Domestic equity market started on a strong note, but gave up all gains during the latter half of the day. PSU banks, metals and pharma stocks advanced while autos, financials and FMCG shares declined. The barometer index, the S&P BSE Sensex, rose 35.75 points or 0.07% to settle at 50,441.07. The Nifty 50 index added 18.10 points or 0.12% to end at 14,956.20, reversing from the day's high of 15,111.15.

Larsen & Toubro (up 3.43%), ONGC (up 2.96%) and Infosys (up 1.54%) boosted the indices. Bajaj Finance (down 2.22%), HDFC (down 1.31%) and HDFC Bank (down 0.67%) were major drags.

Investors sentiment got a boost after the US Senate approved the U.S. President Joe Biden's $1.9 trillion COVID-19 relief package. However, gains were capped as the Brent crude futures surged above $70 a barrel on Monday, following reports of attacks on Saudi Arabian facilities. Higher crude oil prices could increase fiscal deficit, current account deficit and stoke fuel price inflation.

In the broader market, the BSE Mid-Cap index rose 0.30% and the BSE Small-Cap index gained 0.63%.

The market breadth was positive. On the BSE, 1729 shares rose and 1415 shares fell. A total of 206 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 11,68,49,611 with 25,93,230 deaths. India reported 1,88,747 active cases of COVID-19 infection and 1,57,853 deaths while 1,08,82,798 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.223% as compared with 6.232% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 73.25, compared with its close of 73.02 during the previous trading session.

MCX Gold futures for 5 April 2021 settlement fell 0.52% to Rs 44,449.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.28% to 92.24.

In the commodities market, Brent crude for May 2021 settlement fell 22 cents at $69.14 a barrel. The contract jumped $2.62, or 3.93% to settle at $69.36 a barrel in the previous trading session.

Foreign Markets:

European shares advanced while Asian shares declined on Monday. The US Senate passed a $1.9 trillion economic relief and stimulus bill on Saturday, paving the way for extensions to unemployment benefits, another round of stimulus checks and aid to state and local governments.

However, rising bond yields continued to spark fears that central banks will look to tighten policy sooner than expected.

Meanwhile, China's February exports grew at a record pace from a year earlier when COVID-19 battered the world's second-biggest economy, customs data showed on Sunday, while imports rose less sharply. Exports in dollar terms skyrocketed 154.9% in February compared with a year earlier, while imports gained 17.3%, the most since October 2018.

US stocks jumped on Friday as a stronger-than-expected nonfarm payrolls report improved optimism for a quicker economic recovery. Hiring surged in February as U.S. economic activity picked up with COVID-19 cases steadily dropping and vaccine rollouts providing hope for more growth.

The Labor Department reported Friday that nonfarm payrolls jumped by 379,000 for the month and the unemployment rate fell to 6.2%. That compared with the unemployment rate holding steady from the 6.3% rate in January. The report further showed that hiring also was stronger in January than initially indicated, with that month's tally revised to 166,000 from 49,000. However, December's count was revised lower from a loss of 227,000 to a drop of 306,000.

Buzzing Indian Segment:

The Nifty PSU Bank index rose 1.60% to 2,378.55. The index fell 4.64% in the past two sessions.

Indian Overseas Bank (up 10%), Bank of Maharashtra (up 9.82%), Bank of India (up 6.05%), Central Bank of India (up 4.80%), Jammu & Kashmir Bank (up 1.73%), SBI (up 1.68%), Canara Bank (up 0.94%), Bank of Baroda (up 0.74%), UCO Bank (up 0.38%) and Indian Bank (up 0.04%) advanced.

Stocks in Spotlight:

Maruti Suzuki India shed 0.02% to Rs 7246. The company's total production jumped 19.33% to 1,68,180 units in February 2021 from 1,40,933 units in February 2020. The production of passenger vehicles soared 18.10% to 1,65,783 units in February 2021 compared with 1,40,370 units in February 2020. Production of light commercial vehicles surged 325.75% to 2,397 units in February 2021 from 563 units in February 2020.

Adani Ports & Special Economic Zone slipped 0.01% to Rs 748.50. The company's board approved an allotment of upto 1 crore equity shares to Windy Lakeside Investment on a preferential basis. Windy Lakeside Investment is an affiliate of private equity firm Warburg Pincus. The shares will be issued on a preferential basis at a price of Rs 800 per equity share, aggregating to Rs 800 crore.

