Sensex up 100 points, Nifty nears 14,750

Despite mixed cues from Asian peers, Indian benchmark indices opened a firm footing. In opening trades Sensex was up 123 points at 49,872, and Nifty at 14,743 gaining 36 points.

ONGC, L&T, Bajaj Finance, Axis Bank & Asian Paints were top gainers on the Sensex. On the downside, TCS, Infosys, Kotak Mahindra Bank, Maruti & HDFC lost up to 0.60%.

Except for Nifty IT all sectoral indices were trading in green with Nifty Metal leading up 2.07%. Nifty Bank, Nifty Auto & Nifty Realty gained over 0.50% in opening trades.

Buyers outnumbered sellers as 1305 shares advanced, 399 shares declined and 497 shares remained unchanged. While the India VIX also cooled off by 1.62%.

Stocks in spotlight

Coal India informed that a meeting of board of directors of the company will be held on 5 March 2021, to consider and approve payment of 2nd interim dividend for 2020-21, if any.

Tata Consumer Products will replace GAIL (India) in the Nifty50 Index from 31 March 2021.

NTPC has executed Share Purchase Agreements with GAIL (India) on 23rd February, 2021, for purchase of GAIL’s share (25.51%) in Ratnagiri Gas and Power (RGPPL) and sale of NTPC’s share (14.82%) (on fully dilutive basis) in Konkan LNG (KLL). After transfer of shares as per the Share Purchase Agreements, NTPC will exit from KLL and NTPC’s shareholding in RGPPL will become 86.49 %.

Sanofi India’s board of directors approved a final dividend of Rs 125 per share and a special dividend of Rs 240 per share for the year ended 31 December 2020.

Mazagon Dock Shipbuilders has executed a Memorandum of Understanding with Mumbai Port Trust to further the economic growth of the region and the country under the Maritime India Summit 2021.

SBI Cards and Payment Services said the company has approved the allotment of 5,500 Fixed Rate, Unsecured, Rated, Taxable, Redeemable, Senior. Non-Convertible Debentures (NCDs) of the face value of Rs. 1.000,000 each, at par, under Series 23 aggregating to Rs. 550 crores on private placement basis.

United Spirits is initiating a strategic review of selected Popular brands, continuing the strategy towards long-term profitable growth through premiumising the company’s portfolio. The strategic review is expected to be completed by the end of the 2021 calendar year.

Global markets

Overseas, Asian stocks are trading mixed on Wednesday as investors turned cautious, despite remarks overnight from Federal Reserve Chair Jerome Powell that attempted to ease some worries around higher interest rates and inflation.

Wall Street reversed course late Tuesday, with the S&P 500 and the Dow whipsawing to positive territory by the closing bell in a tug-of-war between stocks that thrived amid lockdowns and those that stand to benefit most from a reopening economy.

Powell said in his testimony to U.S. Congress that the American economy is a long way from its employment and inflation goals and that it will likely take time for substantial further progress to be achieved. He added that inflation is still “soft” and that the Fed is committed to current policy.