Benchmark indices ended higher by a percent for the second consecutive day with gains led by auto and IT stocks.
The Nifty ended higher by 1.07% or 157.55 points and closed above the 14,900 mark at 14,919.10, while S&P BSE Sensex rose by 0.90% or 447.05 points and closed at 50,296.89. Around 1813 shares advanced, 166 shares remained unchanged, whereas 1138 shares declined.
Tata Motors (5.16%), M&M (4.58%), Wipro (4.49%), Adani Ports (4.09%), and Hero Moto (4.02%) were among the top Nifty gainers. In contrast, ONGC (2.56%), HDFC (1.19%), Dr.Reddy\u2019s (1.01%), Powergrid (0.64%), and Coal India (0.45%) were among the top Nifty losers.
On the sectoral front, Nifty Auto and Nifty IT index surged by over 3%, while Nifty FMCG and Nifty Pharma added approximately a percent each. BSE Midcap and BSE Smallcap rose by 1.55% and 1.60%, respectively.
Shipping Corporation of India Ltd.
Shipping Corporation of India Ltd\u2019s stocks surged 20% and traded at Rs.124.50 after the government received multiple bids for the privatization of the company. The transaction will now be moved to the second stage.
Cipla Ltd.
Cipla Ltd stocks traded higher by 2.68% at Rs.811.00 after the firm received final approval from the United States Food and Drug Administration (USFDA) for its Sumatriptan Nasal Spray. The spray is indicated for the treatment of migraine attacks.
Bharat Petroleum Corp Ltd.
BPCL shares rose by 3.24% and traded at Rs.470.00 after the firm\u2019s board approved selling its stake in the Numaligarh refinery. The company will release a stake of 61.65% while the rest 13.65% stake will be sold to the Assam government.
Bharti Airtel Limited
Bharti Airtel acquired 355.45 MHz and 2300 MHz spectrum for an amount of Rs.18,699 crore. All these spectrums will enable Airtel to deliver 5G services to its customers. Following the update, Bharti Airtel\u2019s stocks traded higher by 1.83% at Rs.541.95.
Mahindra & Mahindra Limited.
M&M registered a jump of 25% in its tractor sales for February\u201921. The firm\u2019s total tractor sales during the month registered a growth of 25% to 28146 units while domestic tractor sales rose 24% and stood at 27170 units. The firm\u2019s stocks surged 4.58% and traded at Rs.857.00.
Hero MotoCorp
The firm announced its sales number for February\u201921 following which the company\u2019s stock rose by 4.02% and traded at Rs.3,484.95. The firm\u2019s total sales went up by 1.5% to 5,05,467 units while its domestic sales were up by 0.9% to 4,84,433 units.
Indian Rupee
Indian rupee ended 19 paise higher at Rs.73.36 against the U.S. Dollar amid buying seen in the domestic equity markets for the second consecutive day.
Mixed Global Market Cues
Asian stocks dropped while European equity futures fell as Chinese officials expressed their worries about the risks of asset bubbles. Global markets projected mixed cues. Nasdaq, FTSE MIB, and FTSE 100 rose by 3.01%, 0.11%, and 0.60%, respectively. In contrast, Nikkei 225 and Hang Seng declined by 0.86% and 1.21%, respectively.
Mr. Aamar Deo Singh
Head Advisory, Angel Broking Ltd
2nd March 2021<\/p>\n","protected":false},"excerpt":{"rendered":"