The key indices traded in a narrow range amid lack of fresh triggers in mid-morning trade. Auto stocks witnessed bargain hunting. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 386.63 points or 0.77% to 50,827.70. The Nifty 50 index added 111.30 points or 0.74% to 15,067.50.
In the broader market, the S&P BSE Mid-Cap index gained 0.22% while the S&P BSE Small-Cap index rose 0.35%.
The market breadth was strong. On the BSE, 1481 shares rose and 1182 shares fell. A total of 181 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 117,130,044 with 2,599,596 deaths. India reported 187,462 active cases of COVID-19 infection and 157,930 deaths while 108,39,894 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Auto index rose 0.31% to 10,539.75. The index had corrected by 2.20% in the past four sessions.
Mahindra & Mahindra (up 1.06%), Tata Motors (up 0.62%), Eicher Motors (up 0.40%) and Maruti Suzuki (up 0.28%) advanced while Bharat Forge (down 0.64%), TVS Motor Company (down 0.46%) and Ashok Leyland (down 0.24%) declined.
Stocks in Spotlight:
Inox Wind added 0.87% to Rs 69.85. The company has signed a binding agreement with Integrum Energy Infrastructure to supply, erect and commission 92 MW of wind power projects comprising of 2 MW (113 metre rotor diameter turbine combined with 92 metre hub height) turbines with a combination of total turnkey and limited scope supply.
JMC Projects (India) soared 17.59% to Rs 92.25. The company has signed an agreement with Fahi Dhiriulhun Corporation (FDC), a state-owned company of the Government of the Republic of the Maldives, for the design, finance and construction of 2,000 social housing units in Hulhumale Island of Maldives. The total value for this project is estimated to be around $137 million (about Rs 1,000 crore) and is planned to be financed via a loan from multilateral funding agency.
Global Markets:
Most Asian stocks declined on Tuesday following a mixed Wall Street session after a big downturn in tech shares.
Japan's economy expanded at a slower-than-initially-reported pace. The economy grew an annualised 11.7% in October-December, weaker than the preliminary reading of 12.7% annualised growth to mark the second straight quarter of growth, Cabinet Office data showed Tuesday.
In US, technology-related shares sold off on Monday in a big downturn that pushed the Nasdaq into a correction and offset stocks that rose on hopes the $1.9 trillion COVID-19 relief bill will spur the U.S. economic recovery. The Dow hit a record intra-day high.
Investors will watch as the U.S. House of Representatives plans to pass a $1.9 trillion coronavirus relief bill to get fresh aid to Americans starting this month. That follows after the Senate passed the legislation over the weekend. President Joe Biden is expected to sign it into law before unemployment aid programs expire on March 14.
U.S. Treasury Secretary Janet Yellen said on Monday the package would fuel a "very strong" U.S. recovery and she did not expect the economy to run too hot because of the increased spending.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
