The key equity benchmarks traded with minor gains in morning trade. Metal stocks rose for seventh day. The Nifty hovered near the 14,700 mark.
At 10:24 IST, the barometer index, the S&P BSE Sensex, was up 130.63 points or 0.27% to 49,289.95. The Nifty 50 index added 53.60 points or 0.37% to 14,691.40.
In broader market, the S&P BSE Mid-Cap index gained 0.71% while the S&P BSE Small-Cap index rose 0.80%.
The market breadth was weak. On the BSE, 1644 shares rose and 778 shares fell. A total of 111 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 131,707,267 with 2,859,868 deaths.
India reported 788,223 active cases of COVID-19 infection and 165,547 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
The key equity indices further pared losses in mid-afternoon trade. Metal shares reversed early losses. At 14:26 IST, the barometer index, the S&P BSE Sensex, was down 829.91 points or 1.66% to 49,199.92. The Nifty 50 index tumbled 223.60 points or 1.50% to 14,643.75.
The undertone of the market was still weak as a spike in domestic coronavirus cases and fresh curbs imposed by the state government dented investors sentiment.
In broader market, the S&P BSE Mid-Cap index slipped 1.29% while the S&P BSE Small-Cap index declined 1.04%.
The market breadth was weak. On the BSE, 949 shares rose and 1920 shares fell. A total of 186 shares were unchanged.
JSW Steel (JSW) has entered into an assignment agreement dated 31 March 2021 (Assignment Agreement), whereby Laptev Finance (Laptev), a JSW Group company has assigned to JSW all rights and obligations of Laptev under the Business Transfer Agreement dated 31 March 2019 as amended from time to time including the amendment dated 31 March 2021 (Business Transfer Agreement) executed by Laptev with Welspun Corp (Welspun), for a consideration of Rs 1 crore and applicable taxes.
As per the Business Transfer Agreement, Laptev had agreed to acquire from Welspun, as a going concern on slump sale basis, the business of manufacturing of high-grade steel plates and coils (PCMD Business), for a consideration of Rs 848.50 crore, which is subject to closing adjustments towards net working capital.
The main equity indices traded with modest gains in morning trade amid positive global cues. The Nifty traded above the 14,750 level. All the sectoral indices on the NSE were in the green. Metal stocks extended rally for the fifth session.
At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 233.81 points or 0.47% at 49,742.51. The Nifty 50 index added 73.15 points or 0.5% at 14,763.25.
In broader market, the S&P BSE Mid-Cap index gained 0.83% while the S&P BSE Small-Cap index added 1.54%.
The market breadth was strong. On the BSE, 1840 shares rose and 521 shares fell. A total of 111 shares were unchanged.
The buying was supported by positive cues from other Asian stock markets, supported by surveys showing higher production across Asia s factories last month, and the the U. S. government s $2 trillion spending plan.
The steel major on Wednesday said it has commenced production of hot rolled plates from the new 5 million tonnes per annum (MTPA) hot strip mill facility at Dolvi Works (Maharashtra).Separately, JSW Steel on Wednesday announced that it has entered into an assignment agreement dated 31 March 2021, whereby Laptev Finance, a JSW Group company, has assigned to JSW all rights and obligations of Laptev under the business transfer agreement dated 31 March 2019 as amended from time to time including the amendment dated 31 March 2021 executed by Laptev with Welspun Corp, for a consideration of Rs 1,00,00,000.
As per the business transfer agreement, Laptev had agreed to acquire from Welspun, as a going concern on slump sale basis, the business of manufacturing of high-grade steel plates and coils (PCMD Business), for a consideration of Rs 848,50,00,000, which is subject to closing adjustments towards net working capital.