Broader market trades higher; Nifty holds 14,600

Domestic barometers further extended losses in afternoon trade amid rising coronavirus cases in the country. Global stocks were negative as a plunge in Turkish lira made investors cautious. The Nifty index held 14,600 level.

At 13:20 IST, the barometer index, the S&P BSE Sensex, slumped 561.08 points or 1.13% at 49,297.16. The Nifty 50 index declined 141.05 points or 0.96% at 14,602.95.

HDFC Bank (down 2.22%), Reliance Industries (down 1.95%) and ICICI Bank (down 2.70%) dragged the indices.

The broader markets was trading higher. The S&P BSE Mid-Cap index added 0.33%. The S&P BSE Small-Cap index rose 0.26%.

Sellers outnumbered buyers. On the BSE, 1,392 shares rose and 1,491 shares fell. A total of 214 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,418.43 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 559.62 crore in the Indian equity market on 21 March 2021, provisional data showed.

Gainers & Losers:

Adani Ports & Special Economic Zones (APSEZ) (up 3.67%), Sun Pharmaceutical Industries (up 2.17%), Britannia Industries (up 1.68%), Cipla (up 1.53%) and Tech Mahindra (up 1.47%) were major gainers in Nifty 50 index.

IndusInd Bank (down 4.03%), Tata Motors (down 2.70%) and PowerGrid Corporation of India (down 2.45%) were major losers in Nifty 50 index.

Stocks in Spotlight:

NMDC rose 1.47% after the PSU miner hiked prices of iron ore with effect from 21 March 2021. The company increased lump ore prices by Rs 250, or 4.9%, to Rs 5,350 per tonne on 21 March 2021 from Rs 5,100 per tonne set on 7 February 2021. Prices of fines were hiked by Rs 100, or 2.38%, to Rs 4,310 per tonne on 21 March 2021 from Rs 4,210 per tonne set on 7 February 2021.

Glenmark Pharmaceuticals fell 0.31%. Its subsidiary, Glenmark Specialty S.A. located in Switzerland and an affiliate of Bausch Health Companies Inc. have entered into an exclusive licensing agreement for the commercialization of Glenmark’s innovative nasal spray Ryaltris, under review by Health Canada. Under the terms of the agreement, Glenmark will be responsible for regulatory approvals and supply of Ryaltris for the Canadian market. Bausch Health, Canada will be responsible for the commercialization of Ryaltris in the Canadian market, following regulatory approval.

Thermax slipped 1.11%. Thermax Babcock & Wilcox Energy Solutions (TBWES) signed a know-how transfer and license agreement with Steinmtiller Babcock Environment (SBE), Germany for waste to energy technology. As a part of the agreement, TBWES will design, engineer, manufacture and sell municipal solid waste fired waste to energy solutions incorporating SBE’s well-established grate and boiler technology.

Global Markets:

European stocks opened in the red while Asian stocks were mixed on Monday, with investors watching Turkey closely following President Erdogan’s surprise decision this weekend to replace the central bank’s chief.

The Turkish lira weakened more than 12% to 8.1162 against the greenback Monday, compared to levels below 7.5 per dollar seen last week. Earlier, the lira had weakened to as much as 8.1745 against the greenback. President Tayyip Erdogan stunned investors over the weekend by replacing the hawkish central bank governor with a critic of high-interest rates, following a sharper-than-expected hike in interest rates.

Investor concerns about the possibility of higher interest rates are dominating equity and bond markets. Inflation expectations have climbed on an improving outlook for growth, which some suspect may force the Fed to tighten monetary policy sooner than its current guidance suggests.

China’s one-year Loan Prime Rate (LPR) and five-year LPR were left unchanged at 3.85% and 4.65%, respectively, on Monday.

U.S. stocks closed mostly lower Friday and booked losses for the week, with bank shares under pressure after the Federal Reserve said it would not extend temporary relief from capital-requirement rules for banks.

The Dow Jones Industrial Average fell 234.33 points, or 0.71%, to 32,627.97, the S&P 500 lost 2.36 points, or 0.06%, to 3,913.10 and the Nasdaq Composite added 99.07 points, or 0.76%, to 13,215.24

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