Sensex reclaims 50,000-benchmark amid hectic buying in IT, auto, FMCG sectors; Nifty ends in green – Business News , Firstpost

The high 5 gainers had been Tata Motors, M&M, Wipro, Adani Ports and NTPC, whereas the highest losers had been ONGC, HDFC, Dr Reddy’s Labs, Coal India and Power Grid Corp

On 2 March, Benchmark BSE Sensex spurted by 447 factors to shut above the psychological 50,000-mark on Tuesday following hectic buying in auto and IT counters amid optimistic home and international cues. This was the second consecutive session when the indices ended greater. The market was additionally supported by FMCG, pharma and banking sectors.

While Nifty ended in the green at 14,919, an increase of 157.60 factors or 1.07 p.c, Sensex went up by 447.05 factors (0.90%) to finish at 50,297. In phrases of sectors, Nifty Auto index surged over Three p.c on the again of optimistic auto gross sales in February. The Nifty IT index, too, went up by Three p.c in the course of the day, and Nifty FMCG and Nifty Pharma added over 1 p.c every.

The high 5 gainers had been Tata Motors, M&M, Wipro, Adani Ports and NTPC, whereas the highest losers had been ONGC, HDFC, Dr Reddy’s Labs, Coal India and Power Grid Corp.

Here are 10 shares that moved essentially the most on 2 March:

Bharat Electronics: The inventory closed at Rs 151.7, up Four p.c. On 16 March, the corporate’s board will meet to determine on a second interim dividend for 2020-21 fiscal.

Shipping Corporation of India. The inventory rose by 20 p.c to finish at Rs 124.50 after the Department of Investment and Public Asset Management secretary mentioned that a number of expressions of curiosity had been acquired for the privatisation of the corporate.

Mahindra and Mahindra: The inventory gained over Four p.c and ended at Rs 857. The firm noticed a 25 per cent 12 months-on-12 months (YoY) rise in tractor gross sales in February at 28,146 models, as towards 22,561 models final 12 months in the identical interval.

Bharti Airtel: The inventory ended at Rs 541.70, an increase of over 1 per cent, on the again of the corporate buying 355.45 MHz and a couple of,300 MHz spectrum for Rs 18,699 crore.

Hero MotoCorp: The share worth rose Four p.c and ended at Rs 3,481.20. The firm’s YoY whole gross sales had been up 1.5 p.c to five,05,467 models as in comparison with 4,98,242 models final February.

BPCL: The inventory was up Three p.c and ended at Rs 469.80. The firm said that it will exit the Numaligarh refinery in Assam by promoting its stake or Rs 9,876 crore.

Cipla: The inventory ended at Rs 811.90, including over 2 per cent. The firm’s unit Cipla Gulf FZ LCC is increasing its partnership with Alvotech for the advertising and distribution of 4 biosimilar medicines in Australia and New Zealand.

RITES: The share rose Three per cent and closed at Rs 268.95.

Bajaj Healthcare: The inventory rose 2 p.c to finish at Rs 488.35, after Maharashtra Pollution Control Board gave consent to restart its manufacturing actions on the unit located in Boisar.

Subex: The inventory ended at Rs 28.85, leaping 5 p.c on the again of the corporate’s announcement that it had develop into a member of the O-RAN Alliance.

Sectorally, BSE auto surged essentially the most with 3.18 p.c beneficial properties, adopted by IT (2.85 p.c), tech (2.84 p.c) and industrials (2.20 p.c). All the 19 sectoral indices closed in the green.

Broader smallcap, midcap and huge-cap indices too rallied 1.60 p.c, 1.55 p.c and 1.11 p.c, respectively – outperforming the benchmark.
Analysts mentioned investor sentiment remained upbeat as a result of encouraging GDP numbers for the third quarter in addition to returning of calmness in international bond markets after the final week’s turmoil.

Vinod Nair, Head of Research at Geojit Financial Services mentioned, “An improved outlook post-February auto sales numbers resulted in continued buying in auto stocks with IT sector also being a major contributor in the rally”.

S Ranganathan, Head of Research at LKP Securities mentioned that markets exhibited buoyancy at the moment regardless of its share of volatility in afternoon commerce. IT shares and auto shares led the rally whereas the broader market noticed eager curiosity in paper shares on rising product costs.

A robust buying was seen in midcap and smallcap packs and outperformed broader indices as seen earnings restoration is attracting buyers in this area.

Notably, the volatility index contracted sharply for the second consecutive day by over 6 per cent, Binod Modi, Head – Strategy at Reliance Securities mentioned.

“Concerns pertaining to rising bond yields seem to have softened a bit after central bankers the world over have begun to push again towards greater charges.

“This should offer some comfort to Indian equities and INR as rising bond yields in the USA and declining spread between USA Treasury yields and India’s GSec yields had started putting pressure on INR,” Modi mentioned.

Elsewhere in Asia, bourses in Tokyo, Shanghai and Hong Kong closed with losses after a selloff in US Treasury debt eased. Meanwhile, Brent Futures rose 0.71 p.c to commerce at 63.76 per barrel. On the foreign exchange market entrance, the rupee surged by 18 paise to shut at 73.37 towards the US greenback on Tuesday.

With inputs from PTI

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