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Chart readers said 17,800-17,850 is a key zone to watch out for as it coincides with a 61.8% retracement level and 89-EMA. However, considering the broad-based buying and fag-end surge we expect the benchmark to surpass this level and head towards 18,000 in the coming sessions

On Wednesday, the stock is trading flat at Rs 1,129.40 apiece on NSE. So far this year, the scrip has lost about 8% on a year-to-date basis. In the past 12 months, SBI Life Insurance declared an equity dividend amounting to Rs 2 per share, which results in a dividend yield of 0.18%

Market participants said the lack of bond supply by the central government in March has been a major reason for the yields at the longer end to remain capped

The Korean won and Malaysian ringgit declined more than 1% each, while the Indonesian rupiah dropped 0.6%, following hawkish comments by U.S. Federal Reserve Chair Jerome Powell.

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Traders were also awaiting crude inventory data from the U.S. Energy Information Administration later on Wednesday, after the API data showed a decline in crude inventories for the first time after a 10-week build, she said.

A total of 5,395 shares changed hands on the counter till 01:53PM (IST).

The index posted its steepest one-day fall in nearly two weeks on Tuesday after Powell, at a hearing before the Senate Banking Committee, said the central bank might need to raise interest rates more than expected and was prepared to move in larger steps to temper inflation

As of 31-Dec-2022, promoters held 38.05 per cent stake in the company, while FIIs held 31.88 per cent and domestic institutional investors had 10.27 per cent.