As per provisional closing data, the barometer index, the S&P BSE Sensex gained 899.62 points or 1.53% to 59,808.97. The Nifty 50 index added 272.45 points or 1.57% to 17,594.35.
The broader market underperformed the key equity indices. The S&P BSE Mid-Cap index rose 0.58% while the S&P BSE Small-Cap index advanced 0.68%.
The market breadth was strong. On the BSE, 2,188 shares rose and 1,327 shares fell. A total of 124 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 6.09% to 12.18.
Economy:
The seasonally adjusted S&P Global India Services PMI Business Activity Index came in at 59.4 in February as against 57.2 in January, attaining its highest level in 12 years and indicating a sharp expansion in output. Where growth was reported, survey participants mentioned favourable demand conditions and new business gains.
More From This Section
IPO Update:
The initial public offer (IPO) of Divgi TorqTransfer Systems received bids for 1.87 crore shares as against 38.41 lakh shares on offer, according to stock exchange data 15:33 IST on, Friday (3 March 2023). The issue was subscribed 4.87 times.
The issue opened for bidding on Wednesday (1 March 2023) and it will close on Friday (3 March 2023). The price band of the IPO is fixed at Rs 560-590 per share. An investor can bid for a minimum of 25 equity shares and in multiples thereof.
Stocks in Spotlight:
Adani Ports & SEZ rallied 9.60%. The company handled 26.5 mmt cargo in February, which is 10% higher than the previous year period and during April-February, the cargo volumes stood at 307 mmt, up 8.5% YoY.
MOIL advanced 3.55% after the company recorded manganese (Mn) ore production of 1.31 lakh tonnes in February 2023, thereby registering a growth of 10% over the same period last year. Sales at 1.32 lakh tonnes of manganese ore during February 2023, was higher by 19% vis-vis February 2022.
Hindustan Petroleum Corporation (HPCL) added 0.23%. The company issued 1,65,000 unsecured, redeemable, non-convertible, non-cumulative, taxable debentures having face value of Rs 1 lakh each, aggregating to Rs 1,650 crore.
Mahindra & Mahindra Financial Services rose 0.59%. The company said that in February 2023, the total disbursement of approximately Rs 4,185 crore, delivering 53% growth over February 2022. Consequently, the loan book grew further by 1.5% over January 2023.
Angel One surged 5.49% after the brokerage company said its client base jumped 52.2% to 13.33 million in February 2023 as against 8.76 millions recorded in February 2022.
WPIL hit an upper circuit of 10% at Rs 2,038.85 after the company received four letter of acceptance (LoA) from Madhya Pradesh Jal Nigam Maryadit for execution of turnkey project worth Rs 1,225 crore.
Kiri Industries hit an upper circuit of 10% after the Singapore International Commercial Court confirmed $603.80 million as the final value of the company's stake in DyStar.
Patel Engineering jumped 6.92% after the company, along with its joint venture (JV) partners, bagged Rihand micro irrigation project worth Rs 640.06 crore. The company being 80% partner in the JV, our share in the project is Rs 512.05 crore.
Global markets:
Markets in Europe and Asia advanced across the board on Friday, following Wall Street's gains overnight after Atlanta Fed president Raphael Bostic said he's "firmly in favor of sticking with quarter-point hikes.
For the Euro zone, the Services PMI increased to 52.7 in February from 50.8 in January. The Composite PMI hit an eight-month high in February at 52.0 from 50.3 in the previous month.
China's services sector saw a jump in activity, according to the Caixin/S&P Global services purchasing manager's index, with a reading of 55 in February from 52.9 in January.
The headline S&P Global Singapore purchasing manager's index fell to 49.6 in February.
Japan's services purchasing managers index came in at 54, higher than the 52.3 in January. A reading above 50 signals expansion, while a reading below 50 indicates contraction for the sector.
Tokyo's consumer price index rose by 3.3% in February, a lower print than January's 4.3% government data showed. Overall, CPI for the capital city reached 3.4%, a cooler print from the 4.4% seen last month, while prices excluding food and energy for Tokyo rose by 1.8%, also a slower pace than 1.7% from January.
US stocks were initially under pressure as the trading day started, but rallied in the afternoon after Bostic's remarks. The Dow Jones Industrial Average led gains among the major U.S. indexes, rising 1.05%, while the S&P 500 and Nasdaq Composite closed 0.76% and 0.73% higher.
Powered by Capital Market - Live News