Main indices traded sideways with modest losses in mid-morning trade. Resurgent worries about rising US bond yields hit global shares. The Nifty hovered around the 15,000 mark. All sectoral indices on the NSE traded in the red.At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 232.6 points or 0.46% at 50,613.20. The Nifty 50 index fell 78.45 points or 0.52% at 15,002.60.
In broader market, the S&P BSE Mid-Cap index was down 1.33% while the S&P BSE Small-Cap index was down 0.66%.
The market breadth turned negative. On the BSE, 1120 shares rose and 1517 shares fell. A total of 155 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 115,597,805 with 25,69,011 deaths. India reported 176,319 active cases of COVID-19 infection and 157,548 deaths while 108,39,894 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Metal index slumped 1.8% to 3,905.20, falling for second trading session. The index has lost 3.78% in two days.
National Aluminium Company (down 4.49%), Steel Authority of India (down 4.32%), Jindal Steel & Power (down 4.01%), Hindustan Zinc (down 3.46%), NMDC (down 2.91%), Hindalco Industries (down 2.89%), Tata Steel (down 2.52%), JSW Steel (down 1.73%), Coal India (down 0.99%) and Vedanta (down 0.98%) were top losers in metal space.
Stocks in Spotlight:
ISGEC Heavy Engineering advanced 4% after the company said it received an order from Shree Cement to set up waste heat recovery boilers at their Raipur unit. The boilers to be set up at Shree Cement's Raipur unit, will be of two types: a PH boiler to be installed at the pre-heater exhaust, and an AQC boiler to be installed at the cooler exhaust from the 10500 TPD kiln.
Quick Heal Technologies soared 5.4% to Rs 181.55 after the company said its board will consider a share buyback on 10 March 2021.
Global Markets:
Asian stocks declined on Friday trade as investors watched bond yields as well as technology stocks in the region.
The Chinese government has set its 2021 economic growth target at more than 6%, Premier Li Keqiang said in his annual work report on Friday at the opening of this year's meeting of parliament. China did not set a gross domestic product target last year due to uncertainties arising from the pandemic. The government has set its 2021 target for consumer price inflation at around 3% and its budget deficit goal of around 3.2% of GDP, Li said.
US stocks fell sharply on Thursday after Federal Reserve Chair Jerome Powell failed to reassure investors that the central bank would keep surging bond yields and inflation expectations in check.
On Thursday, US Federal Reserve Chair Jerome Powell said the economic reopening could create some upward pressure on prices. He said he expects the central bank to be patient in terms of acting on policy, even if the economy sees transitory increases in inflation. Powell noted, however, that the recent rise in yields did catch his attention, as have improving economic conditions.
The 10-year Treasury yield, which has been keeping investors on edge in recent weeks, jumped to 1.54% after Powell's remarks. Last week, the benchmark 10-year soared to a high of 1.6% in a sudden move that sparked a big sell-off in stocks.
Meanwhile, OPEC and its allies agreed to extend most oil output cuts into April, offering small exemptions to Russia and Kazakhstan, after deciding that the demand recovery from the coronavirus pandemic was still fragile despite a recent oil price rally.
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