The domestic equity benchmarks traded with minor gains in afternoon trade as the bourse witnessed bouts of volatility. The Nifty traded above the 17,850 mark after hitting the day's low at 17,817.50. While metals, FMCG and consumer durable makers advanced, PSU banks, realty and media stocks lagged behind.
At 13:29 IST, the barometer index, the S&P BSE Sensex, was up 66.19 points or 0.11% to 60,757.73. The Nifty 50 index added 16.30 points or 0.09% to 17,860.90.
NTPC (up 3.22%), Tata Steel (up 1.34%), Britannia Industries (up 1.21%), Tata Consumer (up 1.07%) and Adani Ports (up 1.04%) were the top Nifty gainers.
Apollo Hospitals (down 1.70%), Adani Enterprises (down 1.63%), Bajaj Auto (down 1.60%), Coal India (down 1.37%) and Sun Pharma (down 0.95%) were the top Nifty losers.
In the broader market, the S&P BSE Mid-Cap index rose 0.05% while the S&P BSE Small-Cap index declined 0.08%
The market breadth was negative. On the BSE, 1,548 shares rose and 1,803 shares fell. A total of 176 shares were unchanged.
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Stocks in Spotlight:
Bharat Petroleum Corporation (BPCL) shed 0.25%. BPCL said that it has planned to raise upto Rs 1,500 crore unsecured non-convertible debentures (NCDs) through private placement in FY23, subject to market conditions.
Asian Paints lost 0.66%. Asian Paints (Polymers), wholly owned subsidiary of the company, has, entered into a Memorandum of Understanding (MoU) with the Government of Gujarat to set up the manufacturing facility for Vinyl Acetate Ethylene Emulsion (VAE) and Vinyl Acetate Monomer (VAM) at Dahej, Gujarat.
SpiceJet declined 1.69%. The low-cost air carrier said that its board will consider fund raising on 24 February 2023. The company's board will consider issuing equity shares on preferential basis consequent upon conversion of outstanding liabilities into equity shares of the company, subject to applicable regulatory approvals. Further, the board will also discuss and consider options for raising fresh capital through issue of eligible securities to qualified institutional buyers, subject to applicable regulatory approvals.
Global Markets:
European stock markets edged lower at opening on Tuesday, ahead of the release of key economic activity data for the region which are set to provide direction.
The main focus during this session will be on the flash PMI data from the Eurozone and the U.K., which are likely to offer investors a guide to the prevailing direction of economic trends in the manufacturing and service sectors.
Meanwhile, Asian stocks traded mixed today as investors await regional private surveys for factory activity. Minutes from the Reserve Bank of Australia's February meeting, when it hiked its cash rate by 25 basis points, showed a pause in its hikes was not an option.
The au Jibun Bank Flash Japan Manufacturing purchasing managers' index fell further into contraction territory to 47.4 in February, after recording 48.9 in January, a release showed. Meanwhile a stronger service sector growth was seen in the economy, with a reading of 53.6 in February, a rise from 52.3 seen in January.
There also remains a degree of caution within the markets as Russian President Vladimir Putin is due to make a speech later in the session as his invasion of Ukraine enters a second year.
U.S. President Joe Biden attempted to preempt this address on Monday with a surprise visit to Ukraine, where he offered his support for as long as it takes.
US markets were closed on Monday due to Presidents' day holiday.
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