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Stock Market Live: Sensex trades higher, Nifty above 14,800; PSU banks, IT stocks lead

EVENT HIGHLIGHTS

Stock Market Live: The Indian equity indices, Sensex and Nifty traded higher Tuesday led by strong gains in banks, IT and auto stocks amid positive global cues. Midcap and smallcap indices surged. All sectoral indices are trading in the green.

Glenmark Pharmaceuticals | The company has received US FDA nod for Diltiazem Hydrochloride extended‐release capsules, used to treat high blood pressure and control angina (chest pain).

Market Opens | The Indian indices opened higher Tuesday led by across the board gains amid positive global cues. The Sensex opened 104.92 points, or 0.21 percent higher at 49,876.21, while the Nifty opened at 14,768.55, up 32.15 points, or 0.22 percent. Midcap and smallcap indices gained more than half a percent each. All the sectors were trading in the green.

Adani Ports & SEZ | The company has entered into agreement with DVS Raju & Family to acquire 581 percent stake in Gangavaram Port for a consideration of Rs 3,604 crore.

Airtel to acquire 3.33% additional stake in Avaada MHBuldhana

Bharti Airtel said it will acquire an additional 3.3 per cent stake in special purpose vehicle Avaada MHBuldhana that has been formed for owning and operating a captive power plant. The Sunil Bharti Mittal-led firm has earlier acquired 5.2 per cent stake in Avaada MHBuldhana for Rs 4.55 crore in an all-cash deal.

RBI announces committee to evaluate applications for Universal and Small Finance Banks

Reserve Bank of India (RBI) announced on March 22 a Standing External Advisory Committee (SEAC) to evaluate applications for Universal Banks and Small Finance Banks. RBI’s Department of Regulation is expected to provide secretarial support to this committee.

The apex bank said that SEAC will be in place for a three-year tenure. The Committee will be chaired by former RBI Deputy Governor Shyamala Gopinath. It’s members include Director of Central Board RB Revathy Iyer, former executive director RBI and Chairman of NPCI B Mahapatra, former chairman of Canara Bank TN Manoharan and ex-SBI MD and former chairman of PFRDA Hemant Contractor.

Start ops from disaster recovery site within 45 minutes of tech glitch: Sebi tells MIIs

Coming out with fresh guidelines, Sebi on Monday asked market infrastructure institutions to begin operations from disaster recovery sites within 45 minutes of a disruption to critical systems, including trading. The directive comes against the backdrop of a technical glitch at the National Stock Exchange (NSE) on February 24 that halted trading for nearly four hours.

In a circular, Sebi said that with advancement in technology and improved automation of processes, it was felt that the extant framework needs to be re-examined with a view to reducing the time period specified for moving from Primary Data Centre (PDC) to Disaster Recovery Site (DRS). The watchdog has come out with a new framework for Business Continuity Plan (BCP) and Disaster Recovery (DR) of Market Infrastructure Institutions (MIIs) — stock exchanges, clearing corporations and depositories.

Govt to borrow Rs 20,000 crore less this fiscal; RBI cancels debt auction

The government has decided to cancel its Rs 20,000 crore borrowing scheduled for March 26 on review of position of cash balance, the Reserve Bank of India said on Monday. This means, the government would be borrowing Rs 20,000 crore less than its target of Rs 12.8 lakh crore announced in the Budget on February 1 for the current fiscal. As per the revised Issuance Calendar issued on February 1, 2021 for Government of India Dated Securities, the next auction is scheduled to be held on March 26, 2021.

Crude Oil | Oil steadied on Monday as hopes for a pick-up in demand later this year helped arrest last week’s broad sell-off, but prices stayed under pressure as new European coronavirus lockdowns made a quick recovery look less likely. Brent crude was up 0.1 percent to $64.59 a barrel, while US oil for delivery in April fell 0.4 percent, to $61.20 a barrel ahead of expiry.

Rupee | The Indian rupee continued its winning run for the third straight session on Monday, adding another 15 paise to close at 72.37 against the US dollar as some stability in crude oil prices and sustained foreign fund inflows kept investor sentiment upbeat. At the interbank forex market, the local unit opened at 72.47 against the greenback and gained further to touch an intra-day high of 72.34. It finally ended at 72.37 against the American currency, registering a rise of 15 paise over its previous close.

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