Key indices were trading higher on select buying in index stocks. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 93.13 points or 0.23% at 40,456.36. The Nifty 50 index was up 28.05 points or 0.24% at 11,857.45.
The S&P BSE Mid-Cap index was up 0.48%. The S&P BSE Small-Cap index was up 0.40%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 248 shares rose and 71 shares fell. A total of 29 shares were unchanged.
Stocks in news:
SBI gained 0.65%. SBI in relation to the proposed initial public offering of one of its subsidiaries, SBI Cards, State Bank of India (SBI) said that the IPO committee of SBI Cards has finalised the price band to range between Rs 750 to Rs 755 per equity share.
HDFC Life Insurance Company rose 3.57%, Bandhan Bank advanced 2.92%, Info Edge (India) gained 2.56%. HDFC Life Insurance Company, Bandhan Bank and Info Edge (India) will be added in the Futures & Options segment effective 28 February 2020, the NSE said in its circular on 24 February 2020.
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HDFC Bank fell 0.78%. HDFC Bank said managing director Aditya Puri sold 12,52,037 equity shares of the bank from 11-12 February 2020. Puri intends to sell some more shares held by him through previous stock options to exercise stock options already vested in his name.
Hindustan Unilever added 1.99%. Hindustan Unilever (HUL) said the board of directors approved a proposal to form a new 100% subsidiary with an authorised share capital of Rs 2000 crore. This new subsidiary will leverage the growth opportunities in a fast-changing business environment and will help HUL in becoming more agile and customer-focused.
JSW Steel was up 1.29%. JSW Steel said the company has been declared as a preferred bidder for an Iron Ore mine (Jajang Iron Ore Block of Keonjhar District) in the State of Odisha, in the Auctions held by the State Govt. of Odisha on 6 February 2020. The projected iron ore resource as on 31 March 2020 in this mine as per tender documents is around 39.40 million tonnes.
TVS Motor Company slumped 5.41%. TVS Motor Company said the outbreak of Coronavirus has led to impact on supply of certain components for production of BS-VI vehicles. While the company's direct dependency on China is limited for components, some Tier II suppliers have been impacted adversely which will lead to 10% drop in the planned production in February 2020.
Global Markets:
Overseas, Asian stocks were trading lower on Tuesday following a heavy sell-off on Wall Street on Monday on heightened fears that the China coronavirus is rapidly developing in to a global pandemic that could cripple global supply chains and wreak far greater economic damage than first thought.
In US, the Dow finished more than 1,000 points lower on Monday, marking its third-worst daily point drop in history, as the spread of the COVID-19 illness beyond China raised worries that the hit to overseas economic growth could be more persistent than investors expected, hampering the prospects for a global recovery in 2020.
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