Key benchmark indices are trading weak in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 618.66 points or 1.2% at 50,825.99. The Nifty 50 index was down 188.05 points or 1.23% at 15,057.55. The Negative global stocks dampened sentiment.
The S&P BSE Mid-Cap index was down 0.34%. The S&P BSE Small-Cap index was up 0.12%.
The market breadth, indicating the overall health of the market, is negative. On the BSE, 996 shares rose and 1094 shares fell. A total of 94 shares were unchanged.
Stocks in news:
HDFC dropped 2.64%. HDFC has reduced its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 5 basis points, with effect from March 4, 2021. The change will benefit all existing HDFC retail home loan customers.
Adani Ports and Special Economic Zones (APSEZ) rose 1.64%. APSEZ is acquiring the 31.5% stake held by Windy Lakeside Investment (an affiliate of Warburg Pincus) in Gangavaram Port (GPL). The acquisition is valued at Rs.1,954 crore and subject to regulatory approvals.
Bajaj Electricals surged 4.29%. Mahindra Logistics jumped 9.12%. Bajaj Electricals and Mahindra Logistics made an announcement of signing an agreement for innovative Logistics optimisation and outsourcing arrangement. This deal is a complete end-to-end redesign and outsourcing of Bajaj Electricals' entire logistics by Mahindra Logistics, with the twin objectives of achieving enhanced & industry-best service levels, coupled with a logistics cost saving in excess of 25%.
IRCTC gained 1.63%. IRCTC said the company will operate trips through Golden Chariot from 14th March, 2021 onwards.
IRCON International slipped 0.88%. The company has been awarded the work for replacement of mechanical signaling at various locations at Moradabad at the expected completion cost of Rs 187 .80 crore. The tenure for execution of the works is 24 months. This work has been awarded on competitive bidding basis among PSUs by the Northern Railways, Ministry of Railways.
V.S.T Tillers Tractors advanced 1.49%. The company has entered into a share purchase agreement for investment in Series A Preferred Stock of Zimeno Inc ("Investee Company"). The investee company is in the development of Electric Autonomous Tractor.
Overseas, Asian stocks are trading lower on Thursday following overnight declines on Wall Street as bond yields rose again.
US stocks posted heavy losses on Wednesday as rising bond yields spooked investors. The weakness came as the 10-year Treasury yield extended gains. The benchmark rate climbed to a high of 1.49% on Wednesday before retreating slightly. Last week, the yield surged to a high of 1.6% in a move that some described as a flash spike.
The U.S. economic recovery continued at a modest pace over the first weeks of this year, with businesses optimistic about the months to come and demand for housing robust, but only slow improvement in the job market, the Federal Reserve reported.
In oil developments, OPEC and its non-OPEC partners an energy alliance sometimes referred to as OPEC+ are expected to convene via videoconference on Thursday to discuss how to manage supply to the market.
Back home, domestic shares rallied for the third straight session on Wednesday led by gains in banks, financials and metal stocks. Stocks rallied across the globe as easing US Treasury yields fuelled demand for riskier assets. The barometer index, the S&P BSE Sensex, jumped 1,147.76 points or 2.28% at 51,444.65. The Nifty 50 index soared 326.50 points or 2.19% at 15,245.60.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,088.70 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 392.91 crore in the Indian equity market on 3 March, provisional data showed.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)