Key benchmark indices are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 171.84 points or 0.34% at 50,566.92. The Nifty 50 index was up 45.10 points or 0.3% at 14,974.60. Upbeat Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 0.46%. The S&P BSE Small-Cap index was up 0.44%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1301 shares rose and 666 shares fell. A total of 109 shares were unchanged.
Stocks in news:
Adani Ports and Special Economic Zone (APSEZ) rose 1.32%. APSEZ received a Letter of Intent (LOI) from the Ministry of Ports and Shipping of Sri Lanka and the Sri Lanka Ports Authority, acting on behalf of the Government of Sri Lanka, pursuant to approval from the Sri Lankan Cabinet of Ministers for the development and operations of West Container Terminal (WCT) in Colombo, Sri Lanka.
Tata Communications lost 6.16%. The offer for sale (OFS) of the Government of India's (GoI) equity in Tata Communications opens on March 16. The central government would divest 10% shares in the company along with an additional 6.12% as Green Shoe Option.
AU Small Finance Bank advanced 2.71%. The Capital Raising Committee of Board of Directors of the bank approved allotment of 50,00,000 equity shares at the issue price of Rs 1251 per equity share, aggregating to Rs. 625.50 crore pursuant to the QIP issue.
NIIT rose 0.99%. NIIT (USA) Inc., USA, a wholly owned subsidiary of NIIT, has signed a Managed Services agreement with a US based financial services organization (an existing client) to provide a range of learning services. The term of the agreement is 5 years.
Mishra Dhatu Nigam rose 0.05%. The board of directors of the company has declared an interim dividend Rs 1.20 per equity share of Rs 10 each for the financial year 2020-21.
Global Markets:
Asian stocks are trading higher on Tuesday following a relatively subdued start to the global trading week as investors look ahead to the Fed meeting stateside.
In US, the Dow and S&P 500 both hit new records on Monday as investors grew optimistic about the economic reopening from the pandemic.
As a part of the $1.9 trillion stimulus package that became law last week, the IRS started processing $1,400 direct payments for millions of Americans, which is expected to add juice to the already recovering economy.
Investors will be gearing up for the Federal Open Market Committee two-day meeting on March 16 and 17. It is reportedly expected that the U.S. central bank may revise up its GDP forecast, following a $1.9 trillion fiscal stimulus package that will send direct payments of up to $1,400 to most Americans. The Fed will also deliver its decision on interest rates.
Back home, domestic equity indices declined for second trading session on Monday. Resurgence of COVID-19 cases in various part of the country made investors jittery. A contraction in IIP data for January and spike in India's inflation also triggered selling. A sharp increase in US treasury yields and firm crude oil prices also dented investors' sentiment. The S&P BSE Sensex, tanked 397 points or 0.78% at 50,395.08. The Nifty 50 index lost 101.45 points or 0.67% at 14,929.50.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,101.35 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 749.71 crore in the Indian equity market on 15 March, provisional data showed.
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