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Barometers trade with minor cuts; auto shares decline. 28February2022

The domestic equity benchmarks further pared losses in mid-morning trade. The Nifty marched towards the 16,550 mark. Auto shares declined. The continued escalation of the Russia Ukraine conflict and its consequent global economic fallout weighed on investor sentiment.

The barometer index, the S&P BSE Sensex, was down 246.33 points or 0.44% to 55,612.19. The Nifty 50 index lost 65.10 points or 0.39% to 16,593.30.

In the broader market, the S&P BSE Mid-Cap index declined 0.17% while the S&P BSE Small-Cap index rose 0.08%.

The market breadth was negative. On the BSE, 1595 shares rose and 1628 shares fell. A total of 169 shares were unchanged.

Economy:

The Government has permitted up to 20% Foreign Direct Investment (FDI) under automatic route in Life Insurance Corporation of India (LIC) with an aim to facilitate disinvestment of the country's largest insurer.

The Department for Promotion of Industry and Internal Trade (DPIIT) had mooted the proposal to allow FDI in LIC, after taking views from the Ministry of Finance. The much-awaited initial public offering, IPO of LIC is expected to hit the market in March and LIC's employees and policyholders would get a discount over the floor price.

Buzzing Index:

The Nifty Auto index fell 1.09% to 10,776.45. The index had advanced 2.69% to close at 10,895.30 on Friday.

Eicher Motors (down 2.59%), TVS Motor Company (down 2.21%), Maruti Suzuki (down 1.58%), Hero MotoCorp (down 1.43%), Tata Motors (down 1.25%), Bharat Forge (down 1.25%), Mahindra & Mahindra (down 0.90%) declined while Ashok Leyland (up 0.34%) and Bajaj Auto (up 0.22%) advanced.

Stocks in Spotlight:

Aurionpro Solutions fell 2.65% to Rs 282.50. Singapore-based SC Soft, an Aurionpro subsidiary, announced an order win to design, develop & supply on-board validators supporting the up-gradation to EMV open-loop ticketing for the 200 pilot buses in Costa Rica. The order is valued at $225,000 which covers the supply of equipment and implementation by the end of Q2-2022, followed by the maintenance & support post-warranty.

Zen Technologies shed 0.25% to Rs 195.85. The company said that it secured an export order for the supply of training equipment worth approximately Rs 13.5 crore.

SJVN rose 1.60% to Rs 28.60. The company announced that the Ministry of New and Renewable Energy, Government of India has granted in-principle approval for development of 400MW solar park at Kinnaur district in Himachal Pradesh.

Global Markets:

Asian stocks were trading higher on Monday. Investors continued to monitor the Russia-Ukraine crisis and related sanctions. Taiwan markets are closed for a holiday on Monday.

Russia continued its advance into Ukraine over the weekend, with reports of fighting on the streets and forces encircling Kyiv. President Vladimir Putin on Sunday put his country's deterrence forces, which reportedly include nuclear capabilities, on high alert in response to international backlash to Russia's invasion.

The U.S. and its allies announced new sanctions and measures to hit Russia, such as removing selected Russian banks from the interbank messaging system, SWIFT. Many countries have also said they will close their airspace to Russian aircraft.

On the diplomatic front, representatives from the Ukraine and Russian governments have agreed to meet at the Ukraine-Belarus border with no preconditions, as per reports. Belarus, which shares a border with both Ukraine and Russia, has close ties with Moscow.

US stocks climbed Friday as investors continued to assess the financial risks stemming from Russia's invasion of Ukraine.

On the data front, the Commerce Department said on Friday consumer spending, which accounts for more than two-thirds of U.S. economic activity, surged 2.1% last month after falling 0.8% in December.

The key equity indices tumbled in early trade amid across the board selling in index pivotals. All the sectoral indices on the NSE were currently in the red. Financials, banks, autos and realty shares declined the most.

The barometer index, the S&P BSE Sensex, was down 852.94 points or 1.53% to 55,005.58. The Nifty 50 index lost 246.30 points or 1.48% to 16,412.10.

In the broader market, the S&P BSE Mid-Cap index declined 1.39% while the S&P BSE Small-Cap index fell 1.65%.

The market breadth was weak. On the BSE, 653 shares rose and 2061 shares fell. A total of 140 shares were unchanged.

Stocks in Spotlight:

Bharti Airtel fell 2.39% to Rs 672. The telecom major on Friday said it has entered into an agreement with Vodafone Group Plc. to buy 4.7% equity in Indus Towers. The financial details of the deal have not been disclosed.

Hindalco Industries added 0.68% to Rs 537.45. The company has entered into a Share Purchase Agreement ('SPA') with Terrabel Empreedimentos Ltda , a Brazilian firm to divest entire equity shareholding in Hindalco Do Brazil Industria Comercia de Alumina LTDA (HDB) - Wholly owned step down subsidiary of Hindalco Industries.

IRCON International rose 0.25% to Rs 40.20. The company has been appointed as a 'project implementation agency' for a road project in Myanmar by the Ministry of External Affairs (MEA), Government of India.

Meanwhile, Government has permitted up to 20% Foreign Direct Investment (FDI) under automatic route in Life Insurance Corporation of India (LIC) with an aim to facilitate disinvestment of the country's largest insurer.

Department for Promotion of Industry and Internal Trade (DPIIT) had mooted the proposal to allow FDI in LIC, after taking views from the Ministry of Finance. The much-awaited initial public offering, IPO of LIC is expected to hit the market in March and LIC's employees and policyholders would get a discount over the floor price.

Global Markets:

Asian stocks are trading mixed on Monday as investors monitor the Russia-Ukraine crisis and related sanctions. Taiwan markets are closed for a holiday on Monday.

US stocks climbed Friday as investors continued to assess the financial risks stemming from Russia's invasion of Ukraine.

Key equity barometers surged in early trade amid bargain hunting after yesterday's slump. All the sectoral indices on the NSE rallied. PSU banks, metals and realty shares surged.

The barometer index, the S&P BSE Sensex, surged 1,148.86 points or 2.11% to 55,678.77. The Nifty 50 index jumped 355 points or 2.18% to 16,602.95. Both the indices slumped over 6.2% in the past seven consecutive sessions.

In the broader market, the S&P BSE Mid-Cap index spurted 3.40% while the S&P BSE Small-Cap index surged 3.88%.

Sellers outpaced buyers. On the BSE, 2308 shares rose and 559 shares fell. A total of 89 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 6,448.24 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 7,667.75 crore in the Indian equity market on 24 February, provisional data showed.

Economy:

American credit rating agency, Moody's Investors Service has raised India's growth forecast to 9.5% from 7% for the calendar year 2022, citing a stronger-than-expected economic recovery from the national lockdown of 2020 and the second wave of the COVID-19 pandemic in mid-2021.

