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Sensex rallies 447 points, Nifty ends above 14,900; auto, IT stocks gain

Market closing: The Sensex and Nifty continued to rise for the second straight trading session on Tuesday, The indices were up nearly 1.0% at close. (Photo: Mint)Premium
Market closing: The Sensex and Nifty continued to rise for the second straight trading session on Tuesday, The indices were up nearly 1.0% at close. (Photo: Mint)

  • Markets closing: The Sensex closed at 50,296.89, up 0.90% or 447.05 points. The Nifty climbed 1.07% or 175.5 points to close at 14,919.10 Meanwhile, auto and IT stocks performed well though the day led by M&M and Tech Mahindra, respectively.

Benchmark Indian equity indices maintained their growth momentum for the second straight trading session to close nearly 1.0% higher.

02 Mar 2021, 03:43:43 PM IST

Markets closing

Indian benchmark share indices settled higher for the second straight session, tracking positive cues from Asian peers. The Sensex closed at 50,296.89, up 0.90% or 447.05 points, while the Nifty ended at 14,919.10, up 157.55 points or 1.07%. M&M, NTPC, Bajaj Auto and Tech Mahindra were the top Sensex gainers, while ONGC, HDFC Ltd, Dr Reddy, Power Grid and SBI closed in the red.

Sensex at close
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Sensex at close
02 Mar 2021, 03:14:09 PM IST

Risk averse private lenders behind India’s declining credit growth

Private sector banks are the reason for the slowdown in credit growth during the pandemic period, said the Reserve Bank of India (RBI) in its February bulletin. Analyzing credit growth during the pandemic, RBI said non-food credit growth of private sector banks slowed to 9% in November 2020 compared with 13.5% a year ago. At the same time, public sector banks (PSBs), which account for around 65 per cent share in non-food credit, reported a higher growth of 5.2% in November 2020 compared with 4.5% in November 2019.

02 Mar 2021, 03:00:09 PM IST

M&M gains

Mahindra and Mahindra Ltd climbed 5.01% to 860 owing, a day after it reported an 11.38% decline in total sales at 28,777 units in February.

02 Mar 2021, 02:30:02 PM IST

Sebi to auction Arise Bhoomi Developers' properties on Apr 1

Capital markets regulator Sebi will auction properties of Arise Bhoomi Developers and its directors on April 1 for a reserve price of 4.8 crore.

The move is a part of Sebi's effort to recover investors' money.

Arise Bhoomi Developers had mobilised over 8 crore during 2013-14 from the public in the name of 'purchase of agricultural land' through its various investment schemes, promising them an expected sum at the end of the contract.

The schemes, as per Sebi, qualified to be a CIS which requires compulsory registration from the regulator. However, the company launched the schemes without obtaining necessary approvals from Sebi.

02 Mar 2021, 02:13:35 PM IST

Bharti Airtel acquires spectrum wroth ₹18.699 cr

Bharti Airtel acquired 355.45 mega hertz (MHz) spectrum across sub GHz, mid band and 2,300 MHz bands for a total consideration of 18,699 crore in the latest spectrum auction conducted by the department of telecom, Government of India.

02 Mar 2021, 02:02:16 PM IST

Kirloskar Ferrous Industries Ltd issues shares under ESOP

The company's board allotted 63,650 shares worth 5 a piece upon exercise of employee stock options. The company's paid-up share capital increased from 13,82,85,031 equity shares to 13,83,48,681 equity shares. The company also declared an interim dividend worth 2 per equity share of 5 each for

the financial year 2020- 2021. The interim dividend will be paid on or before 26 March through multiple modes of payment.

02 Mar 2021, 01:47:59 PM IST

India Ratings says microfinance outlook negative

With nine states including Assam and West Bengal heading for elections in FY22, there are expectations that the resultant political risk could be an overhang for the microfinance sector, Indian Ratings and Research said on Tuesday, maintaining a negative outlook on the sector.

It said while large non-banks microfinance institutions (MFIs), or those with assets under management (AUM) of over Rs5,000 crore, have a stable outlook, small to mid non-bank MFIs continue to be on a negative outlook for FY22.

02 Mar 2021, 01:37:22 PM IST

UltraTech allots shares under ESOP

The company allotted 3,948 shares at 10 a piece to option grantees upon exercise of stock options under the employee stock option scheme. The company's equity share capital now stands increased to 28,86,41,454 equity shares.

