Sensex gains for 2nd day; ends 447 pts up at 50,297; auto, IT stocks rally

Broader markets outperformed the benchmark indices, highlighting underlying strength in the market. The S&P BSE MidCap and SmallCap indices ended 1.55 per cent & 1.6 per cent higher, respectively

10:45 AM

BSE PSU index hits 16-month high, surges 27% since Budget

The S&P BSE PSU index hit an intra-day high of 7,292, its highest level since November 2019. In the month of February, the PSU index had posted its biggest monthly gain in nearly seven years. The index rallied 22.5 per cent in February 2021, recording its biggest monthly rally since May 2014, when it zoomed 24.05 per cent. READ MORE

10:34 AM

Shipping Corp surges 19% as govt gets multiple bids for privatisation

Shares of privatisation bound Shipping Corporation of India (SCI) surged over 19 per cent in intra-day trade on Tuesday to hit a fresh 52-week high of Rs 123.55 on the BSE after Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said the government has received multiple bids for the company. READ MORE

10:25 AM

Hero MotoCorp rises 2%, nears 52-week high as February sales improve

Shares of Hero MotoCorp, on Tuesday, rose 2.2 per cent to Rs 3,423.50 on the BSE after the two-wheeler maker reported a 1.45 per cent increase in total sales at 5.05 lakh units in February. The company had sold 4.98 lakh units in the same month of the previous year, Hero MotoCorp said in a statement. Total motorcycle sales stood at 4.63 lakh units last month as against 4.79 lakh units in February 2020, down 3.25 per cent. READ MORE

10:16 AM

Cipla gets USFDA nod for migraine drug

Drug major Cipla on Tuesday said it has received final approval from the United States Food and Drug Administration (USFDA) for Sumatriptan Nasal Spray, indicated for the treatment of migraine attacks. The newly approved product is a generic therapeutic equivalent version of GlaxoSmithKline's Imitrex Nasal Spray.

(Text Source: PTI)

 

10:07 AM

MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

In the brief fight between equity bulls and bond bears, it appears that equity bulls have won, at least in the first round. The US 10-year yield has stabilised at around 1.4 percent emboldening the equity bulls to come back with force pushing the US benchmark indices sharply higher on Monday. Equity bulls in India are likely to take cue from this positive global backdrop. Adding to the global positivity, there are many domestic positive economic news like Rs 1.3 lakh crore GST collections in Feb, Rs 77000 cr from the first day of spectrum auction, declining crude prices and reasonably good news from auto sales in Feb. In brief, advantage bulls!

9:57 AM

Sebi plans change in norms to trim promoters' sway on independent directors

The market regulator suggested a “dual approval” process for the appointment and removal of independent directors. At present, an independent director can be appointed or removed by way of an ordinary resolution, where all shareholders, including promoters, are allowed to cast their vote. Going ahead, majority of the minority shareholders would also need to give approval. If either of the two approvals fails, the resolution to appoint or remove the independent director would get defeated. READ MORE

9:46 AM

Most active stocks by volume

Company	PRICE(rs)	CHG(%)
Vodafone Idea	11.07	0.00
B H E L	50.00	2.46
NBCC	52.90	7.96
Punjab Natl.Bank	41.30	1.23
L&T Fin.Holdings	108.75	1.40

9:37 AM

SBI Cards and Payment gains 3% as Credit Suisse initiates coverage

>> Large growth runway and strong profitability justify valuations Initiating coverage with OUTPERFORM,Target price (Rs): 1,250

9:35 AM

MARKET CHECK :: Nifty tops 14,900

9:31 AM

MARKET CHECK :: Sensex trades near's day high

9:29 AM

Hero MotoCorp up 1.5% on solid growth in Feb exports

>> The two-wheeler maker, on Monday, reported a 1.45 per cent increase in total sales at 5,05,467 units in February. The company had sold 4,98,242 units in the same month of the previous year.

9:27 AM

Quess Corp rallies 2%

>> The company announced the separation of roles of its Chairman and Managing Director. Suraj Moraje, currently Group CEO and Executive Director, will be elevated to Group CEO and Managing Director from April 1, while Ajit Isaac, currently Executive Chairman and MD, will continue in the role of Executive Chairman.

9:26 AM

Tata Motors trades flat

>> The state government of Delhi has temporarily suspended incentives offered on Tata Motors’ electric sport utility vehicle, Nexon, on alleged charges by a customer that the vehicle does not have the capacity to cover as many kilometers claimed by the company in a single charge.

9:25 AM

IRCTC gains 2% after firm decides to terminate all mobile catrring contracts

>> The Madras High Court has directed the company to terminate all existing contracts of mobile catering involving scope of work of providing cooked food to passengers prepared from base kitchens as per the existing terms and conditions.

9:24 AM

Shipping Corporation of India soars over 14%

>> The government has received multiple bids for privatisation of Shipping Corporation of India, Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said on Monday.