Key benchmark indices are trading weak in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 569.13 points or 1.16% at 48,647.39. The Nifty 50 index was down 195.70 points or 1.34% at 14,362.15. Weak global stocks impacted sentiment.
The S&P BSE Mid-Cap index was down 2.74%. The S&P BSE Small-Cap index was down 3.15%.
The market breadth, indicating the overall health of the market, is weak. On the BSE, 281 shares rose and 1825 shares fell. A total of 69 shares were unchanged.
Stocks in news:
GAIL (India) lost 1.31%. GAIL (India) and Ranchi Municipal Corporation (RMC) have signed a Concession Agreement (CA) for setting up Compressed Biagas (CBG) plant in Ranchi. As per the agreement, GAIL will setup CBG Plant for processing 150 Tons per Day of Organic Municipal Solid Waste (MSW). The CBG plant will produce 5 Tons of Compressed Biagas (CBG) per day and approximately 25 Tons of Fermented Bio Manure per day.
Vaibhav Global dropped 4.1%. Vaibhav Global informed that the Shop TJC, UK., a step-down subsidiary of the Vaibhav Global has acquired Shop LC GmbH, Germany (100% subsidiary).
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Indo Count Industries fell 0.26%. Indo Count Industries said that the Project Management Committee of the board of directors of the company has approved expansion of its bed linen capacity by about 20% from its existing annual capacity of 90 Mn meters to 108 Mn meters by debottlenecking and balancing its facilities. Further, the company proposes to make a brownfield investment for adding commensurate cut & sew facilities and for enhancing the capacity for Top of the Bed (TOB) products. This will entail a capex of about Rs. 150 crore.
Zuari Agro Chemicals lost 5.86%. The company said that NPK B Plant has been shut down due to delay in the arrival of raw materials.
Global Markets:
Asian stocks are trading lower on Friday as a spike in global bond yields soured sentiment toward richly priced tech stocks.
Wall Street ended sharply lower on Thursday, with the Nasdaq tumbling over 3%, hit by rising Treasury yields and fresh worries about the coronavirus pandemic in Europe.
Benchmark US Treasury yields hit 14-month peaks on Thursday. The yield on the 10-year U.S. Treasury note rose as high as 1.754%, its highest level since January 2020, leading a worldwide move higher in bond yields. The jump in bond yields came after the Federal Reserve expressed its willingness to allow an overshoot in inflation.
Yields move in the opposite direction to prices. Rising bond yields typically signal confidence about economic recovery and fears about inflation, which can make high growth stocks appear less attractive to investors.
The number of Americans seeking unemployment benefits rose last week to 770,000. Thursday's report from the Labor Department showed that jobless claims climbed from 725,000 the week before.
Back home, the equity barometers extended their losing run to fifth consecutive trading session on Thursday. The barometer index, the S&P BSE Sensex, dropped 585.10 points or 1.17% at 49,216.52. The Nifty 50 index declined 163.45 points or 1.11% at 14,557.85.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,258.47 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,116.17 crore in the Indian equity market on 18 March, provisional data showed.
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