Key benchmark indices are trading lower in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 340.98 points or 0.69% at 48,839.33. The Nifty 50 index was down 91.45 points or 0.63% at 14,457.95.
The S&P BSE Mid-Cap index was down 1.02%. The S&P BSE Small-Cap index was down 1.28%.
The market breadth, indicating the overall health of the market, is weak. On the BSE, 543 shares rose and 1527 shares fell. A total of 69 shares were unchanged.
F&O expiry:
Trading could be volatile today as traders roll over positions in the F&O segment from the near month March series to April series. The March 2021 F&O contracts will expire today, 25 March 2021.
Stocks in news:
Jubilant Foodworks advanced 1.23%. The company has entered into an exclusive Master Franchise and Development Agreement with PLK APAC Pte., a subsidiary of Restaurant Brands International Inc., to develop, establish, own and operate, and to license Franchisees to develop, establish, own and operate, Popeyes Restaurants in India, Bangladesh, Nepal and Bhutan.
Wabco India slumped 8.72% to Rs 5,569.85. Wabco India said that ZF International UK will sell 17,17,388 equity shares or 9.05% stake in the company through the offer for sale on March 25 and March 26. The company will also sell additional 17,17,387 equity shares or 9.05% stake in the company through offer for sale on same days. The floor price for the sale is fixed at Rs 5,450 per share.
Bank of India lost 2.77%. Bank of India will raise up to Rs 750 crore by issuing Basel III compliant Additional Tier I Bonds. The bidding for the bonds will start on 26 March and end on 30 March.
Pokarna surged 12.75%. Pokarna said that Pokarna Engineered Stone, its wholly owned subsidiary, has started commercial production at its Unit 2, with effect from March 24, 2021.
Global Markets:
Overseas, Asian stocks are trading mixed on Thursday as tech stocks in the region took a hit following a sell-off in the sector overnight on Wall Street.
US stocks gave up earlier gains and closed in the red Wednesday as tech stocks sold off, continuing a market rotation out of high-flying growth names.
On Wednesday, Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen appeared for a second day for virtual Capitol Hill testimony. Talking with members of the Senate Banking Committee, Powell said he expects the economy to experience superior growth in 2021 amid a recovery from the pandemic.
Investors are on edge as many regions of the world are seeing rising Covid-19 cases as highly contagious variants continue to spread. Germany and France are extending or enforcing new lockdown measures.
Back home, domestic equity benchmarks ended near the day's low amid significant selloff on Wednesday. The barometer index, the S&P BSE Sensex, tumbled 871.13 points or 1.74% to 49,180.31. The Nifty 50 index slumped 265.35 points or 1.79% to 14,549.40.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,951.90 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 612.80 crore in the Indian equity market on 24 March, provisional data showed.
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