Moody's said in a statement that they have raised the 2022 calendar year growth forecasts for India and maintained the forecast for 5.5% growth in 2023. This translates into 8.4% growth in fiscal year 2022-23 and 6.5% growth in fiscal year 2023-24. However, it flagged high oil prices and supply distortions as a drag on growth.

It said, Indian economy is estimated to have surpassed the pre-COVID level of GDP by more than 5% in the last quarter of 2021 and added that sales tax collection, retail activity and PMIs suggest solid momentum.

The Agency said, 2022 Budget prioritised growth, with a 36 percent increase in allocation to capital expenditure to 2.9% of GDP for the fiscal year 2022-23. It said, with the RBI leaving interest rates unchanged at its February meeting, monetary policy remains supportive.

Stocks in Spotlight:

Linde India jumped 4.37%. On a consolidated basis, net profit of Linde India rose 19.42% to Rs 67.83 crore on 35.49% rise in net sales to Rs 644.15 crore in Q4 December 2021 over Q4 December 2020. The board recommended a total dividend of Rs 13.50 per share. It includes a special dividend of Rs 10 per share.

Cupid rose 3.16%. The company on Thursday announced that it received a purchase order from United Nations Population Fund (UNFPA) for supply of male condoms worth Rs 4.25 crore and water based lubricant worth Rs 1.01 crore.

Wipro rose 3.37%. The company on Thursday announced that it will be hiring more than 500 new professionals over the next fiscal year to support its growth in delivering cloud solutions to clients.

Infosys rose 2.16%. The IT major has launched Infosys metaverse foundry to ease and fasttrack enterprises' exploration of the metaverse, including virtual and augmented environments, for their customers, workplace, products and operations.

NHPC rose 1.28%. NHPC has signed a facility agreement with HDFC Bank to securitize the RoE of Chamera-I Power Station for a tenor of 10 years. The amount of Securitization facility has been arrived Rs 1,016.39 crore at 5.24% p.a. discounting rate linked with 3 months T-Bills.

Seacoast Shipping Services spurted 7.58%. The board of directors has taken note of acceptance mail received from the Government of Gujarat for the proposal of the company to work with the Government of Gujarat in joint venture.

Arihant Capital Markets rose 3.95%. The company's board will on 3 March 2022 consider an interim dividend for the financial year 2021-22 and sub-division of face value of equity shares of the company from Rs 5 per share to Re 1 per share.

Hazoor Multi Projects jumped 4.85%. The company has received letter of intent from Gayatri Projects for completion of balance work of Chainage in district Ahmednagar, Maharashtra on engineering, procurement and construction (EPC) mode.

Global Markets:

Overseas, Asian stocks rose on Friday as investors assessed the Russia-Ukraine conflict following a massive comeback on Wall Street overnight.

US stocks ended sharply higher on Thursday in a dramatic market reversal as US President Joe Biden unveiled harsh new sanctions against Russia after Moscow began an all-out invasion of Ukraine.

U.S. President Joe Biden on Thursday said Washington will seek to isolate Russia from the global economy by introducing new sanctions following Moscow's invasion of Ukraine. The White House has also authorized additional troops to be stationed in Germany as NATO allies look to bolster defenses in Europe, Biden said.

The European Union also agreed to more sanctions on Russia, calling on the country to stop all military action and withdraw its forces.

The benchmark indices extended major losses during afternoon trade amid weak global cues. All the sectoral indices on the NSE were in the red. The Nifty traded below 16,500 level.

The barometer index, the S&P BSE Sensex, tumbled 1,926.73 points or 3.37% at 55,305.33. The Nifty 50 index slumped 596.10 points or 3.49% at 16,467.15.

Reliance Industries (RIL) (down 3.28%), HDFC Bank (down 3.33%) and Infosys (down 3%) dragged the market.

Broader markets dragged substantial losses. The S&P BSE Mid-Cap index skid 4.56%. The S&P BSE Small-Cap index dropped 4.99%.

Sellers outnumbered the buyers. On the BSE, 224 shares rose and 3,094 shares fell. A total of 87 shares were unchanged.

Trading sentiment took a hit after Russian President Vladimir Putin said in a public address that he had authorized a military operation in Ukraine. Later the media reported explosions were heard in Kyiv. Putin appealed to Ukrainian soldiers to lay down their arms and go home. He said Russia doesn't plan to “occupy” its southern neighbour, but that Russia must “defend itself from those who took Ukraine hostage” -- the U.S. and its allies who had crossed Russia's “red line” with expansion of the NATO alliance.

India has called for an immediate de-escalation of tensions between Russia and Ukraine. India's Permanent Representative UN, TS Tirumurti cautioned that the situation is in danger of spiraling into a major crisis. He was addressing an emergency meeting of UN Security Council held on Ukraine this morning. This was the second meeting of UNSC this week and the fourth since January 31 as tensions escalated between Russia and Ukraine. Tirumurti emphasized sustained and focused diplomacy to address all issues concerning the situation.

Meanwhile, UN Secretary-General Antonio Guterres made a direct appeal to President Putin to stop Russian troops from attacking Ukraine.

Gainers & Losers:

Hindalco Industries (up 0.63%) was the major gainer in Nifty 50 index.

Tata Motors (down 7.47%), Hero MotoCorp (down 7.47%), UPL (down 6.73%), IndusInd Bank (down 5.97%) and Grasim Industries (down 5.36%) were major losers in Nifty 50 index.

Stocks in Spotlight:

Piramal Enterprises dropped 5.07%. On Monday, 28 February 2022, the company said that it will consider and approve the issue of secured, rated, listed, redeemable NCDs up to Rs 100 crore along with an option to retain oversubscription up to Rs 400 crore. The total size will aggregate up to Rs 500 crore, on a private placement basis.

L&T Finance Holdings dropped 9.03%. CitiGroup Global Markets Mauritius and CBNA London sold 6.39 crore equity shares or 4.88% stake of the company on 21 February 2022. Post transaction, CitiGroup Global Markets Mauritius and CBNA London decreased its shareholding to 3.87% stake from 8.75% stake held in L&T Finance Holdings. The deal was executed as secondary market sale.

Windsor Machines tumbled 9.91%. The company developed a new product called SPRINT- 800 for manufacturing thermoplastic products and is ready to be launched in domestic as well as international markets.

Benchmark indices opened lower and traded with major losses in early trade as Russia announced military action in Eastern Ukraine. The Nifty traded above the 16,650 level.

The barometer index, the S&P BSE Sensex, declined 1,359.79 points or 2.38% to 55,872.27. The Nifty 50 index fell 397.4 points or 2.33% to 16,665.85.

In the broader market, the S&P BSE Mid-Cap index fell 2.54% while the S&P BSE Small-Cap index slumped 3.04%.

Sellers outpaced buyers. On the BSE, 270 shares rose and 2208 shares fell. A total of 75 shares were unchanged.

Indices will also face a bout of volatility on account of monthly F&O expiry today.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,417.16 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,024.37 crore in the Indian equity market on 23 February, provisional data showed.

