Market opens on firm note; breadth strong

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 501.94 points or 1.04% at 48,942.06. The Nifty 50 index was up 157 points or 1.1% at 14,481.90. Upbeat Asian stocks boosted sentiment.

The S&P BSE Mid-Cap index was up 1.46%. The S&P BSE Small-Cap index was up 1.31%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1562 shares rose and 472 shares fell. A total of 102 shares were unchanged.

Supreme Court judgement:

Tata group stocks will be in focus. The Supreme Court is scheduled to pronounce on Friday its judgement on the cross appeals filed by Tata Sons Pvt Ltd and Cyrus Investments Pvt Ltd against the NCLAT order which had restored Cyrus Mistry as the executive chairman of the over $100 billion salt-to-software Tata conglomerate.

Stocks in news:

Lupin shed 0.89%. Lupin has agreed in principle to subscribe to a partnership interest in ABCD Technologies LLP (to be renamed as Indo Health Services LLP) at a cost of Rs 40 crore.

Mahindra Lifespace Developers rose 0.54%. The company announced the addition of a new residential project in Kalyan. The company has entered into an agreement for sale for 10.3 acres. This new project will offer approximately 7 lakh sq. ft. of carpet area and is expected to be launched in FY 2022.

Hathway Cable & Datacom dropped 4.2%. Hathway Cable & Datacom said that Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings will sell 33,79,83,855 equity shares or 19.09% stake in the company through offer for sale on March 26 and March 30. The floor price has been fixed at Rs 25.25 per share.

Den Networks lost 3.01%. Den Networks said that Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings and Jio Television Distribution Holdings will sell 5,54,85,048 equity shares or 11.63% stake in the company through offer for sale on March 26 and March 30. The floor price for the sale has been fixed at Rs 48.50 per share.

Somany Home Innovation rose 4.99%. Somany Home Innovation said that Group Atlantic, France, will invest Rs 68.3 crore for a 50% stake in the water heater business subsidiary of the company.

Global Markets:

Overseas, Asian stocks rose in Friday trade following an overnight rebound on Wall Street.

U.S. stocks staged a late-day comeback on Thursday, boosted by economic comeback plays as the market rebounded from a two-day losing streak.

Federal Reserve Chairman Jerome Powell acknowledged Thursday that fiscal help from Congress and accelerated vaccine distribution has allowed the U.S. to recover faster than expected.

Back home, key equity indices ended near the day's low on Thursday amid broader selling pressure. The barometer index, the S&P BSE Sensex, slumped 740.19 points or 1.51% to 48,440.12. The Nifty 50 index tumbled 224.50 points or 1.54% to 14,324.90.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,383.60 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,267.69 crore in the Indian equity market on 25 March, provisional data showed.

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