Local stocks ended with small losses after seeing wild swings either ways. The barometer index, the S&P BSE Sensex, fell 68.28 points or 0.19% at 35,905.43. The Nifty 50 index fell 28.65 points or 0.26% at 10,806.65. The Sensex ended below the psychological 36,000 level after moving above and below that level in intraday trade. Intraday volatility was high amid escalating geopolitical tensions between India and Pakistan.
Ministry of External Affairs (MEA) spokesperson said that there was an air to air engagement between the Indian and Pakistani air forces early Wednesday morning. In that aerial engagement, one Pakistan Air Force fighter aircraft was shot down by a MiG 21 Bison of the Indian Air Force. India had carried out non-military, pre-emptive air strikes across the Line of Control (LoC) Tuesday morning to target the terror group Jaish-e-Mohammed (JeM).
Trading for the day began on an upbeat note as the key benchmark indices drifted higher in early trade on buying demand in index pivotals. Stocks held firm in morning trade. Key indices trimmed gains in mid-morning trade. Benchmarks reversed gains and slipped into negative terrain in early afternoon trade amid geopolitical concerns. Key equity indices pared losses after hitting fresh intraday low in afternoon trade amid escalating geopolitical tensions between India and Pakistan. Stocks hovered with small losses in mid-afternoon trade.
The S&P BSE Mid-Cap index rose 0.4%. The S&P BSE Small-Cap index rose 0.17%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1159 shares rose and 1370 shares fell. A total of 175 shares were unchanged.
Vedanta lost 2.92%. Vedanta said that the ratings for the company's term loans and project finance facility has been revised by India Ratings and Research to Ind-Ra AA/Stable from Ind-Ra AA/Positive. The announcement was made during market hours today, 27 February 2019.
More From This Section
HCL Technologies rose 0.26%. HCL Technologies announced today a new fully configurable, high-throughput mobile backhaul Multi-Band Modem, supporting multiple RF channel transmissions at frequency ranges up to E-Band, jointly developed with Xilinx and powered by the Xilinx Zynq UltraScalet RFSoC platform. The solution targets 56 mobile backhaul in the mmWave and microwave frequency range bonded through a single physical link, to improve capacity and reliability. Such links essentially operate like an extended adaptive coding and modulation (ACM) solution and will enable telecom CEMs to meet the stringent requirements of next-generation networks. The announcement was made during market hours today, 27 February 2019.
Maruti Suzuki India rose 0.85%. Maruti Suzuki India today launched the 2019 IGNIS, with new safety features and a distinct new look. The 2019 IGNIS gets Reverse Parking Assist System, Co-Driver Seat Belt Reminder and High Speed Alert System as standard features across all the variants. To enhance the design, roof rails have been added in the Zeta and Alpha variants. The announcement was made during market hours today, 27 February 2019.
Tata Steel gained 0.34%. Tata Steel said that its committee of directors approved the issuing 40,000 unsecured, redeemable, rated, listed, nonconvertible debentures (NCDs) of face value Rs 10 lakh each, aggregating to Rs 4,000 crore, plus a green shoe option of up to Rs 1,000 crore. The NCDs will be allotted on 1 March 2019 and will mature on 1 March 2034. The announcement was made after market hours yesterday, 26 February 2019.
Overseas, European stocks declined on Wednesday as investors digest the latest political and economic news from around the world. Asian stocks were trading mixed Wednesday as investors awaited the outcome of a summit between President Donald Trump and North Korean leader Kim Jong Un in Vietnam. Kim and Trump both arrived in Hanoi on Tuesday and begin their meetings later in the day.
U.S. stocks closed lower Tuesday after weaving in and out of positive territory all session following Federal Reserve Chairman Jerome Powell's congressional testimony, during which he reiterated the central bank's wait-and-see approach.
Investors have been focused on U.S.-China trade developments after Trump in recent days indicated that he was willing to extend a March 2 deadline for increasing tariffs on some $200 billion in Chinese goods.
In economic data, Consumer confidence surged in February, rising for the first time in four months, as the Conference Board's consumer confidence index rose to 131.4, up from 121.7 in January.
Powered by Capital Market - Live News