Sensex, Nifty open flat; PSBs witness selling pressure

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Indian benchmark indices were feeble amid mixed global. In opening trades, Sensex was up 20 points or 0.04% at 50,910, and the Nifty was up 2 points or 0.01% at 14,983.

ONGC, Tech Mahindra, HDFC Bank, Infosys & NTPC were top gainers on the Sensex. Baja Auto, L&T, M&M, Maruti, HDFC all lost anywhere between 1-2% in opening trades.

India VIX was up by 3.6 points to 23 making the markets more volatile. 945 shares advanced, 772 shares declined while 531 shares remained unchanged on the NSE in early trades.

On the sectoral front, Nifty Metal was up 1.36% followed by Nifty Bank with gains of 0.59%. Whereas Nifty Auto & Nifty Pharma lost 0.50% & Nifty FMCG was down 0.26%.

Public sector banks are witnessing some pressure as Central Bank lost 7%, Maharashtra Bank was down over 3%, SBI fell 0.46%.

Stocks in focus

NTPC informed that consequent upon successful commissioning, 5 MW last part capacity for 20 MW Auraiya Solar PV Project at Auraiya, UP, has been declared on commercial operation with effect from 20 February 2021.

Jubilant Foodworks announced it will fully acquire Fides Food Systems Coöperatief U.A., Netherlands (Fides) for an agreed investment of approximately GBP 24.80 million through its wholly-owned subsidiary – Jubilant Foodworks Netherlands B.V.

Tata Consumer Products has successfully completed the acquisition of 100% of the equity share capital of the Kottaram Agro Foods. Consequently, Kottaram Agro Foods has become wholly owned subsidiary of the company.

Aarti Drugs informed that Pinnacle Life Science LLC, a Wholly Owned Subsidiary of the company, incorporated at International Free Zone Authority (IFZA), Fujairah, UAE, has been closed / wound-up.

Narayana Hrudayalaya said that that Health City Cayman Islands (HCCI), the step-down subsidiary of the company is expanding to a new location in the Camana Bay Development area of Grand Cayman.

Global markets Overseas, Asian stocks are trading mixed on Monday as China left its benchmark lending rate unchanged over the weekend.

China kept the one-year loan prime rate (LPR) unchanged at 3.85%, largely in line with expectations. The five-year LPR was also kept steady at 4.65%. The LPR is a lending reference rate set monthly by 18 banks.

Stocks on Wall Street closed near break-even on Friday as investors sold technology shares that have rallied through the pandemic and rotated into cyclical stocks set to benefit from pent-up demand once the coronavirus pandemic is subdued.

The House of Representatives will try to pass a $1.9 trillion coronavirus relief plan before the end of February, Speaker Nancy Pelosi said Thursday. Democratic Congressional leaders may try to pass a package without votes from Republicans.