Domestic benchmark indices ended almost flat after a volatile session on Tuesday. The Nifty managed to close above the 15,300 mark after slipping below that level in intraday. Selling in private banks and IT stocks negated strength in metal and PSU banks shares.
The barometer index, the S&P BSE Sensex, declined 49.96 points or 0.10% at 52,104.17. The Nifty 50 index lost 1.25 points or 0.01% at 15,313.45.
Axis Bank (down 2.42%), ICICI Bank (down 2.30%), Infosys (down 1.50%) and TCS (down 0.98%) were major drags.
Power Grid Corporation of India (up 6.24%), ONGC (up 5.44%) and NTPC (up 2.94%) were major index gainers.
The Sensex hit a record high of 52,516.76 and the Nifty hit an all-time high of 15,431.75 in early trade today.
In the broader market, the BSE Mid-Cap index rose 0.19% and the BSE Small-Cap index gained 0.43%.
The market breadth was negative. On the BSE, 1,348 shares rose and 1,628 shares fell. A total of 168 shares were unchanged.
COVID-19:
Total COVID-19 confirmed cases worldwide stood at 10,91,42,162 with 24,07,607 deaths. India reported 1,36,872 active cases of COVID-19 infection and 1,55,813 deaths while 1,06,33,025 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
India's exports grew by 6.16% to $27.45 billion in January, according to data by the commerce ministry. Imports too grew by 2% to about $42 billion, leaving a trade deficit of $14.54 billion during the month under review, the data showed.
Meanwhile, a foreign brokerage has reportedly upgraded its stance on India to 'overweight' is its Asia pacific (APAC) model portfolio. India, it believes, looks much better positioned cyclically and relative to the pandemic. Within Asia Pacific (ex-Japan), the brokerage is now biased towards second-phase COVID recovery marketsKorea, India, Australia, Singapore, and Hong Kong and away from the early recovery markets (China and Taiwan) and the late-recovery markets in Asean.
"As with India, earnings momentum is strong, and the credit cycle early. The currency is one of the regions' cheapest on a real effective exchange rate (REER) basis," the brokerage reportedly said.
Numbers to Watch:
The yield on 10-year benchmark federal paper rose to 6.026% as compared with 6.022% at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 72.69, compared with its close of 72.68 during the previous trading session.
In the commodities market, Brent crude for April 2021 settlement rose 71 cents at $63.14 a barrel.
Foreign Markets:
European stocks were trading lower. Asian shares rose across the board on Tuesday as optimism about the global economic recovery and expectations of low interest rates drive investments into riskier assets.
The World Health Organization on Monday authorized the AstraZeneca/University of Oxford COVID-19 vaccine for emergency use, expanding access to the comparatively inexpensive shot around the world.
The mainland Chinese markets were closed for Lunar New Year through Wednesday. The U.S. stock market was closed on Monday for Presidents Day.
On the coronavirus front, the World Health Organization gave emergency use approval to AstraZeneca's COVID-19 vaccines on Monday, allowing distribution to some of the world's poorest countries to begin.
Buzzing Indian Segment:
The Nifty Metal index jumped 2.89% to 3,570.15. The index fell 2.16% in the past two sessions.
JSPL (up 7%), Tata Steel (up 3.79%), Hindalco (up 3.64%), NALCO (up 3.4%), SAIL (up 3.27%), NMDC (up 3.17%), Hindustan Zinc (up 2.15%), Hindustan Copper (up 1.59%), MOIL (up 0.83%), JSW Steel (up 0.64%) and MIDHANI (up 0.22%) climbed.
Stocks in Spotlight:
Tech Mahindra rose 0.70% after the IT company on Monday announced a strategic partnership with Telefica Germany / O2 to drive their end-to-end IT transformation. Through this digital transformation, Tech Mahindra will support Telefica Germany / O2 to deliver faster product launches and provide a more 'human centered' experience to its customers in the mass market segment.
Tata Communications jumped 5.62% after the company announced its partnership with Google Cloud to drive cloud adoption and transform Indian businesses. With this partnership, Tata Communications further expanded their managed public cloud services portfolio to include capabilities for Google Cloud.
Adani Ports and Special Economic Zone (APSEZ) gained 1.39% after the company said it completed the acquisition of Maharashtra-based Dighi Port. The company said that in accordance with the approved Resolution Plan, Dighi Port ("Dighi") has allotted 10 lakh equity shares for cash at total consideration of Rs 1 crore to APSEZ on 15 February 2021. Pursuant to this, APSEZ will hold 100% equity share capital of Dighi. Further, APSEZ has paid Rs 650 crore to financial creditors and approximately Rs 55 crore towards CIRP cost and other payments.
Biocon gained 2.40% after the company said its subsidiary, Biocon Biologics, partnered International Diabetes Federation (IDF) to promote diabetes care, prevention and effective management worldwide. This partnership with IDF coincides with the start of the centenary celebrations of the discovery of insulin and takes forward Biocon Biologics' mission of enabling affordable access to insulins to people with diabetes worldwide. The partnership further strengthens the shared vision of providing universal access to insulins globally to tackle a broad range of diabetes issues, create awareness, educate and advocate effective management of diabetes.
Glenmark Pharmaceuticals added 2.55%. The drug maker launched SUTIB, the generic version of Sunitinib oral capsules to treat kidney cancer, in India. The drug is launched at a MRP that is approximately 96% lower than the MRP compared to the innovator brand, priced at Rs 7000 (50 mg), Rs 3600 (25 mg) and Rs 1840 (12.5 mg) per month. Sunitinib is also approved by the US Food and Drug Administration (US FDA).
SIS rallied 1.80% after the company said its board approved a proposal to buyback equity shares worth upto Rs 100 crore at Rs 550 each. The aggregate consideration of the buyback will not exceed Rs 99,99,99,550. The resultant equity shares to be bought back at the buyback offer price are 18,18,181 equity shares, representing 1.24% of the total number of equity shares in the total paid-up equity capital of the company as on 31 March 2020.
Mazagon Dock Shipbuilders (MDL) rose 1.73% after the company said it delivered the third Scorpene submarine of Project P-75 to the Indian Navy on 15 February 2021. The submarine would subsequently be commissioned into Indian Navy as INS Karanj, the company said in a BSE filing made after market hours on Monday.
New Listing:
Brookfield India Real Estate Trust REIT ended at Rs 269.96 on the BSE, at a discount of 2.36% over IPO price of Rs 275 per unit. The stock was listed at Rs 275.05, at a premium of 0.02% to IPO price. So far, the stock hit a high of Rs 280.05 and low of Rs 258.35. On the BSE, 12.70 lakh units were traded on the counter so far. The initial public offer (IPO) of Brookfield India Real Estate Trust received bids for 60.59 crore units as against 7.62 crore units on offer, as per the National Stock Exchange of India (NSE) website data. The issue was subscribed 7.94 times.
Primary Market:
The initial public offer (IPO) of Nureca received bids for 1.92 crore shares as against 14.01 lakh shares on offer on Tuesday (16 February 2021), according to the stock exchange data at 16:40 IST. The issue was subscribed 13.71 times. The issue opened for bidding on Monday, 15 February 2021, and it will close on Wednesday, 17 February 2021. The price band for the IPO is set at Rs 396-400 per share. An investor can bid for a minimum lot of 35 equity shares and in multiples thereof. The IPO comprises of public issue of equity shares aggregating to Rs 100 crore (including anchor portion of 11,13,750 equity shares). The net proceeds of the fresh issue are proposed to be utilized towards funding incremental working capital requirements of the company and general corporate purposes. Shares of Nureca will list on 26 February 2021 on bourses.
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