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The Nifty 50 index fell 61 points or 0.34% to 17,832, while the S&P BSE Sensex declined 182 points or 0.30% to 60,624, as of 9.22 am.

"We believe the outperformance of the value stocks is likely to continue in H1CY23 and would be led by a pickup in the credit growth as well as a recovery in the domestic-cyclical stocks, which would be in line with the pickup in the domestic economy," said Axis analyst Neeraj Chadawar.

“The long-term structural money that is coming to SIPs will continue to come and every month we have been seeing a slightly higher number compared to previous. So, that trend should continue. However, the lump sum investments are not coming in at this point of time for the industry. Also, the redemptions have picked up a bit, which is natural.”

The central board of trustees of EPFO is expected to meet later this month or in early March to decide on the interest rate that will be recommended by its Finance Investment and Audit committee based on the earnings for 2022-23. The retirement fund body had announced the interest rate of 8.1% for 2021-22, which was the lowest in four decades.

Bonds of Adani Ports & Special Economic Zone Ltd., Adani Electricity Mumbai Ltd. and Adani Transmission Ltd. are backed by hard assets and strong cash flows verifiable by third parties, investors said. The latter two operate in regulated industries.

As part of its Last Mile Mobility business, Mahindra & Mahindra will manufacture electric 3 and 4 wheelers at this state-of-the-art facility.

While analysts retained their bullish calls on Adani Ports, they cut price targets after the company reported a 16% year-on-year drop in consolidated net profit for three months ended December 2022.

US stock indexes ended lower on Thursday, erasing earlier gains as Treasury yields rose after an auction of 30-year bonds went poorly and overshadowed strong earnings from corporate giants like Disney and PepsiCo.

Stocks have enjoyed an upbeat start to the year on hopes that the Fed will abandon its hawkish rhetoric and pilot the economy to a soft landing. Traders are betting that the Fed will raise its benchmark rate to a peak of 5.1% in July, largely in line with the forecasts of Fed officials.

Although gold is seen as an inflation hedge, higher rates hurt the appeal of bullion, which bears no interest. Data on Thursday showed the number of Americans filing new claims for unemployment benefits increased more than expected last week, but remained at levels consistent with a tight labour market.