Key indices were trading higher on positive cues from Asian markets. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 313.58 points or 0.77% at 41,207.96. The Nifty 50 index was up 96.00 points or 0.80% at 12,088.50.
The S&P BSE Mid-Cap index was up 0.92%. The S&P BSE Small-Cap index was up 0.83%. Both these indices outperformed the BSE Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 542 shares rose and 101 shares fell. A total of 21 shares were unchanged.
Stocks in news:
Shree Cement rose 3.94%. Shree Cement will replace private lender Yes Bank in the benchmark index Nifty 50 from 27 March 2020, NSE Indices, a subsidiary of the National Stock Exchange (NSE), said on Tuesday, 18 February 2020 after market hours.
Infosys was up 0.71%. Infosys announced a long-term strategic partnership with GE Appliance, a Haier company, to effectively streamline IT operations. As an IT services partner, Infosys will help GE Appliances modernize its IT infrastructure and run IT in managed services mode as part of the overall innovation and optimization agenda.
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Avenue Supermarts advanced 1.18%. Avenue Supermarts said the promoters of the company sold 1,48,00,000 share constituting 2.28 % of the paid-up capital to the public via offer for sale. Promoter holding in the company now stands at 74.99% of the total paid-up capital.
HCL Technologies gained 1.52%. HCL Technologies announced that it will open a Global Delivery Center (GDC) in Hartford, Connecticut to offer digital transformation services to clients in the smart manufacturing, insurance, aerospace, and defense industries. The first anchor client for the GDC will be Stanley Black & Decker, a diversified global industrial that operates the world's largest tool company, which signed a significant global agreement with HCL Technologies.
GE T&D India fell 0.32%. GE T&D India said the rating agency ICRA downgraded the company's long-term rating to A+ from AA- and revised outlook to stable from negative. Decline in the company's in revenues, profitability and increase in the working capital cycle were the reasons for the downgrade. ICRA has reaffirmed the short-term rating at [lCRA]Al+
IDFC FIRST Bank rose 1.69%. IDFC FIRST Bank said CRISIL has assigned 'CRISIL AA/Stable' rating to the Rs 2,000 crore Tier II bonds (Under Basel III). The rating on the certificate of deposits programme has been reaffirmed at 'CRISIL A1+'.
Global Markets:
Overseas, Asian stocks were trading higher on Wednesday as investors tried to shake off concerns over the coronavirus epidemic following a slight decline in the number of new cases.
In US, the Nasdaq Composite index eked out a record finish on Tuesday, even though other major stock benchmarks fell after Apple Inc. said its second-quarter earnings would take a hit from the viral outbreak in China, reigniting fears that the disease may disrupt manufacturing supply chains and have broad implications for the global economy and financial markets.
Apple said revenue in the current quarter won't reach its target range of between $63 billion and $67 billion due to the impact of the infectious disease.
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