Weakness persisted on the bourses in afternoon trade. The Nifty index slipped below 15,100 mark. Indices witnessed profit selling after recent steep gains. Financial Services, Private Banks and Auto stocks suffered intense selling.
At 13:20 IST, the barometer index, the S&P BSE Sensex, dropped 380.23 points or 0.74% at 51,323.60. The Nifty 50 index lost 121.45 points or 0.80% at 15,087.45.
Broader markets yielded minor profits. The S&P BSE Mid-Cap index rose 0.53%. The S&P BSE Small-Cap index gained 0.70%.
Buyers outnumbered the sellers. On the BSE, 1,585 shares rose and 1,256 shares fell. A total of 154 shares were unchanged. In Nifty 50 index, 22 stocks advanced while 28 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,008.20 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,283.38 crore in the Indian equity market on 17 February 2021, provisional data showed.
Reports suggest that Maharashtra Chief Minister Uddhav Thackeray warned that the government would be forced to take some harsh decisions, including lockdown, to avoid further spread of infection if safety norms are not followed. The state recently witnessed a surge in active COVID-19 cases.
Gainers & Losers:
ONGC (up 8.51%), GAIL (India) (up 8.04%), IOCL (up 3.84%), NTPC (up 3.62%) and Asian Paints (up 2.92%) were major gainers in Nifty 50 index.
ICICI Bank (down 2.76%), Shree Cement (down 2.59%), HDFC (down 2.51%), Bajaj Finance (down 2.26%) and Kotak Mahindra Bank (down 2.25%) were major losers in Nifty 50 index.
Stocks in Spotlight:
IndiaMart InterMesh spurted 7.38% after the B2B marketplace launched its qualified institutional placement (QIP ) to raise funds. The fund raise committee of the board on 17 February 2021 decided to open an issue yesterday, 17 February 2021 for receiving bids. The committee approved and adopted the preliminary placement document as on 17 February 2021 and the application form, in connection with the issue. The floor price in respect of the issue, based on the pricing formula has been pegged at Rs 9,065.61 per equity share of the company. The board may offer a discount of 5% on the floor price at its discretion.
Dr Reddy's Laboratories rose 0.43%. The pharmaceutical major along with its subsidiaries announced the launch of Fluphenazine Hydrochloride Tablets, USP, in the U.S. market. The company along with its subsidiaries today announced the launch of Fluphenazine Hydrochloride Tablets, USP, a therapeutic equivalent generic version of Prolixin Tablets, 1 mg, 2.5 mg, 5 mg, and 10 mg, approved by the U.S. Food and Drug Administration (USFDA).
European markets opened higher on Thursday amid key earnings and U.S. data. Asian stocks continued to trade mixed on Thursday, as investors watched movements in mainland Chinese stocks as they returned from the Lunar New Year holiday. Lingering pandemic concerns pushed against stronger economic data, and with little firm direction from Wall Street.
In US, the Nasdaq closed lower while the S&P 500 was little changed on Wednesday as investors rotated out of technology shares and concerns about inflation added some pressure on stocks.