Stocks in Spotlight:

Wipro fell 2.47%. The IT major announced that it has joined the global partnership network of o9 Solutions, a leading enterprise AI software platform provider for transforming planning and decision-making.

Indus Towers slumped 8.7%. Vodafone PLC is reportedly likely to sell 2.4% stake in the company worth $200 million. The stake sale will take place through a block deal today and offer range is Rs 227-231 per share.

Piramal Enterprises was down 4.19%. The company's board of directors will meet on February 28 to consider and approve the issue of Secured, Rated, Listed, Redeemable, Principal Protected, Market Linked Non-Convertible Debentures up to Rs. 100 crores along with an option to retain oversubscription up to Rs. 400 crores, the total size aggregating up to Rs. 500 crores, on a private placement basis.

Global Markets:

Asian stocks fell on Thursday as investors continue to watch the escalating situation between Russia and Ukraine.

The Bank of Korea kept interest rates unchanged at 1.25% at its meeting on Thursday. However, it predicted that consumer price inflation will run “substantially above 3% for a considerable time.”

US stocks fell sharply once again Wednesday, as escalating tensions between Russia and Ukraine push the major averages to fresh lows for the year so far.

Investors have been juggling brewing tensions between Russia and Ukraine. Ukraine warned its citizens against traveling to Russia and to leave the neighboring country, if they are there. Meanwhile, the UK said that it was ready to impose more sanctions on Russia.

Meanwhile, the Biden administration announced it will allow sanctions to move forward on the company in charge of building Russia's Nord Stream 2 gas pipeline, following a first tranche of sanctions against Russia Tuesday that targets Russian banks, the country's sovereign debt and three individuals.

Equity indices advanced in early trade as buying resumed after recent market slide. All sectoral indices on the NSE traded in the green.

The barometer index, the S&P BSE Sensex, was up 262.72 points or 0.46% to 56,563.65. The Nifty 50 index added 85 points or 0.5% to 17,177.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.92% while the S&P BSE Small-Cap index gained 1.37%.

The market breadth is strong. On the BSE, 2222 shares rose and 559 shares fell. A total of 91 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,245.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,108.58 crore in the Indian equity market on 22 February, provisional data showed.

Stocks in Spotlight:

Wipro rose 0.43%. The IT major announced that it has formed a joint go-to market partnership with vFunction, a Palo Alto-based startup that has developed a scalable, AI-based technology platform for modernizing Java applications and accelerating migration to the cloud.

Dilip Buildcon added 3.49% after the road construction company announced that it was declared as L-1 bidder for a new HAM project under Raipur-Visakhapatnam in Chhattisgarh. The order is worth Rs 1141 crore.

Global Markets:

Most Asian stocks were trading higher on Wednesday as investors continue monitoring the intensifying crisis surrounding Ukraine. Markets in Japan are closed on Wednesday for a holiday.

Wall Street's main indices fell on Tuesday, with the S&P 500 confirming a correction, as the Ukraine-Russia crisis kept investors on the edge after Russian President Vladimir Putin recognised two breakaway regions in the country and ordered troops to the area.

U.S. President Joe Biden said Tuesday Russia has begun “an invasion” of Ukraine and announced sanctions against Russian banks and the country's sovereign debt, among others. Biden's announcement came following the Russian parliament's approval of President Vladimir Putin's Tuesday request to use military force outside the country's borders.

On the economic data front, the IHS Markit manufacturing PMI rose to 52.5 in February from 50.5. The IHS Markit services PMI jumped to 56 in February from 51.1 the month prior.

The domestic equity barometers further pared losses in mid-morning trade. The Nifty hovered near the 17,000 mark. Metal stocks were under pressure.

The barometer index, the S&P BSE Sensex, was down 705.53 points or 1.22% to 56,978.06. The Nifty 50 index slumped 207.70 points or 1.21% to 16,998.95.

Escalating geopolitical tensions between Russia and Ukraine weighed on the sentiment. There are concerns that rising tensions in Eastern Europe will boost crude oil prices and could spark global supply chain disruption, resulting in rising input costs. Thousands of U.S. and European companies do business with suppliers in Russia and Ukraine. Many of them could be at risk during a prolonged military conflict.

In the broader market, the S&P BSE Mid-Cap index declined 1.17% while the S&P BSE Small-Cap index lost 1.84%.

The market breadth was weak. On the BSE, 535 shares rose and 2,666 shares fell. A total of 96 shares were unchanged.

Buzzing Index:

The Nifty Metal index declined 1.65% to 5,565.60, extending losses for fifth day in a row. The index has declined 4.79% in the five sessions.

Tata Steel (down 2.67%), Coal India (down 2.30%), Welspun Corp (down 2.25%), Hindustan Copper (down 2.17%), SAIL (down 2.04%), Vedanta (down 1.74%), Hindustan Zinc (down 1.65%), JSW Steel (down 1.44%), Jindal Steel & Power (down 1.35%), Adani Enterprises (down 1.19%) and APL Apollo Tubes (down 10%) declined.

Hindalco shed 0.25% to Rs 510.65. The company's wholly owned subsidiary Novelis will invest approximately Rs 372.74 crore ($50 million) to build a recycling centre with annual casting capacity of 100 kilotonnes of low-carbon sheet ingot at its Ulsan Aluminium joint venture in South Korea. It expects the recycling centre to reduce the company's carbon emissions by more than 420,000 tonnes each year.

Adani Enterprises fell 1.04% to Rs 1666.90. The Adani Group announced it has signed a non-binding Memorandum of Understanding (MoU) with Ballard Power Systems to evaluate a joint investment case for the commercialization of hydrogen fuel cells in various mobility and industrial applications in India. Under the MoU, both parties will examine various options to cooperate, including potential collaboration for fuel cell manufacturing in India.

Vedanta declined 2.08% to Rs 346.35. The company announced that it has made an oil discovery in its exploratory well in Rajasthan's Barmer district. The company holds 100% participating interest in the block.

Global Markets:

Asian stocks declined on Tuesday as tensions surrounding Russia and Ukraine continue to keep investors on edge.

U.S. markets were closed for a holiday on Monday. Oil jumped to a seven-year high as Europe's eastern flank stood on the brink of war after Russian President Vladimir Putin reportedly ordered forces into two breakaway regions of eastern Ukraine, following a Monday announcement that he would recognize their independence. After that development, the White House responded, with U.S. President Joe Biden ordering sanctions against the separatist regions of Ukraine.

The key equity indices pared early losses in morning trade. The Nifty was trading a tad above the 16,950 mark, after hitting the day's low at 16,843.80. Banks stocks declined across the board.

The barometer index, the S&P BSE Sensex, was down 887.94 points or 1.54% to 56,795.65. The Nifty 50 index slumped 250.10 points or 1.45% to 16,956.55.

In the broader market, the S&P BSE Mid-Cap index declined 1.17% while the S&P BSE Small-Cap index lost 1.84%.

