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Barometers pare losses; IT stocks decline

Capital Market 

Barometers pared losses in mid-morning trade. The Nifty reclaimed the 15,250 level. Indices saw profit taking after hitting record high levels in the previous session.

At 11:29 IST, the barometer index, the S&P BSE Sensex, was down 128.19 points or 0.25% at 51,975.14. The Nifty 50 index fell 29.05 points or 0.19% at 15,284.80.

The broader market was trading firm. The S&P BSE Mid-Cap index rose 0.43% while the S&P BSE Small-Cap index gained 0.68%.

The market breadth was positive. On the BSE, 1,452 shares rose and 1,202 shares fell.

A total of 126 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 109,491,385 with 2,418,543 deaths. India reported 136,549 active cases of COVID-19 infection and 155,913 deaths while 106,44,858 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty IT index slipped 0.71% to 25,432.25, extending losses for second trading day. The IT index has lost 2.5% in two days.

Info Edge (down 3.38%), Coforge (down 2.4%), Wipro (down 0.83%), TCS (down 0.64%) and L&T Infotech (down 0.4%) were top losers in IT segment.

Stocks in Spotlight:

Page Industries fell 1.90% after the company said its chief executive officer and executive director, Vedji Ticku, has resigned owing to personal commitments. The resignation will be effective from close of business hours on 31 May 2021.

Inox Wind rose 2.06% to Rs 69.45 after the company bagged orders worth 62 mega-watt (MW) turnkey wind power project orders from IPPs and retail customers spread across various industries for third party sales and captive consumption.

Global Markets:

Asian stocks were mixed on 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 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.

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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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First Published: Wed, February 17 2021. 11:30 IST