Key benchmark indices are trading weak in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 681.17 points or 1.33% at 50,358.14. The Nifty 50 index was down 188.85 points or 1.25% at 14,908.50. The Sensex regained the psychological 50,000 mark after sliding below that level in opening trade. The Nifty dropped below the psychological 15,000 mark in opening trade. Weak global stocks impacted sentiment.
The S&P BSE Mid-Cap index was off 0.62%. The S&P BSE Small-Cap index was down 0.26%.
The market breadth, indicating the overall health of the market, is weak. On the BSE, 816 shares rose and 1,265 shares fell. A total of 78 shares were unchanged.
Stocks in news:
Kotak Mahindra Bank dropped 2.08%. The bank has agreed to subscribe to 4,995 equity shares in Ferbine Private Limited for a consideration of Rs 49,950 translating into an equity shareholding of 9.99% on February 25, 2021.
HCL Technologies fell 1.45%. HCL Technologies said its board has approved its wholly owned step-down subsidiary- HCL America's proposal for issuance of USD denominated fixed rate, senior unsecured notes aggregating to an amount not exceeding USD 500 million (“Notes”). The Notes are backed by a corporate guarantee of the company.
Hatsun Agro Product gained 2.54%. The company has announced commercial production at its newly set up modern greenfield dairy processing plant in Solapur, Maharashtra. The company will manufacture Milk, Curd, Butter Milk, Chaas, Lassi, yoghurt and Shrikhand at the new plant.
Texmaco Infrastructure & Holdings fell 0.84%. said it has scheduled a board meeting on March 2 to consider the delisting proposal after discussing and taking into account various factors and the Merchant Banker's due diligence report.
Mahindra Lifespace Developers rose 1.72%. The company has acquired 7.89 acres of land to develop a residential project in Kanakpura Road, Bengaluru.
Global Markets:
Overseas, Asian stocks are trading sharply lower on Friday following an overnight drop on Wall Street as a rapid rise in bond yields rattled investor sentiment.
Japan's industrial output rose for the first time in three months in January. Official data released on Friday showed factory output advanced 4.2% in January, boosted by sharp rises in production of electronic parts and general-purpose machinery, as well as a smaller increase in car output.
U.S. stocks dropped sharply Thursday as an outsized surge in bond yields spooked investors, who rushed to dump risk assets, especially high-flying technology names.
The major averages tumbled in a rapid fashion as the 10-year Treasury yield soared as high as 1.6% in a sudden move that some described as a “flash” spike. The yield later settled back down to around 1.52%, its highest level since February 2020.
The US economy grew at a 4.1% pace in the final three months of 2020, slightly faster than first estimated, ending a year in which the overall economy, ravaged by a global pandemic, shrank more than in any year in the past seven decades. The 4.1% gain in the gross domestic product — the broadest measure of economic health — is a slight upward revision from 4% growth in the first estimate released a month ago, the Commerce Department reported Thursday.
Back home, key benchmark indices ended with strong gains on Thursday, rising for the third consecutive session. The Nifty closed near 15,100 mark. Positive global cues boosted investors' sentiment. Trading was volatile as the February 2021 F&O contracts expiry. The barometer index, the S&P BSE Sensex, rallied 257.62 points or 0.51% at 51,039.31. The Nifty 50 index added 115.35 points or 0.77% at 15,097.35.
Foreign portfolio investors (FPIs) bought shares worth Rs 188.08 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 746.57 crore in the Indian equity market on 25 February, provisional data showed.
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