Post allotment, Windy Lakeside Investment will hold 1 crore equity shares, constituting 0.49% of the share capital of Adani Ports. The transaction is subject to the approval of regulatory/statutory authorities and the shareholders of the company.

Muthoot Finance fell 2.31% after the company said that its chairman M. G. George Muthoot passed away on Friday. The media reports cited police saying the chairman fell from the fourth floor of his house in New Delhi at around 9 pm on Friday.

Aarti Drugs rose 3.94%. The company said that its wholly-owned subsidiary Aarti Speciality Chemicals (ASCL) stands out to be one of the beneficiaries of the Government of India's recently approved Production Linked Incentive (PLI) for the Pharmaceutical Sector.

NMDC added 3.87%. The company's board will meet on Thursday, 11 March 2021, to consider interim dividend for the financial year 2020-21. Meanwhile, the company has left the price of lump ore unchanged at Rs 5,100 per tonne and Rs 4,210 per tonne for fines in its latest price revision announced on Saturday (6 March 2021).

Natco Pharma gained 2.09% after the company received final approval for everolimus tablets (a generic version of Afinitor) in the US market. Everolimus is indicated in the treatment of breast cancer and a few other types of cancers. As per industry sales data, Afinitor and its therapeutic equivalents had generated annual sales of $712 million in USA during the twelve months ending December 2020.

Happiest Minds Technologies (HMTL) advanced 0.91%. India Ratings and Research (Ind-Ra) had upgraded the company's long-term issuer rating to 'IND A-' from 'IND BBB+' and maintained 'positive' outlook on the same. The upgrade reflects a substantial increase in HMTL's operating EBITDA margins in 9MFY21, coupled with a healthy cash flow from operations and initial public offering (IPO) proceeds, leading to a significant improvement in the credit metrics and liquidity position.

SBI Cards and Payment Services rose 0.78%. The company's board will meet on 12 March 2021, to consider raising funds by issuing non-convertible debentures (NCDs), aggregating to Rs 2,000 crore in one or more tranches over a period of time.

Talbros Automotive Components jumped 5.73% after the company along with its joint venture partners won multi-year orders worth about Rs 304 crore. The orders are spread across its domestic and international customers. The orders will be implemented over a period of five years starting from current fiscal year itself and major chunk of it distributed between 2023-2025. The company said that it would need to undertake a capex of approximately Rs 20 crore which along with existing facilities would be sufficient to execute these orders.

DCW jumped 6.21%. The specialty chemical maker said that it has completed the refinancing of its debt with the issuance of NCDs (non-convertible debentures) amounting Rs 350 crore and OCDs (optionally convertible debentures) to be converted into equity within 18 months, amounting to Rs 60 crore. The company expects this fundraise to enhance capacity utilization, and meet increasing product demand.

Domestic equity benchmarks declined for second trading session on Friday. Resurgent worries about rising US bond yields hit global stocks. Firm crude oil prices also spooked investors. Higher crude oil prices could increase fiscal deficit, current account deficit and stoke fuel price inflation. The Nifty closed below the crucial 15,000 mark.

The S&P BSE Sensex, tumbled 440.76 points or 0.87% at 50,405.32. The Nifty 50 index slumped 142.65 points or 0.95% at 14,938.60. Both these indices have fallen a little over 2% each in two consecutive sessions.

ICICI Bank (down 1.80%), HDFC (down 1.55%), HDFC Bank (down 1.52%) and Infosys (down 1.07%) were major drags today.

Selling was broad based. The S&P BSE Mid-Cap index fell 1.89% and the S&P BSE Small-Cap index tumbled 1.50%. Both these indices saw profit taking after rallying over 5% in the past four days.

The market breadth was weak. On the BSE, 1,057 shares rose and 1,929 shares fell. A total of 143 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 115,597,805 with 25,69,011 deaths. India reported 176,319 active cases of COVID-19 infection and 157,548 deaths while 108,39,894 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Numbers to Track:

In the commodities market, Brent crude for May 2021 settlement rose $1.55 to $68.29 a barrel. The contract increased 4.1% to settle at $66.74 a barrel in the previous session.

Global oil prices jumped after OPEC and its allies agreed not to increase the supply in April as they await a more substantial recovery in demand amid the COVID-19 pandemic.

The yield on 10-year benchmark federal paper rose to 6.232% as compared to its previous close of 6.212%.

In the foreign exchange market, the partially convertible rupee fell to 73.02, compared with its previous closing of 72.8375.

MCX Gold futures for 5 April 2021 settlement fell 0.32% to Rs 44,398.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.33% to 91.93.