The market breadth was weak. On the BSE, 415 shares rose and 2,701 shares fell. A total of 86 shares were unchanged.

Amid growing concerns of geopolitical tensions, Russian President Putin has ordered to deploy troops into two breakaway regions in eastern Ukraine, which it has recognized as independent on Monday, a move strongly criticized by the world leaders.

Moscow calls the operation of launching the Russian army in these two regions in Ukraine as 'peacekeeping operation' in the area, however worrying the Western leaders of a potential invasion by Russia, and ringing the bells of war.

Post this development, US President Biden signed an executive orde to block trade and investment in parts of Ukraine which were declared independent by Russia by Putin.

Economy:

Union Minister for Finance & Corporate Affairs Nirmala Sitharaman asked the industry leaders to explore ways to further strengthen their sector and help in the post-pandemic revival of economy.

Addressing a post-budget interaction with various industry leaders in Mumbai, the Finance Minister expressed satisfaction about the resilience displayed by the financial markets even during pandemic times.

Sitharaman urged the market participants to strive for efficiency and transparency to help to channelize the resource for productive investment in the most effective manner.

During her opening remarks, the Finance minister asserted that the government wants a sustained recovery. She highlighted that the budget proposals on infrastructure building are an attempt to create the multiplier effect to help the economy. Stating that technology has helped the government make payments to the affected people during the pandemic, Smt Sitharaman said it is also looking at how digital solutions can be deployed in the education and the farming sectors.

She also said that banks will have to be a lot more customer-friendly not in terms of taking adverse risks, but in how they engage with and serve customers.

During the interaction, various ideas and suggestions related to investor awareness, KYC norms, mutual fund penetration, deepening of corporate bonds, commodity derivatives, and effectiveness of the market system were also discussed in detail.

Buzzing Index:

The Nifty Bank index fell 1.66% to 37,058.55. The index had advanced 0.40% in the past two sessions.

Bandhan Bank (down 2.74%), IDFC First Bank (down 2.39%), Federal Bank (down 2.26%), IndusInd Bank (down 2.26%), SBI (down 2.18%), Axis Bank (down 1.74%), Punjab National Bank (down 1.60%), AU Small Finance Bank (down 1.57%), HDFC Bank (down 1.20%), ICICI Bank (down 1.19%), RBL Bank (down 1.12%) and Kotak Mahindra Bank (down 1.10%) declined.

ICICI Bank slipped 1.13% to Rs 745.80. The bank has entered into an agreement to acquire 9.49% stake in Verve Financial Services for Rs 19.99 crore.

Stocks in Spotlight:

Tata Power slipped 1.49% to Rs 221.65. The company's subsidiary Tata Power Renewable Energy has signed a memorandum of understanding with RWE Renewables GmbH to explore the potential for a joint development of offshore wind projects in India.

Krsnaa Diagnostic advanced 2.66% to Rs 605.50. The company has bagged a tender for providing diagnostic/laboratory services in healthcare institutions run by the Health and Family Welfare Department of Government of Himachal Pradesh.

The domestic indices traded with deep cuts in early trade, mirroring the weakness in global markets. The continued escalation of geopolitical tensions between Russia and Ukraine depressed the investor community. All sectoral indices on the NSE are trading in the red.

The barometer index, the S&P BSE Sensex, was down 1,021.46 points or 1.77% to 56,662.13. The Nifty 50 index slumped 289.80 points or 1.68% to 16,916.85.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, surged 18% to 27.03.

In the broader market, the S&P BSE Mid-Cap index declined 1.47% while the S&P BSE Small-Cap index lost 2.10%.

The market breadth was weak. On the BSE, 334 shares rose and 2,403 shares fell. A total of 58 shares were unchanged.

Stocks in Spotlight:

Adani Enterprises fell 2.16% to Rs 1647.90. The Adani Group announced it has signed a non-binding Memorandum of Understanding (MoU) with Ballard Power Systems to evaluate a joint investment case for the commercialization of hydrogen fuel cells in various mobility and industrial applications in India. Under the MoU, both parties will examine various options to cooperate, including potential collaboration for fuel cell manufacturing in India.

Vedanta declined 2.21% to Rs 345.90. The company announced that it has made an oil discovery in its exploratory well in Rajasthan's Barmer district. The company holds 100% participating interest in the block.

Indiabulls Housing Finance was up 0.30% to Rs 167.25. The company informed that the Enforcement Directorate has sought some information regarding certain clients. The company and its officials have provided the data of clients to Enforcement Directorate.

Global Markets:

Asian stocks were trading lower on Tuesday as tensions surrounding Russia and Ukraine continue to keep investors on edge.

Russian President Vladimir Putin reportedly ordered forces into two breakaway regions of eastern Ukraine, following a Monday announcement that he would recognize their independence. After that development, the White House responded, with U.S. President Joe Biden ordering sanctions against the separatist regions of Ukraine.

U.S. markets were closed for a holiday on Monday.

Oil jumped to a seven-year high as Europe's eastern flank stood on the brink of war after Russian President Vladimir Putin ordered troops into breakaway regions of eastern Ukraine.

Indices extended their losing run to fourth consecutive trading session on Monday. The Nifty closed just above the 17,200 mark after hitting a day's high of 17,351.05 in afternoon trade. The ongoing Russia-Ukraine conflict, rising crude oil prices and relentless selling by foreign portfolio investors (FPIs) continued to put pressure on domestic shares. In the commodities market, Brent crude for April 2022 settlement rose 45 cents at $93.99 a barrel.

However, investor's risk appetite improved after India's private weather forecaster, Skymet, said that it expects the upcoming Monsoon to be 'normal'.

As the provisional closing data, the S&P BSE Sensex, fell 149.38 points or 0.26% at 57,683.05. The Nifty 50 index lost 69.65 points or 0.4% at 17,206.45.

The broader market underperformed the main indices. The S&P BSE Mid-Cap index fell 0.8% while the S&P BSE Small-Cap index slipped 2.2%.

The market breadth was weak. On the BSE, 712 shares rose and 2773 shares fell. A total of 133 shares were unchanged.

Preliminary Monsoon Forecast Guidance for 2022:

Skymet, India's private weather forecasting solutions company, expects the upcoming Monsoon to be 'normal'. Skymet intends to release a detailed report on the prospects of Monsoon 2022 in April. Skymet has been predicting Monsoon since 2012, except in 2020 when it abstained for strategic reasons.

Monsoon has large inter-annual fluctuations in its arrival, intensity, duration, and withdrawal. It is rather early to decode all these aspects at this stage. However, there are precursors to get an early glimpse and gauge its health during the four-month-long season. The last two Monsoon seasons have been driven by back-to-back La Nina events, which has started shrinking now. It also means that Monsoon 2022 is going to be a devolving La Nina to start with and turn neutral later, it said in a statement.

