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Markets stage a smart comeback; PSU Bank Index rises ~1%

Domestic indices remained in the red as losses in shares of private sector lenders HDFC Bank, ICICI Bank and Axis Bank weighed on indices.

Indices traded in the negative zone, and were dragged down by Bank Nifty, metal, financial services, FMCG and auto stocks.

The stock markets declined for the second day and ahead of index of industrial production (IIP) numbers for February and December quarter GDP growth numbers.

At 2:58 PM, the BSE Sensex was trading at 34,279, down 67 points, while the Nifty50 index was trading at 10,530, down 24 points.

The BSE Midcap Index slipped 0.76% and the BSE Smallcap Index was down 0.35%.

Hindustan Petroleum Corporation fell 3% as the stock price adjusted for interim dividend.

Granules India informed exchanges that the US Food and Drug Administration has issued establishment inspection report for Granules Pharmaceuticals Inc facility in Chantilly, USA. Stock rose 1% on the NSE.

DLF stock advanced 1% after its subsidiary emerged as the highest bidder for an 11.76-acre plot of land in Gurugram.

Shares of CESC gained 1% after the company’s board declared an interim dividend of Rs12 per share, which will be paid from Mar 15.

Kridhan Infra rose 2.2% after the company announced that it has completed the acquisition of 31.5% stake in Vijay Nirman Company.

Sadbhav Infrastructure added 2% as the company has been declared lowest bidder by NHAI.

Volatility index India VIX rose 0.77% to 14.0300.

Infosys (+2%), Cipla (+1.2%), UPL (+1.1%), Dr Reddy’s (+0.89%) and Eicher (+0.57%) were the top gainers on Nifty50.

Vedanta (-2.9%), ICICI Bank (-2.8%), Yes Bank (-2.7%), Yes Bank (-2%) and Indiabulls HF (-1.8%) were the top losers in today’s trade.

Out of 2,020 stocks traded on the NSE, 502 advanced, 1,168 declined and 350 remained unchanged today.

A total of 12 stocks registered a fresh 52-week high in trade today, while 44 stocks touched a new 52-week low.