Global Markets:

Shares in Europe and Asia declined on Friday amid rising bond yields.

The Chinese government has set its 2021 economic growth target at more than 6%, Premier Li Keqiang said in his annual work report on Friday at the opening of this year's meeting of parliament. China did not set a gross domestic product target last year due to uncertainties arising from the pandemic. The government has set its 2021 target for consumer price inflation at around 3% and its budget deficit goal of around 3.2% of GDP, Li said.

US stocks fell sharply on Thursday after Federal Reserve Chair Jerome Powell failed to reassure investors that the central bank would keep surging bond yields and inflation expectations in check.

On Thursday, Powell said the economic reopening could create some upward pressure on prices. He said he expects the central bank to be patient in terms of acting on policy, even if the economy sees transitory increases in inflation. Powell noted, however, that the recent rise in yields did catch his attention, as have improving economic conditions.

The 10-year Treasury yield, which has been keeping investors on edge in recent weeks, jumped to 1.54% after Powell's remarks. Last week, the benchmark 10-year soared to a high of 1.6% in a sudden move that sparked a big sell-off in stocks.

Buzzing Indian Segment:

The Nifty Metal index fell 2.70% to 3,869.40. The index has fallen 4.66% in two sessions.

NALCO (down 5.64%), SAIL (down 5.1%), Hindustan Zinc (down 4.42%), MOIL (down 3.3%), Welspun Corp (down 3.25%), JSPL (down 3.25%), Ratnamani Metals & Tubes (down 3.09%), Tata Steel (down 2.99%), Hindalco Industries (down 2.99%), NMDC (down 2.84%), MIDHANI (down 2.75%) and JSW Steel (down 1.47%) declined.

Metal stocks tumbled following a decline in base metal prices at Shanghai and London amid rising bond yields.

Stocks in Spotlight:

Wipro fell 4.20%. The IT major signed an agreement to acquire Capco, a global management and technology consultancy to banking and financial services industry, for $1.45 billion. London-headquartered Capco is a global management and technology consultancy providing digital, consulting and technology services to financial institutions in the Americas, Europe and the Asia Pacific. Its clients include many marquee names in the global financial services industry.

BEML fell 1.91% after the company said that it has appointed Deloitte Haskins & Sells, as consultant for advising, undertaking and implementing demerger of non-core assets of the company.

Max Healthcare Institute gained 1.61% after the company launched a qualified institutional placement (QIP) of equity shares on Thursday (4 March 2021). The QIP issue committee of the board of directors of the company, at its meeting held on 4 March 2021, authorised the opening of the QIP issue and approved the floor price of Rs 190.40 per equity share, the company said in a regulatory filing made after market hours yesterday.

Quick Heal Technologies soared 4.18% after the company said its board will consider a share buyback on 10 March 2021

Shilpa Medicare fell 2.12%. The drug company received United States Food and Drug Administration (USFDA)'s tentative approval for its abbreviated new drug application (ANDA), apremilast tablets, 10 mg, 20 mg, and 30 mg. Apremilast tablets, 10 mg, 20 mg, and 30 mg is a generic equivalent of reference listed drug (RLD) OTEZLA of Celgene, used in the treatment of 'psoriatic arthritis' as recommended in the label approved by FDA. According to IQVIA MAT Q2 2020 data, the US market for apremilast tablets, 10 mg, 20 mg, and 30 mg is approximately US $2.4 billion

Tejas Networks fell 0.54%. The company on Friday announced that GigNet, a leading digital infrastructure company in Mexico, has selected the company's optical networking and broadband access products for their state-of-the-art, high-capacity fiber optic network expansion in the Cancun region of Mexico.

ISGEC Heavy Engineering rose 0.79% after the company said it received an order from Shree Cement to set up waste heat recovery boilers at their Raipur unit. The boilers to be set up at Shree Cement's Raipur unit, will be of two types: a PH boiler to be installed at the pre-heater exhaust, and an AQC boiler to be installed at the cooler exhaust from the 10500 TPD kiln.

Dilip Buildcon fell 4.87%. The road construction company received the letter of acceptance (LoA) on 4 March for two projects worth Rs 2,439 crore from the National Highways Authority of India (NHAI) on Hybrid Annuity basis in Karnataka.

BCPL Railway Infrastructure spurted 1.75% after the company received a Letter of Acceptance (LOA) from Railway Vikas Nigam (RVNL).It is expected to be executed over a period of 45 days. The recent order adds to the strong orderbook position for the company of around Rs 165 crore.

