The benchmark indices continued marching ahead in the afternoon trade. The Nifty index was hovering above 15,100 mark.
At 13:20 IST, the barometer index, the S&P BSE Sensex, jumped 728.02 points or 1.45% at 51,024.91. The Nifty 50 index gained 218.15 points or 1.46% at 15,137.25.
ICICI Bank (up 2.59%), Infosys (up 2.32%) and HDFC (up 2.12%) boosted the indices.
The broader market rallied. The S&P BSE Mid-Cap index added 1.18%. The S&P BSE Small-Cap index rose 1.60%.
Buyers outnumbered sellers. On the BSE, 1,847 shares rose and 1,029 shares fell. A total of 177 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,223.16 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 854.04 crore in the Indian equity market on 2 March 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 11,47,51,575 with 25,49,260 deaths. India reported 1,70,126 active cases of COVID-19 infection and 1,57,346 deaths while 1,08,12,044 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
IHS Markit India Services PMI rose to 55.3 in February 2021 from 52.8 in January 2021. The seasonally adjusted India Services Business Activity Index pointed to the sharpest rate of expansion in output in one year. Moreover, the latest reading extended the current growth sequence to five months. Survey participants linked the upturn to improved demand and more favourable market conditions. New work intakes expanded for the fifth straight month, and at the fastest pace over this sequence. According to monitored companies, marketing efforts and increases in new clients led to sales growth.
Meanwhile, the auction of telecom spectrum ended on Tuesday (2 March) with total bids of 77 thousand eight hundred 14 crore 80 lakh rupees for the airwaves. Telecommunications Secretary Anshu Prakash said, incremental bids for 668.20 crore rupees were made on the second and concluding day of spectrum auction.
The bidding took place for spectrum in 800 Megahertz, 900 Megahertz, 1,800 Megahertz, 2,100 Megahertz and 2,300 Megahertz bands. The total quantity of spectrum for which right to use has been acquired in these bands is 855.60 Megahertz.
Three bidders, Bharti Airtel, Vodafone Idea and Reliance JioInfocomm participated in the auction. A total quantity of 2,308.80 Megahertz spectrum was put to auction, including spectrum that is expiring up to December this year.
Reliance Jio was the biggest bidder acquiring 488.35 Megahertz of spectrum for over 57 thousand 1 hundred 22 crore rupees. Bharti Airtel bid for 355.45 Megahertz of spectrum for over 18 thousand 6 hundred 98 crore rupees. Vodafone Idea bid for 11.80 Megahertz of airwaves for over 1 thousand 9 hundred 93 crore rupees.
Spectrum Usage Charges for the spectrum acquired in this auction will be payable at the rate of 3% of adjusted gross revenue of the licensee, excluding revenue from wireline services.
Gainers & Losers:
Tata Steel (up 5.71%), Adani Ports & Special Economic Zone (APSEZ) (up 4.14%), Bajaj Finserv (up 3.82%), JSW Steel (up 3.70%) and Axis Bank (up 3.36%) were major gainers in Nifty 50 index.
Hero MotoCorp (down 1.42%), Bajaj Auto (down 1.05%), Maruti Suzuki India (down 1.03%), Mahindra & Mahindra (M&M) (down 0.72%) and BPCL (down 0.68%) were major losers in Nifty 50 index.
Stocks in Spotlight:
RPP Infra Projects spurted 5.78% after the company received letter of acceptance for four projects worth Rs 1,000 crore. The company's current order book stands at Rs 3,200 crore.
Power Mech Projects advanced 2.78% after the company received letters of award for orders worth Rs 734 crore.
Global Markets:
Shares in Europe and Asia rallied across the board on Wednesday amid optimism that more imminent U.S. stimulus will energise the global economic recovery.
China's Caixin/Markit Services Purchasing Managers' Index came in at 51.5 for February, a decline from January's reading of 52. PMI readings above 50 represent expansion while those below that level signify contraction.
Japan's services sector extended declines in February for a 13th straight month. The final au Jibun Bank Japan Services Purchasing Managers' Index (PMI) came in at a seasonally adjusted 46.3.
U.S. stocks fell on Tuesday led by technology names, as the market gave back some of the strong gains from the previous session.
In coronavirus developments, U.S. President Joe Biden said Tuesday the country will have a large enough supply of coronavirus vaccines to inoculate every adult in the nation by the end of May - two months earlier than previously expected.
Powered by Capital Market - Live News