Nagarjuna Fertilizers, RCF, FACT, Zuari Agro, GSFC, Himadri Chemicals, Oberoi Realty and Venky’s rallied up to 4 percent.

10:20 am Market Update: Benchmark indices recovered opening losses, with the Nifty trading above 10,400 levels, supported by HDFC Bank, Tata Motors and ITC.

Midcaps extended gains, continuing to outperform frontliners. The Nifty Midcap index was up 0.8 percent on positive market breadth.

About two shares advanced for every share falling on the BSE.

10:15 am Goa Mining Crisis: The five-decade-old mining industry in Goa is staring at another bout of uncertainty as the Supreme Court order on closure of iron ore extraction activity in the state comes into effect tonight.

Goa agriculture minister Vijai Sardesai had yesterday said that the state would face the “biggest” crisis from tomorrow, when the mining ban comes into force.

The mining and tourism industries are the key revenue earners for the coastal state.

A cabinet committee had yesterday decided to urge Chief Minister Manohar Parrikar, currently in the US for medical treatment, to file a review petition in the apex court as a last-ditch effort to save the industry and its stakeholders.

The state government fears that the sudden stoppage of extraction of fresh ore would result in two lakh people, working at mining sites on different assignments, losing their jobs.

10:10 am IPO Opens: Kolkata-based Bandhan Bank has opened its initial public offer for subscription.

The initial public offer of up to 11,92,80,494 equity shares will open for subscription on March 15. The price band is fixed at Rs 370-375 per share.

The offer consists of fresh issue of up to 9,76,63,910 shares, an offer for sale of up to 1,40,50,780 equity shares by IFC and up to 75,65,804 equity shares by IFC FIG.

The private sector lender is expected to raise Rs 4,413.4 crore – Rs 4,473 crore at lower and upper end of price band, respectively.

The company has already garnered Rs 1,341.9 crore through anchor investors’ portion on Wednesday.

10:05 am Buzzing: Indian Oil Corporation shares fell nearly 5 percent intraday after the stock adjusted for bonus share issue.

The state-owned oil marketing company, on January 30, recommended issue of bonus shares in the ratio of 1:1 i.e. one new equity bonus share of Rs 10 each for every one existing equity share of Rs 10 each fully paid up.

The record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares has been fixed as March 17, 2018.

9:55 am Rupee Trade: The rupee depreciated 9 paise to 64.92 against the US dollar on fresh demand for the greenback from importers and banks.

Also, foreign capital outflows amid a lower opening in the equity market weighed on the domestic units.

source: moneycontrol.com