Stocks in Spotlight:

Reliance Industries (RIL) lost 1%. Reliance Jio Infocomm (Jio), the subsidiary of RIL will land multi-terabit India-Asia-Xpress (IAX) undersea cable system in Hulhumale, Maldives. The high capacity and high-speed IAX system will connect Hulhumale' directly with World's major internet hubs in India and Singapore.

Capri Global Capital fell 0.33%. The company said it plans to enter the gold loan business and it will launch this business in the first half of the financial year 2022-23. The company aims to build a gold loan book size of Rs 8,000 crore and expand its network with 1500 branch locations over the next five years.

Power Finance Corporation (PFCL) rose 0.17%. Life Insurance Corporation (LIC) of India sold 5.35 crore equity shares or 2.028% stake of PFCL between 1 November 2017 and 17 February 2022. Post transaction, LIC has decreased its shareholding in PFCL to 5.069%.

White Organic Retail rose 3.7% after the company said its board will consider bonus share issue on 28 February 2022.

Tata Power fell 0.38%. RWE and Tata Power agreed on a partnership to explore the potential for a joint development of offshore wind projects in India. A Memorandum of Understanding (MoU) has been signed between Tata Power Renewable Energy, a 100% subsidiary of Tata Power and one of India's largest integrated power companies, and RWE Renewables GmbH, one of the key player in offshore wind. The MoU between Tata Power Renewable Energy and RWE becomes significant in the light of the Government of India's announcement of achieving 30 gigawatts (GW) of offshore wind installations by 2030 to meet the country's growing power demands.

Equitas Small Finance Bank rose 3.84% after the company said it has raised Rs 550 crore in the qualified institutional placement of equities. The small finance bank sold 10,26,31,087 equity shares to qualified institutional buyers at the issue price of Rs 53.59 each, aggregating to Rs 5,49,99,99,952. The qualified institutions placement (QIP) Issue opened on 14 February 2022 and closed on 18 February 2022. The government of Singapore invested about Rs 155 crore while the Monetary Authority of Singapore put in Rs 36 crore. The balance Rs 359 crore was invested by Nippon Life India Trustee, SBI Mutual Fund, ICICI Prudential, HDFC Mutual Fund and HDFC Trustee Company. The QIP will reduce the promoters holding to 75% and raise public shareholding to a minimum of 25%, as stipulated by the market regulator Securities & Exchange Board of India.

The Phoenix Mills (PML) rose 0.82%. The company announced the execution of non‐binding term sheet to acquire balance 50% equity stake in Classic Mall Development Company (CMDCL) from Crest Ventures and Escort Developers, a 100% subsidiary of Crest Ventures. Currently, PML owns 50% stake in CMDCL while the balance 50% stake is owned by Crest Ventures (46.35%) and Escorts Developers (3.65%); completion of the stake purchase will make CMDCL a subsidiary of PML.

Kansai Nerolac Paints fell 1.06%. The paint maker appointed Anuj Jain as the managing director (MD) for a term of five years, with effect from 1 April 2022. Jain is a B.Sc. and Master of Management Studies, University of Bombay (Mumbai). Jain had joined Kansai Nerolac Paints on 4 June 1990 and was the director of Decorative and Industrial Sales & Marketing, prior to his appointment.

InterGlobe Aviation lost 1.4%. The aviation firm informed that Rakesh Gangwal, non-executive, non-independent director has tendered his resignation from the board of directors of the company vide his letter dated February 18, 2022, with immediate effect.

Gujarat Mineral Development Corporation rose 0.67%. The company has received an amendment to its environment clearance from the Ministry of Environment and Forest to mine up to a depth of 135 meters from its earlier approved depth of 94 meters at the Tadkeshwar, Lignite Mines.

Strides Pharma Science fell 2.96%. The drug company announced that its step-down wholly-owned subsidiary, Strides Pharma Global Pte., Singapore, received approval for Amantadine Hydrochloride Softgel capsules from the United States Food & Drug Administration. The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Symmetrel Capsules of Endo Pharmaceuticals, Inc (Endo). According to IQVIA MAT December 2021 data, the US market for Amantadine Hydrochloride Capsules USP,100 mg is approximately $11 million.

Global Markets:

European markets mildly traded higher while Asian markets declined on Monday, as investors continued to watch the situation surrounding Ukraine.

China on Monday held steady on a benchmark lending rate, with the one-year loan prime rate (LPR) kept unchanged at 3.7%. The five-year LPR was also kept unchanged at 4.6%.

Meanwhile, French President Emmanuel Macron and Russian leader Vladimir Putin on Sunday agreed to work for a ceasefire in eastern Ukraine, as per reports. They also agreed on the need to favour a diplomatic solution to the ongoing crisis and to do everything to achieve one, adding that both countries' foreign ministers would meet in the coming days.

US President Joe Biden is also willing to meet Russia's Vladimir Putin at any time to defuse Ukraine war tensions, as per reports, warning Russia appeared on the verge of invading its neighbor.

US stock market is closed on Monday for a holiday. Wall Street ended lower on Friday after escalating tensions in Ukraine and US warnings of a potential Russian invasion prompted investors to dump risky assets in the run-up to a long weekend.

Equity indices traded range bound with losses amid geopolitical concerns. The Nifty traded above the 17,100 mark. All sectoral indices traded with losses with realty, media and metal stocks losing the most.

Ongoing Russia-Ukraine conflict, rising crude oil prices and relentless selling by foreign portfolio investors (FPIs) continued to put pressure on domestic shares. In the commodities market, Brent crude for April 2022 settlement fell 22 cents at $93.32 a barrel.

The barometer index, the S&P BSE Sensex, dropped 460.92 points or 0.8% at 57,372.81. The Nifty 50 index lost 146.95 points or 0.85% at 17,129.80.

In the broader market, the S&P BSE Mid-Cap index declined 1.03% while the S&P BSE Small-Cap index lost 1.78%.

The market breadth was weak. On the BSE, 598 shares rose and 2,600 shares fell. A total of 140 shares were unchanged.

Buzzing Index:

The Nifty Metal index slipped 1.47% to 5,693, extending its losing run to fourth consecutive trading session. The metal index declined % in four days.

Coal India (down 4.01%), APL Apollo Tubes (down 2.09%), Hindalco Industries (down 1.97%), Vedanta (down 1.22%) and Hindustan Zinc (down 1.09%) were the top losers. Among the other losers were JSW Steel (down 0.85%), Tata Steel (down 0.75%), NMDC (down 0.7%) and Jindal Steel & Power (down 0.31%).

Stocks in Spotlight:

Kansai Nerolac Paints fell 1.16%. The paint maker appointed Anuj Jain as the managing director (MD) for a term of five years, with effect from 1 April 2022. Jain is a B.Sc. and Master of Management Studies, University of Bombay (Mumbai). Jain had joined Kansai Nerolac Paints on 4 June 1990 and was the director of Decorative and Industrial Sales & Marketing, prior to his appointment.

