Key benchmark indices are trading firm in early trade on buying demand in index pivotals as trading resumed after long weekend. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 470.05 points or 0.96% at 49,478.55. The Nifty 50 index was up 145.35 points or 1% at 14,652.65. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was up 0.91%. The S&P BSE Small-Cap index was up 0.9%.
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The market breadth, indicating the overall health of the market, is strong. On the BSE, 1470 shares rose and 502 shares fell. A total of 95 shares were unchanged.
On the political front, Prime Minister Narendra Modi will address election rally in Puducherry today, 30 March 2021 to seek support for the NDA in the union territory.
All eyes will be on outcome of state assembly elections. Polls are to be held for 294 seats in West Bengal, 234 seats in Tamil Nadu, 140 seats in Kerala, 126 seats in Assam and 30 seats in the Union Territory of Puducherry.
The eight-phase election in West Bengal which began from March 27 will continue till April 29. Elections in Kerala will be held in a single phase on April 6. Puducherry will vote in a single phase on April 6. Elections in Tamil Nadu will be held in a single phase on April 6. Assam will vote in three phases on March 27, April 1 and April 6. The counting of votes for all states will be held on May 2 and the results will be declared the same day.
Stocks in news:
BPCL rose 0.39%. BPCL on Friday said it has sold its entire 61.5% stake in Numaligarh Refinery (NRL) in Assam to a consortium of Oil India and Engineers India and government of Assam for Rs 9,876 crore.
Biocon advanced 1.58%. Biocon announced a partnership between Biocon Pharma, a wholly owned subsidiary of Biocon Limited, and Libbs Farmaceutica, a leading pharmaceuticals company in Brazil, to launch generic drugs in Brazil, the world's sixth most populous country.
HCL Technologies gained 1.28%. HCL Technologies on Friday announced the opening of its innovation center focused on digital acceleration in Mississauga, Ontario in Canada. From its newest global delivery center, HCL will deliver advanced technology solutions to its global client base to help accelerate their digital transformation journeys.
Adani Green Energy rose 0.46%. Adani Green Energy on Friday, 26 March 2021, said it completed acquisition of Spinel Energy & Infrastructure (SEIL) from Hindustan Cleanenergy and Peridot Power Ventures.
IDBI Bank rose 1.18%. The board of the IDBI Bank on Friday, 26 March 2021, approved the rupee bond borrowing limit of Rs 8000 crore for FY 2021-22.
Lumax Industries rose 1.85%. Lumax Industries said the company's board approved capital expenditure (capex) amounting up to Rs 80 crore for setting up of the company's new manufacturing unit(s) in Sanand, Gujarat to cater to the orders received from MG Motors and other customers.
PNC Infratech fell 1.18%. The board of PNC Infratech has approved divestment of the company's entire 35% stake in Ghaziabad Aligarh Expressway to Cube Highways and Infrastructure.
Global Markets:
Overseas, Asian stocks are trading mixed on Tuesday as investors watched movement in shares of Japanese financial services firm Nomura following their Monday plunge.
Japan's retail sales declined 1.5% in February from a year earlier, according to a preliminary report released Tuesday by the country's Ministry of Economy, Trade and Industry.
Wall Street closed lower on Monday after US hedge fund Archegos Capital defaulted on margin calls. The S&P 500 ended just slightly in the red, with bank shares falling amid warnings of potential losses from a hedge fund's default on margin calls, while optimism over the economy limited the day's declines.
President Joe Biden's announcement that 90% of adults will be eligible for the Covid-19 vaccine next month helped U.S. stocks rally from their lows, and the Dow Jones Industrial Average closed at another all-time peak.
The COVID-19 vaccines of Moderna Inc and Pfizer-BioNtech were found effective in real-world conditions, the Centres for Disease Control and Prevention (CDC) - the United States' national public health agency- said in a report released on March 29. Both the vaccines were found to be 90 percent effective if two doses of the vaccine were given to the beneficiaries, it said.
Back home, the domestic equity benchmarks ended with strong gains on Friday, mirroring firm global stocks. The barometer index, the S&P BSE Sensex, was up 568.38 points or 1.17% to 49,008.50. The Nifty 50 index surged 182.40 points or 1.27% to 14,507.30. Stock markets were closed on Monday, 29 March 2021, on account of Holi.
Foreign portfolio investors (FPIs) sold shares worth Rs 50.13 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,703.14 crore in the Indian equity market on 26 March, provisional data showed.
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