Indices see positive start

Indices opened higher but retracted on selling in pivot stocks at higher levels. At 9:23 IST, the barometer index, the S&P BSE Sensex, was up 90.67 points or 0.30% at 30,669.76. The Nifty 50 index was up 39.95 points or 0.45% at 9,007.00.

The S&P BSE Mid-Cap index was up 0.48%. The S&P BSE Small-Cap index was up 0.88%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 699 shares rose and 438 shares fell. A total of 49 shares were unchanged.

Stocks in news:

IndusInd Bank rose 0.62%. IndusInd Bank dismissed reports of financial instability and speculations around its stock price. IndusInd Bank said that it is financially strong, well-capitalized, profitable, and a growing entity with strong governance.

Yes Bank soared 25.32%. Yes Bank will be in focus as the RBI imposed moratorium on Yes Bank will be lifted today and the private lender will restore full banking services after 6 pm today.

HCL Technologies advanced 1.58%. HCL Technologies (HCL) announced the latest version of HCL Appscan, a pioneering product in application security testing, will be generally available in April 2020. AppScan is a single solution for automated application security testing and management activities.

Mahindra & Mahindra fell 0.87%. Mahindra & Mahindra informed that the company has signed an agreement for subscribing to around 5% of the share capital of Eurl LD Azouaou, Algeria (LDA). LDA is engaged in the business of tractor assembly and distribution in Algeria.

Escorts was down 0.21%. Escorts said the board of directors will meet on 20 March 2020 to consider and approve a proposal for issue and allotment of equity shares by way of a preferential allotment and a corresponding reduction of an equivalent number of shares held by Escorts Benefit and Welfare Trust. There will be no change in the total paid-up equity share capital of the company.

Wipro shed 1.78%. Wipro announced the successful implementation of core banking solution for Kaveri Grameena Bank as part of the merger with Pragathi Krishna Gramin Bank to form, Canara Bank sponsored Regional Rural Bank (RRB), Karnataka Gramin Bank. Karnataka Gramin Bank is a pioneer in IT initiatives and priority of the Bank is to bring its customers, mainly rural population, to technology enabled Banking.

Global Markets:

Overseas, Asian markets were trading mixed on Wednesday as concerns about the widening coronavirus epidemic weighed against hopes policy support would combat its economic fallout.

In US, stocks rebounded on Tuesday, helped by the White House backing an $850 billion federal stimulus plan and a Federal Reserve move to backstop the commercial paper market by providing short term funding to businesses hit by the coronavirus pandemic.

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