The main stock indices slipped into the negative terrain in afternoon trade. Investors booked profits after recent steep gains. At 13:20 IST, the barometer index, the S&P BSE Sensex, declined 190.49 points or 0.37% at 51,963.64. The Nifty 50 index lost 61.05 points or 0.40% at 15,253.65.
The Sensex hit a record high of 52,516.76 and the Nifty hit an all time high of 15,431.75 in early trade.
The broader market bucked the trend. The S&P BSE Mid-Cap index fell 0.25%. The S&P BSE Small-Cap index gained 0.06%.
Sellers outnumbered buyers. On the BSE, 1,210 shares rose and 1,662 shares fell. A total of 155 shares were unchanged. In Nifty 50 index, 21 stocks advanced while 29 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,234.15 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,048.55 crore in the Indian equity market on 15 February 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 10,91,56,737 with 24,07,921 deaths. India reported 1,36,872 active cases of COVID-19 infection and 1,55,813 deaths while 1,06,33,025 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
India's exports grew by 6.16% to $27.45 billion in January 2021, according to data by the commerce ministry. Imports grew by 2% to about $42 billion, leaving a trade deficit of $14.54 billion during the month under review, the data showed.
Meanwhile, a foreign brokerage has reportedly upgraded its stance on India to 'overweight' is its Asia pacific (APAC) model portfolio. India, it believes, looks much better positioned cyclically and relative to the pandemic. Within Asia Pacific (ex-Japan), the brokerage is now biased towards second-phase COVID recovery marketsKorea, India, Australia, Singapore, and Hong Kong and away from the early recovery markets (China and Taiwan) and the late-recovery markets in Asean.
"As with India, earnings momentum is strong, and the credit cycle early. The currency is one of the regions' cheapest on a real effective exchange rate (REER) basis," the brokerage reportedly said.
Gainers & Losers:
Power Grid Corporation of India (up 6.43%), ONGC (up 5.23%), Hindalco Industries (up 4.26%), Tata Steel (up 3.70%) and NTPC (up 3.26%) were major gainers in Nifty 50 index.
ICICI Bank (down 3%), Axis Bank (down 2.89%), Eicher Motors (down 2.31%) and Bajaj Finserv (down 1.54%) were major losers in Nifty 50 index.
Nifty Result Today:
Nestle India (down 1.72%) will announce Q3 result today.
Stocks in Spotlight:
Adani Ports and Special Economic Zone (APSEZ) gained 1.26% after the company said it completed the acquisition of Maharashtra-based Dighi Port. The company said that in accordance with the approved Resolution Plan, Dighi Port ("Dighi") has allotted 10 lakh equity shares for cash at total consideration of Rs 1 crore to APSEZ on 15 February 2021. Pursuant to this, APSEZ will hold 100% equity share capital of Dighi. Further, APSEZ has paid Rs 650 crore to financial creditors and approximately Rs 55 crore towards CIRP cost and other payments.
IDFC First Bank declined 2.22%. The private sector bank said its board will consider fund raising on Thursday, 18 February 2021. The board will mull fund raising by way of issue of equity shares/ other equity linked securities, through a private placement, preferential issue, qualified institutional placement, further public offering, etc., or combination thereof.
Global Markets:
Most European stocks were trading higher while Asian stocks advanced across the board on Tuesday as optimism about the global economic recovery and expectations of low interest rates drive investments into riskier assets.
The World Health Organization on Monday authorized the AstraZeneca/University of Oxford COVID-19 vaccine for emergency use, expanding access to the comparatively inexpensive shot around the world.
The mainland Chinese markets were closed for Lunar New Year through Wednesday. The U.S. stock market was closed on Monday for Presidents Day.
On the coronavirus front, the World Health Organization gave emergency use approval to AstraZeneca's COVID-19 vaccines on Monday, allowing distribution to some of the world's poorest countries to begin.
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