Benchmark indices firmed up once again in afternoon trade amid positive global cues. At 13:20 IST, the barometer index, the S&P BSE Sensex, jumped 175.27 points or 0.35% at 49,919.59. The Nifty 50 index added 70.85 points or 0.48% at 14,746.55.
Reliance Industries (up 1.45%), TCS (up 1.51%) and ICICI Bank (up 1.10%) boosted the indices.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.93%. The S&P BSE Small-Cap index gained 0.70%.
Buyers outpaced sellers. On the BSE, 1,656 shares rose and 1,107 shares fell. A total of 179 shares were unchanged. In Nifty 50 index, 37 stocks advanced while 12 stocks declined. 1 stock remained unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 893.25 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 919.88 crore in the Indian equity market on 22 February 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 11,17,25,784 with 24,74,350 deaths. India reported 1,47,306 active cases of COVID-19 infection and 1,56,463 deaths while 1,07,12,665 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Gainers & Losers:
ONGC (up 7.10%), Tata Motors (up 5.55%), Hindalco Industries (up 4.19%), Tata Steel (up 3.91%) and BPCL (up 3.72%) were major gainers in Nifty 50 index.
Kotak Mahindra Bank (down 3.19%), Maruti Suzuki India (down 1.04%), Adani Ports & Special Economic Zone (APSEZ) (down 1.02%), HDFC Bank (down 0.85%) and Divi's Laboratories (down 0.82%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Bharat Forge advanced 3.76% after the company said it has received a Rs 177.95-crore order from the Indian Ministry of Defence for supplying Kalyani M4 vehicles under emergency procurement. The Kalyani M4 is a multi-role platform, designed to meet the specific requirements of armed forces for quick mobility in rough terrain and in areas affected by mine and improvised explosive devices (IEDs) threats. It successfully completed a series of extreme vehicle trials in some of the toughest environments in India.
In a stock exchange filing made after market hours on Monday, Bharat Forge and Paramount Group, a global aerospace and technology company, announced a cooperation that will see them join the technologies, capabilities and expertise of both groups in order to manufacture armoured vehicles in India. An agreement to this effect was signed by both companies during the International Defence Expo (IDEX 2021) held in Abu Dhabi.
Zuari Agro Chemicals soared 18.16% after the company's board approved selling the company's fertilizer plant at Goa and associated businesses of the company to Paradeep Phosphates (PPL) as a going concern, on a slump sale basis for an agreed enterprise value of $280 million as defined in the business transfer agreement.
Global Markets:
European stocks rose across the board while most Asian stocks advanced on Tuesday. Markets in Japan are shut today for a holiday.
Policy makers are reportedly becoming concerned about the rapid rise in bond yields. European Central Bank President Christine Lagarde has reportedly said that her institution is closely monitoring the market for government bonds.
In US, the S&P 500 and Nasdaq closed lower on Monday as climbing Treasury yields and prospects of rising inflation triggered valuation concerns, hitting shares of high-flying growth companies.
The U.S. House of Representatives Budget Committee on Monday approved legislation with $1.9 trillion in new coronavirus relief, advancing a top priority of President Joe Biden toward a full House vote on passage expected later this week.
All eyes will be on Federal Reserve Chairman Jerome Powell, who delivers his semi-annual testimony on the economy before the Senate Banking Committee on Tuesday. His comments on rates and inflation could determine the market direction for the week.
On the pandemic front, the White House said that it expects to ship out millions of delayed coronavirus vaccine doses this week after a sweeping winter storm disrupted logistics.
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