At 10:28 IST, the barometer index, the S&P BSE Sensex, surged 789.33 points or 1.61% at 49,797.55. The Nifty 50 index was up 244.65 points or 1.69% at 14,751.65.
In broader market, the S&P BSE Mid-Cap index was up 1.12% while the S&P BSE Small-Cap index was up 0.95%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1620 shares rose and 1340 shares fell. A total of 175 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 127,581,652 with 2,791,072 deaths. India reported 540,720 active cases of COVID-19 infection and 162,114 deaths while 113,93,021 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.
Buzzing Index:
The Nifty Metal index jumped 3.25% to 3,980.70, rising for third trading session. The index surged 7% in three trading days.
Steel Authority of India (up 4.04%), JSW Steel (up 3.8%), Tata Steel (up 3.53%), Jindal Steel & Power (up 3.42%), NMDC (up 3.12%), National Aluminium Company (up 2.23%), Coal India (up 1.85%), Hindustan Zinc (up 1.15%), Hindalco Industries (up 0.89%) and Vedanta (up 0.49%) advanced.
New Listing:
Shares of Nazara Technologies were trading at Rs 1783.70 at 10:13 IST on the BSE, a premium of 62.01% over the initial public offer (IPO) price of Rs 1101. The stock was listed at Rs 1971, a premium of 79.02% to the IPO price. So far, the stock hit a high of Rs 1729.10 and low of Rs 2026.90. On the BSE, 2.63 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 1100-1101 per share.
Stocks in Spotlight:
Adani Transmission (ATL) rose 2.75% to Rs 892.95 after the company said it has signed definitive agreements with Essel Infraprojects (EIL) for the acquisition of Warora-Kurnool Transmission (WKTL). ATL's acquisition values the enterprise valuation of the target at Rs 3,370 crore. WKTL will develop, operate and maintain transmission system aggregating to about 1,750 ckt km in Maharashtra, Telangana and Andhra Pradesh and a 765/400 kV substation at Warangal.
Minda Industries jumped 3.39% to Rs 560 after the company's board approved expansion in four wheel lighting and alloy wheel businesses. The company said the capacity expansion is undertaken considering the improved market scenario and increased demand, wherein the said businesses have been operating at near capacity. The expanded facilities are expected to commence operations by quarter ending March 2022 and expected to stabilize by June 2022.
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