FIRST TRADE: Indices flat amid muted global stocks; Nifty above 22,200

Stock market today: Domestic equity indices on Wednesday, February 28, opened muted, tracking broader Asian peers ahead of key US economic data. Last seen, the S&P BSE Sensex was up 0.01 per cent, or 7.85 points, at 73,103.07, and the NSE Nifty was up 0.05 per cent, or 11.65 points, at 22,210. 

"The market is likely to be in a range-bound zone in the near term. FIIs have sharply reduced their selling this month and have turned buyers to the tune of Rs 872 crore in the cash market so far in February, despite the high US bond yields. This indicates that FIIs are unlikely to go for big selling. Because of this favourable market construct, dips are getting bought, aided by sustained flows into the market," said Dr. V K Vijayakumar, Chief Investment Strategist, at Geojit Financial Services.

Dr Vijayakumar added that the present range-bound consolidation phase is likely to continue for some time in the absence of strong positive or negative triggers. The market's resilience will be supported by strong stocks such as RIL, Bharti, and auto stocks, particularly Tata Motors, M&M, and Bajaj Auto, which have emerged as strong leaders in this phase of the market.

Meanwhile, the Nifty Mid Cap 100 traded flat with a positive bias, while the Nifty Small Cap 100 traded higher. High-beta Nifty Bank was up 0.14 per cent at 46,651.65. 

BUZZING STOCKS

Cochin Shipyard shares were up over 2 per cent after the company announced that the first indigenous hydrogen fuel cell ferry constructed by the company will be inaugurated by the Prime Minister. 

Tanla Platforms shares were up over 3 per cent when the company extended its agreement with Truecaller. 

GE T&D India shares were locked in a 5 per cent upper circuit after the company received an order worth Rs 370 crore from Power Grid. 

CMS Info Systems shares were up over 2 per cent after multiple block deals. 

Vedanta shares were up over 2 per cent after CLSA upgraded the stock. 

Conversely, Vodafone Idea shares were down over 1 per cent after the board approved raising funds up to Rs 20,000 crore. 

Patanjali Foods shares were down over 2 per cent after the Supreme Court issued a contempt notice against Patanjali MD Balakrishnan. 

BGR Energy Systems shares were down over 8 per cent after its four independent directors resigned with immediate effect. 

Capital Small Finance Bank shares were down over 3 per cent after it reported its Q3 numbers. 

ICICI Lombard and ICICI Bank shares traded negatively after multiple block deals. 

GLOBAL MARKETS

Asian stocks were tentative on Wednesday ahead of a U.S. inflation reading this week that could influence the timing of the Federal Reserve's easing cycle, while the New Zealand dollar fell sharply after the central bank softened its hawkish stance on rates.

(With inputs from agencies.) 

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