Barometers trade flat; Europe opens in red

The benchmark indices were trading near the flat line in afternoon trade, amid mixed global cues. The Nifty traded below its 12,150 level. Trading was volatile due to expiry of weekly index options on the NSE.

At 13:26 IST, the S&P BSE Sensex, was down 6.54 points or 0.02% at 41,316.46. The Nifty 50 index was up 2.55 points or 0.02% at 12,128.45.

The broader market advanced. The S&P BSE Mid-Cap index was up 0.53% while the S&P BSE Small-Cap index jumped 0.67%.

The market breadth was positive. On the BSE, 1290 shares rose and 1043 shares fell. A total of 148 shares were unchanged. In Nifty 50 index, 29 stocks advanced while 20 declined. 1 stock remained unchanged

Stocks in Spotlight:

IndusInd Bank (up 3.39%), Tata Steel (up 2.9%), Zee Entertainment Enterprises (up 2.54%), Yes Bank (up 1.84%) and State Bank of India (up 1.76%) advanced.

Hindustan Unilever (down 1.4%), Indian Oil Corporation (down 1.18%), Cipla (down 1.04%), Nestle India (down 1.03%) and Bharti Airtel (down 0.72%) declined.

Shares of Asian Paints were trading 1.85% lower at Rs 1851.40. The company's board will meet on Tuesday, 25 February, 2020, to consider second interim dividend for the financial year ending 31 March 2020. The record date will be 4 March 2020.

GAIL (India) added 0.13% to Rs 120. The company said it has to pay Rs 1,83,076 crore as AGR dues and penalties derived in provisional assessment orders by the department of telecommunications (DoT) is legally not tenable. The company also said it has filed a plea at the Supreme Court to seek clarification on the orders passed.

Global Markets:

Most European stocks opened lower while Asian markets were mixed on Thursday despite a slowdown in the spread of the coronavirus in mainland China.

China cut the loan prime rate on Thursday. The 1-year LPR was reduced by 10 basis points, while the 5-year LPR saw a 5 basis points deduction.

In US, the S&P 500 and Nasdaq finished at all-time highs on Wednesday as investors were encouraged by comments from the Federal Reserve and measures China says it has taken to help coronavirus-stricken businesses.

Minutes from the rate-setting Federal Open Market Committee's January meeting showed that Fed officials believe the US economy appeared stronger in late January than they had been expecting.

Chinese officials have said the rate of new cases has begun to ebb, but the World Health Organization has recommended caution.

Investors also appeared heartened by comments from China's Ministry of Industry and Information Technology, which reportedly said Beijing would help companies to identify weak links in supply chains.

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