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 331.88 points or 0.65% at 50,514.20. The Nifty 50 index was down 94.15 points or 0.62% at 14,986.60. The Nifty dropped below the psychological 15,000 mark in opening trade. Negative Asian stocks impacted sentiment.
The S&P BSE Mid-Cap index was down 0.36%. The S&P BSE Small-Cap index was up 0.4%.
The market breadth, indicating the overall health of the market, is positive. On the BSE, 1133 shares rose and 924 shares fell. A total of 103 shares were unchanged.
Stocks in news:
Wipro lost 1.75%. Wipro announced that it has signed an agreement to acquire Capco, a global management and technology consultancy providing digital, consulting and technology services to financial institutions in the Americas, Europe and the Asia Pacific. The purchase consideration is US$ 1,450 million and the transaction is expected to be completed during the quarter ending June 30, 2021.
Unichem Laboratories gained 2.04%. Unichem Laboratories announced that it has received ANDA approval for its Guanfacine Tablets, USP 1 mg and 2 mg from the United States Food and Drug Administration (USFDA) to market a generic version of TENEX (Guanfacine) Tablets 1mg and 2 mg of Promius Pharma LLC.
Quick Heal Technologies jumped 5.23% after the company informed that the meeting of the board of directors is scheduled on 10 March 2021, to consider and approve proposal for buy back of the fully paid up equity shares of the company.
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ISGEC Heavy Engineering advanced 2.90% after the company secured a deal from Shree Cement to set up the world's largest waste heat recovery boilers.
Tejas Networks rose 2.71% after Mexico's GigNet selected Tejas Networks for its Metro Optical network in Cancun.
Global Markets:
Overseas, Asian stocks declined on Friday trade as investors watched bond yields as well as technology stocks in the region.
The Chinese government has set its 2021 economic growth target at more than 6%, Premier Li Keqiang said in his annual work report on Friday at the opening of this year's meeting of parliament. China did not set a gross domestic product target last year due to uncertainties arising from the pandemic. The government has set its 2021 target for consumer price inflation at around 3% and its budget deficit goal of around 3.2% of GDP, Li said.
U.S. stocks fell sharply on Thursday after Federal Reserve Chair Jerome Powell failed to reassure investors that the central bank would keep surging bond yields and inflation expectations in check.
On Thursday, U.S. Federal Reserve Chair Jerome Powell said the economic reopening could create some upward pressure on prices. He said he expects the central bank to be patient in terms of acting on policy, even if the economy sees transitory increases in inflation. Powell noted, however, that the recent rise in yields did catch his attention, as have improving economic conditions.
The 10-year Treasury yield, which has been keeping investors on edge in recent weeks, jumped to 1.54% after Powell's remarks. Last week, the benchmark 10-year soared to a high of 1.6% in a sudden move that sparked a big sell-off in stocks.
The number of Americans filing new claims for unemployment benefits rose last week. Initial claims for state unemployment benefits totaled a seasonally adjusted 745,000 for the week ended February 27, compared to 736,000 in the prior week, the Labor Department said on Thursday.
Meanwhile, OPEC and its allies agreed to extend most oil output cuts into April, offering small exemptions to Russia and Kazakhstan, after deciding that the demand recovery from the coronavirus pandemic was still fragile despite a recent oil price rally.
Back home, the main stock indices tumbled on Thursday after rising for three consecutive sessions, dragged by losses in metal and financial stocks. A rise in US bond yields spoilt investor sentiment globally. The barometer index, the S&P BSE Sensex, lost 598.57 points or 1.16% at 50,846.08. The Nifty 50 index declined 164.85 points or 1.08% at 15,080.75.
Foreign portfolio investors (FPIs) sold shares worth Rs 223.11 crore, while domestic institutional investors (DIIs), were also net sellers to the tune of Rs 788.19 crore in the Indian equity market on 4 March, provisional data showed.
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