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 463.57 points or 0.92% at 50,904.64. The Nifty 50 index was up 137.35 points or 0.92% at 15,093.55. The Nifty regained the psychological 15,000 mark in opening trade.
The S&P BSE Mid-Cap index was up 0.5%. The S&P BSE Small-Cap index was up 0.58%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1500 shares rose and 591 shares fell. A total of 103 shares were unchanged.
Stocks in news:
Wipro rose 0.5%. Wipro announced that Appirio, a Wipro company, is helping National Grid transform its business with an omnichannel customer experience by unifying its engagement with 68 million customers across two continents.
Bharat Petroleum Corporation (BPCL) lost 2.87%. BPCL has reportedly launched a block deal today, 8 March 2021 to sell up to 4% of its treasury shares worth Rs 3,700 crore. BPCL has set a floor price of Rs 435 per share for the proposed transaction.
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Biocon rose 0.15%. Biocon said the board of Biocon Biologics (BBL) has approved allotment of 1,97,99,305 equity shares at an issue price of Rs. 280.31 per share to Beta Oryx, a wholly owned subsidiary of ADQ (Investor). The subscription money aggregating to about Rs 555 crore have been received by BBL from the investor.
JSW Energy dropped 1.66%. JSW Energy said Business Transfer Agreement has been signed with JSW Cement for the sale of an 18 MW thermal power plant at Salboni to JSW Cement Limited on a going concern basis.
Inox Wind advanced 3.39%. Inox Wind has signed a binding agreement with Integrum Energy Infrastructure Private Limited to supply, erect and commission 92 MW of wind power projects comprising of 2 MW (113 metre rotor diameter turbine combined with 92 metre hub height) turbines with a combination of total turnkey and limited scope supply.
Lemon Tree Hotels rose 0.47%. Lemon Tree Hotels has signed a License Agreement for an 80 room upcoming hotel at Biratnagar in Nepal under the brand 'Lemon Tree Premier'. The hotel is expected to be operational by January 2023, and this will be the third hotel of the company in Nepal, including Kathmandu and Nagarkot.
Global Markets:
Overseas, Asian stocks are trading mixed Tuesday following a mixed Wall Street session after a big downturn in tech shares.
Japan's economy expanded at a slower-than-initially-reported pace. The economy grew an annualised 11.7% in October-December, weaker than the preliminary reading of 12.7% annualised growth to mark the second straight quarter of growth, Cabinet Office data showed Tuesday.
Technology-related shares sold off on Monday in a big downturn that pushed the Nasdaq into a correction and offset stocks that rose on hopes the $1.9 trillion COVID-19 relief bill will spur the U.S. economic recovery. The Dow hit a record intra-day high.
Investors will watch as the U.S. House of Representatives plans to pass a $1.9 trillion coronavirus relief bill to get fresh aid to Americans starting this month. That follows after the Senate passed the legislation over the weekend. President Joe Biden is expected to sign it into law before unemployment aid programs expire on March 14.
U.S. Treasury Secretary Janet Yellen said on Monday the package would fuel a very strong U.S. recovery and she did not expect the economy to run too hot because of the increased spending.
Back home, domestic equity market started on a strong note, but gave up all gains during the latter half of the day. The barometer index, the S&P BSE Sensex, rose 35.75 points or 0.07% to settle at 50,441.07. The Nifty 50 index added 18.10 points or 0.12% to end at 14,956.20.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,494.49 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 483.62 crore in the Indian equity market on 8 March, provisional data showed.
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