Broader market trades firm; breadth remains strong

The benchmark indices firmed up once again in afternoon trade. The Nifty reclaimed 15,100 mark again. Positive global cues boosted investors' sentiment. Trading was volatile as the February 2021 F&O contracts expire today, 25 February 2021.

At 13:20 IST, the barometer index, the S&P BSE Sensex, soared 386.07 points or 0.76% at 51,167.76. The Nifty 50 index added 149.35 points or 1% at 15,131.35.

Reliance Industries (up 3.31%), Axis Bank (up 3.75%) and HDFC Bank (up 0.94%) supported the uptrend.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 1.12%. The S&P BSE Small-Cap index gained 1.25%.

Buyers outpaced sellers. On the BSE, 1,792 shares rose and 1,052 shares fell. A total of 148 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 28,739.17 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 230.44 crore in the Indian equity market on 25 February 2021, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 11,25,53,318 with 24,97,419 deaths. India reported 1,51,708 active cases of COVID-19 infection and 1,56,705 deaths while 1,07,38,501 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Gainers & Losers:

Coal India (up 7.31%), NTPC (up 6.10%), BPCL (up 5.99%), ONGC (up 5.94%) and UPL (up 5.24%) were major gainers in Nifty 50 index.

Nestle India (down 1.39%), ICICI Bank (down 1.13%), Titan Company (down 1.13%), Ultratech Cement Company (down 1.03%) and Shree Cement (down 0.82%) were major losers in Nifty 50 index.

Stocks in Spotlight:

IRB Infrastructure Developers rose 0.52%. Thane Ghodbunder Toll Road, a wholly-owned subsidiary of IRB Infrastructure Developers, has successfully completed concession period of Thane Ghodbunder BOT project on 23 February 2021 and handed over the project to the Maharashtra State Road Development Corporation. This project special purpose vehicle (SPV) has contributed appoximately 1% of consolidated total income of IRB Infrastructure Developers as on 31 December 2020.

Piramal Enterprises spurted 4.91% after the company said its subsidiary, Piramal Pharma, has completed the acquisition of Convergence Chemicals on 24 February 2021. On 28 October 2020, Piramal Enterprises announced that its subsidiary, Piramal Pharma (PPL), will acquire additional stake in Convergence Chemicals (CCPL) for an aggregate cash consideration of Rs 65.10 crore. The transaction is now closed.

Global Markets:

European stocks opened higher while Asian stocks were trading higher on Thursday, as global markets jumped following reassuring comments from Federal Reserve Chairman Jerome Powell on the inflation outlook.

Shares on Wall Street advanced on Wednesday, as a selloff in technology-related stocks eased and a rotation into cyclical shares continued after Federal Reserve Chair Jerome Powell's comments calmed inflation worries.

The moves on Wall Street came as U.S. Federal Reserve Chair Jerome Powell continued to downplay the threat of inflation, saying it could take three years to reach the central bank's target consistently.

In Wednesday's testimony in front of the House Financial Services Committee, Powell said inflation could be volatile as the economy reopens and there's increased demand. Still, the Fed chair does not expect inflation to run hot and said the central bank has tools to combat it if it should.

On Wednesday, the Food and Drug Administration's staff endorsed Johnson & Johnson's single-shot COVID-19 vaccine for emergency use, bringing in a third vaccine to the U.S.

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