The domestic equity benchmarks continued to trade with decent gains in mid-morning trade amid positive global cues. Shares in capital good segment gained for the second day. The Nifty was trading above the 15,250 mark.
At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 336.71 points or 0.66% to 51,616.22. The Nifty 50 index added 97.5 points or 0.64% to 15,272.30.
Global investors cheered the European Central Bank (ECB)'s pledge to step up the pace of bond purchases to keep rising yields from derailing the European region's economic recovery. The ECB on Thursday said it would use its 1.85 trillion Pandemic Emergency Purchase Programme (PEPP) more generously over the coming months to stop any unwarranted rise in debt financing costs.
In the broader market, the S&P BSE Mid-Cap index rose 0.81% while the S&P BSE Small-Cap index gained 1%.
The market breadth was strong. On the BSE, 1686 shares rose and 1027 shares fell. A total of 196 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 118,545,934 with 2,629,240 deaths. India reported 1,97,237 active cases of COVID-19 infection and 1,58,306 deaths while 1,09,53,303 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Primary Market:
The initial public offer (IPO) of Anupam Rasayan India received bids for 37.60 lakh shares as against 97.01 lakh shares on offer, according to the stock exchange data at 11:30 IST on Friday (12 March 2021). The issue was subscribed 0.39 times.
The issue opened for bidding on Friday, 12 March 2021, and it will close on Tuesday, 16 March 2021. The price band for the IPO is set at Rs 553-555 per share.
The IPO comprises of equity shares aggregating up to Rs 760 crore (including anchor portion of 40,48,647 equity shares).
Buzzing Index:
The S&P BSE Capital Goods index was up 1.43% at 22702.52. The index has added 2.62% in two sessions while the benchmark Sensex has added 1.14% during the same period.
Among the index components, Kalpataru Power Transmission (up 2.82%), Siemens (up 2.70%), Larsen & Toubro (up 2.28%), Grindwell Norton (up 1.90%), V-Guard Industries (up 1.66%) were the top gainers.
Other gainers included Carborundum Universal (up 2.08%), Lakshmi Machine Works (up 1.93%), Bharat Electronics (up 1.82%) and Havells India (up 1.30%).
Stocks in Spotlight:
SBI Life Insurance Company slipped 1% to Rs 930.60, amid strong volumes. On the BSE, 5.43 crore shares were traded in the counter so far compared with average daily volumes of 85,648 shares in the past one quarter.
The media reported that BNP Paribas Cardif is looking to sell its stake in SBI Life Insurance. As of 31 December 2020, BNP Cardif, classified as promoter group, held 5.2% stake in SBI Life.
Happiest Minds Technologies rose 1.05% to Rs 547.35 after the IT company said that it has entered into a partnership with Ilantus Technologies to enhance its identity and access management capabilities. The partnership enables Happiest Minds to manage and safeguard an organization's intellectual property from Identity and Access theft while enhancing their risk and regulatory governance landscape.
Global Markets:
Asian stocks drifted higher Friday, taking cues from Wall Street where stocks climbed to record highs overnight.
US stocks climbed to record highs Thursday as the comeback in tech shares resumed, while the signing of additional fiscal stimulus gave sentiment a further boost.
President Joe Biden signed a $1.9 trillion coronavirus relief package into law Thursday afternoon. The plan will send direct payments of up to $1,400 to most Americans, and will also put nearly $20 billion into Covid-19 vaccinations and $350 billion into state, local and tribal relief. The White House said Thursday that stimulus checks could start hitting bank accounts this weekend.
On the data front, investors cheered a slightly better-than-expected reading on weekly jobless claims. The Labor Department reported that first-time filings for unemployment insurance in the week ended March 6 totaled a seasonally adjusted 712,000. The Labor Department said Thursday that applications for unemployment aid dropped by 42,000 from 754,000 the week before.
Elsewhere, Euro zone bond yields fell after the European Central Bank said it was ready to accelerate money-printing to keep a lid on borrowing costs, using its 1.85 trillion euro Pandemic Emergency Purchase Program (PEPP) more generously over the coming months to stop any unwarranted rise in debt financing costs. Bond yields in the euro zone have been ticking higher since February, in line with the yield on U.S. Treasury notes.
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