Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 464.45 points or 0.91% at 51,743.96. The Nifty 50 index was up 127.60 points or 0.84% at 15,302.40. Upbeat Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 0.71%. The S&P BSE Small-Cap index was up 0.82%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1537 shares rose and 571 shares fell. A total of 132 shares were unchanged.
Stocks in news:
Infosys rose 1.13%. Infosys said that its business process management arm Infosys BPM has on Thursday announced a five-year extension to its strategic collaboration with Newmont Corporation, the world's largest gold mining company, to standardize and digitize delivery models across its mine sites.
Wipro rose 0.91%. Wipro on Wednesday announced the appointment of Pierre Bruno as chief executive officer for Europe. Pierre Bruno will lead Wipro's business in six distinct regions across Europe. "This appointment, a bold indication of the company's continued investment and focus on the European market, builds on Wipro's momentum across the region in recent years," Wipro said in a statement.
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BPCL advanced 2.37%. The board of BPCL will meet on Tuesday, 16 March 2021, to consider a proposal for declaration of the second interim dividend for the FY2021.
GAIL (India) gained 1.62%. The board of GAIL (India) will consider payment of second interim dividend for FY 2020-21 on March 15.
JSW Steel advanced 2.61%. The company's crude steel production fell by 1% to 13.06 lakh tonnes in February 2021 compared with 13.20 lakh tonnes in February 2020. Meanwhile, production of flat rolled products declined 6% to 9.27 lakh tonnes in February 2021 as against 9.82 lakh tonnes in February 2020. Production of long rolled products jumped 10% to 3.4 lakh tonnes in February 2021 from 3.08 lakh tonnes in February 2020.
IDBI Bank jumped 10.56%. IDBI Bank said that the bank has been taken out of Prompt Corrective Action (PCA) framework by the RBI. The bank has provided a written commitment that it would comply with the norms of minimum regulatory capital, net NPA and leverage ratio on an ongoing basis.
Global Markets:
Asian stocks drifted higher Friday, taking cues from Wall Street where U.S. stocks climbed to record highs overnight.
U.S. stocks climbed to record highs Thursday as the comeback in tech shares resumed, while the signing of additional fiscal stimulus gave sentiment a further boost.
President Joe Biden signed a $1.9 trillion coronavirus relief package into law Thursday afternoon. The plan will send direct payments of up to $1,400 to most Americans, and will also put nearly $20 billion into Covid-19 vaccinations and $350 billion into state, local and tribal relief. The White House said Thursday that stimulus checks could start hitting bank accounts this weekend.
On the data front, investors cheered a slightly better-than-expected reading on weekly jobless claims. The Labor Department reported that first-time filings for unemployment insurance in the week ended March 6 totaled a seasonally adjusted 712,000. The Labor Department said Thursday that applications for unemployment aid dropped by 42,000 from 754,000 the week before.
Elsewhere, Euro zone bond yields fell after the European Central Bank said it was ready to accelerate money-printing to keep a lid on borrowing costs, using its 1.85 trillion euro Pandemic Emergency Purchase Program (PEPP) more generously over the coming months to stop any unwarranted rise in debt financing costs. Bond yields in the euro zone have been ticking higher since February, in line with the yield on U.S. Treasury notes.
Back home, the domestic equity benchmarks ended with decent gains on Wednesday amid positive global cues. The barometer index, the S&P BSE Sensex, added 254.03 points or 0.50% to 51,279.51. The Nifty 50 index gained 76.40 points or 0.51% at 15,174.80.
Indian stock markets were shut on 11 March 2021 on account of Mahashivratri.
Foreign portfolio investors (FPIs) sold shares worth Rs 15.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 447.67 crore in the Indian equity market on 10 March, provisional data showed.
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