Nifty falls below 17150, Sensex dips 60 pts in early trade on Tue, Mar 14; M&M shares plunge, Lupin gains

Domestic indices were trading lower on Tuesday. The BSE Sensex fell 65.26 pts or 0.11% to 58,172.59 and NSE Nifty 50 fell 13.95 pts or 0.08% to 17,140.35. Bank Nifty fell 63.85 pts or 0.16% to 39,500.85. The top gainers on Nifty 50 were Titan (up 2.16%), Tata Steel (up 1.31%), SBI Life (up 1.30%), Larsen & Toubro (up 1.21%) and Bharti Airtel (up 1.14%) while Adani Enterprises (down 5.28%), Mahindra & Mahindra (down 1.88%), Tech Mahindra (down 1.87%), Adani Ports (down 1.71%) and Bajaj Finance (down 1.18%).

Mahindra & Mahindra shares, Lupin stock in focus today

Mahindra & Mahindra shares fell 1.59% to Rs 1176.20 after the company sold 6.058% of its stake in its listed peer, Mahindra CIE, amounting to 2,29,80,000 equity shares at the price of Rs 357.39 per share. With this, the total shareholding in MCIE came down to 3.195% of its share capital.

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Lupin share rose 0.41% to Rs 657.05 after USFDA completed inspection of Lupin’s Bioresearch Centre in Pune, India. The inspection closed without any observation. The centre has successfully undergone its seventh consecutive onsite inspection.

Sectoral Indices

The sectoral indices were trading mixed. Bank Nifty rose 0.21%, PSU Bank jumped 0.12%, Nifty IT was down 0.75%, Nifty Realty was down 0.79%, Nifty FMCG was up 0.79% and Nifty Pharma rose 0.13%.

Asian and US stock markets

Asian markets were trading broadly in red with China’s Shanghai Composite Index falling 0.48%, Hong Kong’s Hang Seng plunging 0.98%, Japan’s Nikkei 225 tanking 2.45% and South Korea’s KOSPI tumbling 2.15%.

The US market ended the overnight session mixed with Dow Jones Industrial Average falling 0.28%, S&P 500 dipping 0.15% while the tech-heavy Nasdaq rose 0.45%.

FII and DII data

Foreign institutional investors (FII) sold shares worth a net Rs 1546.86 crore, while domestic institutional investors (DII) bought equities worth a net Rs 1418.58 crore on 13 March, according to the provisional data available on the NSE.

NSE F&O Ban

The National Stock Exchange has put GNFC on its F&O ban list for 14 March. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.