Key equity indices bounced back in mid-afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 3.98 points or 0.01% to 46,894.32. The Nifty 50 index added 5.00 points or 0.04% at 13,745.70.
The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index fell 0.15% while the S&P BSE Small-Cap index lost 0.08%.
Sellers outpaced buyers. On the BSE, 1163 shares rose and 1732 shares fell. A total of 171 shares were unchanged.
Buzzing Index:
The Nifty PSU Bank index rose 1.26% to 1,755.70. The index has lost 5.64% in four sessions.
CBI (down 2.81%), Union Bank of India (down 2.66%), Indian Bank (down 2.65%), Bank of India (down 2.58%), Jammu and Kashmir Bank (down 2.31%), Canara Bank (down 1.85%), Bank of Maharashtra (down 1.82%), Bank Of Baroda (down 1.8%), UCO Bank (down 1.54%), Indian Overseas Bank (down 1.35%) and Punjab National Bank (down 1.22%) declined
State Bank of India rose 0.17%.
Stocks in Spotlight:
Borosil Renewables fell 1.25% to Rs 161.30. The company's board approved allotment of 1,58,04,030 equity shares at a price of Rs 126.55 per share, aggregating to Rs 200 crore, to the eligible qualified institutional buyers in the qualified institutions placement (QIP). The issue price is at 4.99% discount to the floor price of Rs 133.19 per equity share. The QIP issue opened December 14 and closed on December 17.
In its placement document filed with the bourses, Borosil Renewables said that it intends to use the net proceeds to meet the capital expenditure for setting up a new furnace of 500 TPD with tempering/coating facilities. The new furnace will be placed in a facility adjacent to our existing manufacturing facility at Bharuch, Gujarat. The net proceeds shall also be used for general corporate purposes.
Surya Roshni jumped 2.58% to Rs 343.45. The company has bagged a Rs 72.62 crore order for supplying API 5L Grade 3LPE coated and bare pipes from Indian Oil Corporation. The order is based in Champaran Dist, Motihari & Muzaffarpur in Bihar and in Thiruvallur Dist of Tamil Nadu. The company further added that the order is to be executed within eight months.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee edged lower to 73.52 as compared to its previous closing of 73.59.
The yield on 10-year benchmark federal paper rose to 5.972% compared with its closing of 5.952% in the previous trading session.
MCX Gold futures for 5 February 2021 settlement shed 0.46% to Rs 50,189.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, added 0.10% to 89.91.
In the commodities market, Brent crude for February 2020 settlement lost 6 cents to $51.44 a barrel. The contract gained 42 cents or 0.82% to settle at $51.50 in the previous trading session.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU