At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 745.01 points or 1.5% at 49,845. The Nifty 50 index added 217.85 points or 1.5% at 14,747.
In broader market, the S&P BSE Mid-Cap index was up 1.27% while the S&P BSE Small-Cap index was up 1.49%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1925 shares rose and 830 shares fell. A total of 184 shares were unchanged.
Economy:
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) stood at 57.5 in February 2021, highlighting a strong improvement in operating conditions that was broadly similar to that recorded in January (57.7). The headline figure remained above its long-run average of 53.6.
Also Read
India's economy returned to growth in its fiscal third quarter after a recession earlier in 2020. Gross domestic product grew 0.4% in October-December compared with the same period a year earlier, data released by the National Statistics Office on Friday showed. That compared with revised contractions of 7.3% in July-September and 24.4% in April-June.
The output of eight core infrastructure sectors grew marginally by 0.1% in January, mainly due to growth in the production of fertiliser, steel and electricity. The core sectors had expanded by 2.2% in January 2020, according to the provisional data released by the Commerce and Industry Ministry on Friday.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 114,051,765 with 25,30,563 deaths. India reported 168,627 active cases of COVID-19 infection and 157,157 deaths while 107,86,457 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Metal index jumped 1.86% to 3,893.6. The index tumbled 2.7% in previous trading session.
NMDC (up 3.54%), Vedanta (up 2.3%), Tata Steel (up 2.27%), Hindustan Zinc (up 2.22%), Coal India (up 2.07%), JSW Steel (up 2.06%), Steel Authority of India (up 1.96%), Jindal Steel & Power (up 1.77%) and National Aluminium Company (up 0.17%) were top gainers in metal space.
February Auto Sales:
Escorts fell 1.49%. The tractor maker's Agri Machinery Segment (EAM) in February 2021 sold 11,230 tractors, its highest ever February sales, and registered a growth of 30.6% over February 2020. Sequentially, the company's tractor sales have increased by 24.5% from 9,021 units sold in January 2021. Domestic tractor sales in February 2021 was at 10,690 tractors registering a growth of 32.8% against 8,049 tractors in February 2020.
Bajaj Auto rose 0.19%. The two wheeler maker's total auto sales rose 6% to 375,017 units in February 2021 over February 2020. Sequentially, the company's total sales have decreased 11.8% in February 2021 from 425,199 units sold in January 2021. While the total domestic sales declined by 2% to 164,811 units, total exports increased by 13% to 210,206 units in February 2021 over February 2020. Bajaj Auto's total two-wheeler sales improved 7% to 332,563 units during the month as compared to 310,222 units in sold in the same period last year.
Maruti Suzuki India rose 1.6% after the car major's total sales jumped 11.8% to 1,64,469 units in February 2021 over February 2020. Sequentially, the company's total auto sales rose 2.31% in February 2021 as against 1,60,752 units sold in January 2021. Total domestic sales (PV+LCV) jumped 9.9% to 1,47,483 units while total export sales rose 11.9% to 11,486 units in February 2021 over February 2020.
Global Markets:
Asian stocks were trading higher on Monday. South Korea's stock market is closed on Monday for a holiday.
A private survey released Monday showed China's manufacturing activity in February growing at a slower pace. The Caixin/Markit manufacturing Purchasing Managers' Index (PMI) came in at 50.9, a decline from January's reading of 51.5.
China's official manufacturing Purchasing Managers' Index (PMI) for February came in at 50.6 over the weekend, according to data released by the country's National Bureau of Statistics. That was lower than January's reading of 51.3 but still above the 50 level that separates expansion from contraction.
US stocks ended on a mixed note on Friday. The Dow Jones Industrial Average tumbled 469.64 points, or 1.5%, to finish at 30,932.37, after touching a session low at 30,911.37 as Wall Street struggled to shake off fears of rapidly rising rates.
The S&P 500 lost 18.19 points, 0.5%, to close at 3,811.15 as energy and financial stocks pulled back. The Nasdaq Composite Index added 72.91 points, or 0.6%, to 13,192.34 as Big Tech names rebounded after a large sell-off in the previous session amid surging bond yields. Facebook, Microsoft and Amazon each rose more than 1%.
The House passed a $1.9 trillion Covid relief bill, the American Rescue Plan Act of 2021, early Saturday. The Senate will now consider the legislation.
Trade data showed that the U.S. trade deficit in goods widened to $83.7 billion in January from a revised $83.2 billion in the prior month, the Commerce Department said Friday. Imports of goods, such as consumer electronics, rose 1.1% to $218.9 billion in January. Goods imports were up 8.2% compared with a year earlier. Exports rose 1.4% to $135.2 billion, but were down 0.7% compared with one year ago.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
