Bulls dominate D-Street; Sensex zooms 904 pts

Equity indices surged to fresh intraday high in mid afternoon trade. Barring auto stocks, buying was seen across the board. At 14:30 IST, the barometer index, the S&P BSE Sensex, jumped 904.18 points or 1.8% at 51,201.91. The Nifty 50 index gained 257.6 points or 1.73% at 15,176.25.

The broader market rallied. The S&P BSE Mid-Cap index added 1.15% while the S&P BSE Small-Cap index rose 1.48%.

Buyers outnumbered sellers. On the BSE, 1,850 shares rose and 1,074 shares fell. A total of 173 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,223.16 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 854.04 crore in the Indian equity market on 2 March 2021, provisional data showed.

Economy:

IHS Markit India Services PMI rose to 55.3 in February 2021 from 52.8 in January 2021. The seasonally adjusted India Services Business Activity Index pointed to the sharpest rate of expansion in output in one year. Moreover, the latest reading extended the current growth sequence to five months. Survey participants linked the upturn to improved demand and more favourable market conditions. New work intakes expanded for the fifth straight month, and at the fastest pace over this sequence. According to monitored companies, marketing efforts and increases in new clients led to sales growth.

Meanwhile, the auction of telecom spectrum ended on Tuesday (2 March) with total bids of Rs 77,814.80 crore for the airwaves. Telecommunications Secretary Anshu Prakash said, incremental bids for Rs 668.20 crore were made on the second and concluding day of spectrum auction.

The bidding took place for spectrum in 800-Megahertz, 900-Megahertz, 1,800-Megahertz, 2,100 Megahertz and 2,300 Megahertz bands. The total quantity of spectrum for which right to use has been acquired in these bands is 855.60 Megahertz.

Three bidders, Bharti Airtel, Vodafone Idea and Reliance JioInfocomm participated in the auction. A total quantity of 2,308.80-Megahertz spectrum was put to auction, including spectrum that is expiring up to December this year.

Spectrum Usage Charges for the spectrum acquired in this auction will be payable at the rate of 3% of adjusted gross revenue of the licensee, excluding revenue from wireline services.

Buzzing Index:

The Nifty IT index surged 1.39% to 25,652.40, rising for third trading session. The index has added 5.56% in three trading days.

Coforge (up 2.65%), Infosys (up 2.2%), L&T Infotech (up 2.13%), Info Edge (up 1.74%), TCS (up 1.3%), HCL Tech (up 0.75%) and Tech Mahindra (up 0.64%) were top gainers in IT segment.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.243% as compared to its previous close of 6.236%.

In the foreign exchange market, the partially convertible rupee rose to 72.9525, compared with its previous closing of 73.3700.

MCX Gold futures for 5 April 2021 settlement fell 0.79% to Rs 45,187.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.03% to 90.817.

In the commodities market, Brent crude for May 2021 settlement rose 24 cents to $62.94 a barrel. The contract slipped 1.55% to settle at $62.7 a barrel in the previous session.

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