The benchmark indices further extended gains and hit fresh intraday high in afternoon trade. The undertone of the market was positive amid strong cues from other global stock markets. The Nifty was hovering near 14,800 mark.
At 13:20 IST, the barometer index, the S&P BSE Sensex, soared 947.06 points or 1.93% at 49,955.56. The Nifty 50 index surged 285.60 points or 1.97% at 14,792.90.
Infosys (up 3.35%), HDFC Bank (up 2.56%) and Reliance Industries (up 2.17%) supported the upmove.
The broader indices lagged the benchmarks. The S&P BSE Mid-Cap index rose 0.50%. The S&P BSE Small-Cap index added 0.60%.
Buyers outpaced sellers. On the BSE, 1,473 shares rose and 1,344 shares fell. A total of 183 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 50.13 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,703.14 crore in the Indian equity market on 26 March 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 12,76,54,979 with 27,92,044 deaths. India reported 5,40,720 active cases of COVID-19 infection and 1,62,114 deaths while 1,13,93,021 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India saw 68,020 new coronavirus cases in a span of 24 hours on Monday, the highest single-day rise so far this year, taking the country's COVID-19 tally to above 1.20 crore, according to Union Health Ministry data. Registering a steady increase for the 19th day in a row, the active cases have increased to 5,21,808, which comprise 4.33% of the total infections, while the recovery rate has further dropped to 94.32%, the data stated.
Maharashtra on Monday added 31,643 fresh infections, but the lower tally was attributed to reduced testing because of Holi. The state has recorded close to six lakh cases this month and registered over 2,100 deaths. State officials said that for now, local trains will continue to run but fresh restrictions will be introduced to reduce overcrowding at restaurants, malls, public places, private offices and pubs.
Politics:
Prime Minister Narendra Modi will address election rally in Puducherry today, 30 March 2021 to seek support for the NDA in the union territory.
All eyes will be on outcome of state assembly elections. Polls are to be held for 294 seats in West Bengal, 234 seats in Tamil Nadu, 140 seats in Kerala, 126 seats in Assam and 30 seats in the Union Territory of Puducherry.
The eight-phase election in West Bengal which began from March 27 will continue till April 29. Elections in Kerala will be held in a single phase on April 6. Puducherry will vote in a single phase on April 6. Elections in Tamil Nadu will be held in a single phase on April 6. Assam will vote in three phases on March 27, April 1 and April 6. The counting of votes for all states will be held on May 2 and the results will be declared the same day.
New Listing:
Shares of Nazara Technologies hit 20% lower circuit at Rs 1,576.80 at 13:15 IST on the BSE. It was still trading at a premium of 43.21% over the initial public offer (IPO) price of Rs 1,101. The stock was listed at Rs 1,971, a premium of 79.02% from the IPO price. The stock hit an intraday high of Rs 2,026.90. On the BSE, 7.40 lakh shares were traded on the counter so far.
The IPO of Nazara Technologies received bids for 51.25 crore shares as against 29.20 lakh shares on offer, according to the stock exchange data. The issue was subscribed 175.46 times. The issue opened for bidding on 17 March 2021 and closed on 19 March 2021. The price band for the IPO was set at Rs 1,100-1,101 per share.
Gainers & Losers:
UPL (up 6.05%), JSW Steel (up 5.01%), Tata Steel (up 4.24%), Power Grid Corporation of India (up 3.66%) and Shree Cement (up 3.53%) were major gainers in Nifty 50 index.
Bharti Airtel (down 0.85%), Tata Motors (down 0.54%), Mahindra & Mahindra (M&M) (down 0.54%), SBI Life Insurance Company (down 0.23%) and Bajaj Finance (down 0.13%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Shriram Transport Finance Company fell 0.48%. The company said that it will consider raising funds by issuing redeemable non-convertible debt securities in onshore/offshore market via private placement and/or public issue during April 2021.
Mukand hit an upper circuit of 20% to Rs 69.35 after the company said it completed the transfer of leasehold land in Thane to NTT Global Data Centers NAV2 and received an aggregate consideration of Rs 679.25 crore. Mukand said it will utilise the funds received from the sale of land for repaying its debt.
Global Markets:
Shares in Europe and Asia advanced on Tuesday, as investors were encouraged by the roll-out of coronavirus vaccines. Japan's retail sales declined 1.5% in February from a year earlier, according to a preliminary report released Tuesday by the country's Ministry of Economy, Trade and Industry.
Wall Street ended lower on Monday after US hedge fund Archegos Capital defaulted on margin calls. The S&P 500 ended just slightly in the red, with bank shares falling amid warnings of potential losses from a hedge fund's default on margin calls, while optimism over the economy limited the day's declines.
President Joe Biden's announcement that 90% of adults will be eligible for the Covid-19 vaccine next month helped U.S. stocks recover from their lows, and the Dow Jones Industrial Average closed at another all-time peak.
The COVID-19 vaccines of Moderna Inc and Pfizer-BioNtech were found effective in real-world conditions, the Centres for Disease Control and Prevention (CDC) - the United States' national public health agency- said in a report released on March 29. Both the vaccines were found to be 90% effective if two doses of the vaccine were given to the beneficiaries, it said.
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