Shares off day's high; Sensex below 50,000

Shares on the BSE pared gains in early afternoon trade. Trading has been halted on the National Stock Exchange (NSE) due to technical glitches.

At 12:20 IST, the barometer index, the S&P BSE Sensex, jumped 231.40 points or 0.47% at 49,982.81.

In the broader market, the S&P BSE Mid-Cap index rose 0.37% while the S&P BSE Small-Cap index added 0.70%.

The market breadth was strong. On the BSE, 1,678 shares rose and 1,068 shares fell. A total of 137 shares were unchanged.

NSE Update:

Trading has been halted on NSE due to technical glitches as the live price quotes of spot Nifty and Bank Nifty indexes are not updating on NSE. In a tweet, NSE India on Wednesday notified: "NSE has multiple telecom links with two service providers to ensure redundancy. We have received communication from both the telecom service providers that there are issues with their links due to which there is an impact on NSE system."

"We are working on restoring the systems as soon as possible. In view of the above, all the segments have been closed at 11:40 and will be restored as soon as issue is resolved," it added.

Meanwhile, BSE announced that all its segments will operate as usual on Wednesday, 24 February 2021.

Coronavirus Update:

Total COVID-19 confirmed cases worldwide stood at 11,21,08,142 with 24,85,368 deaths. India reported 1,46,907 active cases of COVID-19 infection and 1,56,567 deaths while 1,07,26,702 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Stocks in Spotlight:

Mazagon Dock Shipbuilders gained 1.30% after the company executed a Memorandum of Understanding with Mumbai Port Trust to further the economic growth of the region and the country under the Maritime India Summit 2021.

Sanofi India rose 1.17% after the company reported a 26.4% jump in net profit to Rs 123 crore on a 12.8% decline in net sales to Rs 720.3 crore in Q4 December 2020 over Q4 December 2019. Profit before tax grew by 5.5% to Rs 170.2 crore in Q4 December 2020 from Rs 161.3 crore in Q4 December 2019. Current tax expense tumbled 35.5% year on year to Rs 46.7 crore in Q4 December 2020.

Meanwhile, the company announced a final dividend of Rs 125 per equity share for the year ended 31 December 2020. It also recommended a special dividend of Rs 240 per equity share for the year ended 31 December 2020, after considering the closure of the slump sale transaction relating to Ankleshwar manufacturing facility. The final dividend and the special dividend, if approved by the shareholders, will be paid on or after 4 May 2021.

Sun Pharma Advanced Research Company (SPARC) slipped 1.67% after the company said that the US drug regulator has ruled against its appeal related to Taclantis, its under-development product for the treatment of breast cancer. The Office of New Drugs (OND) of the U.S. Food and Drug Administration (USFDA) has denied the company's appeal of the Complete Response Letter in relation to the New Drug Application (NDA) for Taclantis. Taclantis is a novel formulation of paclitaxel developed with SPARC's proprietary Nanotecton technology. Paclitaxel is one of the most widely used cytotoxic agent and is approved for the treatment of breast cancer, ovarian cancer, non-small cell lung cancer and pancreatic cancer.

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