Key benchmark indices are trading lower in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 298.96 points or 0.6% at 49,559.28. The Nifty 50 index was down 75.70 points or 0.51% at 14,668.30. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was up 0.2%. The S&P BSE Small-Cap index was up 0.24%.
The market breadth, indicating the overall health of the market, is positive. On the BSE, 1076 shares rose and 921 shares fell. A total of 106 shares were unchanged.
Stocks in news:
Power Grid Corporation of India fell 2.08%. The company has signed a share purchase agreement with Jaiprakash Power Ventures (JPVL) to acquire 74% stake in their joint venture Jaypee Powergrid (JPL) for Rs 351.64 crore. On completion of the transaction, JPL will become a wholly owned subsidiary of Power Grid Corporation of India.
Bharti Airtel shed 0.49%. Bharti Airtel said that the company has entered into an Agreement on March 19, 2021 for acquisition of 1,743,560 (7.48%) equity shares in Sandhya Hydro Power Project Balargha, a special purpose vehicle formed for the purpose of owning and operating the Captive Power Plant, in terms of the regulatory requirement for captive power consumption under electricity laws.
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Adani Green Energy surged 5%. The company announced that it has signed a share purchase agreement for acquisition of 100% stake in an SPV holding 50 MW operating solar project of the Toronto-headquartered SkyPower Global.
Bharat Dynamics advanced 3.83% after the company signed a contract for production and supply of Milan-2T Anti-Tank Guided Missiles. The contract value is Rs 1188.12 crore including GST.
JSW Energy rose 1.48%. JSW Future Energy (earlier known as JSW Solar), a wholly owned subsidiary of JSW Energy, has received Letters of Award for a total Wind capacity of 450 MW from Solar Energy Corporation of India (SECI) against Tariff based Competitive Bid invited by SECI for setting up of 1200 MW ISTS-connected Wind Power Projects (Tranche - X).
Great Eastern Shipping Company rose 0.76%. The company signed a contract to buy a secondhand Midsize Gas Carrier of about 35,188 cbm. The 2006 Korean built vessel is expected to join the company's fleet in Q1 FY 2021-22.
Global Markets:
Overseas, Asian stocks are trading mixed on Monday as investors watched moves in the Turkish lira following a sudden upheaval at the country's central bank. The Turkish lira slumped toward a record low versus the dollar after President Tayyip Erdogan stunned investors over the weekend by replacing the hawkish central bank governor with a critic of high interest rates.
China's one-year Loan Prime Rate (LPR) and five-year LPR were left unchanged at 3.85% and 4.65%, respectively, on Monday.
U.S. stocks closed mostly lower Friday and booked losses for the week, with bank shares under pressure after the Federal Reserve said it would not extend temporary relief from capital-requirement rules for banks. The Dow Jones Industrial Average fell 234.33 points, or 0.71%, to 32,627.97, the S&P 500 lost 2.36 points, or 0.06%, to 3,913.10 and the Nasdaq Composite added 99.07 points, or 0.76%, to 13,215.24
Back home, key benchmark indices ended near the day's high with strong gains on Friday. The barometer index, the S&P BSE Sensex, gained 641.72 points or 1.30% to 49,858.97. The Nifty 50 index gained 186.15 points or 1.28% at 14,744.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,418.43 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 559.62 crore in the Indian equity market on , provisional data showed.
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