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Market drifts higher in early trade

Capital Market 

Key benchmark indices are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 177.67 points or 0.36% at 49,921.99. The Nifty 50 index was up 56.70 points or 0.39% at 14,732.40. The Sensex is currently trading below the psychological 50,000 level after hitting an intraday high above that level in early trade.

The S&P BSE Mid-Cap index was up 1.01%. The S&P BSE Small-Cap index was up 0.79%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1472 shares rose and 542 shares fell. A total of 91 shares were unchanged.

Stocks in news:

Reliance Industries (RIL) advanced 1.44%. RIL today, 23 February 2021 said that it is carving out its Oil-to-Chemicals (O2C) business into an independent subsidiary. RIL said it will retain 100% management control of the new subsidiary. All of its refining, marketing and petrochemical assets will be transferred to the O2C subsidiary. RIL said that the promoter group will continue to hold a 49.14% stake in the O2C business after the reorganisation and that the process will result in no change in shareholding of the company.

Bharti Airtel rose 0.23%. Bharti Airtel will meet global fixed income investors on or after 23 February 2021, following which and subject to market conditions, the company will take a final decision with respect to the issuance of foreign currency bonds/ notes ('Issuance') and a deal may or may not follow. Accordingly, subject to such final decision, a duly authorized Special Committee of Directors may meet anytime on or after two working days to consider the Issuance and its detailed terms and conditions.

Bharat Forge gained 1.13%. Bharat Forge and Paramount Group announced a cooperation that will see them join the technologies, capabilities and expertise of both groups in order to manufacture Armoured Vehicles in India. APL Apollo Tubes said that the company has allotted commercial paper worth Rs 75 crore to ICICI Prudential Ultra Short Term Fund.

IRB Infrastructure Developers gained 2.37%. IRB Infrastructure Developers said its board of directors has approved the allotment of unlisted, unrated, secured, redeemable, nonconvertible debentures aggregating to Rs 2,184.55 crore on a private placement basis to India Toll Roads.

Global Markets:

Overseas, Asian stocks are trading mixed on Tuesday, as investors monitored technology stocks regionally after their counterparts declined overnight on Wall Street. Markets in Japan are closed on Tuesday for a holiday.

In US, the S&P 500 and Nasdaq closed lower on Monday as climbing Treasury yields and prospects of rising inflation triggered valuation concerns, hitting shares of high-flying growth companies.

The U.S. House of Representatives Budget Committee on Monday approved legislation with $1.9 trillion in new coronavirus relief, advancing a top priority of President Joe Biden toward a full House vote on passage expected later this week.

The measure passed the panel on a largely party-line vote of 19-16, as the U.S. death toll from the coronavirus pandemic surpassed the grim benchmark of 500,000 victims. Millions more have been left jobless by the pandemic.

All eyes will be on Federal Reserve Chairman Jerome Powell, who delivers his semi-annual testimony on the economy before the Senate Banking Committee on Tuesday. His comments on rates and inflation could determine the market direction for the week.

On the pandemic front, the White House said that it expects to ship out millions of delayed coronavirus vaccine doses this week after a sweeping winter storm disrupted logistics. Gov. Andrew Cuomo said on Sunday that a New York resident has tested positive for the Covid-19 variant first identified in South Africa.

Back home, domestic shares plunged on Monday with the Nifty falling below the 14,700 mark. Rising COVID-19 cases and negative global cues spoiled sentiment. The barometer index, the S&P BSE Sensex, slumped 1,145.44 points or 2.25% to 49,744.32. The Nifty 50 index lost 306.05 points or 2.04% to 14,675.70.

Foreign portfolio investors (FPIs) sold shares worth Rs 893.25 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 919.88 crore in the Indian equity market on 22 February, provisional data showed.

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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: Tue, February 23 2021. 09:30 IST
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