Unichem Laboratories rose 1.14%. Unichem Laboratories announced that it has received ANDA approval for its Guanfacine Tablets, USP 1 mg and 2 mg from the United States Food and Drug Administration (USFDA) to market a generic version of TENEX (Guanfacine) Tablets 1mg and 2 mg of Promius Pharma LLC.

PVR lost 1.21%. The multiplex chain operator announced the launch of its 6-screen property in Forum Centre City Mall, Mysuru on Friday, 5 March 2021. With this opening, PVR strengthens its growth momentum in FY 2020-2021 with 844 screens at 177 properties in 71 cities (India and Sri Lanka).

New Listing:

Shares of Heranba Industries closed at Rs 812.25 per share on the BSE, at a premium of 29.55% as compared to the issue of Rs 627 apiece. The stock was listed at Rs 900, a premium of 43.54% to the initial public offer (IPO) price. The stock hit a high of Rs 944.95 and low of 796.35. On the BSE, 17.15 lakh shares were traded on the counter. The IPO of Heranba Industries The issue was subscribed 83.29 times. The issue opened for bidding on 23 February 2021 and closed on 25 February 2021. The price band for the IPO was set at Rs 626-627 per share.

Primary Market:

The initial public offer (IPO) of MTAR Technologies received bids for 145.78 crore shares as against 72.60 lakh shares on offer, according to the stock exchange data at 17:00 IST on Friday. The issue was subscribed 200.79 times.

The issue opened for bidding on Wednesday, 3 March 2021, and it will close on Friday, 5 March 2021. The price band for the IPO is set at Rs 574-575 per share. An investor can bid for a minimum lot of 26 equity shares and in multiples thereof.

The main stock indices tumbled on Thursday after rising for three consecutive sessions, dragged by losses in metal and financial stocks. A rise in US bond yields spoilt investor sentiment globally.

The barometer index, the S&P BSE Sensex, lost 598.57 points or 1.16% at 50,846.08. The Nifty 50 index declined 164.85 points or 1.08% at 15,080.75.

HDFC (down 2.62%), HDFC Bank (down 2.10%), ICICI Bank (down 1.73%) and Reliance Industries (down 1.17%) were major drags.

The broader market bucked trend. The BSE Mid-Cap index rose 0.48% and the BSE Small-Cap index gained 0.80%.

The market breadth was positive. On the BSE, 1593 shares rose and 1384 shares fell. A total of 193 shares were unchanged.

The Sensex climbed 4.78% and the Nifty jumped 4.93% in the past three consecutive sessions.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 11,51,65,467 with 25,59,576 deaths. India reported 1,73,413 active cases of COVID-19 infection and 1,57,435 deaths while 1,08,26,075 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.218% as compared with 6.238% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 72.8375, compared with its close of 72.72 during the previous trading session.

MCX Gold futures for 5 April 2021 settlement fell 0.67% to Rs 44,648.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.24% to 91.16.

In the commodities market, Brent crude for May 2021 settlement fell 54 cents at $63.53 a barrel. The contract rose $1.37, or 2.19% to settle at $64.07 a barrel in the previous trading session.

Foreign Markets:

US Dow Jones Futures were down 106 points, indicating a weak opening in the US market on Thursday.

Shares in Europe and Asia declined on Thursday following an overnight slide on the Wall Street as bond yields rose again.

US stocks posted heavy losses on Wednesday as rising bond yields spooked investors. The weakness came as the 10-year Treasury yield extended gains. The benchmark rate climbed to a high of 1.49% on Wednesday before retreating slightly. Last week, the yield surged to a high of 1.6% in a move that some described as a flash spike.

The U.S. economic recovery continued at a modest pace over the first weeks of this year, with businesses optimistic about the months to come and demand for housing robust, but only slow improvement in the job market, the Federal Reserve reported.

In oil developments, OPEC and its non-OPEC partners - an energy alliance sometimes referred to as OPEC+ - are expected to convene via video conference on Thursday to discuss how to manage supply to the market.

Buzzing Indian Segment:

The Nifty Media index jumped 1.60% to 1,747.25. The index has risen 7.51% in four straight sessions.

INOX Leisure (up 4.08%), PVR (up 3.97%), Jagran Prakashan (up 3.27%), Dish TV (up 2.62%), Zee Entertainment Enterprises (up 1.46%), Sun TV (up 1.36%), D B Corp (up 0.44%) and Hathway Cable & Datacom (up 0.16%) advanced.

