The key equity indices were currently trading near the day's high in mid-afternoon trade, led by firmness in IT, private banks and financial shares. However, oil and gas shares declined for second day. The Nifty was trading near the 15,200 mark.
At 14:23 IST, the barometer index, the S&P BSE Sensex, was up 311.53 points or 0.61% to 51,337.01. The Nifty 50 index gained 94.45 points or 0.63% at 15,192.85.
The broader market was trading firm. The S&P BSE Mid-Cap index added 0.68% while the S&P BSE Small-Cap index rose 0.86%.
Buyers outpaced sellers. On the BSE, 1574 shares rose and 1291 shares fell. A total of 192 shares were unchanged.
Global shares were trading higher as falling US bond yields eased concerns about surging inflation. The pullback for yields on Tuesday came as investors watched for the final passage of the Democrats' $1.9 trillion stimulus package in Congress.
On Tuesday, the US House of Representatives voted to advance President Joe Biden's $1.9 trillion Covid-19 relief bill, clearing the way for the measure to be considered on Wednesday, when it is expected to pass.
Numbers to Track:
In the commodities market, Brent crude for May 2021 settlement fell 17 cents to $67.35 a barrel. The contract lost 1.06% or 72 cents to settle at $67.52 a barrel in the previous session.
The yield on 10-year benchmark federal paper rose to 6.213% as compared to its previous close of 6.206%.
In the foreign exchange market, the partially convertible rupee fell to 72.97, compared with its previous closing of 72.93.
MCX Gold futures for 5 April 2021 settlement shed 0.21% to Rs 44,762.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.33% to 91.942.
Primary Market:
The initial public offer (IPO) of Easy Trip Planners received bids for 100.20 crore shares as against 1.50 crore shares on offer, according to the stock exchange data at 14:00 IST on Wednesday (10 March 2021). The issue was subscribed 66.45 times.
The issue opened for bidding on Monday, 8 March 2021, and it will close today, 10 March 2021. The price band for the IPO is set at Rs 186-187 per share. An investor can bid for a minimum lot of 80 equity shares and in multiples thereof.
The IPO comprises an offer for sale (OFS) of equity shares aggregating up to Rs 510 crore (including anchor portion of 1,22,72,727 equity shares). The post issue promoters shareholding in the company would decline to 74.9% from 100%.
Buzzing Index:
The S&P BSE Oil & Gas index was down 1.04% at 15,853.41 as crude oil prices retracted. The index has declined 2.92% in two sessions while the benchmark Sensex has added 1.72% during the same period.
Among the index constituents, ONGC (down 2.52%), Gujarat State Petronet (down 1.97%),Petronet LNG (down 1.59%), Indraprastha Gas (down 1.51%) and Indian Oil Corporation (down 1.49%) were the top losers.
Further, GAIL (India) (down 0.94%), Reliance Industries (down 0.55%), Castrol India (down 0.41%) and Bharat Petroleum Corporation (down 0.1%) edged lower.
Meanwhile, Hindustan Petroleum Corporation (up 1.28%) bucked the trend.
Stocks in Spotlight:
Max Healthcare Institute added 0.10% to Rs 200.25. The QIP issue committee of board of directors of the company approved allotment of 6.14 crore equity shares to eligible qualified institutional buyers at the issue price of Rs 195.40 per equity share, aggregating to Rs 1,200 crore. The QIP issue opened on 4 March 2021 and closed on 9 March 2021.
Cerebra Integrated Technologies jumped 5.35% to Rs 53.15 after the company entered into an agreement with Iron Mountain to provide the IT Assets Disposition services to various organizations in India for recycling of IT e-waste. The company has received a purchase order against the agreement.
Indian Energy Exchange (IEX) added 3.95% to Rs 313.15 after the company announced a strategic divestment of 26% of its equity holding in Indian Gas Exchange (IGX) to National Stock Exchange of India and additional 5% equity holding to ONGC.
Under the agreement, NSE will purchase 1,92,07,500 equity shares having a face value of Rs 10 each representing 26% stake of IGX from IEX for Rs 19.20 crore. Meanwhile, ONGC will purchase 36,93,750 equity shares representing 5% stake in IGX from IEX for Rs 3.69 crore.
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