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 486.69 points or 0.98% at 50,336.53. The Nifty 50 index was up 139.45 points or 0.94% at 14,901. The Sensex regained the psychological 50,000 mark in opening trade. Upbeat Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 1.04%. The S&P BSE Small-Cap index was up 1.13%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1577 shares rose and 479 shares fell. A total of 80 shares were unchanged.
Stocks in news:
Hero MotoCorp rose 1.9%. Hero MotoCorp sold 505,467 units of motorcycles and scooters in February 2021. The company had dispatched 498,242 units of two-wheelers during the corresponding month of the previous year (February 2020).
Eicher Motors fell 0.44%. Eicher Motors said its total motorcycle sales rose to 69,659 units in February 2021 from 63,536 units in February 2020.
Bharat Petroleum Corporation (BPCL) advanced 3.24%. BPCL said that its board of directors approved the proposal for sale of entire equity shares i.e. 45,35,45,998 equity shares of Rs 10 each held by BPCL in Numaligarh Refinery (NRL) (constituting 61 .65% of the total equity capital of NRL), a material subsidiary company of BPCL to a consortium of Oil India and Engineers India, (consortium); and to Govt. of Assam, or only to the said consortium in case Govt. of Assam does not participate in purchase of said shares, in such proportion and on such terms and conditions as approved by the Board. Total consideration would be Rs. 9875.96 crore.
UPL rose 0.72%. UPL announced a long-term strategic collaboration with FMC Corporation, a leading global agricultural sciences company. As per the agreement, UPL will toll manufacture and supply Rynaxypyr to FMC in India, and FMC will supply the active ingredient to UPL depending on the markets.
IRCTC fell 1.63%. IRCTC said that Railway Ministry has directed the company to terminate all existing contracts of mobile catering (currently kept in abeyance) involving scope of work of providing cooked food to passengers prepared from base kitchens as per the existing terms and conditions.
Camlin Fine Sciences jumped 7.2%. Camlin Fine Sciences said that MPCB has issued restart directions with respect to the company's manufacturing unit at Tarapur, District Palghar, Maharashtra subject to the company fulfilling certain terms and conditions. The manufacturing unit shall now be functional from 2nd March 2021.
Global Markets:
Overseas, Asian stocks are trading higher on Tuesday following strong gains overnight for shares on Wall Street.
U.S. stocks jumped sharply on Monday in a broad-based rally as stocks tied to the economic reopening jumped on vaccine optimism, while tech names rebounded from steep losses last week.
U.S. manufacturing activity increased to a three-year high in February amid a surge in new orders. The ISM said its index of national factory activity rebounded to a reading of 60.8 last month from 58.7 in January. That was the highest level since February 2018.
Back home, domestic benchmark indices closed with robust gains on Monday. Value buying emerged after India's GDP returned to positive territory after contracting for two straight quarters. The barometer index, the S&P BSE Sensex, surged 749.85 points or 1.53% at 49,849.84. The Nifty 50 index advanced 232.40 points or 1.60% at 14,761.55.
Foreign portfolio investors (FPIs) bought shares worth Rs 125.15 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 194.88 crore in the Indian equity market on 1 March, provisional data showed.
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