02 Mar 2021, 01:24:23 PM IST

Anupam Rasayan gets Sebi's nod for ₹760-cr IPO

Specialty chemical company Anupam Rasayan has received markets regulator Sebi's approval to raise 760 crore through an initial public offer.

The company, which filed preliminary papers for the IPO (initial public offer) with the watchdog in December, obtained its observation on February 26, as per the latest update with the Securities and Exchange Board of India (Sebi) showed.

Sebi's observation is necessary for any company planning to launch public issues like IPO, follow-on public offer and rights issue.

Proceeds of the issue would be used mainly for repayment of debt, as per the Draft Red Herring Prospectus (DRHP) filed by Anupam Rasayan.

02 Mar 2021, 01:13:11 PM IST

Investors cheer Aditya Birla Fashion’s 5-yr growth strategy but concerns remain

The management of Aditya Birla Fashion and Retail Ltd (ABFRL) met analysts and provided clarity on its long-term revenue and profitability targets. The company plans to more than double its revenues to about 21,000 crore by financial year 2026 from 9,100 crore last fiscal. This represents a 15% compounded annual growth rate (CAGR) over FY20-26.

The company estimates new businesses to grow at 32% CAGR. Within new businesses, revenue growth from the ethnic wear segment is expected to be much faster at 85% CAGR. ABFRL estimates revenues of Lifestyle Brands to grow at a CAGR of 11-12% whereas Pantaloons is expected to grow 15-16%.

On Tuesday, ABFRL’s shares touched intraday high of Rs205 apiece on the National Stock Exchange, a 6.3% increase from the previous day. The stock, however, gave up some gains.

02 Mar 2021, 12:45:59 PM IST

Gold falls to over 8-mth low

Gold prices slumped to their lowest in 8-1/2 months on Tuesday, as a stronger dollar and elevated US treasury yields eroded investor appetite for the non-yielding metal. Spot gold eased 0.3 % to $1,717.99 per ounce by 0633 GMT, having dropped to its lowest since June 15 at $1,706.70 earlier in the session. US gold futures slipped 0.4% to $1,716.10. The potential for higher yields is putting pressure on gold, while a stronger dollar is also contributing to its fall, Michael McCarthy, chief market strategist at CMC Markets said. (Reuters)

02 Mar 2021, 12:41:09 PM IST

Hero MotoCorp shares rise over 3%

Shares of Hero MotoCorp rose over three per cent in morning trade on Tuesday after the two-wheeler maker reported rise in total sales during February. On BSE, the scrip jumped 3.41% to 3,464.20.

Likewise, on NSE, the shares gained 3.41% to 3,464.55.

On Monday, the company reported a 1.45% increase in total sales at 5,05,467 units in February.

02 Mar 2021, 12:32:46 PM IST

BPCL shares soar over 6% after board approves stake sale in Numaligarh refinery

Shares of Bharat Petroleum Corporation Ltd (BPCL) on Tuesday zoomed over 6 per cent in early trade after the company said that it will exit Numaligarh refinery in Assam.

BPCL said it will exit Numaligarh refinery in Assam by selling its entire stake to a consortium of Oil India Ltd and Engineers India Ltd for 9,876 crore.

The sale of Numaligarh Refinery Ltd clears the way for privatisation of India's second-largest fuel retailer.

On BSE, the shares touched 52-week high value of 482.40, up 6.04%.

02 Mar 2021, 12:05:35 PM IST

Ivanhoe Cambridge, Embassy launch $500 million office platform

Ivanhoé Cambridge, a real estate subsidiary of Canada’s second-largest pension fund Caisse de dépôt et placement du Québec (CDPQ), and the Embassy Group have together launched a commercial office platform with an investment capacity of $500 million.

02 Mar 2021, 11:49:27 AM IST

Hero MotoCorp shares rise

Shares of Hero MotoCorp rose over 3% in morning trade on Tuesday after the two-wheeler maker reported rise in total sales during February.

On BSE, the scrip jumped 3.41% to 3,464.20.

Likewise, on NSE, the shares gained 3.41% to 3,464.55.

On Monday, the company reported a 1.45% increase in total sales at 5,05,467 units in February.

