Market gains strength after opening higher

Key indices opened higher and gained strength taking cues from the Asian peers. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 541.40 points or 1.42% at 38,685.42. The Nifty 50 index was up 172.80 points or 1.55% at 11,305.55.

The S&P BSE Mid-Cap index was up 1.65%. The S&P BSE Small-Cap index was up 1.56%. Both these indices outperformed the BSE Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 274 shares rose and 68 shares fell. A total of 21 shares were unchanged.

Stocks in news:

Hero MotoCorp rose 2.05%. Hero MotoCorp reported 19.3% decline in total two-wheeler sales to 498242 units in February 2020 from 617215 units in February 2019. Hero MotoCorp moved ahead to manufacturing only BS-VI vehicles and stopped the production of all BS-IV two-wheelers in the month of February.

Infosys added 1.59%. Infosys and IBM announced a global alliance to help enterprises accelerate their digital transformation journey using the IBM public cloud.

Torrent Power gained 1.63%. Torrent Power said that Maharashtra State Electricity Distribution Company (MSEDCL) has handed over Shil, Mumbra & Kalwa (SMK) sub-divisions under Thane Urban Circle, Maharashtra on 1 March 2020.

NCC rose 4.09%. NCC informed that the company has received one new order for Rs 85 crore (exclusive of GST) in the month of February, 2020, and during the month one order for Rs 1550 crore pertaining to NBCC, Nauroji Nagar, New Delhi has been reinstated after Delhi High Court Judgment. These orders pertain to Building Division and are received from a Central/State Government agencies and do not include any internal orders.

Global Markets:

Overseas, Asian stocks were trading higher on Tuesday on mounting speculation policymakers around the world would move to ease the economic fallout from the spreading coronavirus.

In US, the Dow Jones Industrial Average scored its biggest one-day percentage gain in nearly 11 years on Monday, as stocks bounced back sharply from the previous week's selloff, with the rebound fuelled by expectations that policy makers will move to cushion the impact of the COVID-19 outbreak on the global economy. The Dow Jones rallied 1,294 points, most in its history.

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