Domestic stocks ended higher for second straight session amid positive global cues. Broader market outperformed the main stock indices. The Nifty ended a tad below 10,800 mark.
The barometer index, the S&P BSE Sensex, rose 142.09 points or 0.40% to settle at 35,898.35. The index hit high of 35,983.07 and low of 35,707.29 in intraday trade.
The Nifty 50 index rose 54.40 points or 0.51% to settle at 10,789.85. The index hit high of 10,808.85 and low of 10,721.50 in intraday trade.
Broader market outperformed the main stock indices. Among secondary barometers, the BSE Mid-Cap index rose 0.88%. The BSE Small-Cap index rose 1.07%.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1583 shares rose and 969 shares fell. A total of 147 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Metal index (up 1.14%), the S&P BSE Basic Materials index (up 1.29%), the S&P BSE Consumer Durables index (down 1.43%) outperformed the Sensex. The S&P BSE IT index (down 0.32%), the S&P BSE Teck index (down 0.21%), the S&P BSE Utilities index (up 0.2%) underperformed the Sensex.
Tata Motors (up 2.94%), Vedanta (up 2.78%), ONGC (up 2.05%), Bajaj Finance (up 2.01%), Sun Pharmaceutical Industries (up 1.79%) and ICICI Bank (up 1.51%) were the major Sensex gainers.
Yes Bank (down 1.33%), Infosys (down 0.91%), and Maruti Suzuki India (down 0.76%) were the major Sensex losers.
Tata Steel rose 2.94% after Moody's Investors Service upgraded the company's corporate family rating by one notch to Ba2 from Ba3. The announcement was made after market hours yesterday, 20 February 2019.
Global ratings agency Moody's Investors Service upgraded Tata Steel's corporate family rating (CFR) by one notch to Ba2 from Ba3. The outlook is stable. Tata Steel's CFR is supported by its significant, diversified and growing operating base and its globally cost competitive steel operations in India, with the latter being a function of its ownership of key raw materials. These factors, alongside favorable industry dynamics in its key operating market in India have translated into the company's sustained track record of improving credit metrics.
Tech Mahindra rose 1.07% to Rs 820.40. The company announced during trading hours today, 21 February 2019, that its board approved the proposal to buyback upto 2.05 crore equity shares, or 2.10% equity, at Rs 950 each. The announcement was made during market hours today, 21 February 2019.
Tech Mahindra said the company's board of directors approved the proposal for buyback of equity shares not exceeding 20,585,000 equity shares (being 2.10% of the total paid-up equity capital of the company) from the equity shareholders of the company as on 6 March 2019 (Record Date) at Rs 950 per share, for an aggregate amount not exceeding Rs 1956 crore on a proportionate basis through the tender offer route.
Dr Reddy's Laboratories rose 3.02% after the company announced the re-launch of a therapeutic equivalent generic version of Suboxone sublingual film, in the United States market. The announcement was made after market hours yesterday, 20 February 2019.
Dr Reddy's Laboratories announced the re-launch of its Buprenorphine and Naloxone Sublingual Film, 2 mg/0.5 mg, 4 mg/1 mg, 8 mg/2 mg, and 12 mg/3 mg, a therapeutic equivalent generic version of Suboxone (buprenorphine and naloxone) sublingual film, in the United States market.
The re-launch comes on the heels of a favorable decision issued by the United States Court of Appeals for the Federal Circuit concluding that Indivior had not shown that it is likely to succeed on its claim that Dr Reddy's product infringes U.S. Patent No. 9,931,305. The Federal Circuit's decision vacates the District Court's preliminary injunction that had prohibited Dr Reddy's from selling its generic version of Suboxone (buprenorphine and naloxone) sublingual film. As a result of the Federal Circuit's ruling, Dr Reddy's has resumed shipping of the product.
JSW Steel rose 1.04%. Moody's Investors Service has changed outlook on JSW Steel's corporate family rating (CFR) and senior unsecured bond rating to "Positive" from "Stable" while affirming rating at Ba2. The announcement was made after market hours yesterday, 20 February 2019.
Bharat Heavy Electricals (Bhel) rose 0.32%. Bhel announced during trading hours today, 21 February 2019, that it has achieved yet another milestone by successfully commissioning a 250 MW coal-based thermal power plant (TPP) in Bihar.
Dynamatic Technologies surged 3.53% after the company signed a Memorandum of Understanding (MoU) with Joint-Stock Company (JSC) Russian Helicopters on Ka-226T Helicopter with an intent to build major structural assemblies for fuselage and aggregate assembly, sub-assemblies and detail parts fabrication. The announcement was made after market hours yesterday, 20 February 2019.
Overseas, European shares were mixed, while most Asian shares ended higher after the US Federal Reserve signalled it would be patient on further interest rate increases and as trade talks between China and the United states seemed to progress.
US stock indices ended the choppy session moderately higher Wednesday, following the release of minutes from the US Federal Reserve's January meeting.
Fed minutes affirmed it would be "patient" on interest rate rises. Fed highlighted downside risks, including "the possibilities of a sharper-than-expected slowdown in global economic growth, particularly in China and Europe, a rapid waning of fiscal policy stimulus, or a further tightening of financial market conditions.
The minutes showed extensive discussion of market conditions, particularly on the emphasis that Fed actions were having on prices of risky assets like stocks and corporate bonds. The Fed also judged that a "patient" approach to interest rate hikes would be prudent as it continued to weigh various headwinds to growth.
On the trade front, President Donald Trump said Tuesday that the US may not increase tariffs on Chinese goods as scheduled after March 1, but he did raise the specter of addressing auto tariffs in Europe.
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