Key equity indices were trading with small losses in early afternoon trade. The Nifty was hovering near 15,300 mark. Indices witnessed profit selling after recent steep gains. PSU banks and media stocks were in demand while pharma and IT shares declined.
At 12:20 IST, the barometer index, the S&P BSE Sensex, fell 115.72 points or 0.22% at 51,988.45. The Nifty 50 index lost 20.80 points or 0.14% at 15,292.65.
In the broader market, the S&P BSE Mid-Cap index rose 0.30% while the S&P BSE Small-Cap index gained 0.79%.
The market breadth was positive. On the BSE, 1,472 shares rose and 1,271 shares fell. A total of 139 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.99% to 21.3450. The Nifty 25 February 2021 futures were trading at 15,295.30, at a premium of 2.65 points as compared with the spot at 15,292.65.
The Nifty option chain for 25 February 2021 expiry showed maximum Call OI of 23.4 lakh contracts at the 16,000 strike price. Maximum Put OI of 29 lakh contracts was seen at 14,000 strike price.
Ratings agency S&P Global Ratings on Tuesday said that India is on track to recover from a pandemic-led economic contraction by next year. India could grow 10% in fiscal 2022, the ratings agency predicted in a report. India's fiscal year begins on 1 April 2021 and ends on March 2022 in the following year.
The Indian economy is on track to recover in fiscal 2022, the report said. Consistently good agriculture performance, a flattening of the Covid-19 infection curve, and a pickup in government spending are all supporting the economy. The speed with which the Indian economy recovers from the coronavirus crisis will have "important implications" for the country's sovereign credit rating, according to S&P. "This includes the sustainability of the government's strained fiscal position," the report added.
Total COVID-19 confirmed cases worldwide stood at 10,95,04,608 with 24,18,643 deaths. India reported 1,36,549 active cases of COVID-19 infection and 1,55,913 deaths while 1,06,44,858 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
The Nifty Media index advanced 2.15% to 1,704.80. The index lost 1.49% in the past three sessions.
Jagran Prakashan (up 8.19%), D B Corp (up 7.49%), DishTV India (up 5.22%), Zee Entertainment Enterprises (ZEEL) (up 1.99%) and Sun TV Network (up 1.68%) advanced.
Stocks in Spotlight:
Adani Ports and Special Economic Zone (APSEZ) advanced 3.66% after the company completed the acquisition of 100% stake of Dighi Port (DPL) for Rs 705 crore. As per the terms & requirements of the Resolution Plan, the transfer of concession rights has also been approved by the Maharashtra Maritime Board (MMB) and APSEZ has settled the dues of financial creditors, MMB, and other admitted costs and claims.
ICICI Bank gained 0.62%. The private sector bank entered into an agreement on 16 February 2021 in relation to an investment in Tap Smart Data Information Services (CityCash) for Rs 4.93 crore. ICICI Bank entered into an agreement on 16 February 2021 in relation to an investment in Tap Smart Data Information Services (City Cash). The transaction will be executed for a cash consideration of Rs 4.93 crore and is expected to end by March 2021.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)