after the bank announced that it will not issue new co-branded credit cards until regulatory guidelines are followed.

Coforge shares were down over 2 per cent after the company announced to consider raising funds.

Conversely, HAL shares were up 2 per cent after defence ministry signed two agreements worth Rs 8073 crore for 34 helicopters.

Indian Hume Pipe shares were up over 4 per cent after its Joint Venture (JV) formed between AMR India Limited, Shoda Constructions, and The Indian Hume Pipe Co Ltd secured an order relating to "water supply projects and sewerage projects under AMRUT 2.0" by the Telangana government. 

RVNL shares were up over 4 per cent after RVNL-SALASAR got an order worth Rs 174 crore from Madhya Pradesh Power Transmission.

Cyient shares were up over 1 per cent after the company signed an agreement with Airbus for cabin engineering services.

Cholamandalam Investment and Finance Company shares were up over 1 per cent after the company purchased property today from DLF IT Offices Chennai. 

SOM Distilleries shares were up over 8 per cent after the board will consider a stock split in a board meeting on April 2. 

GLOBAL MARKETS 

Asian shares staged mixed moves, not far from seven-month highs, amid cauton among investors ahead of key catalysts due this week. MSCI's broadest index of Asia Pacific shares outside Japan was down 0.2 per cent at the last count, while Japan's Nikkei 22 was barely in the green. 

With inputs from agencies

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