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In the international market, gold was trading higher at USD 1,932 an ounce and silver was flat at USD 25.40 an ounce.

UPL has joined the bandwagon of companies announcing share buyback to the tune of Rs 1,100 crore, at a price of Rs 845. The buyback price would be at a 23 per cent premium to Wednesday prices. Sensing the opportunity, traders on Thursday rushed to buy the stock wishing to capitalise on the offer.

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A total of 312,444 shares changed hands on the counter till 02:05PM (IST).

At the interbank foreign exchange market, the rupee opened strong at 75.76 against the American dollar but soon entered the negative territory as investors turned towards safe-haven assets. During the session, it swung between a high of 75.60 and a low of 75.98.

The 30-share pack Sensex tumbled 366.22 points or 0.66 per cent to 55,102.68. Its broader peer, Nifty50, dropped 107.90 points or 0.65 per cent to 16,498.05.

"At the end of the quarter ended December 2021, the value of FPI investments in Indian equities fell to USD 654 billion, which was lower than USD 667 billion recorded in the previous quarter, a fall of around 2 per cent," the report noted.

“From a 12, 18, 24-month perspective, we believe there is a very high probability of getting more than 15-20% return in largecap names because we have always maintained that the kind of reforms which have taken place in the last three-four years have started showing results. We see most of corporate India experiencing a big uptick in earnings.”

The exchange achieved 8,760 MU volume in February comprising 7,695 MU in the conventional power market, 453 MU in the green power market and 612 MU (6.12 lakh certificates) in the REC market.

“Last decade, it was always the asset quality. We give great valuations to HDFC Bank and Kotak Bank because they were one of the few banks which could maintain good asset quality but now in the next 5-10 years, the challenge will be who can grow as well and so that is the reason why the banking sector is underperforming. ”