The benchmark indices rallied 1% on Tuesday and early trends suggest another strong session for the Dalal Street today amid a rally in global stocks and weakness in crude oil prices. At 7.10 am, SGX Nifty was trading 0.50% higher at 15,234.
In the overnight session, US stocks rallied, with the Nasdaq gaining about 4% as US bond yields retreated and investors scooped up battered technology stocks. Tesla Inc jumped 20%, the most in almost a year, while Amazon.com Inc and Microsoft Corp posted the biggest single-day gains in five weeks.
The Dow Jones Industrial Average rose 0.10%, the S&P 500 gained 1.42% and the Nasdaq Composite added 3.69%.
Consequently, most Asian stocks rose as falling bond yields eased concerns about surging inflation. Japan’s Topix index was little changed while South Korea’s Kospi index increased 0.5% and Hong Kong’s Hang Seng index added 0.9%.
In the oil market, crude prices dipped after an industry report pointed to a third weekly increase in U.S. crude stockpiles. Brent crude was down 0.15% at $67.62 a barrel while WTI crude was down 0.30% at $64.20 a barrel.
Bitcoin, meanwhile, extended this week’s advance, breaking through $55,000 and stirring speculation the largest cryptocurrency could test the record it set last month.
In other news, The Organization for Economic Co-operation and Development (OECD) has raised the projection for India’s economic growth rate by 4.7 percentage points at 12.6 per cent for 2021-22. That would enable India to retain its earlier tag of the fastest-growing large economy in the world.
Now, a look at the stock-specific developments that are likely to sway the market today:
Godrej Properties on Tuesday launched a qualified institutional placement (QIP) issue to raise up to Rs 3,750 crore through the sale of shares.
Vodafone Idea is in the advance stages of processing order for network capacity expansion in six circles through Chinese telecom gear makers, according to industry sources aware of the development.
Max Healthcare Institute closed its QIP issue and finalised the issue price at Rs 195.40 per share.
AU Small Finance Bank launched its qualified institutional placement (QIP) issue on March 9 and fixed the floor price at Rs 1,181.06 per share.
Power Finance Corporation board to meet on March 12 to consider interim dividend for FY21.
The initial public offer of Easy Trip Planners was subscribed 7.20 times on Tuesday, the second day of subscription. The issue closes for subscription today.