02 Mar 2021, 11:40:59 AM IST

Max Financial Services pledges shares

Max Financial Services pledged 2,05,34,594 shares to IDBI Trusteeship Services Ltd in keeping with share pledge agreements.IDBI Trusteeship is a security trustee for various non convertible debentures.

02 Mar 2021, 11:25:11 AM IST

IDBI trades lower

LIC-controlled IDBI Bank is down 0.31% at 31.70 as the lender will set off its accumulated losses worth 45,586 crore against the balance in the securities premium account, according to the bank's draft scheme.

02 Mar 2021, 11:08:50 AM IST

Rupee surges

The rupee appreciated by 24 paise to 73.31 against the US dollar in opening trade on Tuesday supported by positive domestic equities amid improving risk appetite.

At the interbank forex market, the local unit opened at 73.32 against the US dollar, then inched higher to 73.31 against the greenback, registering a rise of 24 paise over its previous close.

On Monday, the rupee had settled at 73.55 against the American currency.

02 Mar 2021, 10:53:47 AM IST

Cipla expands ties with Alvotech for distribution in Oz, NZ

Cipla Ltd unit Cipla Gulf FZ LCC is expanding its partnership with Alvotech for the marketing and distribution of four biosimilar medicinesin Australia and New Zealand.

As part of this strategic alliance, Cipla Gulf will be responsible for commercialization of

patented biosimilars of four biologic medicine brands.

The products are developed and manufactured by Alvotech and will be distributed by

Cipla Gulf through Australia and New Zealand distribution networks.

02 Mar 2021, 10:40:53 AM IST

Shipping Corporation of India gains

The PSU was trading 14.18% higher at 118.40 after Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey said the government has received multiple bids for the company.

02 Mar 2021, 10:29:04 AM IST

BPCL gains

The OMC gained 5.12% to trade at 478.55,becoming the highest gainer on Nifty a day after the company's board approved sale of its 61.65% stake in Numaligarh refinery for 9,875 crore.

02 Mar 2021, 10:08:18 AM IST

Bank of Baroda stock gains

Loans where repayments are delayed up to 90 days have surged at public sector lender Bank of Baroda (BoB) between March and December, raising concerns that stress is building up.

In a recent placement document, the bank disclosed that such stressed loans, yet to turn non-performing, have risen sharply from 8.01% of its domestic loan book as on 31 March 2020, to 21.57% as on 31 December 2020. In other words, special mention accounts (SMAs) or loans delayed by 1-90 days have increased by 13.56 percentage points since covid-19 struck.

02 Mar 2021, 09:38:34 AM IST

Long-bond pain

Long-term treasuries resumed their selloff, though trading was more orderly than during Thursday’s troubled session, as stocks rose and investors focused on improved US economic prospects.

Yields on 30-year bonds increased as much as 8.1 basis points to 2.23% on Monday, and 10-year rates also climbed. By contrast, shorter-dated Treasuries found support, steepening one of the most widely watched yield curves: the 5- to 30-year gap. Late in the session it was 7.6 basis points steeper, one of the biggest increases since the pandemic began.


02 Mar 2021, 09:25:36 AM IST

Market opening

The Sensex opened at 50,258.09, up 408.25 points, or 0.82%, while the Nifty was at 14,865.30, up 103.75 points, or 0.70%, amid positive cues from Asian peers. M&M was the top Sensex gainer followed by Tech Mahindra TCS and HDFC Bank, while UltraTech, ONGC and NTPC were in the red. Of 30 Sensex shares, 27 were in the green at open.

Sensex at market opening.
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Sensex at market opening.
02 Mar 2021, 09:07:52 AM IST

Markets pre-opening

Amid a general rise in Asian stocks owing to calmer bond markets, cued by Wall Street, the Sensex was poised at 50,278.28, up around 1%, during pre-open while the Nifty was placed at 14.761.55 up 1.60% at 9:05 am.

02 Mar 2021, 08:52:38 AM IST

CBOE seeks approval for Bitcoin ETF

CBOE global markets is seeking approval from the U.S. Securities and Exchange Commission (SEC) to list a bitcoin Exchange Traded Fund (ETF), according to a filing, the latest attempt to launch such a product in the US.