Strides Pharma Science fell 1%. The drug company announced that its step-down wholly-owned subsidiary, Strides Pharma Global Pte., Singapore, received approval for Amantadine Hydrochloride Softgel capsules from the United States Food & Drug Administration. The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Symmetrel Capsules of Endo Pharmaceuticals, Inc (Endo). According to IQVIA MAT December 2021 data, the US market for Amantadine Hydrochloride Capsules USP,100 mg is approximately $11 million.

The domestic indices traded lower in early trade, mirroring weak global cues. All sectoral indices on the NSE traded in the red.

The barometer index, the S&P BSE Sensex, dropped 521.8 points or 0.9% at 57,311.81. The Nifty 50 index lost 164.55 points or 0.95% at 17,111.80.

In the broader market, the S&P BSE Mid-Cap index declined 1.34% while the S&P BSE Small-Cap index lost 2.11%.

The market breadth was weak. On the BSE, 547 shares rose and 2,248 shares fell. A total of 118 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,529.96 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,929.08 crore in the Indian equity market on 18 February, provisional data showed.

Stocks in Spotlight:

InterGlobe Aviation lost 3%. The aviation firm informed that Rakesh Gangwal, non-executive, non-independent director has tendered his resignation from the board of directors of the company vide his letter dated February 18, 2022, with immediate effect.

Gujarat Mineral Development Corporation rose 0.04%. The company has received an amendment to its environment clearance from the Ministry of Environment and Forest to mine up to a depth of 135 meters from its earlier approved depth of 94 meters at the Tadkeshwar, Lignite Mines.

Global Markets:

Asian stocks were trading lower on Monday, as investors continued to watch the situation surrounding Ukraine.

China on Monday held steady on a benchmark lending rate, with the one-year loan prime rate (LPR) kept unchanged at 3.7%. The five-year LPR was also kept unchanged at 4.6%.

US President Joe Biden is also willing to meet Russia's Vladimir Putin at any time to defuse Ukraine war tensions, as per reports, warning Russia appeared on the verge of invading its neighbor.

Wall Street ended lower on Friday after escalating tensions in Ukraine and US warnings of a potential Russian invasion prompted investors to dump risky assets in the run-up to a long weekend.

Markets in the U.S. are closed on Monday for a holiday.

The benchmark indices bounced back in mid-morning trade. At 11:30 IST, the barometer index, the S&P BSE Sensex, rose 55.52 points or 0.10% at 57,947.53. The Nifty 50 index gained 10.30 points or 0.06% at 17,314.90.

In the broader market, the S&P BSE Mid-Cap index fell 0.13% while the S&P BSE Small-Cap index slipped 0.06%.

The market breadth was negative. On the BSE, 1,390 shares rose and 1,740 shares fell. A total of 134 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,242.10 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 901.10 crore in the Indian equity market on 17 February 2022, provisional data showed.

Buzzing Index:

The Nifty IT index slipped 0.40% to 34,497.10. The index shed 1.19% in three trading sessions.

Tech Mahindra (down 0.89%), Infosys (down 0.85%), Wipro (down 0.67%), HCL Technologies (down 0.46%) and Larsen & Toubro Infotech (LTI) (down 0.27%) were the top losers in the IT segment.

Stocks in Spotlight:

Ambuja Cements dropped 4.88%. The company recorded 49.4% fall in standalone net profit to Rs 252 crore despite a 6.1% increase in net sales to Rs 3,679 crore in Q4 CY2021 over Q4 CY2020. Sales volume (cement + clinker) in Q4 CY21 was 7.2 million tons (up 3% Y-o-Y). Cement demand remained subdued, especially in the month of November 2021. Realisation improved by 4% to Rs 5,135 per ton in Q4 CY21 from Rs 4,926 per ton in Q4 CY20. Improvement in realization was on account of favourable geo mix and product mix, the cement maker said. During the quarter and year ended 31 December 2021, there was an exceptional charge of Rs 65.69 crore on account of restructuring cost. EBITDA fell by 26% to Rs 568 crore in Q4 CY2021 from Rs 768 crore in Q4 CY2020.

Gensol Engineering hit an upper circuit limit of 5% to Rs 259.45 after the company said it bagged deals worth over Rs 70 crore for building solar power projects of around 24 MWp cumulative capacity in the states of Madhya Pradesh and Punjab. Gensol Engineering has received purchase orders for the development of grid-connected ground-mount and rooftop solar power generation systems cumulating to a capacity of around 24 megawatt peak (MWp) in the states of Punjab and Madhya Pradesh. The cumulative price of these projects is pegged at over Rs 70 crore.

Global Markets:

Most Asian stocks declined on Friday after an exchange of fire in eastern Ukraine and renewed U.S. warnings of an imminent Russian invasion had investors looking for safety ahead of the weekend.

Russian-backed rebels and Kyiv's forces reportedly traded accusations that each had fired across a ceasefire line on Thursday and U.S. president Joe Biden said his sense was that a Russian invasion will happen in the next several days.

In the US, the number of Americans filing new claims for jobless benefits unexpectedly rose last week. Initial claims for state unemployment benefits increased 23,000 to a seasonally adjusted 248,000 for the week ended February 12.

The benchmark indices were trading lower in morning trade, tracking negative global cues. Pharma, healthcare and IT stocks were under pressure. The Nifty was hovering a tad below 17,300 level.

The ongoing Russia-Ukraine crisis stands at a pivotal moment, with Kyiv accusing pro-Moscow separatists of attacking a village near the border. The crisis re-escalated following an exchange of fire in eastern Ukraine and renewed U.S. warnings of an imminent Russian invasion.

The barometer index, the S&P BSE Sensex, fell 58.40 points or 0.10% at 57,833.61. The Nifty 50 index slipped 19.15 points or 0.11% at 17,285.45.

In the broader market, the S&P BSE Mid-Cap index skid 0.15% while the S&P BSE Small-Cap index lost 0.06%.

The market breadth was negative. On the BSE, 1,395 shares rose and 1,603 shares fell. A total of 126 shares were unchanged.

Buzzing Index:

The Nifty Pharma index declined 0.78% to 13,220.40. The index lost 1.52% in two trading sessions.

Gland Pharma (down 2.61%), Cipla (down 2.12%), Cadila Healthcare (down 1.63%), Aurobindo Pharma (down 1.52%) and Divi's Laboratories (down 1.41%) were the top losers in the Pharma segment.

Lupin slipped 0.11%. The company, on Thursday, announced that the USFDA has approved the company's supplemental New Drug Application to expand the use of SOLOSEC (secnidazole) in the treatment of bacterial vaginosis. The drug will be used for female patients 12 years of age and older and in the treatment of trichomoniasis for all patients 12 years of age and older. Bacterial vaginosis is a common vaginal infection and trichomoniasis is the most common non-viral, curable sexually transmitted infection in the U.S. Secnidazole oral granules is the first and only single-dose oral prescription approved to treat both bacterial vaginosis (BV), a common vaginal infection. The drug is designed to be easy to take and one oral dose contains a complete course of treatment.

