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The US stock ended mixed in the overnight session as a rotation out of growth stocks drove the Nasdaq 100 Index into a technical correction and offset stocks that rose on hopes the $1.9 trillion Covid-19 relief bill will spur the US economic recovery. The Nasdaq Composite dropped 2.41% to its lowest close since November and is now down 11% from an all-time high in February. The S&P 500 lost 0.54% while the Dow hit a record high and rose 0.97%. Asian stocks mirrored the sentiment in US stocks and were trading mixed. Japan s Topix index rose 0.4%, Australia’s S&P/ASX 200 Index added 0.7% while Kospi index fell 0.7%.
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Nifty futures on the Singapore Exchange traded 73.50 points, or 0.49 per cent, higher at 15,055.50 in signs that Dalal Street was headed for a positive start on Tuesday. Here are a few stocks which may buzz the most in today s trade:
BPCL) is likely to sell up to 8.68 crore shares, or 4 per cent of the company equity, through a block deal on Tuesday. The company, according to bankers, has set a floor price of Rs 435 per share, a 6.8 per cent discount to Monday’s closing price of Rs 467.
Zydus Cadila is likely to release the phase III data of its Covid-19 vaccine by the end of this month or early next month, a senior company executive said.
Markets likely to open with positive bias despite mixed global cues
March 09, 2021
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Stocks likely to witness action are: BPCL, Max Financial, PSP Projects Dhunseri Ventures, Mindspace Business Parks, Lemon Tree Hotels, and CMI. Benchmark indices are expected to open with a positive bias on Tuesday, as the SGX Nifty is currently ruling 100 points higher at 15,080, as against Monday s Nifty futures closing price of 14,977 on the NSE.
However, Asian markets in early trade on Tuesday were mixed with Japan s Nikkei and Australian stocks were moderately up while Chinese, Korea and Taiwan stocks slipped. The overnight closing of US stocks too, presents a mixed clue with Nasdaq plunging over 2.4 per cent and S&P 500 by 0.5 per cent even as the Dow Jones Industrial Average edged up almost one per cent.
Here are the top stocks that are likely to be in focus today:
BPCL: BPCL Trust for Investment in Shares (BPCL Trust) will sell up to 4 per cent of its shares in state-owned energy company Bharat Petroleum Corporation Ltd (BPCL) on Tuesday through a block deal, multiple media reports suggested. The Trust will sell up to 86.77 million shares or 4 per cent of the total share capital of the company at a floor price of Rs 435, the reports said.
Coal India: The company said it has approved 32 new coal mining projects in the ongoing financial year with an estimated cost of Rs 47,000 crore. Of the 32, twenty-four are expansion of existing projects and the remaining eight are greenfield.