The benchmark indices firmed up once again in afternoon trade amid positive global cues. The Nifty crossed the 15,150 mark.
At 13:20 IST, the barometer index, the S&P BSE Sensex, rose 229.73 points or 0.45% at 51,255.21. The Nifty 50 index gained 61.30 points or 0.41% at 15,159.70.
Infosys (up 1.53%), Axis Bank (up 1.89%) and Tata Consultancy Services (up 1.03%) boosted the market.
The broader market was trading higher. The S&P BSE Mid-Cap index added 0.44%. The S&P BSE Small-Cap index rose 0.66%.
Buyers outnumbered sellers. On the BSE, 1,528 shares rose and 1,301 shares fell. A total of 168 shares were unchanged.
Global shares were trading higher as falling US bond yields eased concerns about surging inflation. The pullback for yields on Tuesday came as investors watched for the final passage of the Democrats' $1.9 trillion stimulus package in Congress.
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On Tuesday, the US House of Representatives voted to advance President Joe Biden's $1.9 trillion Covid-19 relief bill, clearing the way for the measure to be considered on Wednesday, when it is expected to pass.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,801.87 crore, while domestic institutional investors (DIIs), were also net buyers to the tune of Rs 1,250.22 crore in the Indian equity market on 9 March 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 11,75,56,326 with 26,10,135 deaths. India reported 1,84,598 active cases of COVID-19 infection and 1,58,063 deaths while 1,09,20,046 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Gainers & Losers:
Eicher Motors (up 2.78%), Tech Mahindra (up 2.56%), Tata Motors (up 2.27%), Wipro (up 2.10%) and IndusInd Bank (up 1.82%) were major gainers in Nifty 50 index.
SBI Life Insurance Company (down 2.43%), ONGC (down 2.01%), HDFC Life Insurance Company (down 1.49%), IOCL (down 1.44%) and UPL (down 1.39%) were major losers in Nifty 50 index.
Stocks in Spotlight:
ABB Power Products and Systems India fell 0.49%. The company on Wednesday said it has won orders worth Rs 160 crore from the Chittaranjan Locomotive Works (CLW) and the Central Organization for Rail Electrification (CORE). Hitachi ABB Power Grids (listed as ABB Power Products and Systems India on stock exchanges) will deliver trackside transformers rated 132 kV (kilovolt) to CORE and traction transformers rated 25 kV to CLW.
Man Infraconstruction slipped 0.23%. The construction company said its wholly-owned subsidiary received an order worth Rs 84.32 crore for construction of auditorium in Mira Road, Thane. The project will be completed and handed over to Mira Shaindar Municipal Corporation within 1 year from the date hereof.
TVS Motor Company rose 0.87%. The two-wheeler maker announced the launch of 2021 TVS Apache RTR 160 4V. It will be available in two variants at the current price: Disc priced at Rs 110,320 (ex-showroom Delhi) and the Drum priced at Rs 1,07,270.
Global Markets:
Most shares in Europe and Asia advanced on Wednesday as investors returned to risky assets, confident that a massive U.S. stimulus package will soon be approved.
U.S. stocks rose on Tuesday after a decline in bond yields caused investors to rotate back into the beaten-up technology sector. The 10-year Treasury yield fell more than 5 basis points to 1.54%. The benchmark rate traded as high as 1.62% on Monday.
Democrats in the U.S. House of Representatives are aiming to pass the $1.9 trillion coronavirus relief bill on Wednesday so that Biden can sign it by the weekend. The legislation extends a $300 per week jobless benefit boost and programs expanding unemployment aid to millions more Americans through September 6.
The OECD sharply raised its 2021 global growth forecast on Tuesday as the deployment of vaccines and a huge US stimulus programme have greatly improved economic prospects. The Paris-based Organisation for Economic Co-operation and Development says it now expects the global economy to grow by 5.6%, an increase of 1.4% points from its December forecast.
Global economic prospects have improved markedly in recent months, helped by the gradual deployment of effective vaccines, announcements of additional fiscal support in some countries, and signs that economies are coping better with measures to suppress the virus, it said in a report.
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