The equity barometers further pared losses in mid-morning trade. The Nifty hovered above the 15,100 level. A rise in US bond yields spoiled investor sentiment globally. Banks, financials and metal shares corrected while media stocks bucked the trend.
At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 451.73 points or 0.88% at 50,992.99. The Nifty 50 index was down 124.15 points or 0.81% at 15,121.55.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index was up 0.71% while the S&P BSE Small-Cap index surged 0.92%.
The market breadth was positive. On the BSE, 1491 shares rose and 1166 shares fell. A total of 170 shares were unchanged.
The US Dow Jones Futures were down 107 points, indicating a negative start in US markets today.
Total COVID-19 confirmed cases worldwide stood at 115,173,954 with 25,59,255 deaths. India reported 173,413 active cases of COVID-19 infection and 157,435 deaths while 108,26,075 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
The initial public offer (IPO) of MTAR Technologies received bids for 3.63 crore shares as against 72.60 lakh shares on offer today, according to the stock exchange data at 11:10 IST. The issue was subscribed 5 times. The issue opened for bidding on yesterday, 3 March 2021, and it will close on tomorrow, 5 March 2021. The price band for the IPO is set at Rs 574-575 per share.
An investor can bid for a minimum lot of 26 equity shares and in multiples thereof. The IPO comprises both fresh issue of shares as well as offer for sales from promoters as well as investors. The fresh issue component comprises issue of up to 21,48,149 equity shares and the offer for sales comprises sale of up to 82,24,270 equity shares.
The Nifty Media index rose 1.96% to 1,753.45, extending its winning run to fourth consecutive trading session. The index has rallied nearly 8% in four days.
PVR (up 4%), Jagran Prakashan (up 3.91%), Zee Entertainment (up 3.58%), Inox Leisure (up 2.8%), TV Today (up 1.27%) and Sun TV Network (up 0.69%) were top gainers in this segment.
Stocks in Spotlight:
Bharti Airtel lost 0.92%. The telecom major on Wednesday said it has raised $750 million through allotment of unsecured senior fixed rate notes to eligible investors. The notes bear a coupon rate of 3.25% and are due on the year 2031. The notes shall be listed on the Singapore Exchange Securities Trading.
HDFC dropped 2.48%. The company 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.
Asian stocks were trading lower on Thursday following overnight decline 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 video conference on Thursday to discuss how to manage supply to the market.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)