The benchmark indices were trading with modest gains in early afternoon trade. The Nifty reclaimed the 14,800 mark. Global cues were positive after the US Federal Reserve kept monetary policy and rates unchanged and projected a rapid jump in US economic growth. Firmness in metal, auto and financial scrips boosted the market.
At 12:20 IST, the barometer index, the S&P BSE Sensex, advanced 297.08 points or 0.60% at 50,098.70. The Nifty 50 index added 84.70 points or 0.58% at 14,806.
In the broader market, the S&P BSE Mid-Cap index rose 0.37% while the S&P BSE Small-Cap index was flat.
The market breadth was negative. On the BSE, 1,294 shares rose and 1,490 shares fell. A total of 142 shares were unchanged.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 12,11,96,160 with 26,80,410 deaths. India reported 2,52,364 active cases of COVID-19 infection and 1,59,216 deaths while 1,10,63,025 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India detected 35,871 cases of the novel coronavirus on Wednesday, of which 23,179 cases (close to 65%) were from Maharashtra.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, dropped 5.37% to 19.0750. The Nifty 25 March 2021 futures were trading at 14,846.70, at a premium of 40.70 points as compared with the spot at 14,806.
The Nifty option chain for 25 March 2021 expiry showed maximum Call OI of 29.7 lakh contracts at the 15,000 strike price. Maximum Put OI of 29.6 lakh contracts was seen at 14,500 strike price.
Buzzing Index:
The Nifty Financial Services index rose 1.07% to 16,149.15. The index declined 4.26% in four days.
Bajaj Holdings (up 3.57%), Piramal Enterprises (up 3.39%), Bajaj Finance (up 2.43%), Bajaj Finserv (up 1.74%) and M&M Financial Services (up 1.72%) advanced.
Stocks in Spotlight:
TVS Motor Company gained 0.78%. The two-wheel maker said that its board will meet on Wednesday, 24 March 2021, to consider and declare second interim dividend for the year ending 31 March 2021. The record date for the purpose of interim dividend will be 2 April 2021.
IRCTC fell 0.69%. The company announced on Wednesday that 136 contracts, taken over from the railways as per the Catering Policy of 2017 and five long term contracts, that were kept in abeyance, have been terminated.
This is in regards to the Madras High Court order to terminate all existing contracts of mobile catering. These contracts were for the regular trains, which are not in operation as on date.
IRCTC added that there has been no major impact of these terminations in this FY 2020-21 and the impact, if any, will be reassessed on resumption of regular train services and subject to outcome of the ongoing litigation.
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