Key equity benchmarks surged to end near the day's high on Tuesday, led by rally in banks and financials shares. The Nifty closed a tad above the 15,000 mark. Metals and pharma shares corrected.
As per provisional closing data, the barometer index, the S&P BSE Sensex, rose 584.41 points or 1.16% to 51,025.48. The Nifty 50 index added 49.1 points or 0.33% at 15,005.30.
Sentiment was lifted by positive global cues. US Dow index futures was up 191 points, indicating a positive opening in the US stocks on Tuesday. A pullback in US bond yields also buoyed equity markets.
The broader market ended lower. The S&P BSE Mid-Cap index slipped 0.66%. The S&P BSE Small-Cap index shed 0.41%.
Sellers outnumbered buyers. On the BSE, 1266 shares rose and 1729 shares fell. A total of 198 shares were unchanged.
COVID-19 Update:
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Total COVID-19 confirmed cases worldwide stood at 11,71,64,167 with 26,00,073 deaths. India reported 1,87,462 active cases of COVID-19 infection and 1,57,930 deaths while 1,08,99,394 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Auto index slipped 0.41% to 10,464.25 after the auto body FADA said automobile registration in February 2021 declined compared with the same period last year.
The auto index has declined by 2.60% in five sessions while the benchmark Nifty index has added 1.20% during the same period.
Ashok Leyland (down 1.91%), Tata Motors (down 1.88%), Bharat Forge (down 0.98%), Hero MotoCorp (down 0.45%) and TVS Motor Company (down 0.640) declined.
Maruti Suzuki (up 0.58%), Eicher Motors (up 0.37%) and Mahindra & Mahindra (up 0.12%) bucked the trend.
The Federation of Automobile Dealers Associations (FADA), apex national body representing automobile dealers in India, said that total vehicle registrations in February 2021 declined 13.43% to 14,99,036 units as against 17,31,628 units in February 2020
In February 2021, two-wheeler vehicle registrations were at 10,91,288 vehicles (down 16.08% YoY), three-wheeler vehicle registrations were at 33,319 vehicles (down 49.65% YoY), commercial vehicle registrations were at 59,020 vehicles (down 29.53% YoY).
However, the registrations of passenger vehicles stood at 2,54,058 vehicles (up 10.59% YoY) over the same month last year. FADA said growth in passenger vehicles was majorly due to low base of last year as India had started transitioning from BS-4 to BS-6 emission norms. Passenger vehicle waiting period continued to remain as high as 8 months as scarcity of semiconductors continued to linger around.
Meanwhile, tractor registrations jumped 18.89% to 61,351 units in February 2021 over February 2020.
Stocks in Spotlight:
Bharat Petroleum Corporation (BPCL) tumbled 4.60% to Rs 445.50. The media reported that BPCL has sold its Treasury shares through block deal and has raised nearly Rs 7,000 crore.
BPCL in a regulatory filing on Monday said, "A sub-committee of the Board of Directors of BPCL has approved the sale of BPCL equity shares which are held by the BPCL Trust for Investment in shares through accelerated book-built offering of equity shares on the screen-based trading platform of the stock exchanges. The total number of equity shares being offered is upto 15,89,93,397 equity shares held by the above trust."
Praj Industries gained 1.97% to Rs 186.30 after the company said it secured a breakthrough order from HPCL to set up compressed biogas plant in Uttar Pradesh.
Indoco Remedies added 3.13% to Rs 285.25 after the drug company on Tuesday announced the launch of brinzolamide ophthalmic suspension, 1% in the US market. The suspension is used to treat high pressure inside the eye due to ocular hypertension and open-angle glaucoma. According to IQVIA data, the US market size of this product is $184 million as of December 2020.
Manappuram Finance fell 1.01% to Rs 162.30. The board of directors of the company will meet on Friday, 19 March 2021, to consider business plan and borrowing program including raising of funds through issuance of non-convertible debt securities either through a public issue or on private placement basis for FY 2021-22.
Aurionpro Solutions hit an upper circuit of 20% at Rs 100.50 after the company announced signing a strategic partnership with Future-Tech, UK for data center design and consultancy projects in India & South Asia.
Lemon Tree Hotels slipped 1.18% to Rs 42. The hotel-chain company has signed a License Agreement for an 80-room upcoming hotel at Biratnagar in Nepal under the brand 'Lemon Tree Premier'.
Inox Wind gained 0.58% to Rs 69.65. The company has signed a binding agreement with Integrum Energy Infrastructure 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.
JMC Projects (India) soared 8.60% to Rs 85.20. The company has signed an agreement with Fahi Dhiriulhun Corporation (FDC), a state-owned company of the Government of the Republic of the Maldives, for the design, finance and construction of 2,000 social housing units in Hulhumale Island of Maldives. The total value for this project is estimated to be around $137 million (about Rs 1,000 crore) and is planned to be financed via a loan from multilateral funding agency.
PSP Projects rose 0.38% to Rs 480 after the company received letter of acceptances (LOA) amounting to Rs 1491.34 crore for construction of medical colleges and hospitals at multiple locations at Uttar Pradesh. Additionally, the company has secured new work orders worth Rs. 25.58 crore for residential and institutional projects from various clients in Gujarat.
Global Markets:
Shares in Europe rose across the board while most Asia shares edged higher on Tuesday. Stocks were bolstered by a retreat in bond yields, with the US 10-year Treasury yield pulling back from 1.6%.
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.
Meanwhile, People's Bank of China Vice Governor Chen Yulu told the media that China's money supply would grow only to match GDP growth and the country's central bank did not see a need for major stimulus support in the next five years.
In US, 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.
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