Benchmarks trade almost flat

Key benchmark indices were trading near flat line in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was flat at 35,756.51. The Nifty 50 index was down 10.30 points or 0.10% at 10,725.15.

Among secondary barometers,the BSE Mid-Cap index was up 0.21%. The BSE Small-Cap index was up 0.06%.

The market breadth, indicating the overall health of the market, was positive. On BSE, 504 shares rose and 402 shares fell. A total of 36 shares were unchanged.

Overseas, most Asian shares bounced back from intraday lows on Thursday. US stock indices ended the choppy session moderately higher Wednesday, following the release of minutes from the US Federal Reserve's January meeting.

Fed minutes affirmed it would be "patient" on interest rate rises. Fed highlighted downside risks, including "the possibilities of a sharper-than-expected slowdown in global economic growth, particularly in China and Europe, a rapid waning of fiscal policy stimulus, or a further tightening of financial market conditions.

The minutes showed extensive discussion of market conditions, particularly on the emphasis that Fed actions were having on prices of risky assets like stocks and corporate bonds. The Fed also judged that a "patient" approach to interest rate hikes would be prudent as it continued to weigh various headwinds to growth.

On the trade front, President Donald Trump said Tuesday that the US may not increase tariffs on Chinese goods as scheduled after March 1, but he did raise the specter of addressing auto tariffs in Europe.

Back home, Dr. Reddy's Laboratories was up 0.51%. Dr. Reddy's Laboratories, along with its subsidiaries announced the re-launch of its Buprenorphine and Naloxone Sublingual Film, 2 mg/0.5 mg, 4 mg/1 mg, 8 mg/2 mg, and 12 mg/3 mg, a therapeutic equivalent generic version of Suboxone (buprenorphine and naloxone) sublingual film, in the United States market. The announcement was made after market hours yesterday, 20 February 2019.

JSW Steel was down 0.13%. Moody's Investors Service has changed outlook on JSW Steel's corporate family rating (CFR) and senior unsecured bond rating to "Positive" from "Stable" while affirming rating at Ba2. The announcement was made after market hours yesterday, 20 February 2019.

Dynamatic Technologies was up 3.11%. The company has signed a Memorandum of Understanding with Joint-Stock Company (JSC) Russian Helicopters on Ka-226T Helicopter with an intent to build major structural assemblies for fuselage and aggregate assembly, sub-assemblies and detail parts fabrication. The announcement was made after market hours yesterday, 20 February 2019.

Zuari Agro Chemicals was up 2.16%. The company's board of directors approved raising of funds by way of issue of Compulsory Convertible Debentures to the existing shareholders of the company on a rights basis up to Rs 500 crore subject to all applicable statutory and regulatory approvals. The announcement was made after market hours yesterday, 20 February 2019.

Shipping Corporation of India was up 0.56%. The company has given physical delivery of its one bulk carrier "m.v. Tamilnadu", to its buyer. The announcement was made after market hours yesterday, 20 February 2019.

Powered by Capital Market - Live News