You are here: Home » News-CM » Equities » Market Report
Business Standard

Market nudges higher in early trade; breadth strong

Capital Market 

Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 125.10 points or 0.25% at 49,876.51. The Nifty 50 index was up 36.75 points or 0.25% at 14,744.55.

The S&P BSE Mid-Cap index was up 0.31%. The S&P BSE Small-Cap index was up 0.59%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1364 shares rose and 538 shares fell. A total of 67 shares were unchanged.

Stocks in news:

Coal India advanced 2.81%. Coal India informed that a meeting of board of directors of the company will be held on 5 March 2021, to consider and approve payment of 2nd interim dividend for 2020-21, if any.

Tata Consumer Products rose 2.35%. GAIL (India) dropped 2.68%. Tata Consumer Products will replace GAIL (India) in the Nifty50 Index from 31 March 2021.

NTPC rose 0.48%. NTPC has executed Share Purchase Agreements with GAIL (India) on 23rd February, 2021, for purchase of GAIL's share (25.51%) in Ratnagiri Gas and Power (RGPPL) and sale of NTPC's share (14.82%) (on fully dilutive basis) in Konkan LNG (KLL). After transfer of shares as per the Share Purchase Agreements, NTPC will exit from KLL and NTPC's shareholding in RGPPL will become 86.49 %.

Sanofi India gained 2.79%. The company's board of directors approved a final dividend of Rs 125 per share and a special dividend of Rs 240 per share for the year ended 31 December 2020.

Mazagon Dock Shipbuilders rose 1.21%. The company has executed a Memorandum of Understanding with Mumbai Port Trust to further the economic growth of the region and the country under the Maritime India Summit 2021.

SBI Cards and Payment Services rose 0.88%. The company has approved the allotment of 5,500 Fixed Rate, Unsecured, Rated, Taxable, Redeemable, Senior. Non-Convertible Debentures ("NCDs") of the face value of Rs. 1.000,000 each, at par, under Series 23 aggregating to Rs. 550 crores on private placement basis.

United Spirits rose 0.65%. United Spirits is initiating a strategic review of selected Popular brands, continuing the strategy towards long-term profitable growth through premiumising the company's portfolio. The strategic review is expected to be completed by the end of the 2021 calendar year.

Global Markets:

Overseas, Asian stocks are trading mixed on Wednesday as investors turned cautious, despite remarks overnight from Federal Reserve Chair Jerome Powell that attempted to ease some worries around higher interest rates and inflation.

Wall Street reversed course late Tuesday, with the S&P 500 and the Dow whipsawing to positive territory by the closing bell in a tug-of-war between stocks that thrived amid lockdowns and those that stand to benefit most from a reopening economy.

Powell said in his testimony to U.S. Congress that the American economy is a long way from its employment and inflation goals and that it will likely take time for substantial further progress to be achieved. He added that inflation is still soft and that the Fed is committed to current policy.

Back home, the BSE Sensex ended almost flat, while the 50-unit Nifty ended with minor gains after a volatile session on Tuesday. The barometer index, the S&P BSE Sensex, rose 7.09 points or 0.01% to 49,751.41. The Nifty 50 index added 32.10 points or 0.22% to 14,707.80.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,569.04 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 216.67 crore in the Indian equity market on 23 February, 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.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, February 24 2021. 09:31 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU