Key benchmark indices are trading on a strong note in early trade, extending yesterday's rally as investors cheered Union Budget proposals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 1,018.26 points or 2.1% at 49,618.87. The Nifty 50 index was up 301.45 points or 2.11% at 14,582.65.
The S&P BSE Mid-Cap index was up 2.01%. The S&P BSE Small-Cap index was up 1.73%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1514 shares rose and 324 shares fell. A total of 77 shares were unchanged.
Stocks in news:
Hero MotoCorp fell 0.72%. Hero MotoCorp sold 485,889 units of motorcycles and scooters in January 2021, lower than 501,622 units sold in January 2020.
Axis Bank advanced 3%. Axis Bank said that credit rating agency CRISIL Ratings has reaffirmed its 'CRISIL AAA / Stable, CRISIL AA+ / Stable / CRISIL A1+' ratings on the debt instruments of the bank.
Coal India rose 1.9%. Coal India said that its coal production on a provisional basis was 60.5 million tonnes in in January 2021 as against 63.1 million tonnes in January 2020. Offtake fell to 53.3 million tonnes from 55.9 million tonnes in the same period.
Power Grid Corporation of India gained 1.43%. The company was declared as the successful bidder under Tariff based competitive bidding to establish transmission system for Transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase II - Part C on build, own operate and maintain (BOOM) basis. The Transmission system comprises establishment of a new 765/400kV Substation, 765kVD/C and 400kV D/C Transmission lines and associated Substation extension works in the State of Rajasthan.
Eicher Motors rose 1.35%. Eicher Motors said that the company sold 68,887 units of Royal Enfield in January 2021, higher than 63,520 units in January 2020.
VST Tillers & Tractors surged 3.02%. The company said it sold 2,258 units of power tillers in January 2021 against 1,971 units in January 2020. Tractor sales increased to 647 from 516 units.
Global Markets:
Overseas, Asian stocks are trading higher on Tuesday following an overnight jump on Wall Street. The Japanese government is set to extend the state of emergency covering Tokyo and other regions till March 7 in order to contain the coronavirus, as per media reports.
US stocks jumped on Monday, the first session of February, as Wall Street appeared to shake off concerns about a speculative retail trading mania that largely drove the market's worst weekly sell-off since October.
Meanwhile, a group of 10 Republican senators sent President Joe Biden a letter on Sunday, urging him to consider a smaller, scaled-down Covid-19 relief proposal. His current plan calls for $1.9 trillion in additional fiscal stimulus.
The Republican proposal would reduce the size of a new round of checks Biden wants to send to Americans, from $1,400 per individual to $1,000. It would also make the income limits that determine eligibility for the stimulus payments far stricter. For individual filers the checks would start to phase out for those making more than $40,000.
The alternative proposal comes after House Speaker Nancy Pelosi said the chamber will move to pass a budget resolution, the first step toward approving legislation through reconciliation. The process would enable Senate Democrats to approve an aid measure without GOP votes.
In economic data, US manufacturing activity slowed slightly in January. The Institute for Supply Management (ISM) said on Monday its index of national factory activity fell to a reading of 58.7 last month from 60.5 in December.
Back home, domestic shares ended with robust gains on Monday as investors cheered Union Budget proposals. The S&P BSE Sensex, jumped 2,314.84 points or 5% to 48,600.61. The Nifty 50 index surged 646.60 points or 4.74% to 14,281.20.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,494.23 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 90.46 crore in the Indian equity market on 1 February, provisional data showed.
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