Sensex jumps 300 points, Nifty reclaims 15,000

Benchmark Indian equity indices opened firm on the back of positive global cues. Sensex jumped 300 points to 50,675 and the broader market index Nifty50 opened at 15,006 up 77 points.

Titan, Asian Paints, Bharti Airtel, Dr Reddy’s & Ultratech Cement were top gainers on the Sensex trading up over 1%. On the downside, Axis Bank, SBI, IndusInd Bank, ICICI Bank & Bajaj Auto lost the most on the Sensex.

Sectorally, Nifty Pharma, Nifty IT, Nifty FMCG & Nifty Auto were trading with gains in the range of 0.25-0.75%. While Nifty Metal & Nifty PSU Bank lost the most down 0.94%, followed by Nifty Bank falling 0.32% while Nifty Realty slipped 0.10%.

Market breadth was positive as 1,178 shares advanced and 530 shares declined while 516 shares remained unchanged on the NSE.

The broader market index outperformed the benchmark indices. BSE MidCap was up 0.48% & BSE SmallCap rose 0.40%.

Stocks in spotlight

Adani Ports and Special Economic Zone (APSEZ) received a Letter of Intent (LOI) from the Ministry of Ports and Shipping of Sri Lanka and the Sri Lanka Ports Authority, acting on behalf of the Government of Sri Lanka, pursuant to approval from the Sri Lankan Cabinet of Ministers for the development and operations of West Container Terminal (WCT) in Colombo, Sri Lanka.

The offer for sale (OFS) of the Government of India’s (GoI) equity in Tata Communications would open on March 16. The central government would divest 10% shares in the company along with an additional 6.12% as Green Shoe Option.

AU Small Finance Bank said that the Capital Raising Committee of Board of Directors of the bank approved allotment of 50,00,000 equity shares at the issue price of Rs 1251 per equity share, aggregating to Rs. 625.50 crore pursuant to the QIP issue.

NIIT (USA) Inc., USA, a wholly-owned subsidiary of NIIT, has signed a Managed Services agreement with a U.S.-based financial services organization (an existing client) to provide a range of learning services. The term of the agreement is 5 years.

HFCL has signed a Share Subscription and Shareholders” Agreement (Agreement) on 15 March 2021, with Nimpaa Telecommunications, a private limited company incorporated in India under the provisions of the Companies Act, 2013 and the Promoter Shareholders of Nimpaa.

Mishra Dhatu Nigam (Midhani) said that the board of directors of the company has declared an interim dividend of Rs 1.20 per equity share of Rs 10 each for the financial year 2020-21.

Global markets

Overseas, Asian stocks are trading higher on Tuesday following a relatively subdued start to the global trading week as investors look ahead to the Fed meeting stateside.

In the U.S., the Dow and S&P 500 both hit new records on Monday as investors grew optimistic about the economic reopening from the pandemic.

As a part of the $1.9 trillion stimulus package that became law last week, the IRS started processing $1,400 direct payments for millions of Americans, which is expected to add juice to the already recovering economy.

Investors will be gearing up for the Federal Open Market Committee two-day meeting on March 16 and 17. It is reportedly expected that the U.S. central bank may revise up its GDP forecast, following a $1.9 trillion fiscal stimulus package that will send direct payments of up to $1,400 to most Americans. The Fed will also deliver its decision on interest rates.