Equity benchmark indices snapped their six day gaining streak and settled with a sharp decline amid fag-end selling triggered by a rush for profit booking and mixed global cues.
The BSE Sensex settled 434.31 points or 0.59 per cent lower at 72,623.09 points. The NSE Nifty50 also closed 141.90 points or 0.64 per cent down at 22,055.05 points. Among the sectors, Utilities, Oil & Gas, Power, Tech, services and capital goods were among the losers.
"The Indian market is facing stiff resistance at higher levels; the valuation of a broader index is at a significant premium, leading to an unfavourable risk reward, which influences investors to book profits. Global markets treaded cautiously awaiting the US FED minutes, while Chinese markets were buoyed by policy interventions. Concerns lingered since investors were heavily betting on a US FED rate cut, which is put at risk by January's higher-than-expected inflation," said Vinod Nair, Head of Research at Geojit Financial Services.
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Here Are The Key Stocks To Watch On 22 February:
Eureka Forbes
Lunolux, a company backed by private equity firm Advent International, is likely to divest up to 12 per cent stake (2.3 crore) shares for Rs 1,148.7 in health and hygiene products maker through block deals. The floor price of the deal has been fixed at Rs 494.75 per share, with a maximum discount of 3 per cent, reported CNBC Awaaz.
LTIMindtree
The company has signed a MoU with Eurolike FFH to setup Gen AI and digital hubs in Europe and India. The facilities will be developed in Poland, Europe and Mumbai. LTIMindtree will provide deep domain expertise and support from its dedicated facilities in Poland and Mumbai to set up the Generative Al and Digital Hub in Athens to develop innovative solutions for insurance businesses in Greece.
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Brigade Enterprises
The realty company has signed a joint development agreement with PVP Ventures to develop a 2.5 million square feet, high-rise residential project spread across 16 acres in Perambur, Chennai. The project is likely to generate revenue of Rs 2,000 crore. The company has signed a 45-year lease agreement to build a 250-room resort on East Coast Road.
South Indian Bank
The bank announced a rights issue of Rs 1,151 crore by offering 52 crore shares at Rs 22 per share. The issue opens on 6 March and closes on 20 March. The record date is fixed as 27 February. The rights ratio is set at 1 share for every 4 shares held.
Sula Vineyards
The leading wine producer announced that the Maharashtra government has issued a GR for the continuation of the Wine Industrial Promotion Scheme for a period of eight years.
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