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After hitting a record high on December 1 last year, Sensex and Nifty have been on a losing streak. The sell-off which started with concerns over valuations and FII outflows amid rate hikes and China re-opening, got extended due to a crisis in Adani stocks and banking turmoil in the US.

The UBS deal to buy out Credit Suisse for around $3.2 billion is a positive move for the banking sector as it removes a lot of uncertainty. The expectation is that the Fed will do a 25 bps rate hike this time around. Standard Chartered is still defensive in their portfolio allocations and are overweight bonds versus equities, investment grade bonds versus high yield bonds and Asia relative to the developed market.

“Rupee could remain in a range this morning as FPI continues to sell Indian equities. The market awaits FOMC on 22nd March in which Fed could deliver a 25 bps rate hike,” Anil Kumar Bhansali, Head of Treasury Finrex Treasury Advisors LLP said.

Cochin Shipyard was incorporated in the year 1972 as a fully owned Government of India company. In the last three decades, the company has emerged as a forerunner in the Indian Shipbuilding & Ship repair industry.

A record drop in Asian banks’ Additional Tier 1 bonds and a tumble in HSBC Holdings Plc shares on concern of its exposure to Credit Suisse saw Treasury two-year notes erase losses and European stock futures swing to a decline.

Promoters held 51.94 per cent stake in the company as of 31-Dec-2022, while FIIs owned 15.15 per cent, DIIs 20.5 per cent.

The Nifty IT index was trading 1.12 per cent down at 28532.7.

"Even as the global turmoil continues in financial markets, the macro factors are turning better for India. Current account deficit looks below 2.5% Fy 23, and going below 2% in Fy 24. Lower oil helps. If we walk our talk and navigate well, India can stand out in this turbulence," Kotak had Tweeted on Thursday.

Even as Swiss regulators averted a financial crisis by negotiating a $3.25 billion buyout of troubled Credit Suisse by rival UBS, investors are worried about the domino effect in the global banking system.

The stock quoted a 52-week high of Rs 3698.5 and a 52-week low of Rs 2366.55.