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Sensex, Nifty drop as pivotals slide

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Domestic indices declined for third consecutive trading session on selling pressure in index pivotals. The Nifty slipped below the 15,100 mark in intraday trade but managed to close above that level. Negative cues from Asian markets impacted sentiment.

As per the provisional closing data, the barometer index, the S&P BSE Sensex, dropped 379.14 points or 0.73% at 51,324.07. The Nifty 50 index fell 89.95 points or 0.59% at 15,118.35.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.69% while the S&P BSE Small-Cap index gained 0.67%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,639 shares rose and 1,328 shares fell. A total of 158 shares were unchanged.

Stocks in Spotlight:

Larsen & Toubro (L&T) fell 1.44%. The EPC major said that its construction arm has secured a significant order in the Nuclear sector from Nuclear Power Corporation of India (NPCIL) to build two units of Kudankulam Nuclear Power Project. The scope of work includes construction of the reactor building, reactor auxiliary building, turbine building, diesel generator building and other safety related structures in a duration of 64 months.

IndiaMart InterMesh spurted 6.33% after the B2B marketplace launched its qualified institutional placement (QIP) to raise funds. The fund raise committee of the board on 17 February 2021 decided to open an issue yesterday, 17 February 2021 for receiving bids. The committee approved and adopted the preliminary placement document as on 17 February 2021 and the application form, in connection with the issue. The floor price in respect of the issue, based on the pricing formula has been pegged at Rs 9,065.61 per equity share of the company. The board may offer a discount of 5% on the floor price at its discretion.

Dr Reddy's Laboratories rose 0.4%. The pharmaceutical major along with its subsidiaries announced the launch of Fluphenazine Hydrochloride Tablets, USP, in the U.S. market. The company along with its subsidiaries today announced the launch of Fluphenazine Hydrochloride Tablets, USP, a therapeutic equivalent generic version of Prolixin Tablets, 1 mg, 2.5 mg, 5 mg, and 10 mg, approved by the U.S. Food and Drug Administration (USFDA).

Shilpa Medicare slumped 9.73% after the company received an Import Alert from the United States Food and Drug Administration (US FDA), pursuant to its inspection of Unit 4 of the company's Telangana facility. The inspection was conducted from February 13 - 20 and February 24-25, 2020.

RPP Infra Projects rose 2.49% after the company informed that it has received a letter of acceptance for a new project worth Rs 176.58 crore.

Phillips Carbon Black advanced 2.15% after company informed about the commissioning of two specialty black lines at Palej in Gujarat. The lines are for production of wide range of specialty black products totalling about 32,000 MTPA (million tonnes per annum) to service the growing needs of its customers.

Dish TV India gained 2.35% after the company said that its board approved raising upto Rs 1,000 crore through permissible modes in one or more tranches.

COVID-19 Update:

Amid the surge in coronavirus cases in the state, Maharashtra Chief Minister Uddhav Thackeray held a meeting to discuss COVID-19 situation in the state. The meeting was attended by deputy chief minister Ajit Pawar and state health minister Rajesh Tope. Of late, Maharashtra has been witnessing a surge in coronavirus cases.

Total COVID-19 confirmed cases worldwide stood at 109,885,555 with 2,429,669 deaths. India reported 137,342 active cases of COVID-19 infection and 156,014 deaths while 106,56,845 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Global Markets:

European markets were trading lower on Thursday amid key earnings and U.S. data. Most Asian stocks closed lower on Thursday, as investors watched movements in mainland Chinese stocks as they returned from the Lunar New Year holiday. Lingering pandemic concerns pushed against stronger economic data, and with little firm direction from Wall Street.

In US, the Nasdaq closed lower while the S&P 500 was little changed on Wednesday as investors rotated out of technology shares and concerns about inflation added some pressure on stocks.

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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: Thu, February 18 2021. 15:35 IST
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