Stock Market Live: Sensex rallies over 500 points higher, Nifty above 15,100; banks, metals lead
Stock Market Live: Indian indices were trading around a percent higher on Thursday, extending gains from yesterday’s extended session, on the back of broad-based gains across sectors. Banks, metals and IT stocks supported the benchmarks the most. Meanwhile, a rally in global peers also lifted the sentiment.
Asian stocks open higher as Fed’s Powell nixes inflation fears
Asian stocks perked up on Thursday after U.S. Federal Reserve Chair Jerome Powell reaffirmed interest rates would stay low, calming market fears that higher inflation might prompt the central bank to tighten the monetary spigot. Australia’s S&P/ASX 200 rose 0.90% in early trade while Japan’s Nikkei 225 added 1.37%. Hong Kong’s Hang Seng index futures rose 0.92%. MSCI’s gauge of stocks across the globe gained 0.12%, as rising stocks on Wall Street pushed the global benchmark to reverse early losses. The Dow Jones Industrial Average set a record high rising 1.35% to 31,961.86 while the S&P 500 gained 1.14%. The Nasdaq index, which fell as much as 1.3% earlier in the session, regained its footing by early afternoon and closed up 0.99%.
Max Financial jumps 10%, Axis Bank up around 4% as IRDAI approves stake acquisition
Shares of Max Financial and Axis Bank surged on Thursday after insurance regulator IRDAI approved Axis Bank and its subsidiaries to acquire up to stake in Max Life Insurance. Max Financial Services was locked in its 10 percent upper circuit of Rs 938.65 per share on the NSE which was also its 52-week high. Meanwhile, Axis Bank rose as much as 3.7 percent to its day’s high of Rs 776.90 per share. Brokerages remained bullish on both the stock post the stale acquisition approval. While Morgan Stanley is ‘overweight’ on Axis Bank, CLSA and Jefferies have ‘buy’ calls on Max Financial.
Midcap Index is approaching record high
Opening Bell: Sensex opens 400 points higher, Nifty above 15,000; Axis bank up 2%
Indian indices opened higher on Thursday, extending gains from yesterday’s extended session, as banking and financial stocks supported the benchmarks. Meanwhile, a rally in global peers also lifted the sentiment. At 9:18 am, the Sensex was trading 421 points higher at 51,202 while the Nifty was up 98 points at 15,079. Broader markets were also trading higher with the midcap and smallcap indices up around a percent each. On the Nifty50 index, ONGC, Axis Bank, Hindalco, IndusInd Bank and BPCL were the top gainers while Divi’s Labs, Nestle, Powergrid, Hero Moto and Bajaj Auto led the losses. All sectors witnessed broader-based gains led by bankin gand metal index, u p1.4 percent each. Nifty Fin Services and Nifty IT also rose over a percent each.
RBI to conduct simultaneous sale-purchase of govt securities next month
The Reserve Bank of India (RBI) on Wednesday announced open market operations for sale as well as purchase of government securities for Rs 15,000 crore each. On a review of current liquidity and financial conditions, the central bank has decided to conduct simultaneous purchase and sale of government securities under Open Market Operations (OMO) for an aggregate amount of Rs 15,000 crore each on March 4, 2021, RBI said in a release. Simultaneous purchase and sale of government securities under OMOs, popularly known as Operation Twist, involves purchasing G-Secs of longer maturities and selling equal amounts of G-Secs of shorter maturities.
IRDAI approves Axis Entities’ stake acquisition in Max Life Insurance
Insurance Regulatory and Development Authority of India (IRDAI) has given its formal approval to Axis Bank and its subsidiaries — Axis Capital Limited & Axis Securities Limited – to acquire up to 12 percent stake in Max Life Insurance. In January this year, the Competition Commission of India (CCI) had approved the stake acquisition. Max Life said in release, as per the proposed transaction, Axis Entities have the right to acquire up to 19 percent stake in Max Life, of which, Axis Bank proposes to acquire up to 9 percent, and Axis Capital Limited and Axis Securities Limited together propose to acquire up to 3 percent in the first leg of the transaction. Axis Entities have the right to acquire an additional stake of up to 7 percent in Max Life over the next few years.
For all your investment needs feel free to reach Goodwill.
Give us Missed Call us on 90037 90027 . For Support : 044-40329999