The domestic equity benchmarks ended with robust gains on Tuesday, mirroring firm global stocks. Barring the Nifty Realty index, all the sectoral indices on the NSE ended in green.
The barometer index, the S&P BSE Sensex, soared 1,128.08 points or 2.30% at 50,136.58. The Nifty 50 index surged 337.80 points or 2.33% at 14,845.10.
HDFC Bank (up 4.11%), HDFC (up 3.01%), Infosys (up 3.69%), TCS (up 2.99%) and Reliance Industries (up 1.72%) boosted the indices.
The broader indices lagged the benchmarks. The BSE Mid-Cap index rose 0.98% and the BSE Small-Cap index gained 1.30%.
The market breadth was positive. On the BSE, 1551 shares rose and 1402 shares fell. A total of 209 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 12,76,54,979 with 27,92,044 deaths. India reported 5,40,720 active cases of COVID-19 infection and 1,62,114 deaths while 1,13,93,021 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India saw 68,020 new coronavirus cases in a span of 24 hours on Monday, the highest single-day rise so far this year, taking the country's COVID-19 tally to above 1.20 crore, according to Union Health Ministry data. Registering a steady increase for the 19th day in a row, the active cases have increased to 5,21,808, which comprise 4.33% of the total infections, while the recovery rate has further dropped to 94.32%, the data stated.
Maharashtra on Monday added 31,643 fresh infections, but the lower tally was attributed to reduced testing because of Holi. The state has recorded close to six lakh cases this month and registered over 2,100 deaths. State officials said that for now, local trains will continue to run but fresh restrictions will be introduced to reduce overcrowding at restaurants, malls, public places, private offices and pubs.
Politics:
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.
Numbers to Watch:
The yield on 10-year benchmark federal paper rose to 6.146% as compared with 6.123% at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 73.38, compared with its close of 72.51 during the previous trading session.
MCX Gold futures for 5 April 2021 settlement rose 1.49% to Rs 44,192.
The 10-year US Treasury yield, which has been keeping investors on edge in recent weeks, jumped to 1.767%.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.20% to 93.13.
In the commodities market, Brent crude for May 2021 settlement fell 75 cents at $64.23 a barrel. The contract rose 41 cents, or 0.63% to settle at $64.98 a barrel in the previous trading session.
Foreign Markets:
Shares in Europe and Asia advanced on Tuesday, as investors were encouraged by the roll-out of coronavirus vaccines.
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 ended 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 recover 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% effective if two doses of the vaccine were given to the beneficiaries, it said.
New Listing:
Shares of Nazara Technologies hit a lower circuit of 20% to settle at Rs 1,576.80 on the BSE. It still ended at a premium of 43.2% over the initial public offer (IPO) price of Rs 1,101. The stock was listed at Rs 1,971, a premium of 79.02% from the IPO price. The stock hit an intraday high of Rs 2,026.90. On the BSE, 8.37 lakh shares were traded on the counter.
The IPO of Nazara Technologies received bids for 51.25 crore shares as against 29.20 lakh shares on offer, according to the stock exchange data. The issue was subscribed 175.46 times. The issue opened for bidding on 17 March 2021 and closed on 19 March 2021. The price band for the IPO was set at Rs 1,100-1,101 per share.
Stocks in Spotlight:
JSW Steel jumped 5.08% after the steel major completed the acquisition of Bhushan Power & Steel (BPSL) under the insolvency law. JSW Steel, through its wholly-owned subsidiary Piombino Steel (PSL), has paid Rs 19,350 crore to the creditors of BPSL.
The scrip surged 5.63% to hit the day's high Rs 470, which is also a record high for the counter.
Intellect Design Arena jumped 11.48% after the company said it bagged a large deal from Canada-based Concentra Bank to power its new digital banking strategy.
Adani Transmission (ATL) rose 0.79% after the company said it has signed definitive agreements with Essel Infraprojects (EIL) for the acquisition of Warora-Kurnool Transmission (WKTL). ATL's acquisition values the enterprise valuation of the target at Rs 3,370 crore. WKTL will develop, operate and maintain transmission system aggregating to about 1,750 ckt km in Maharashtra, Telangana and Andhra Pradesh and a 765/400 kV substation at Warangal.
Minda Industries jumped 2.16% after the company's board approved expansion in four wheel lighting and alloy wheel businesses. The company said the capacity expansion is undertaken considering the improved market scenario and increased demand, wherein the said businesses have been operating at near capacity. The expanded facilities are expected to commence operations by quarter ending March 2022 and expected to stabilize by June 2022.
HPCL rose 0.09%. The PSU OMC has entered into a share purchase agreement (SPA) for acquisition of shares of HPCL Shapoorji Energy from SP Ports, a joint venture (JV) partner of the company. HPCL Shapoorji Energy, an associate unlisted company of HPCL, is in process of setting and development of 5 million tonnes per annum (MMTPA) LNG terminal storage and regasification terminal at Chhara, Gujarat. HPCL held 50% of the equity share capital of HPCL Shapoorji Energy as of 31 December 2020. Since the target entity is still in construction phase, there has been Nil revenue from operations. The LNG terminal project of the target entity is expected to bring long-term value to the company being a growing segment of the energy basket of the nation.
Lumax Industries gained 3.06%. The company said its 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.
Biocon surged 3.40% after the company said its wholly owned subsidiary, Biocon Pharma, has partnered with Libbs Farmaceutica to launch generic drugs in Brazil.
Kalyan Jewellers India tumbled 5.84%. The jewellery retailer said it is planning to increase its retail footprint by 13% in the first quarter and enhance operations across seven states, adding 14 new showrooms all on 24 April 2021.
Mukand hit an upper circuit of 20% to Rs 69.35 after the company said it completed the transfer of leasehold land in Thane to NTT Global Data Centers NAV2 and received an aggregate consideration of Rs 679.25 crore. Mukand said it will utilise the funds received from the sale of land for repaying its debt.
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