The equity benchmarks further extended gains and hit record high levels in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, jumped 426.29 points or 0.83% to 51,775.06. The Nifty 50 index spurted 124.70 points or 0.82% to 15,240.50.
The Sensex hit a record high of 51,835.86 and the Nifty hit a record high of 15,257.10 in mid-afternoon trade. Both the indices have gained over 11% in seven straight sessions.
The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.37%. The S&P BSE Small-Cap index gained 0.33%.
The market breadth was negative. On the BSE, 1419 shares rose and 1482 shares fell. A total of 174 shares were unchanged.
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In the foreign exchange market, the partially convertible rupee appreciated to 72.89 compared with its previous closing of 72.97.
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The yield on 10-year benchmark federal paper rose to 6.081% from its previous closing of 6.040%.
MCX Gold futures for 5 April 2021 settlement added 0.46% to Rs 48,060.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, shed 0.23% to 90.72.
In the commodities market, Brent crude for April 2021 settlement added 33 cents to $60.89 a barrel. The contract added 2.06% or $1.22 to settle at $60.56 in the previous trading session.
Stocks in Spotlight:
Shares of Reliance Industries (RIL) and Future Group companies were in demand after Delhi High Court quashed an order that had stalled Future Group's deal to sell its retail assets to conglomerate RIL.
A New Delhi court last week had sided with Future's partner Amazon Inc's challenge and put Future's $3.4 billion asset sale deal with RIL on hold, which led to an appeal from the Indian retail group. The e-commerce giant Amazon had reportedly argued that Future breached certain 2019 contracts by agreeing to the deal with RIL.
Future Retail (FRL) had filed an appeal before the Division Bench of the Delhi High Court, against an ad interim status quo order dated 2 February 2021 (Impugned Order) passed by a Ld. Single Judge in proceedings filed by Amazon.Com NV Investment Holdings LLC (Amazon) asking for a stay on the proposed transaction with the Reliance Group.
"A Division Bench comprising of the Chief Justice D. N. Patel and Justice Jyoti Singh has stayed the operation and effect of order passed by the Ld. Single Judge, for the prima facie reason that the company is not a party to the shareholders agreement dated 22 August 2019 executed between Amazon, Future Coupons and the promoters of FRL, under which arbitration was initiated by Amazon in Singapore. The court also observed that statutory authorities cannot be restrained in private litigation from acting in accordance with law," Future Retail said in a stock exchange filing.
Shares of Reliance Industries (RIL) gained 1.45% to Rs 1979.75 while shares of four Future Group firms viz. Future Retail, Future Lifestyle Fashions, Future Consumer and Future Enterprises were locked in 10% upper circuit and Future Supply Chain Solutions was locked in 5% upper circuit.
IRCON International jumped 9.10% to Rs 94.10 after the company said that its board will consider bonus issue of shares on Monday, 15 February 2021. In the same meeting, the company's board will also consider Q3 earnings and interim dividend.
IRB Infrastructure Developers added 2.43% to Rs 111.70. The board of IRB Infrastructure Developers has approved raising an additional amount of Rs 1,000 crore, over and above the earlier limit of Rs 4,500 crore as approved by the board at its meeting held on 26 April 2020 and 18 January 2021.
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