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Market drifts lower on negative Asian stocks

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Key benchmark indices are trading lower in early trade on negative Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 273.66 points or 0.53% at 51,051.03. The Nifty 50 index was down 75 points or 0.5% at 15,043.95.

The S&P BSE Mid-Cap index was off 0.62%. The S&P BSE Small-Cap index was down 0.13%.

The market breadth, indicating the overall health of the market, is negative. On the BSE, 938 shares rose and 1047 shares fell. A total of 97 shares were unchanged.

Stocks in news:

Ambuja Cements rose 0.16% after the company reported 23.64% rise in consolidated net profit to Rs 732 crore on 5.55% rise in net sales to Rs 7350 crore in Q4 December 2020 over Q4 December 2019.

ACC slipped 0.24%. The board of directors of ACC has approved the renewal of the existing Master Supply Agreement (MSA) with Ambuja Cements (ACL) for a period of 3 years w.e.f. May 02, 2021, on the same terms of the existing MSA Agreement.

DLF fell 0.9%. DLF said its material subsidiary DLF Cyber City Developers (DCCDL) has completed the acquisition of this 51.8% stake at a consideration of Rs 779.40 crore and consequently Fairleaf has become a wholly owned subsidiary of DCCDL with effect from 18th February 2021.

NMDC rose 0.67%. NMDC informed that after obtaining the Lease extension of Donimalai Iron Ore Mine (ML-2396) for 20 years w.e.f. 3 November 2018 from Govt. of Karnataka (GoK) and completing the associated statutory requirements, the said Donimalai Iron Ore Mine was restarted on 18 February 2021 forenoon.

IDFC FIRST Bank rose 0.26%. The bank said its board approved raising of funds for an amount aggregating up to Rs 3,000 crore, in one or more tranches, on such terms and conditions as it may deem fit, by way of issuance of securities, through one or more permissible mode(s), including but not limited to a Private Placement, Qualified Institutions Placement, Follow-on Public Offering or a combination thereof.

NLC India declined 0.56%. NLC India informed that 17,000 units of Commercial Paper of a face value of Rs. 5 lakh each, aggregating to Rs 850 crore have been issued and allotted on 18 February 2021.

Global Markets:

Overseas, Asian stocks are trading lower on Friday following overnight declines for the major indexes on Wall Street.

Japan's core consumer prices declined 0.6% in January as compared with a year earlier, according to data released Friday by the country's Statistics Bureau.

U.S. stocks slid on Thursday as investors were discouraged by a worse-than-expected jobless claims reading as well as a weak forecast from Walmart.

Walmart shares dropped sharply after its fourth-quarter earnings fell short of estimates. The big-box retailer sees sales growth slowing this year as the pandemic momentum ebbs.

Meanwhile, the latest jobless claims number signaled a setback in the labor market recovery. First-time filings for unemployment insurance totaled 861,000 last week, the highest level in a month, the Labor Department reported Thursday.

Back home, domestic indices declined for third consecutive trading session on selling pressure in index pivotals. The barometer index, the S&P BSE Sensex, dropped 379.14 points or 0.73% at 51,324.69. The Nifty 50 index fell 89.95 points or 0.59% at 15,118.95.

Foreign portfolio investors (FPIs) bought shares worth Rs 903.07 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,217.34 crore in the Indian equity market on 18 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: Fri, February 19 2021. 09:33 IST
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