Nifty slips below 17,150; Jyoti Resins up 7%

Equity indices trimmed some gains and traded near the day`s low in mid afternoon trade. All the sectoral indices on the NSE were in the green.

At 13:30 IST, the barometer index, the S&P BSE Sensex, rose 119.67 points or 0.21% at 57,420.26. The Nifty 50 index gained 34.95 points or 0.2% at 17,127.60.

Broader market was trading with decent gains. The S&P BSE Mid-Cap index rose 0.96 while the S&P BSE Small-Cap index gained 1.3%.

Buyers outnumbered the sellers. On the BSE, 2,378 shares rose and 933 shares fell. A total of 107 shares were unchanged.

Stocks in Spotlight:

Jyoti Resins & Adhesives spurted 7.20% to Rs 1413 after Jagdish Nathalal Patel HUF, forming part of promoter group, acquired 1900 equity shares, or 0.048% equity, of the company on 21 February 2022. With this, Jagdish Nathalal Patel HUF has increased the stake to 3900 (0.098% equity) in Jyoti Resins & Adhesives. Earlier on 17 February 2022, Jagdish Nathalal Patel HUF bought 2000 shares (0.05% equity) and Utkarsh Jagdishbhai Patel HUF bought 1471 shares (0.037% equity) in the company.

Cadila Healthcare rose 2.06% to Rs 374.30 after the company announced the receipt of final approval from USFDA to market Dapagliflozin Tablets. The US reference listed drug (USRLD) for Dapagliflozin Tablets is Farxiga. Dapagliflozin is used with a proper diet and exercise program to control high blood sugar in people with type 2 diabetes. Dapagliflozin also lowers the risk of heart failure in adults with type 2 diabetes with heart disease.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.752% as compared with 6.749% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.555, compared with its close of 74.84 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement fell 0.55% to Rs 50,050.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.08% at 95.935.

In the commodities market, Brent crude for April 2022 settlement rose 13 cents or 0.13% to $96.9 a barrel.

Global Markets:

European markets opened higher while most Asian stocks closed on a positive note 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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