The benchmark indices reversed trend and slipped into the negative terrain in afternoon trade. Private banks and financial shares shares bucked weak market trend.
At 13:20 IST, the barometer index, the S&P BSE Sensex, fell 2.62 points or 0.01% at 50,438.45. The Nifty 50 index lost 17.95 points or 0.12% at 14,938.25.
Reliance Industries (down 1.65%), Infosys (down 1.06%) and Bharti Airtel (down 1.98%) were major drags.
The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index slipped 1.14%. The S&P BSE Small-Cap index skid 0.99%.
Sellers outnumbered buyers. On the BSE, 1,104 shares rose and 1,772 shares fell. A total of 186 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,494.49 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 483.62 crore in the Indian equity market on 8 March 2021, provisional data showed.
Total COVID-19 confirmed cases worldwide stood at 11,71,64,167 with 26,00,073 deaths. India reported 1,87,462 active cases of COVID-19 infection and 1,57,930 deaths while 1,08,99,394 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Gainers & Losers:
SBI Life Insurance Company (up 5.44%), Kotak Mahindra Bank (up 2.19%), HDFC Bank (up 2.03%), Grasim Industries (up 2.01%) and HDFC Life Insurance Company (up 1.78%) were major gainers in Nifty 50 index.
BPCL (down 6.06%), IOCL (down 4.15%), GAIL (India) (down 3.60%), Tata Motors (down 3.22%) and ONGC (down 3.17%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Manappuram Finance fell 1.71%. The board of directors of the company will meet on Friday, 19 March 2021, to consider business plan and borrowing program including raising of funds through issuance of non-convertible debt securities either through a public issue or on private placement basis for FY 2021-22.
Lupin slipped 0.54%. Lupin Pharma, a subsidiary of the drug major, announced a partnership with Endoceutics, a women's health focused innovative Canadian biotech company, to commercialize Intrarosa in Canada.
Intrarosa is Endoceutic's flagship product indicated for the treatment of postmenopausal vulvovaginal atrophy offered as a vaginal ovule containing 6.5 mg of Prasterone. Intrarosa was developed in Quebec City, Canada by Endoceutics and will be manufactured in their facilities in Mont Saint Hilaire, Canada. Intrarosa is indicated for postmenopausal vulvovaginal atrophy, it is a vaginal ovule containing 6.5 mg of Prasterone. It comes in blister packs of 28 ovules, with 7 reusable applicators.
US Dow index futures was up 145 points, indicating a positive opening in the US stocks on Tuesday.
Shares in Europe and Asia were mixed with a positive bias on Tuesday, following a mixed Wall Street session after a big downturn in tech shares.
Japan's economy expanded at a slower-than-initially-reported pace. The economy grew an annualised 11.7% in October-December, weaker than the preliminary reading of 12.7% annualised growth to mark the second straight quarter of growth, Cabinet Office data showed Tuesday.
Meanwhile, People's Bank of China Vice Governor Chen Yulu told the media that China's money supply would grow only to match GDP growth and the country's central bank did not see a need for major stimulus support in the next five years.
In US, technology-related shares sold off on Monday in a big downturn that pushed the Nasdaq into a correction and offset stocks that rose on hopes the $1.9 trillion COVID-19 relief bill will spur the U.S. economic recovery. The Dow hit a record intra-day high.
Investors will watch as the U.S. House of Representatives plans to pass a $1.9 trillion coronavirus relief bill to get fresh aid to Americans starting this month. That follows after the Senate passed the legislation over the weekend. President Joe Biden is expected to sign it into law before unemployment aid programs expire on March 14.
U.S. Treasury Secretary Janet Yellen said on Monday the package would fuel a "very strong" U.S. recovery and she did not expect the economy to run too hot because of the increased spending.