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Market breadth turns negative

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Capital Market
Last Updated : Mar 03 2020 | 11:50 AM IST
Key barometers further pared gains in mid-morning trade. The Nifty hovered around 11,200 level. At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 168.69 points or 0.44% at 38,312.71. The Nifty 50 index was up 72.35 points or 0.65% at 11,205.10.

In broader market, the S&P BSE Mid-Cap index was up 0.57% while the S&P BSE Small-Cap index was up 0.46%.

The market breadth turned negative. On the BSE, 946 shares rose and 1053 shares fell. A total of 130 shares were unchanged. In Nifty 50 index, the market breadth remained positive with 38 stocks advancing and 12 stocks declining.

Stocks in Spotlight:

Torrent Power rose 1.70% to Rs 314.40 after Maharashtra State Electricity Distribution Company has handed over Shil, Mumbra and Kalwa (SMK) divisions and its operations to the company on 1 March 2020. On 3 January 2020, Torrent Power had won franchisee for distribution of electricity in Shil, Mumbra & Kalwa (SMK) sub-divisions under Thane Urban Circle, Maharashtra.

Shares of Tata Chemicals rose 0.14% and Tata Consumer Products 2.43% as both these will turn ex-date on Wednesday (4 March) for the proposed demerger. Tata Chemicals' consumer products segment will be demerged into Tata Global, which will be renamed as Tata Consumer Products. Tata Chemicals shareholders will receive 1.14 shares of Tata Consumer Products for each share held in the company. Investors wishing to receive Tata Consumer Products shares need to own Tata Chemicals shares by Tuesday (3 March).

Larsen & Toubro rose 1.04% to Rs 1179.10 after the company said its power transmission & distribution business bagged 'significant' orders in India and overseas. In Bangladesh, the business has won a turnkey order for design, supply, installation and commissioning of power transmission infrastructure for the 800 MW Rupsha power plant. The company also received an order from Nepal to build 220kV substations. Lastly, in Saudi Arabia, the company bagged an order to establish 380kV and 230kV transmission line corridors. As per the L&T's classification, the valuation of the 'significant' order stands between Rs 1000 and 2500 crore.

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Global Markets:

Asian markets were trading higher on Tuesday on mounting speculation policymakers around the world would move to ease the economic fallout from the spreading coronavirus.

In US, the Dow Jones Industrial Average scored its biggest one-day percentage gain in nearly 11 years on Monday, as stocks bounced back sharply from the previous week's selloff, with the rebound fuelled by expectations that policy makers will move to cushion the impact of the COVID-19 outbreak on the global economy. The Dow Jones rallied 1,294 points, most in its history.

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First Published: Mar 03 2020 | 11:29 AM IST

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