The Sensex hit a record high of 52,516.76 while the Nifty 50 hit an all-time high of 15,431.75 in early trade.
In broader market, the S&P BSE Mid-Cap index was up 0.32% while the S&P BSE Small-Cap index rose 0.48%. Both the indices outperformed the Sensex.
The market breadth was almost even. On the BSE, 1373 shares rose and 1316 shares fell. A total of 156 shares were unchanged.
Global Markets:
Asian stocks rose on Tuesday as optimism about the global economic recovery and expectations of low interest rates drive investments into riskier assets.
The mainland Chinese markets will remain closed for Lunar New Year through Wednesday. The U.S. stock market was closed on Monday for Presidents Day.
On the coronavirus front, the World Health Organization gave emergency use approval to AstraZeneca's Covid-19 vaccines on Monday, allowing distribution to some of the world's poorest countries to begin.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 109,142,162 with 2,407,607 deaths. India reported 136,872 active cases of COVID-19 infection and 155,813 deaths while 106,33,025 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Indian Economy:
India's exports grew by 6.16% to $27.45 billion in January, according to data by the commerce ministry. Imports grew by 2% to about $42 billion, leaving a trade deficit of $14.54 billion during the month under review, the data showed.
Buzzing Index:
The Nifty PSU Bank index surged 1.74% to 2,317.20, rising for third consecutive trading session. The index has added 4.3% in three days.
Bank of Maharashtra (up 20%), Indian Overseas Bank (up 14.16%), Central Bank of India (up 12.19%), Bank of India (up 10.62%), Indian Bank (up 4.65%), Union Bank of India (up 2.69%) were top gainers in PSU banking space.
Stocks in Spotlight:
Tata Communications jumped 8.35% after the company announced its partnership with Google Cloud to drive cloud adoption and transform Indian businesses. With this partnership, Tata Communications further expanded their managed public cloud services portfolio to include capabilities for Google Cloud.
Glenmark Pharmaceuticals rose 0.62%. The drug maker launched SUTIB, the generic version of Sunitinib oral capsules to treat kidney cancer, in India. The drug is launched at a MRP that is approximately 96% lower than the MRP compared to the innovator brand, priced at Rs 7000 (50 mg), Rs 3600 (25 mg) and Rs 1840 (12.5 mg) per month. Sunitinib is also approved by the US Food and Drug Administration (US FDA).
Primary Market:
The initial public offer (IPO) of Nureca received bids for 1.08 crore shares as against 14.01 lakh shares on offer on Tuesday (16 February 2021), according to the stock exchange data at 11:10 IST. The issue was subscribed 7.75 times. The issue opened for bidding on Monday, 15 February 2021, and it will close on Wednesday, 17 February 2021. The price band for the IPO is set at Rs 396-400 per share. An investor can bid for a minimum lot of 35 equity shares and in multiples thereof. The IPO comprises of public issue of equity shares aggregating to Rs 100 crore (including anchor portion of 11,13,750 equity shares). The net proceeds of the fresh issue are proposed to be utilized towards funding incremental working capital requirements of the company and general corporate purposes. Shares of Nureca will list on 26 February 2021 on bourses.
New Listing:
Brookfield India Real Estate Trust REIT were trading at Rs 268.44 at 11:19 IST on the BSE, at a discount of 2.39% over IPO price of Rs 275 per unit. The stock was listed at Rs 275.05, at a premium of 0.02% to IPO price. So far, the stock hit a high of Rs 280.05 and low of Rs 258.35. On the BSE, 4.93 lakh units were traded on the counter so far. The initial public offer (IPO) of Brookfield India Real Estate Trust received bids for 60.59 crore units as against 7.62 crore units on offer, as per the National Stock Exchange of India (NSE) website data. The issue was subscribed 7.94 times.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