The filing came as Citi analysts said the most popular cryptocurrency was at a "tipping point" and could become the preferred currency for international trades, while Reuters reported that Goldman Sachs Group Inc had restarted its cryptocurrency trading desk. (Reuters)

02 Mar 2021, 08:32:07 AM IST

GAIL India issues tender to buy and sell LNG for April-May

GAIL (India) has issued a tender seeking to buy two liquefied natural gas (LNG) cargoes for delivery into India and offering two cargoes for loading from the United States, two people familiar with the matter said.

It is seeking one cargo for delivery into Dabhol LNG terminal over 13-15 April and another for Hazira LNG terminal over 1-2 May, the people said.

GAIL is also offering two cargoes for loading from Cove Point LNG over 20-22 April and 10-12 May. (Reuters)

02 Mar 2021, 08:13:05 AM IST

Previous close

The rebound in global bond markets and developments related to the US stimulus package buoyed markets in Asia and India on Monday.

The Sensex climbed 749.85 points, or 1.53%, to close at 49,849.84. Meanwhile, the Nifty closed at 14,761.55, up 232.40 points, or 1.60%.

02 Mar 2021, 08:04:43 AM IST

Bitcoin rises

Bitcoin touched the $50,000 level in Asia trading, riding a broad resurgence in risk assets, with Citigroup Inc. and Goldman Sachs Group Inc. warming up to the largest cryptocurrency.

The digital asset climbed as much as 2.8% Tuesday, and was holding at $49,080 as of 9:05 a.m. in Hong Kong. Prices last week suffered the worst decline since March and dipped as low as $43,000 on Sunday. Bitcoin climbed to a record $58,350 on Feb. 21.

In a report by Citigroup’s Global Perspectives & Solutions, strategists laid out a case for Bitcoin to play a bigger role in the global financial system, saying the cryptocurrency could become “the currency of choice for international trade" in the years ahead. Goldman is restarting a trading desk for cryptocurrencies, a person familiar with the effort said.

02 Mar 2021, 07:54:25 AM IST

Dollar holds firm

The dollar stood firm against its low-yielding peers on Tuesday on bets of a faster economic recovery and greater tolerance of higher US bond yields, while the Australian dollar looked to guidance from the country's central bank. The dollar index last stood at 91.014, having hit a three-week high of 91.139 overnight, with its February peak of 91.600 seen as a possible next target.

The U.S. currency rose to 106.89 yen on Monday, its highest since late August, and last stood at 106.84 yen while the euro dipped to $1.2049, near its lowest level in almost two weeks.

02 Mar 2021, 07:43:28 AM IST

Oil sinks toward $60 before Opec+ meet

Oil sank below $60 a barrel in Asian trading amid growing concern over this week’s OPEC+ output-setting meeting. Futures in New York fell for a third day, putting them on course for the worst run of losses since December. The alliance gathers on Thursday to decide how many barrels to return to a market that had its best ever start to a year before the current skid. Ahead of the gathering, Saudi Arabia has urged members to take a cautious approach even as signs of tightening emerge. (Bloomberg)

02 Mar 2021, 07:35:35 AM IST

Asian shares rise

Asian stocks extended a global equity rally Tuesday as investors shook off concerns about the impact of higher bond yields. Treasuries were steady.

Stocks saw modest gains in Japan and Australia, and surged in South Korea which reopened after a holiday. S&P 500 futures ticked higher following a broad-based rally in US equities overnight.

The SGX Nifty was down 0.24% to 14,875.50.

S&P 500 futures were little changed as of 10:31 a.m. in Tokyo. The S&P 500 Index surged 2.4%.

Topix index was down 0.4%.

Australia’s S&P/ASX 200 Index gained 0.4%.

South Korea’s Kospi index rose 2.2%.

Hong Kong’s Hang Seng Index rose 0.4%.

Shanghai Composite Index rose 0.1%.

02 Mar 2021, 07:35:35 AM IST

S&P 500 surges

The S&P 500 surged on Monday in its strongest one-day gain since June as bond markets calmed after a month-long selloff, while another COVID-19 vaccine getting U.S. approval and fiscal stimulus bolstered expectations of a swift economic recovery.

U.S. bond yields eased after a swift rise last month on expectations of accelerated inflation due to bets on an economic rebound. The U.S. 10-year treasury yield dipped to 1.449% after hitting a one-year high of 1.614%.

The Dow Jones Industrial Average surged 1.95% to end at 31,535.51 points, while the S&P 500 gained 2.38% to 3,901.82.

The Nasdaq Composite jumped 3.01% to 13,588.83.

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