Key benchmark indices are trading lower in early trade on negative Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 184.03 points or 0.35% at 51,920.14. The Nifty 50 index was down 46.65 points or 0.3% at 15,266.80.
The S&P BSE Mid-Cap index was up 0.3%. The S&P BSE Small-Cap index was up 0.43%.
The market breadth, indicating the overall health of the market, is positive. On the BSE, 1030 shares rose and 853 shares fell. A total of 72 shares were unchanged.
Stocks in news:
Nestle India lost 4.72%. The company reported 2.26% rise in standalone net profit to Rs 483.31 crore on 9.16% rise in net sales to Rs 3,417.52 crore in Q4 December 2020 over Q4 December 2019. Nestle India said the board of directors recommended final dividend for the year 2020 of Rs 65.
Infosys shed 0.55%. Infosys McCamish Systems, a US-based subsidiary of Infosys BPM, the Business Process Management arm of Infosys, announced the strategic purchase of a state-of-the-art New Business and Underwriting platform from STEP Solutions Group LLC to ease the complexity of all types of insurance products such as Life, Annuity, and Health, for individuals and groups across North America.
Adani Ports and Special Economic Zone (APSEZ) surged 4.63%. APSEZ completed the acquisition of 100% stake of Dighi Port (DPL) for Rs 705 crore on 15 February 2021. APSEZ plans to invest over INR 10,000 Cr to develop the port into a multi-cargo port with world class infrastructure as well as investing in the development of rail & road evacuation infrastructure for seamless and efficient cargo movement.
ICICI Bank slipped 0.55%. ICICI Bank has entered into an agreement in relation to an Investment in the equity shares and compulsorily convertible preference shares ('CCPS') of Thillais Analytical Solutions.
IndusInd Bank fell 0.25%. IndusInd International Holdings (IIHL), the promoter company of IndusInd Bank, confirms that it has completed its capital raise through its Rights Issue which was oversubscribed. IIHL raised capital at an overwhelming premium of 1400% towards the subscription of this Rights issue. This reiterates the confidence of IIHL's global shareholders, spread across 34 countries, in the decision of IIFL and its subsidiary, IndusInd Limited, to redeem the balance of 75% of the warrants at the price of Rs. 1709/- per share, aggregating to Rs. 2021.45 crores.
KEC International advanced 2.67% after the company secured new orders of Rs 1,681 crore across its various businesses.
TVS Srichakra advanced 2.2% after the company signed a Memorandum of Understanding (MOU) with the Government of Tamil Nadu to facilitate the investment program of Rs 1,000 crore.
Global Markets:
Asian stocks are trading lower Wednesday following an overnight dip for the S&P 500 stateside as investors grew concerned over rising bond yields. Markets in mainland China remain closed on Wednesday for the Lunar New Year holidays.
Japan's exports rose 6.4% in January as compared with a year earlier, according to trade statistics released Wednesday by the country's Ministry of Finance.
On Wall Street, the Dow hit an all-time high on Tuesday, while the S&P 500 and the Nasdaq retreated slightly from record levels, as investors bet on more fiscal aid to lift the world's biggest economy from a coronavirus-driven slump.
U.S. President Joe Biden was traveling to Wisconsin on Tuesday to press his case for a $1.9 trillion pandemic relief bill in the political battleground state that helped secure his victory in last year's presidential election.
Back home, domestic benchmark indices ended almost flat after a volatile session on Tuesday. 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.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,144.09 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,559.53 crore in the Indian equity market on 16 February, provisional data showed.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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