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 330.86 points or 0.66% at 50,736.18. The Nifty 50 index was up 112.65 points or 0.75% at 15,050.75. Positive global cues boosted sentiment.
The S&P BSE Mid-Cap index was up 0.98%. The S&P BSE Small-Cap index was up 1.23%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1663 shares rose and 550 shares fell. A total of 132 shares were unchanged.
Stocks in news:
Maruti Suzuki India rose 0.59%. The company produced total 1,68,180 vehicles in February 2021 as against 1,40,933 vehicles in February 2020.
Adani Ports and Special Economic Zone (APSEZ) rose 0.93%. The board of directors of APSEZ approved to issue up to 1 crore equity shares to Windy Lakeside Investment (Windy) at a price of Rs 800 per equity share, for an aggregate consideration of up to Rs 800 crore.
Cipla rose 0.96%. Cipla (UK), a wholly owned subsidiary of Cipla (EU) and a wholly owned step down subsidiary of Cipla, has been voluntarily liquidated with effect from 5th March 2021. This liquidation was a part of internal reorganisation and it will not affect performance or revenue of the company.
NMDC rose 3.08%. The company has fixed prices of iron ore-lump ore (65.5%, 6-40mm) at Rs 5,100 per tonne and fines (64%, -10mm) at Rs 4,210 per tonne with effect from March 6.
Aarti Drugs jumped 5.65%. Aarti Drugs said that its wholly-owned subsidiary Aarti Speciality Chemicals (ASCL) stands out to be one of the beneficiaries of the Government of India's recently approved Production Linked Incentive (PLI) for the Pharmaceutical Sector.
Sayaji Hotels gained 4.98%. Sayaji Hotels said that its wholly owned subsidiary Sayaji Hotels Management (SHML), has signed and entered into seven management agreement for the expansion of SHML by having new properties in Andhra Pradesh, Gujrat, Uttarakhand, Rajasthan and Maharashtra.
Rushil Decor advanced 4.99%. The company has started the regular commercial production of Thin & Thick Medium Density Fiber Board (MDF Board) at company's new manufacturing unit situated at Vishakhapatnam, Andhra Pradesh.
Global Markets:
Overseas, Asian stocks are trading higher on Monday on optimism over President Joe Biden's $1.9 trillion Covid-19 relief plan and the global recovery.
US stocks recovered from earlier losses on Friday as investors took stock of a report that showed faster-than-expected U.S. jobs growth but which had previously stoked inflation concerns.
The U.S. Senate passed a $1.9 trillion coronavirus relief package over the weekend that includes direct payments of up to $1,400 to most Americans. The bill is expected to pass in the Democratic-held House this week and sent to President Joe Biden for his signature before a March 14 deadline to renew unemployment aid programs.
Back home, domestic equity benchmarks declined for second trading session on Friday. Resurgent worries about rising US bond yields hit global stocks. Firm crude oil prices also spooked investors. The S&P BSE Sensex, tumbled 440.76 points or 0.87% at 50,405.32. The Nifty 50 index slumped 142.65 points or 0.95% at 14,938.60.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,014.16 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,191.19 crore in the Indian equity market on 5 March, provisional data showed.
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