Key benchmarks further pared losses in afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 129.53 points or 0.36% at 36,083.85. The Nifty 50 index was down 29.50 points or 0.27% at 10,850.60. Negative Asian stocks weighed on the sentiment.
Trading was volatile. Domestic stocks dropped in early trade weighed by reports that Indian Air Force struck and destroyed a major terrorist camp across the Line of Control early on Tuesday. Key indices extended slide and hit intraday low in morning trade. Stocks cut losses in mid-morning trade after an intraday slide.
Foreign Secretary Vijay Gokhale in a press conference said that surgical strikes were carried out by the Indian Air Force in Pakistan on Tuesday morning. India struck the biggest training camp of a Pakistan based terrorist organization Jaish-e-Mohammad in Balakot. In this operation, a very large number of JeM terrorists, trainers, senior commanders and groups of jihadis who were were being trained for fidayeen action were eliminated.
The S&P BSE Mid-Cap index was down 0.27%. The S&P BSE Small-Cap index was down 0.54%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 764 shares rose and 1524 shares fell. A total of 134 shares were unchanged.
NTPC (down 1.99%), HDFC (down 1.51%), ICICI Bank (down 1.49%), Vedanta (down 1.37%), Infosys (down 1.29%) and State Bank of India (down 1.24%), were the major Sensex losers.
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Tata Motors (up 2.68%), TCS (up 2.17%), Coal India (up 1.45%), Yes Bank (up 1.03%) and Axis Bank (up 0.39%), were the major Sensex gainers.
Britannia Industries rose 0.98%. HPCL declined 0.90%. Britannia Industries will replace Hindustan Petroleum Corporation (HPCL) to enter the Nifty 50 Index from 29 March 2019.
Lupin was down 0.82%. Lupin announced that it has received approval for its Methylprednisolone tablets USP, 2 mg, 4 mg, 8 mg, 16 mg and 32 mg, from the United States Food and Drug Administration (FDA). Lupin's Methylprednisolone tablet USP is the generic version of Pharmacia and Upjohn Company's Medrol Tablet. It is indicated to treat Endocrine Disorders, Rheumatic Disorders, Collagen Diseases, Dermatologic Diseases, Allergic States, Ophthalmic Diseases, Respiratory Diseases, Hematologic Disorders, Neoplastic Diseases, Edematous States, Gastrointestinal Diseases, Acute exacerbations of multiple sclerosis, Tuberculous meningitis with subarachnoid block or impending block when used concurrently with appropriate antituberculous chemotherapy, Trichinosis with neurologic or myocardial involvement. Methylprednisolone tablets had annual sales of approximately $114.3 million in the US (IQVIA MAT December 2018). The announcement was made after market hours yesterday, 25 February 2019.
Bharti Airtel was down 0.11%. Bharti Airtel is deploying Ciena's coherent optical and intelligent software platforms to build one of the World's Largest Photonic Control Plane networks in India. Airtel's new backbone network will serve the exploding demand for high speed data services. It will also enable super-fast broadband experiences over 4G/5G/FTTH architectures, making the most efficient use of available fiber resources. Airtel's new backbone architecture creates a solid foundation that can cut across technology generations to seamlessly work with data rates of 400Gbps and higher to create a future proof scalable network. Further, in a separate announcement, Bharti Airtel said that its board will meet on 28 February 2019, to consider and approve fund raising. The announcements were made after market hours yesterday, 25 February 2019.
Overseas, Asian stocks are trading lower Tuesday as investors awaited more details on the outcome of U.S.- China trade talks. U.S. stocks came off earlier highs but still closed higher Monday after President Donald Trump said that he would delay additional China tariffs, and that there had been substantial progress in trade talks over the weekend.
Trump said late Sunday that he would extend a March 1 deadline for increasing tariffs on Chinese imports. He cited substantial progress across key topics such as intellectual property, technology transfers, agriculture and currency, and said if that continues, he will meet with President Xi Jinping at Mar-a-Lago to wrap up a deal.
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