At 11:29 IST, the barometer index, the S&P BSE Sensex, surged 830.51 points or 1.58% to 53,287.09. The Nifty 50 index jumped 256.55 points or 1.17% to 22,239.35.
The broader market underperformed the frontline indices. S&P BSE Mid-Cap rose 0.56% and the S&P BSE Small-Cap index added 0.63%.
The market breadth was strong. On the BSE, 2,484 shares rose and 1,176 shares fell. A total of 136 shares were unchanged.
Economy:
Indias economy grew much faster than expected in the October to December quarter. Data showed GDP grew 8.4% in the third fiscal quarter on the back of higher private consumption and strong manufacturing and construction activity. The October-December quarter reading was also higher than the 7.6% growth clocked in the prior three months. The government raised its GDP growth outlook for fiscal year 2023-24 to 7.6% from 7.3% forecast earlier.
Meanwhile, India's eight core sectors posted a growth of 3.6% in January, according to data released by the Ministry of Commerce and Industry on February 29. In December 2023, core sector growth had printed in at 3.8%. The commerce ministry, on February 29, revised this figure up to 4.9%.
Separately, the Central government's fiscal deficit widened to Rs 11.03 lakh crore in April 2023-January 2024 from Rs 9.82 lakh crore in April-December, data released by the Controller General of Accounts showed on February 29.
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Furthermore, the seasonally adjusted HSBC India Manufacturing Purchasing Managers Index (PMI) recovered further from December's 18-month low, rising from 56.5 in January to 56.9 in February. Production levels were raised in tandem with a further steep increase in inflows of new orders, besides advanced technology and buoyant demand conditions.
Ines Lam, Economist at HSBC, said: "The HSBC final India Manufacturing PMI indicates that production growth continued to be strong, supported by both domestic and external demand. Manufacturing firms margins improved as input price inflation slipped to the lowest since July 2020. Buoyed by robust demand and improving profit margins, manufacturers have an optimistic outlook about future business conditions."
IPO Update:
The initial public offer (IPO) of Mukka Proteins received 22,22,30,440 bids for shares as against 5,60,00,435 shares on offer, according to stock exchange data at 11:30 IST on Friday (01 March 2024). The issue was subscribed 3.97 times.
The issue opened for bidding on Thursday (29 February 2024) and it will close on Monday (04 March 2024). The price band of the IPO is fixed at Rs 26 to 28 per share. An investor can bid for a minimum of 535 equity shares and in multiples thereof.
The initial public offer (IPO) of Bharat Highways InvIT received 10,57,27,500 bids for shares as against 10,30,12,800 shares on offer, according to stock exchange data at 11:30 IST on Friday (01 March 2024). The issue was subscribed 1.03 times.
The issue opened for bidding on Wednesday (28 February 2024) and it will close on Friday (01 March 2024). The price band of the IPO is fixed at Rs 98 to 100 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Oil & Gas index advanced 1.77% to 11,660.50. The index rose 1.91% in two trading sessions.
Oil India (up 5.74%), Bharat Petroleum Corporation (up 2.77%), Castrol India (up 2.71%), Indian Oil Corporation (up 2.51%) and Petronet LNG (up 2.21%), Oil & Natural Gas Corpn (up 2.04%), Gujarat Gas (up 1.64%), Hindustan Petroleum Corporation (up 1.47%), GAIL (India) (up 1.32%) and Reliance Industries (up 1.14%).
Stocks in Spotlight:
CG Power and Industrial Solutions jumped 5.19% after the company announced that it will jointly build an outsourced semiconductor assembly and test (OSAT) facility with Renesas and Stars Microelectronics in India.
NTPC added 1.15% after the Unit-2 of 660 MW capacity of North Karanpura super thermal power project, (3 x 660 MW) successfully completed trial operation.
Escorts Kubota advanced 2.22% after the tractor manufacturer said that its agri machinery business division sales declined 17.02% to 6,481 units in February 2024 as against 7,811 units sold in February 2023.
Global Markets:
Asian stocks traded mixed on Friday as investors digested manufacturing data from the mainland. Japans Nikkei 225 index hit a fresh record high. South Korea markets were shut for the Movement Day holiday.
Chinas manufacturing activity contracted for a fifth straight month in February, official figures on Friday showed. Data from Chinas National Bureau of Statistics showed manufacturing PMI fell to 49.1 in February from 49.2 in January. The Caixin/S&P Global manufacturing PMI, however, edged up to 50.9 in February from 50.8 in the previous month.
Overnight on Wall Street, the S&P 500 and Nasdaq closed at record highs as tech and chip stocks rallied. The U.S. personal consumer expenditures (PCE) price index, the Federal Reserve's preferred gauge for inflation, rose 0.3% in January from a month earlier. The core PCE price index rose 0.4%.
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