Benchmark indices pared gains sharply in afternoon trade. As of 1:20 p.m. IST, the S&P BSE Sensex barometer index was up 59.92 points, or 0.12%, to 50,455. The Nifty 50 Index gained 4.20 points, or 0.03%, to 14,933.70.
Larsen & Toubro (down 1.40%), HDFC Bank (down 0.93%) and ICICI Bank (down 0.74%) were big drags. Supporting the indices were TCS (up 1.89%), Infosys (up 1.09%) and Asian Paints (up 3.68%).
The broader market outperformed benchmark indices. The S&P BSE Mid-Cap Index rose 0.18%. The S&P BSE small-cap index rose 0.25%.
Buyers were in the majority. On the BSE, 1,465 shares rose and 1,387 shares fell. A total of 175 shares remained unchanged.
Overseas portfolio investors (FPIs) sold Rs. 1,101.35 crore in shares, while domestic institutional investors (DIIs) were net sellers of Rs. 749.71 crore in the Indian stock market on March 15, 2021, preliminary data showed.
The total number of confirmed COVID-19 cases worldwide was 02/12/46,451 with 26,60,721 deaths. India reported 2,23,432 active cases of COVID-19 infection and 1,58,856 deaths, while 1,10,27,543 patients were discharged, according to data from India’s Ministry of Health and Family Welfare.
India’s total exports were US$27.93 billion in February 2021 compared to US$27.74 billion in February 2020, showing a positive growth of 0.67%. In rupee terms, exports in February 2021 were Rs 2,03,201.56 crore, showing a positive growth of 2.46%.
Imports in February 2021 were US$40.54 billion (2,94,985.04 rupees), an increase of 6.96% in dollar terms and 8.86% in rupees over February 2020 imports.
The February 2021 trade deficit was estimated at $12.62 billion from the February 2020 deficit of $10.16 billion, an increase of 24.14%.
Taking goods and services together, the overall trade deficit for April-February 2020-21 is estimated at US$7.80 billion, compared to the deficit of US$75.90 billion in April-February 2019-20.
Meanwhile, the Treasury has released the latest weekly installment of Rs 4,104 crore to the States to cover the GST balance shortfall.
Winners & Losers:
HCL Technologies (up 1.92%), Dr. Reddy’s Laboratories (up 1.55%) and Bharti Airtel (up 1.52%) were big gainers in the Nifty 50 Index.
Tata Steel (down 1.89%), Cipla (down 1.81%), State Bank of India (SBI) (down 1.64%), Divi’s Laboratories (down 1.38%) and BPCL (down 1.31). %) were the big losers in the Nifty 50 Index.
Stocks in the spotlight:
HFCL gained 1.61% after the company announced it would acquire up to a 50% stake in Nimpaa Telecommunications by subscribing for its shares in one or more tranches. HFCL will pay consideration of Rs 1 crore in cash for the acquisition of 50% of the diluted paid-up share capital of Nimpaa Telecommunications (Nimpaa). The acquisition will be completed by April 2021.
The NIIT declined 2.04%. The company said its US-based subsidiary has signed a managed services agreement with an existing customer in the US to offer a range of learning services. NIIT (USA) Inc., USA, a wholly owned subsidiary of NIIT, has signed a managed services agreement with a US-based financial services organization (an existing customer) to provide a range of learning services.
Stocks in Europe and Asia rose on Tuesday as investors focus on the global economic recovery and the latest Federal Reserve Board meeting.
In the US, the Dow and S&P 500 hit new highs on Monday as investors grew optimistic about the economy reopening after the pandemic.
As part of the $1.9 trillion stimulus package that went into effect last week, the IRS began processing $1,400 in direct payments for millions of Americans, adding momentum to an already recovering economy should lend.
Investors will be gearing up for the two-day Federal Open Market Committee meeting on March 16-17. The Federal Reserve is reportedly expected to lower its GDP forecast after a fiscal stimulus package of $1.9 trillion to $1,400 for most Americans. The Fed will also announce its rate decision.
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(This story was not edited by Business Standard staff and is automatically generated from a syndicated feed.)