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Stock Market Live: Sensex jumps 500 points, Nifty reclaims 14,900; banks, IT stocks lead

EVENT HIGHLIGHTS

Stock Market Live: Indian indices were trading higher on Tuesday, extending gains for another session, following a rally in global peers as a halt in a recent bond markets sell-off calmed investor nerves. Domestically, the gains were led by banking, financial and IT stocks.

While Indian stock markets reached dizzying heights on February 15, the bull-run has since been checked in the following day leading to mixed results for different stocks.

Bullish on India; expect strong recovery, says Nomura’s Rob Subbaraman ;;;Nomura is bullish on India and expects a strong recovery in the country, said Rob Subbaraman, head of global macro research at Nomura, on Tuesday. The financial services group believes growth in India is off to a strong start but rising infection cases in a few states is a near-term downside risk to monitor. “We are very bullish on India and at Nomura, we are forecasting this calendar year 12.8 percent growth, so a very strong recovery. We think already gross domestic product (GDP) now is back at the pre-pandemic level for the Q4,” Subbaraman told CNBC-TV18

BPCL shares jump 6% to hit 52-week high as board approves sale of Numaligarh refinery

Shares of State-run Bharat Petroleum Corporation (BPCL) surged 6 percent to hit its 52-week high on Tuesday after the company’s board approved the sale of its stake in the Numaligarh refinery. The company will offload a 61.65 percent stake in the refinery for Rs 9,875 crore as a part of the privatization process. Of that, a consortium of Oil India and Engineers India will acquire 49 percent of the stake and the rest 13.65 percent will be sold to the Assam government, the company said in a BSE filing. The state government currently holds a 12.35 percent stake in the refinery which will increase to 26 percent post the stale sale. Meanwhile, Oil India holds 26 percent in the Refinery, which operates a 3 million-tons-a-year oil refinery in Assam. The refinery is looking to expand its refining capacity threefold to 9 million tonnes a year to meet the growing fuel demand.

Goldman Sachs restarts cryptocurrency desk amid bitcoin boom

Goldman Sachs Group Inc has restarted its cryptocurrency trading desk and will begin dealing bitcoin futures and non-deliverable forwards for clients from next week, a person familiar with the matter said. The team will sit within the US bank’s Global Markets division, the person said. The desk is part of Goldman’s activities within the fast-growing digital assets sector, which also includes projects involving blockchain technology and central bank digital currencies, the person said. As part of this work, the bank is also exploring the potential for a bitcoin exchange traded fund and has issued a request for information to explore digital asset custody, the source said.

“In the brief fight between equity bulls and bond bears, it appears that equity bulls have won, at least in the first round. The US 10-year yield has stabilised at around 1.4 percent emboldening the equity bulls to come back with force pushing the US benchmark indices sharply higher on Monday. Equity bulls in India are likely to take cue from this positive global backdrop. Adding to the global positivity, there are many domestic positive economic news like Rs 1.3 lakh crore GST collections in Feb, Rs 77000 cr from the first day of spectrum auction, declining crude prices and reasonably good news from auto sales in Feb. In brief, advantage bulls!” says an analyst.

BPCL is top Nifty gainer following board’s approval for Numaligarh stake sale.

Opening bell: Sensex opens 300 points higher, Nifty above 14,800; banks, IT stocks lead

Indian indices opened higher on Tuesday, extending gains for another session, following a rally in global peers as a halt in a recent bond markets sell-off calmed investor nerves. Domestically, the gains were led by banking, financial and IT stocks. At 9:18 am, the Sensex was up 308 points at 50,158 while the Nifty50 rose 68 points to 14,830. Broader markets outperformed benchmarks with the mdicap and smallcap indices up around 0.8 percent each. On the Nifty50 index, BPCL, IOC, Bajaj Finance, Hero Moto and Grasim were the top gainers while ONGC, HDFC, Powergrid, Hindalco and Coal India led the losses. Among sectors, Nifty IT rose the most, up 1 percent while Nifty Bank and Nifty Pharma were up over 0.5 percent each. However, Nifty Metal was the only inde in the red.

SGX Nifty suggests a gap-up opening for Indian market today. Take a look at some other global cues

NSE says it is spending on tech. Yet, it has faced at least 10 glitches since 2017

National Stock Exchange claims it has almost tripled its annual expenditure on technology to approximately Rs 900 crore over the last 3-4 years with a strong technology workforce of about 1,500-plus people. But last Wednesday’s incident was the latest in a string of failures at India’s largest bourse. Fresh reports of a technical glitch at the National Stock Exchange of India (NSE) emerged in the morning trading session on March 1, triggering fears that it was a repeat of last Wednesday when India’s largest bourse shut down for nearly four hours. NSE clarified that all segments were working fine, but the two events have put the spotlight on the exchange’s capacity to deal with such incidents. After the February 24 technical glitch, the exchange said it has been significantly increasing its spending on technology infrastructure for the last few years, adding it has a strong technology governance process

Oil extends losses on worry over possible supply increase from OPEC

Oil prices fell more than 1% on Tuesday, extending losses that began last week, as investors unwound long positions on concern that OPEC may agree to increase global supply in a meeting this week and Chinese demand may be slipping. Brent crude dropped 78 cents, or 1.2%, to $62.91 a barrel by 0138 GMT, after losing 1.1% the previous day. U.S. West Texas Intermediate (WTI) crude slid 74 cents, or 1.2%, to $59.90 a barrel, having lost 1.4% on Monday. Investors are worried the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, will boost oil output, said Hiroyuki Kikukawa, general manager of research at Nissan Securities.

16 companies set to launch IPOs in March; could raise over Rs 25,000 crore

Sustained buying by foreign portfolio investors, an uptick in corporate earnings, economic recovery from COVID-19 shocks, and buoyant world markets have been been the driving forces behind a powerful rally in Indian equities. This upbeat mood in the secondary market has rubbed off on the primary market as well, with companies raising close to Rs 44,000 crore in 2020. MTAR Technologies has already announced its IPO, which will open for subscription on March 3. The company plans to raise Rs 600 crore through the offer. Other expected IPOs include Anupam Rasayan, Laxmi Organic Industries, Suryoday Small Finance Bank, Craftsman Automation, Barbeque Nation Hospitality, Nazara Technologies, Aadhar Housing Finance, Kalyan Jewellers India, India Pesticides and Power Grid Corporation InvIT, moneycontrol.com reported. These IPOs could raise over Rs 25,000 crore.

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