Sensex zooms 434 points; Nifty above 14,600

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The benchmark Indian equity markets opened with a gap-up on Tuesday on tracking progress in distributing vaccines. However, concern over the impact of rising Covid-19 cases could keep the markets volatile.

In opening trades, Sensex rallied 434 points or 0.89% at 49,443. While the broader market index Nifty50 was trading above the 14,600-mark at 14,638 gaining 130 points or 0.90%.

Titan, HUL, Nestle, ONGC & Dr Reddy’s were the top gainers on Sensex jumping around 2%. On the downside, M&M lost around 1.55%, while Maruti and Bajaj Auto fell 0.52% & 0.43% respectively.

On the sectoral front, the Nifty Metal index was leading the pack rising 2.61%. Nifty Pharma jumped 1.47%, Nifty FMCG rose 1.31%, Nifty Bank rallied 1.26% and Nifty IT was up 0.41%.

Overall market breadth was positive as 1,333 shares advanced, compared to 415 stocks declined and 510 scrips remained unchanged.

Stocks in spotlight Shares of mobile gaming company Nazara Technologies will be listed on the stock exchanges today, 30 March 2021. The Rs 582.91 crore IPO was open for subscription between March 17 and March 19 and the shares were sold in the price band of Rs 1,100-Rs 1,101 per share.

BPCL on Friday said it has sold its entire 61.5% stake in Numaligarh Refinery (NRL) in Assam to a consortium of Oil India and Engineers India and the government of Assam for Rs 9,876 crore.

Biocon announced a partnership between Biocon Pharma, a wholly-owned subsidiary of Biocon Limited, and Libbs Farmaceutica, a leading pharmaceuticals company in Brazil, to launch generic drugs in Brazil, the world’s sixth most populous country.

HCL Technologies on Friday announced the opening of its innovation centre focused on digital acceleration in Mississauga, Ontario in Canada. From its newest global delivery centre, HCL will deliver advanced technology solutions to its global client base to help accelerate their digital transformation journeys.

Adani Green Energy on Friday, 26 March 2021, said it completed the acquisition of Spinel Energy & Infrastructure (SEIL) from Hindustan Cleanenergy and Peridot Power Ventures.

The board of the IDBI Bank on Friday, 26 March 2021, approved the rupee bond borrowing limit of Rs 8000 crore for FY 2021-22.

India Grid Trust on Friday said it has completed the largest transmission project deal by acquiring NER-II Transmission (NER-II) from Sterlite Power at an enterprise value of about Rs 4,625 crore.

Lumax Industries said the company’s board approved capital expenditure (capex) amounting up to Rs 80 crore for setting up the company’s new manufacturing unit(s) in Sanand, Gujarat to cater to the orders received from MG Motors and other customers.

ADF Foods on Friday said it has commenced commercial production of frozen breads, snacks and ready to eat products at its manufacturing facility in Surat, Gujarat from 25 March 2021.

The board of PNC Infratech has approved the divestment of the company’s entire 35% stake in Ghaziabad Aligarh Expressway to Cube Highways and Infrastructure.

McNally Bharat Engineering Company on Friday said it has bagged a Rs 278-crore order from Coal India arm Mahanadi Coalfields.

Global markets

Overseas, Asian stocks are trading mixed on Tuesday as investors watched the movement in shares of Japanese financial services firm Nomura following their Monday plunge.

Japan’s retail sales declined 1.5% in February from a year earlier, according to a preliminary report released Tuesday by the country’s Ministry of Economy, Trade and Industry.

Wall Street closed lower on Monday after US hedge fund Archegos Capital defaulted on margin calls. The S&P 500 ended just slightly in the red, with bank shares falling amid warnings of potential losses from a hedge fund’s default on margin calls, while optimism over the economy limited the day’s declines.

President Joe Biden’s announcement that 90% of adults will be eligible for the Covid-19 vaccine next month helped U.S. stocks rally from their lows, and the Dow Jones Industrial Average closed at another all-time peak.