Stocks in Spotlight:

CSB Bank advanced 3.26%. The bank said that the Reserve Bank of India (RBI) has approved the appointment of Pralay Mondal as the deputy managing director of the bank, for a period of three years. On June 8, 2021, the bank had announced the appointment of Pralay Mondal as the deputy managing director of the bank, subject to RBI's approval.

Hero MotoCorp lost 0.41%. The two-wheeler major has inaugurated its new dealership - Surya Hero in Jaipur, Rajasthan. Surya Hero will act as a one-stop-shop for all the sales and customer service requirements, in addition to offering the latest range of Hero-branded merchandise and accessories at the dealership.

The domestic equities suffered modest losses in early trade, mirroring weak global cues. IT and pharma stocks fell.

The barometer index, the S&P BSE Sensex, dropped 152.20 points or 0.26% at 57,739.81. The Nifty 50 index lost 82.80 points or 0.48% at 17,221.80.

In the broader market, the S&P BSE Mid-Cap index declined 0.34% while the S&P BSE Small-Cap index fell 0.39%.

The market breadth was weak. On the BSE, 624 shares rose and 1,030 shares fell. A total of 80 shares were unchanged.

Stocks in Spotlight:

Ambuja Cements dropped 3.92%. The company reported 55% fall in consolidated net profit to Rs 431 crore on 2.1% rise in net sales to Rs 7,503 crore in Q4 CY21 over Q4 CY20.

Lupin lost 0.20%. Lupin Pharmaceuticals Inc., (Lupin) announced that the U.S. Food and Drug Administration approval of the Supplemental New Drug Application for SOLOSEC (secnidazole) in adolescents for both the treatment of bacterial vaginosis in females and trichomoniasis.

Birla Corporation rose 0.12%. The company informed that it has approved the allotment of 1,500 (AA) rated, listed, secured, redeemable Non- Convertible Debentures of Rs 10 lakh each aggregating to Rs. 150 crore on private placement basis.

Easy Trip Planners declined 0.55%. The company has fixed 2 March 2022 as the record date, for the purpose of ascertaining the eligibility of shareholders entitled for issue of bonus equity shares of the company in the proportion of one equity share of Rs 2 each for each equity share held.

Global Markets:

Most Asian stocks edged lower on Friday after an exchange of fire in eastern Ukraine and renewed U.S. warnings of an imminent Russian invasion had investors looking for safety ahead of the weekend.

US stocks slumped Thursday amid heightened tensions between Russia and Ukraine with confused investors dumping risky assets and rotating into bonds.

The number of Americans filing new claims for jobless benefits unexpectedly rose last week. Initial claims for state unemployment benefits increased 23,000 to a seasonally adjusted 248,000 for the week ended February 12.

The key equity indices traded with minor gains in early afternoon trade. The Nifty continued to trade above the 17,350 mark. Metal shares witnessed some bit of buying after a day's pause.

The barometer index, the S&P BSE Sensex, was up 140.71 points or 0.24% to 58,137.39. The Nifty 50 index added 57.45 points or 0.33% at 17,379.65.

In the broader market, the S&P BSE Mid-Cap index gained 0.36% while the S&P BSE Small-Cap index rose 0.02%.

The market breadth was positive. On the BSE, 1,639 shares rose and 1,579 shares fell. A total of 121 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 2.74% to 21.16. The Nifty 24 February 2022 futures were trading at 17,397.65, at a premium of 18 points as compared with the spot at 17,379.65.

The Nifty option chain for 24 February 2022 expiry showed maximum Call OI of 31.9 lakh contracts at the 18,000 strike price. Maximum Put OI of 46.9 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty Metal index advanced 0.83% to 5,860.15. The index had declined 0.57% to end at 5,812.15 yesterday.

Hindalco Industries (up 1.56%), JSW Steel (up 1.40%), Jindal Steel & Power (up 1.38%), Vedanta (up 1.25%), Tata Steel (up 1.17%), Adani Enterprises (up 1.09%) and Hindustan Zinc (up 0.79%) advanced.

Concurrently, NMDC (down 4.13%), Welspun Corp (down 2.43%), Hindustan Copper (down 2.12%) and National Aluminum Co. (down 2.11%) declined.

Stock in Spotlight:

Mawana Sugars jumped 10.41% to Rs 120.90. According to the bulk deals on the NSE, McKinley Capital Emerging Markets Growth Fund Series A purchased 2,65,688 shares of Mawana Sugars (representing 0.68% stake) on the NSE on Wednesday (16 February 2022) at an average price of Rs 103.67 per share.

Maruti Suzuki India shed 0.33% to Rs 8556. The company announced its partnership with Quiklyz by Mahindra Finance for its Subscribe program. Quiklyz will offer a white plate subscription for the Maruti Suzuki range of vehicles. The Company has further added Kolkata market to its Subscription program.

The benchmark indices opened with decent gains during early morning trade, backed by a strong demand in auto and oil & gas scrips. The Nifty re-claimed 17,400 mark.

Oil skid in early Asian trade on Thursday after both France and Iran said parties were closer to an agreement to salvage Iran's 2015 nuclear deal with world powers, offsetting ongoing concerns over the situation in Ukraine. In the commodities market, Brent crude for April 2022 settlement fell $1.77 at $93.04 a barrel.

The barometer index, the S&P BSE Sensex, jumped 242.27 points or 0.42% at 58,238.95. The Nifty 50 index gained 78.75 points or 0.45% at 17,400.95.

In the broader market, the S&P BSE Mid-Cap index added 0.45% while the S&P BSE Small-Cap index rose 0.51%.

The market breadth was strong. On the BSE, 1,712 shares rose and 481 shares fell. A total of 74 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,890.96 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,180.14 crore in the Indian equity market on 16 February 2022, provisional data showed.

Upcoming Results:

Nestle India (up 0.70%) and Ambuja Cements (up 1.12%) will report their quarterly results today.

Stocks in Spotlight:

Wipro rose 1.45%. The IT major has been awarded a five-year, strategic engagement to drive transformation for ABB's Information Systems digital workplace services. The agreement, worth over $150 million, will help ABB's Information Systems deliver enhanced, consumer-grade digital experiences for its 1,05,000 employees in over 100 countries.

Tata Consultancy Services (TCS) gained 0.32%. TCS announced a partnership with MATRIXX Software to integrate TCS HOBS, its plug and play digital business platform for subscription, device and data management, with the cloud native, converged charging capabilities of the MATRIXX Digital Commerce Platform.

Infosys added 0.82%. The IT major announced it has been named a Foundational Partner for the launch of Google Cloud Cortex Framework. As a Foundational Partner, Infosys will help clients accelerate digital transformation and power new business capabilities with its market-leading data, analytics and AI expertise.

