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 266.17 points or 0.53% at 50,037.46. The Nifty 50 index was up 88.55 points or 0.6% at 14,824.95. The Sensex regained the psychological 50,000 mark in early trade. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was up 0.92%. The S&P BSE Small-Cap index was up 0.93%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1532 shares rose and 463 shares fell. A total of 78 shares were unchanged.
Supreme Court judgement:
The Supreme Court would deliver its judgment in the loan moratorium case today, 23 March 2021, as per reports. A batch of pleas were moved before the apex court last year seeking waiver from interest on interest in respect of EMIs which were not paid by the borrowers after availing the loan moratorium scheme. The six-month loan moratorium scheme was extended by Reserve Bank of India (RBI) in the wake of the COVID-19 pandemic.
Stocks in news:
Maruti Suzuki India rose 0.95%. Maruti Suzuki India said that over the past year the cost of company's vehicles has been impacted adversely due to increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase in April, 2021. This price increase shall vary for different models.
Bharti Airtel rose 0.06%. The company has further agreed on March 22, 2021 for acquisition of additional 2,914,100 equity shares (approx. 3.33%) at Rs. 10/- per equity share in Avaada MHBuldhana Private Limited, a special purpose vehicle formed for the purpose of owning and operating the Captive Power Plant, in terms of the regulatory requirement for captive power consumption under electricity laws. The indicative time for completion of the acquisition is April 30, 2021.
Mahindra & Mahindra (M&M) rose 0.74%. M&M said that the Ministry of Defence (MoD) signed a contract with Mahindra Defence Systems (MDSL), a wholly owned subsidiary of the company for supply of 1,300 Light Specialist Vehicles to the Indian Army, at a cost of Rs 1,056 crore. The induction of vehicles is planned to be completed in four years.
KEC International gained 2.84% after the company secured new orders of Rs 1,429 crore across its various businesses.
Global Markets:
Asian stocks are trading mixed on Tuesday, with Chinese search giant Baidu making its debut in Hong Kong.
U.S. stocks jumped on Monday led by technology shares as investors flocked back into growth names amid declining bond yields.
The moves came as the 10-year Treasury yield declined 5 basis points to around 1.68% (1 basis point equals 0.01%), following a 14-month high touched last week. It last stood at 1.6964%.
U.S. trial data released Monday showed the Covid vaccine developed by AstraZeneca and the University of Oxford is 79% effective in preventing symptomatic illness and 100% effective against severe disease and hospitalization.
Back home, domestic equity benchmarks ended with minor cuts after a volatile session on Monday. Mixed global cues and rising COVID-19 cases in India spoiled sentiment. The barometer index, the S&P BSE Sensex, slipped 86.95 points or 0.17% to 49,771.29. The Nifty 50 index declined 7.60 points or 0.05% to 14,736.40.
Foreign portfolio investors (FPIs) sold shares worth Rs 786.98 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 542.70 crore in the Indian equity market on 22 March, provisional data showed.
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