At 10:26 IST, the S&P BSE Sensex, jumped 524.87 points or 1.37% at 38,822.16. The Nifty 50 index was up 151.30 points or 1.35% at 11,353.05.
The broader market was positive. The S&P BSE Mid-Cap index was up 1.32% while the S&P BSE Small-Cap index was up 1.39%.
The market breadth was strong. On the BSE, 1340 shares rose and 557 shares fell. A total of 102 shares were unchanged. In Nifty 50 index, 47 stocks advanced while 3 stocks declined.
Economy:
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation released Q3 2019 GDP numbers after market hours on Friday, 28 February 2020. GDP at Constant (2011-12) Prices in Q3 of 2019-20 grew at 4.7%. This marks a slight growth from 4.5% reported in the previous quarter.
India's fiscal deficit in the first 10 months of the current fiscal year came in at Rs 9.85 lakh crore, or 128.5% of the revised budgeted target for FY20, government data showed on Friday. Net tax receipts in the April-January period were Rs 9.98 lakh crore, while total expenditure stood at Rs 22.68 lakh crore.
Meanwhile, the combined Index of Eight Core Industries stood at 137.5 in January, 2020, which increased by 2.2 % as compared to the index of January, 2019. Its cumulative growth during April, 2019 to January, 2020 was 0.6. Coal, Refinery Products, Cement, Electricity and Steel showed a rise in production. Natural Gas, Crude Oil and Fertilizers posted a decline in production.
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Stocks in Spotlight:
Escorts jumped 10.24% after announcing strong February 2020 sales figures. The company's Agri Machinery Segment (EAM) in February 2020 sold a total of 8,601 tractors, registering a growth of 18.8% against 7,240 tractors sold in February 2019. On a sequential basis, total sales rose 19.41% from 6,063 units recorded in January 2020. The company's domestic tractor sales in February 2020 stood at 8,049 tractors registering a growth of 16.3% against 6,918 tractors in February 2019. Exports in February 2020 stood at 552 tractors as against 322 tractors sold in February 2019, up 71.4% YoY.
NTPC in an exchange filing on Saturday, 29 February 2020, declared the commencement of 800 MW Unit#1 of Darlipalli Super Thermal Power Station Stage-I (2 x 800 MW). The commercial production will start from 1 March 2020. With this, the commercial capacity of NTPC and NTPC group will become 49,695 MW and 58,156 MW respectively. NTPC was trading 1.03% higher at Rs 107.65.
Bajaj Auto's total domestic auto sales fell 10% to 354,913 units in February 2020 as against 393,089 units sold in February 2019. Bajaj Auto's total 2-wheeler domestic sales fell by 21% to 146,876 units, total exports jumped 15% to 163,346 units in February 2020 over February 2019. Accordingly, total 2-wheeler sales in February 2020 stood at 310,222 units, down by 5% from 327,985 units in February 2019. Shares of Bajaj Auto were trading 0.4% lower at Rs 2878.75.
MOIL in an exchange filing announced that prices of all chemical grades have been reduced by about 5%. The company said price of Balaghat Fines has also been reduced by about 10%. The company clarified that prices of all other grades of Manganese ore i.e. Ferro grades, SMGR grades (Mn-30% & Mn-25%) and other grades remain unchanged. Shares of MOIL were trading 5.5% higher at Rs 127.60.
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