The domestic equity benchmarks were trading with significant losses in morning trade. The Nifty was trading below 14,800 mark. Barring the Nifty Pharma index, all the sectoral indices on the NSE were in the red. A spike in domestic and global bond yields spoiled investors' appetite for risk assets.
At 10:21 IST, the barometer index, the S&P BSE Sensex, was down 953.25 points or 1.87% to 50,086.06. The Nifty 50 index tumbled 308 points or 2.04% to 14,789.35.
In the broader market, the S&P BSE Mid-Cap index shed 0.64% while the S&P BSE Small-Cap index slipped 0.30%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 1016 shares rose and 1413 shares fell. A total of 128 shares were unchanged.
The government will release the GDP numbers for the October-December quarter of the current fiscal on Friday.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 112,981,257 with 2,507,271 deaths. India reported 155,986 active cases of COVID-19 infection and 156,825 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Bank index fell 2.78% to 35,534.60. The index had gained 4.1% in the past two sessions.
RBL Bank (down 4.34%), IndusInd Bank (down 4.05%), ICICI Bank (down 3.41%), HDFC Bank (down 3.17%), Axis Bank (down 3.21%), Kotak Mahindra Bank (down 2.43%), SBI (down 2.26%), Federal Bank (down 1.91%), IDFC First Bank (down 1.62%), Punjab National Bank (down 1.19%) and Bandhan Bank (down 0.82%) declined.
Stocks in Spotlight:
Bank of Baroda (BoB) dropped 4.89% to Rs 85.50. The bank's board has approved raising upto Rs 4500 crore from institutional investors through a qualified institutional placement (QIP). The board authorised opening the QIP issue on 25 February 2021. The floor price of the qualified institutional placement is fixed at Rs 85.98 per share. A meeting of the committee is scheduled on 2 March 2021 to consider the issue price.
BoB launched its Qualified Institutional Placement (QIP) on February 25. The floor price of the qualified institutional placement is fixed at Rs 85.98 per share. Pursuant to the SEBI ICDR Regulations, the bank may offer a discount of not more than 5% on the floor price so calculated for the issue.
Dilip Buildcon gained 1.98% to Rs 679.95 after the company said it has been declared as lowest (L-1) bidder for two new projects aggregating to Rs 2241 crore in Tamil Nadu and Puducherry. Both the projects have completion period 24 months and operation period of 15 years.
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