The domestic indices extended recovery in afternoon trade. Value buying emerged after the Sensex and the Nifty corrected a little over 4% each in the past five sessions.
At 13:20 IST, the barometer index, the S&P BSE Sensex, rose 148.45 points or 0.30% at 49,364.97. The Nifty 50 index gained 61.80 points or 0.42% at 14,619.65.
Hindustan Unilever (up 2.81%), ITC (up 2.99%) and TCS (up 1.13%) supported the indices.
The broader market was mixed. The S&P BSE Mid-Cap index added 0.04%. The S&P BSE Small-Cap index fell 0.60%.
Sellers outnumbered buyers. On the BSE, 981 shares rose and 1,824 shares fell. A total of 179 shares were unchanged.
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 2021, provisional data showed.
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COVID-19 Update:
On 18 March, Mumbai recorded 2,877 new cases and 8 deaths. The BMC (Brihanmumbai Municipal Corporation) has said that it will make the Rapid Antigen Test facility to take samples for coronavirus testing compulsory for all malls in Mumbai.
India reported 2,71,282 active cases of COVID-19 infection and 1,59,370 deaths while 1,10,83,679 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Total COVID-19 confirmed cases worldwide stood at 12,18,04,270 with 26,91,300 deaths.
Gainers & Losers:
NTPC (up 3.85%), PowerGrid Corporation of India (up 3.53%), ITC (up 2.99%), Hindustan Unilever (up 2.81%) and UPL (up 2.01%) were major gainers in Nifty 50 index.
Larsen & Toubro (L&T) (down 2.45%), Mahindra & Mahindra (M&M) (down 2.10%), Bajaj Finance (down 2.04%), Tata Motors (down 1.64%) and Maruti Suzuki India (down 1.51%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Adani Enterprises rose 0.49%. The company's subsidiary Adani Road Transport has received letter of award (LoA) from National Highways Authority of India (NHAI) for a toll operate transfer (TOT) road project in Gujarat. Adani Road Transport (ARTL) is engaged in the business of construction, operation and maintenance of roads, highways, expressways.
Indo Count Industries soared 11.20% after the company announced its the board of directors has approved expansion of its bed linen capacity by about 20% from its existing annual capacity of 90 million meters by debottlenecking and balancing its facilities.
Global Markets:
European shares fell across the board while most Asian stocks declined 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.
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