In the broader market, the S&P BSE Mid-Cap index was down 0.25% while the S&P BSE Small-Cap index slipped 0.36%.
The market breadth was negative. On the BSE, 904 shares rose and 1307 shares fell. A total of 165 shares were unchanged. In Nifty 50, market breadth was positive with 24 stocks advancing and 26 stocks declining.
Stocks in Spotlight:
Hindustan Unilever (HUL) added 1.07% to Rs 2239.65. HUL's board 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.
Index heavyweight HDFC Bank fell 0.76% to Rs 1200.75. The bank's managing director (MD), Aditya Puri, sold a total 12.52 lakh equity shares of the bank on 11 and 12 February 2020. The announcement was made after trading hours yesterday, 24 February 2020.
State Bank of India (SBI) was up 0.98% to Rs 326.05. The price band of initial public offering (IPO) of SBI Cards and Payment Services has been fixed in the price range of Rs 750-755 per share. The issue will open for subscription on 2 March and close on 5 March. The IPO comprises a fresh issue of Rs 500 crore, while the offer for sale would see the promoters offload 13 crore shares.
JSW Steel rose 1.95% to Rs 263.85. The company said on Monday it has been declared as a preferred bidder for an iron ore mine in Odisha. The projected iron ore resource in this mine as per tender documents is 39.4 million tonnes.
Tech Mahindra rose 0.13%. The IT major said it has acquired Zen3 Infosolutions (America) for $44 million. A further $22 million will be paid out after three years, based on financial performance. The all-cash transaction is expected to close by 1 April. Tech Mahindra said that the acquisition would bring strong capabilities in AI enablement services. This will also help it to bolster its enterprise application practice.
NTPC gained 0.93% after the Competition Commission of India approved NTPC's 74.5% acquisition of THDC. The proposed acquisition is of issued and paid-up share capital of the THDC from the Government of India. THDC is a government company with 74.50% of its total shares held by the Government of India and 25.50% of its shares held by the Government of Uttar Pradesh as on 31 March 2019.
Global Markets:
European shares opened lower while Asian markets were trading mixed 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.
On Monday, the World Health Organization warned that a "sudden increase in new cases" outside of China is "deeply concerning," following a rise in infections of Covid-19 in Italy, South Korea and Iran.
However, the World Health Organization declined to declare the outbreak a pandemic, saying the rapidly spreading disease has pandemic potential but does not yet require that designation.
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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