Market extends yesterday’s rally on upbeat Asian stocks


Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 498.67 points or 0.98% at 51,280.36. The Nifty 50 index was up 166.10 points or 1.11% at 15,148.10. The Nifty regained the psychological 15,000 mark in opening trade.
Upbeat Asian stocks boosted sentiment.

The S&P BSE Mid-Cap index was up 0.97%. The S&P BSE Small-Cap index was up 0.86%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1488 shares rose and 489 shares fell. A total of 77 shares were unchanged.

F&O expiry:

Trading could be volatile today as traders roll over positions in the F&O segment from the near month February series to March series. The February 2021 F&O contracts will expire today, 25 February 2021.

Stocks in news:

Shares of Axis Bank gained 3.02%. Max Life has received the formal approval from the Insurance Regulatory and Development Authority of India (IRDAI), which vide its letter dated 24th February 2021 has granted approval to the Axis Entities, as promoters of Max Life, to collectively acquire 12.002% of the equity share capital of Max Life, by way of transfer of equity shares of Max Life from Max Financial to the Axis Entities.

Just Dial jumped 5.27%. Just Dial has launched its B2B portal, Jd Mart, across various platforms for users. Jd Mart is an exclusive B2B portal for a new wholesale experience. B2B buyers can discover quality vendors offering a wide selection of products to choose from, spread across various categories to suit all their B2B needs.

Cochin Shipyard rose 1.15%. The company is joining hands with Dredging Corporation of India (DCI) and IHC Holland BV to make world-class dredgers. A Memorandum of Understanding in this regard was signed on Wednesday.

H.G. Infra Engineering advanced 2.55% after the company informed that it has been declared as L-1 bidder by NTPC.

Global Markets:

Overseas, Asian stocks are trading higher on Thursday after the Dow Jones Industrial Average surged to a record closing high overnight.

Shares on Wall Street ended higher on Wednesday, as a selloff in technology-related stocks eased and a rotation into cyclical shares continued after Federal Reserve Chair Jerome Powell’s comments calmed inflation worries.

The moves on Wall Street came as U.S. Federal Reserve Chair Jerome Powell continued to downplay the threat of inflation, saying it could take three years to reach the central bank’s target consistently.

In Wednesday’s testimony in front of the House Financial Services Committee, Powell said inflation could be volatile as the economy reopens and there’s increased demand. Still, the Fed chair does not expect inflation to run hot and said the central bank has tools to combat it if it should.

On Wednesday, the Food and Drug Administration’s staff endorsed Johnson & Johnson’s single-shot Covid-19 vaccine for emergency use, bringing in a third vaccine to the U.S.

Back home, domestic equity benchmarks ended with robust gains in the extended trading session on Wednesday. The Nifty ended near the 15,000 mark. The barometer index, the S&P BSE Sensex, jumped 1,030.28 points or 2.07% to 50,781.69. The Nifty 50 index added 274.20 points or 1.86% to 14,982.

Foreign portfolio investors (FPIs) bought shares worth Rs 28,739.17 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 230.44 crore in the Indian equity market on 25 February, provisional data showed.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)


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