The equity barometers sharply pared losses in afternoon trade. The Nifty hovered between 14,600 and 14,700 levels. Investors booked profits during intraday trade. Media, auto and metal stocks were in demand.
At 12:20 IST, the barometer index, the S&P BSE Sensex, jumped 395.49 points or 0.81% at 49,495.48. The Nifty 50 index gained 115.55 points or 0.80% at 14,644.70.
In the broader market, the S&P BSE Mid-Cap index rose 0.78% while the S&P BSE Small-Cap index added 1.07%.
The market breadth was strong. On the BSE, 1,800 shares rose and 1,059 shares fell. A total of 187 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 5.66% to 26.5475. The Nifty 25 March 2021 futures were trading at 14,737.05, at a premium of 92.35 points as compared with the spot at 14,644.70.
The Nifty option chain for 25 March 2021 expiry showed maximum Call OI of 23.4 lakh contracts at the 16,000 strike price. Maximum Put OI of 32.6 lakh contracts was seen at 14,000 strike price.
Economy:
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) stood at 57.5 in February 2021, highlighting a strong improvement in operating conditions that was broadly similar to that recorded in January (57.7). The headline figure remained above its long-run average of 53.6.
India's economy returned to growth in its fiscal third quarter after a recession earlier in 2020. Gross domestic product grew 0.4% in October-December compared with the same period a year earlier, data released by the National Statistics Office on Friday showed. That compared with revised contractions of 7.3% in July-September and 24.4% in April-June.
The output of eight core infrastructure sectors grew marginally by 0.1% in January, mainly due to growth in the production of fertiliser, steel and electricity. The core sectors had expanded by 2.2% in January 2020, according to the provisional data released by the Commerce and Industry Ministry on Friday.
The Central government's fiscal deficit soared to Rs 12.34 lakh crore or 66.8% of the revised Budget estimates at the end of January 2021 of the current fiscal. The fiscal deficit at the end of January 2021 in the previous financial year was 128.5% of the Revised Estimates (RE).
Meanwhile, the country's foreign exchange reserves increased by $169 million to $583.865 billion in the week ended 19 February 2021, as per the data released by RBI. In the previous week ended 12 February 2021, the reserves had declined by $249 million to $583.697 billion. It had touched a record high of $590.185 billion in the week ended 29 January 2021 this year.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 11,40,67,979 with 25,30,716 deaths. India reported 1,68,627 active cases of COVID-19 infection and 1,57,157 deaths while 1,07,86,457 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Stocks in Spotlight:
Godrej Properties fell 1.22%. The Mumbai-based real estate developer will acquire two plots in Sanpada, Navi Mumbai from the City and Industrial Development Corporation (CIDCO). Godrej Properties (GPL) announced the addition of a new residential project in Sanpada, Navi Mumbai. GPL emerged as the highest bidder in the CIDCO e-auctioning process with the total bidding value of Rs 166 crore for the two adjacent plots.
Manappuram Finance slipped 1.67%. The company is considering various options for raising funds through borrowings including by the way of various debt securities in onshore/offshore securities market by public issue, on private placement basis, or through commercial papers.
Tata Chemicals rose 0.23%. The board of Tata Chemicals has approved the appointment of Nandakumar S. Tirumalai as the chief financial officer and key managerial personnel of the company with effect from 1 April 2021. Nandakumar S. Tirumalai is currently the vice president (finance) with Titan Company. Meanwhile, John Mulhall will cease to be CFO of Tata Chemicals with effect from the end of 31 March 2021. Mulhall is transitioning into the role of managing director & CEO of Tata Chemicals North America, Inc., a wholly owned subsidiary of the company.
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