Indices off morning`s low

The main indices traded with decent gains in mid morning trade. The Nifty traded above the 17,150 level. All sectoral indices on the NSE traded in the green.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 294.51 points or 0.51% to 57,595.65. The Nifty 50 index added 85.35 points or 0.5% to 17,177.20.

In the broader market, the S&P BSE Mid-Cap index rose 1.27% while the S&P BSE Small-Cap index gained 1.73%.

The market breadth was strong. On the BSE, 2431 shares rose and 729 shares fell. A total of 110 shares were unchanged.

Australia announced sanctions on eight of President Vladimir Putin`s top security advisors on Wednesday following Russia`s `unwarranted, unprovoked, unacceptable` invasion of Ukraine. Meanwhile, Japan also issued santions on Russia, terming its move unacceptable violation of Ukraine`s sovereignty. Japan`s sanctions include prohibiting the issuance of Russian bonds in Japan and freezing the assets of certain Russian individuals as well as restricting travel to Japan.

Buzzing Index:

The Nifty Metal index rose 0.73% to 5,634.70, snapping its five-day losing streak. The metal index saw bargain hunting after dropping 4.27% in five days.

NMDC (up 2.57%), Hindustan Zinc (up 1.58%), Vedanta (up 1.56%), Hindalco Industries (up 1.03%) and Steel Authority of India (up 0.7%) were the top gainers. Among the other gainers were APL Apollo Tubes (up 0.67%), Tata Steel (up 0.48%) and Coal India (up 0.44%).

Stocks in Spotlight:

Bajaj Healthcare (BHL) rose 4.50% to Rs 390.30 after the company announced that it has launched Magnesium L-Threonate in nutraceutical segment. Magnesium L- Threonate is a nutritional supplement used to normalize magnesium level in the body. It helps to improve memory, muscle and nerve function and also aids in brain development by reversing the brain aging. It is used to control, prevent and normalize the symptoms associated with Alzheimer`s disease, Attention disorder, Bipolar disorder, Parkinson`s disease etc. BHL will launch Magnesium L-Threonate capsules in 500 mg strength. The company said the addressable market size is approximately Rs 150 crore.

IndiaMART InterMESH rose 0.73%. The company said that it has entered into an agreement to acquire 26% of the share capital of IB MonotaRO (IMPL). IMPL, under its brand name `Industry Buying`, is engaged in the e-commerce business for industrial and business supplies in India. It offers utility products in maintenance, repairs and overhaul (MRO) categories like power tools, abrasives, electronics, robotics, hand tools and many more such products to its customers primarily for industrial purposes. The total turnover of IMPL for the financial year ended 31 March 2021 was Rs 7.2 crore.

Global Markets:

Most Asian stocks were trading higher on Wednesday as investors continued 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.

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