Sensex zooms 391 points, Nifty opens at 15,210

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Indian benchmark indices opened higher on Wednesday on the back of Asian peers trading in green and upbeat sentiments from Wall Street where the Nasdaq closed 4% higher on fresh US stimulus and expanding vaccinations.

Sensex opened at 51,417 gaining 391 points, while the broader market index Nifty50 rose 111 points to open at 15,210.

Barring ONGC all 29 stocks of Sensex were trading higher. IndusInd Bank, M&M, HCL Tech, SBI & Sun Pharma were top gainers on the Sensex.

All sectoral indices were opened in green with Nifty Realty leading the pack gaining 1.69%. Nifty Auto & Nifty IT rose over 1%. Whereas Nifty Bank, Nifty Metal were up 0.79% & 0.83% respectively.

Bull had an upper hand in the market as buyers outnumbered sellers. 1,315 shares advanced compared to only 401 stocks declining while 503 shares remained unchanged on the NSE.

Ahead of the weekly expiry the volatility index India VIX cooled off by 4% to 21.60 levels.

The broader market outperformed benchmark indices as BSE MidCap & BSE SmallCap indices opened with gains of 0.96% & 0.80% respectively.

Stocks in spotlight

Power Grid Corporation of India, pursuant to its selection as the successful bidder under tariff-based competitive bidding, has on 9 March 2021 acquired Ramgarh New Transmission (RNTL), the Project SPV to establish a Transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under phase II – Part A, on build, own, operate and maintain (BOOM) basis from the Bid Process Coordinator – REC Power Distribution Company.

Bharat Forge said the company has made a further investment of Rs 4 crore in its associate company -Aeron Systems Private Limited {Aeron) by way of purchasing 39,000 equity shares of face value Rs.10/- each at a premium of Rs. 1,015.64/- in accordance with the terms of the Shareholders Agreement with Aeron and its founders. Consequently, the company’s stake in Aeron has been increased from 26% to 36% (fully diluted).

Godrej Properties said the company has launched its Qualified Institutions Placement (QIP) issue on March 9 and fixed floor price at Rs 1,513.39 per share.

Mazagon Dock Shipbuilders announced that the company has dedicated the Third Scorpene Class Submarine of Project 75.

Jubilant FoodWorks informed that its wholly-owned subsidiary, Jubilant FoodWorks Netherlands B.V. has successfully completed the acquisition of 100% of Fides Food Systems Coöperatief U.A., Netherlands which holds 32.81% equity shares in DP Eurasia N.V. Consequently, the company stands fully released from the guarantee issued by it in connection with the investment obligations of Jubilant FoodWorks Netherlands B.V.

Global markets

Overseas, Asian stocks are trading higher Wednesday as investors returned to risky assets, confident that a massive U.S. stimulus package will soon be approved. The session in Asia-Pacific follows an overnight session on Wall Street where bond yields declined and tech stocks staged a comeback.

U.S. stocks rose on Tuesday after a decline in bond yields caused investors to rotate back into the beaten-up technology sector. The 10-year Treasury yield fell more than 5 basis points to 1.54%. The benchmark rate traded as high as 1.62% on Monday.

Democrats in the U.S. House of Representatives are aiming to pass the $1.9 trillion coronavirus relief bill on Wednesday so that Biden can sign it by the weekend. The legislation extends a $300 per week jobless benefit boost and programs expanding unemployment aid to millions of more Americans through September 6.

The OECD sharply raised its 2021 global growth forecast on Tuesday as the deployment of vaccines and a huge US stimulus programme have greatly improved economic prospects. The Paris-based Organisation for Economic Co-operation and Development says it now expects the global economy to grow by 5.6%, an increase of 1.4% points from its December forecast.

Global economic prospects have improved markedly in recent months, helped by the gradual deployment of effective vaccines, announcements of additional fiscal support in some countries, and signs that economies are coping better with measures to suppress the virus, it said in a report.