Tata Motors advanced 2.07%. Jaguar Land Rover has formed a multi-year strategic partnership with NVIDIA, the leader in artificial intelligence (AI) and computing, to jointly develop and deliver next-generation automated driving systems plus AI-enabled services and experiences for its customers. Jaguar Land Rover is a wholly owned subsidiary of Tata Motors.

Hindustan Aeronautics (HAL) lost 0.69%. The company has received award by consent passed by the International Court of Arbitration of the International Chamber of Commerce (ICC) in the arbitration claim filed by RUAG Aerospace Services GmbH (now taken over by General Atomics AeroTec Systems GmbH) against the company, on joint request by both the parties after resolving their disputes pursuant to a settlement agreement between both the parties.

Global Markets:

Most Asian stocks advanced on Thursday as investors continue to monitor the situation surrounding Ukraine. Japan's January exports came in far below expectations, with official data released on Thursday showing a 9.6% year-on-year rise for that month.

Wall Street bounced off session lows Wednesday with the S&P 500 crossing into positive territory by the closing bell as investors surveyed the latest update from the Federal Reserve and the status of Russia's military build-up near Ukraine.

Federal Reserve officials last month agreed that, with inflation tightening its grip on the economy and employment strong, it was time to raise interest rates, but also that any decisions would depend on a meeting-by-meeting analysis of inflation and other data, according to the minutes of the Jan. 25-26 policy meeting.

Most participants noted that, if inflation does not move down as they expect, it would be appropriate for the FOMC to remove policy accommodation at a faster pace than they currently anticipate, the minutes stated.

In geopolitical developments, NATO on Wednesday accused Russia of increasing the number of troops it has gathered at the Ukrainian border, a day after Moscow claimed it had begun withdrawing some of its military units.

The key equity indices bounced back from the day's low and were trading with minor gains in early afternoon trade. The Nifty hovered near the 17,400 mark. Pharma shares rose for the second day.

The barometer index, the S&P BSE Sensex, was up 20.17 points or 0.13% to 58,219.99. The Nifty 50 index added 40.15 points or 0.23% at 17,392.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.55% while the S&P BSE Small-Cap index gained 0.91%.

The market breadth was strong. On the BSE, 2,237 shares rose and 1,009 shares fell. A total of 110 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 2.14% to 20.17. The Nifty 24 February 2022 futures were trading at 17,380.60, at a discount of 12 points as compared with the spot at 17,392.60.

The Nifty option chain for 24 February 2022 expiry showed maximum Call OI of 27.9 lakh contracts at the 17,500 strike price. Maximum Put OI of 38.9 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty Pharma index rose 0.51% to 13,425.25, extending gains for second day. The index has added 1.31% in two sessions.

Strides Pharma (up 4.22%), Abbott India (up 4%), Divi's Labs (up 2.41%), Lupin (up 1.60%), Dr. Reddy's Labs (up 1.18%), Pfizer (up 0.67%) advanced while Sun Pharma (down 0.75%), Alembic Pharmaceuticals (down 0.57%), Gland Pharma (down 0.43%) and Natco Pharma (down 0.37%) declined.

Stock in Spotlight:

Wheels India rose 1.94% to Rs 654. The company said that the credit ratings agency ICRA had downgraded the company's long-term and short-term ratings while reaffirming the medium-term rating. ICRA said that the downgrade in the long-term and short-term ratings considers substantial increase in Wheels India's debt levels resulting in moderation in the company's debt metrics and the expectation that it would remain relatively high over the medium term.

Info Edge (India) fell 1.18% to Rs 4623.50. The company said that it has entered into an agreement to acquire 25% stake in Juno Learning (Juno) for an amount of about Rs 11.25 crore. Juno is engaged in the business, which is an interactive, online school that teaches sales techniques, processes, and tools to students and entry-level professionals in an experiential manner, to enhance employability..

The benchmark indices extended modest losses during mid-morning trade, as banks continue to drag the market lower. The Nifty gradually slips further into the negative territory, managing to hover tad above 17,300 mark.

The barometer index, the S&P BSE Sensex, declined 210.31 points or 0.36% at 57,931.74. The Nifty 50 index lost 43.90 points or 0.25% at 17,308.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.17% while the S&P BSE Small-Cap index gained 0.61%.

The market breadth was strong. On the BSE, 2,103 shares rose and 1,082 shares fell. A total of 105 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,298.76 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,411.60 crore in the Indian equity market on 15 February 2022, provisional data showed.

Economy:

India's overall exports in January this year are estimated to be 61.41 billion dollars, exhibiting a positive growth of 36.76% over the same period last year and a positive growth of 38.90% over January 2020. Overall imports in January this year are estimated to be 67.76 billion dollars, exhibiting a slower rate of growth of 30.54% over the same period last year and a positive growth of 30.19% over January 2020.

India's overall exports in April to January 2021-22 are estimated to be 545.71 billion dollars. This is a positive growth of 37.68% over the same period last year and a positive growth of 23.29% over April-January 2019-20. Overall imports in April-January 2021-22 are estimated to be 616.91 billion, exhibiting a positive growth of 54.35% over the same period last year and a positive growth of 20.15% over April-January 2019-20.

Buzzing Index:

The Nifty Bank index slipped 0.95% to 37,808.40. The index lost 3.42% in the last trading session.

State Bank of India (SBI) (down 1.73%), ICICI Bank (down 1.43%), AU Small Finance Bank (down 1.35%), Federal Bank (down 1.34%) and Axis Bank (down 0.80%) were the top losers in the Bank segment.

Punjab & Sind Bank jumped 6.58%. The public sector lender declared IL&FS Tamil Nadu Power as fraud account and has considered it as bad asset with dues of over Rs 148 crore. The bank has reported it to the Reserve Bank of India. Punjab & Sind Bank said that it had already made provisions amounting to Rs 59.54 crore, as per prescribed prudential norms. Meanwhile, the bank's board will meet on 17 February 2022 to consider allotting equity shares worth upto Rs 4,600 crore to the Government of India by way of preferential issue of equity shares.

Stock in Spotlight:

Repco Home Finance rallied 5.81%. The company said it has appointed K. Swaminathan as the managing director and chief executive officer for a period of three years. The company also appointed K. Lakshmi as the chief financial officer. T. Karunakaran resigned from the post of chief financial officer of the company with effect from 14 February 2022, due to elevation to the post of whole-time director of the company.

Global Markets:

Asian stocks traded higher on Wednesday, as investors react to China's inflation data. Meanwhile, tensions appeared to ease between Russia and Ukraine, boosting markets.

China's consumer price index for January rose 0.9% as compared with a year ago, slightly lower than expectations. Chinese producer inflation for January was also below expectations. The producer price index for January rose 9.1% as compared with a year earlier.

Wall Street ended sharply higher on Tuesday, as signs of de-escalating tensions along the Russia-Ukraine border sparked a risk-on session.

Russia's government announced Tuesday that Moscow is starting to return some troops at the Ukrainian border, though NATO's chief warned that the military alliance has so far not seen any sign of de-escalation on the ground from the Russian side.