Market opens on higher note in early trade; breadth strong

The key equity benchmarks traded with limited gains in early trade. The Nifty traded above 22,350 mark. All the sectoral indices on the NSE were in the green with media, consumer durables and healthcare shares gaining the most.

At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 71.39 points or 0.10% to 73,816.74. The Nifty 50 index added 41.15 points or 0.18% to 22,379.90.

In the broader market, the S&P BSE Mid-Cap index rose 0.46% and the S&P BSE Small-Cap index added 0.55%.

The market breadth was strong. On the BSE, 1,950 shares rose and 733 shares fell. A total of 81 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 128.94 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,814.53 crore in the Indian equity market on 1 March, provisional data showed.

The National Stock Exchange and Bombay Stock Exchange will hold a special live trading session today, 2 March 2024 in the equity and F&O segments with an intra-day switchover from the Primary site to the Disaster Recovery site. There will be two sessions the first from 9:15 am to 10 am and the second from 11:30 am to 12:30 pm.

Stocks in Spotlight:

Hero MotoCorp advanced 1.86% after the company's sales rose to 468,410 units in February 2024 as compared to sales of 394,460 units in February 2023.

Infosys rose 0.30%. The company and PROG Holdings, Inc. announced an agreement that is expected to evolve and scale PROG Holdings technology operations as an integral part of the companys ongoing cloud- and AI-focused technology modernization and innovation efforts. The collaboration will enable PROG Holdings to take advantage of Infosys digital services, including cutting-edge technologies, which PROG Holdings believes will help it realize operational efficiencies, accelerate technology enhancements, and improve speed to market.

Axis Bank shed 0.27%. The bank proposes to raise funds by issuing fully paid, senior, rated, listed, unsecured, taxable, redeemable, long term non-convertible debentures (Series-7). Base issue size of Rs. 1000 crore and green shoe option to retain over subscription of Rs 3000 crore, thereby aggregating upto Rs 4000 crore.

Global Markets:

U.S. stocks rose on Friday, with the S&P 500 and Nasdaq closing at record highs, as technology stocks rallied on continued enthusiasm for artificial intelligence, with further support from declining Treasury yields.

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