Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 355.75 points or 0.71% at 50,652.64. The Nifty 50 index was up 102.60 points or 0.69% at 15,021.70. The Nifty regained the psychological 15,000 mark in opening trade.
The S&P BSE Mid-Cap index was up 0.86%. The S&P BSE Small-Cap index was up 1%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1520 shares rose and 500 shares fell. A total of 75 shares were unchanged.
Stocks in news:
Reliance Industries (RIL) rose 1.04%. Reliance Jio Infocomm (RJIL) announced that it has successfully acquired the right to use spectrum in all 22 circles across India in the recently concluded spectrum auctions conducted by Department of Telecommunications, Government of India. The payment to be made for the right to use this technology agnostic spectrum for a period of 20 years is Rs. 57,123 crore
HCL Technologies shed 0.3%. HCL Technologies and Google Cloud announced the expansion of their strategic partnership to bring HCL Software's Digital Experience (DX) and Unica Marketing cloud-native platforms to Google Cloud.
Ircon International dropped 6.23% to Rs 91.75. Ircon International announced that the company's promoter proposes to sell up to 4,70,25,787 equity shares of the company, representing 10% of the issued and paid up share capital of the company on 03 March and 04 March 2021 through a separate window of the BSE and NSE. The Government may exercise an option to additionally sell 2,82,15,473 equity shares, representing 6% of the issued and paid up share capital of the company. The floor price for the offer shall be Rs 88 per share.
Mahindra Lifespace Developers gained 2.21%. Mahindra Lifespace Developers said the company has launched its residential project 'Aclove', at Chandivali, Andheri, Mumbai Metropolitan Region. The project is registered with Maharashtra RERA.
Engineers India advanced 3.33%. Indian Oil Corporation has awarded the project for execution of consultancy for overall project management and EPCM Services (Phase II) for capacity expansion of Panipat refinery from 15 MMTPA to 25 MMTPA (P-25 Project) to Engineers India. The total awarded order value is around Rs 600 crore with a total project schedule of 40 months for mechanical completion.
V- Mart Retail rose 1.81%. The company has opened a new store, in the state of Bihar. The company has also closed two stores in the state of Assam and Uttar Pradesh respectively.
Global Markets:
Overseas, Asian stocks are trading mixed on Wednesday, as a private survey showed slowing services sector activity in China last month. The Caixin/Markit services Purchasing Managers' Index came in at 51.5 for February, a decline from January's reading of 52. PMI readings above 50 represent expansion while those below that level signify contraction.
Japan's services sector extended declines in February for a 13th straight month. The final au Jibun Bank Japan Services Purchasing Managers' Index (PMI) came in at a seasonally adjusted 46.3.
U.S. stocks fell on Tuesday led by technology names, as the market gave back some of the strong gains from the previous session.
In coronavirus developments, U.S. President Joe Biden said Tuesday the country will have a large enough supply of coronavirus vaccines to inoculate every adult in the nation by the end of May two months earlier than previously expected.
Back home, key equity indices advanced for the second session and closed near the day's high with strong gains on Tuesday. The Sensex settled above the 50,000 mark while the Nifty managed to close above the 14,900 mark amid strong buying in the last hour of the trading session. The barometer index, the S&P BSE Sensex, climbed 447.05 points or 0.90% at 50,296.89. The Nifty 50 index surged 157.55 points or 1.07% at 14,919.10.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,223.16 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 854.04 crore in the Indian equity market on 2 March, provisional data showed.
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