Stocks in Spotlight:

Ultratech Cement rallied 4.26% to Rs 6776.50. The stock hit a record high of Rs 6830.40 in intraday today.

Adani Ports and Special Economic Zone (APSEZ) rallied 3.09% after the company said that it is acquiring the 31.5% stake held by Windy Lakeside Investment (an affiliate of Warburg Pincus) in Gangavaram Port (GPL). The acquisition is valued at Rs 1,954 crore and subject to regulatory approvals, the company said in a statement.

Infosys fell 0.99%. The IT major announced that it would be bringing 500 jobs to Calgary over the next three years, doubling its Canadian workforce to 4,000 employees by 2023.

Great Eastern Shipping Company (G E Shipping) fell 1.27%. The company has signed a contract to buy a secondhand Supramax Bulk Carrier of about 56,103 deadweight tonnage (dwt). The 2013 Japanese built vessel is expected to join the company's fleet in Q1 FY22.

Bajaj Electricals rose 2.44% and Mahindra Logistics (MLL) rallied 5.56%. MLL signed an agreement with Bajaj Electricals for innovative logistics optimisation and outsourcing. This deal is a complete end-to-end re-design and outsourcing of Bajaj Electricals' entire logistics by Mahindra Logistics, with the twin objectives of achieving enhanced & industry-best service levels, coupled with a logistics cost saving in excess of 25%. The total contract value of this deal will be in excess of Rs 1,000 crore over the next 5 years.

Indian Energy Exchange (IEX) surged 4.21% after the company's electricity market reported a volume of 6769 million units (MUs) in February 2021, registering a year-on-year growth of 50%.

RailTel Corporation of India fell 1.75% .The PSU company received an advance purchase order amounting to Rs 25.46 crore per annum from Bharat Sanchar Nigam (BSNL) for commissioning of the point-to-point links. The advance purchase order issued for the said work will be valid for a period of one year and further extendable by two years, the company further said in a BSE filing made during market hours today (4 March 2021).

V S T Tillers Tractors advanced 2.25% after the company entered into a share purchase agreement (SPA) for an investment of $1,500,000 (about Rs 11,07,15,000) in series A preferred stock of Zimeno Inc. Zimeno Inc is an unlisted company incorporated in the United States of America (USA). Zimeno Inc is in the development of electric autonomous tractor. After the allotment of Series A preferred stock, the company's shareholding in Zimeno will be about 2% on fully diluted basis.

Alembic Pharmaceuticals fell 0.77%. The drug maker announced that its joint venture (JV), Aleor Dermaceuticals has received the final approval from the US drug regulator for its Abbreviated New Drug Application (ANDA) for testosterone gel, 1.62%. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), AndroGel 1.62%, of AbbVie Inc. (AbbVie).

Primary Market:

The initial public offer (IPO) of MTAR Technologies received bids for 7.45 crore shares as against 72.60 lakh shares on offer, according to the stock exchange data at 17:00 IST on Thursday. The issue was subscribed 10.27 times. The issue opened for bidding yesterday, 3 March 2021, and it will close tomorrow, 5 March 2021. The price band for the IPO is set at Rs 574-575 per share. An investor can bid for a minimum lot of 26 equity shares and in multiples thereof. The IPO comprises both fresh issue of shares as well as offer for sales from promoters as well as investors. The fresh issue component comprises issue of up to 21,48,149 equity shares and the offer for sales comprises sale of up to 82,24,270 equity shares.

Domestic shares rallied for the third straight session on Wednesday led by gains in banks, financials and metal stocks. The Nifty settled near 15,250 level. Barring the Nifty Auto index, all the sectoral indices on the NSE ended in the green. Stocks rallied across the globe as easing US Treasury yields fuelled demand for riskier assets.

The barometer index, the S&P BSE Sensex, jumped 1,147.76 points or 2.28% at 51,444.65. The Nifty 50 index soared 326.50 points or 2.19% at 15,245.60.

Bajaj Finserv (up 5.18%), Bajaj Finance (up 4.47%), ICICI Bank (up 3.50%), HDFC (up 3.43%) and Infosys (up 3.03%) were major market movers.

The rally was broad based. The BSE Mid-Cap index rose 1.45% and the BSE Small-Cap index gained 1.34%. Both these indices lagged the benchmarks.

The market breadth was strong. On the BSE, 1,844 shares rose and 1,157 shares fell. A total of 170 shares were unchanged.

The Sensex has climbed 4.78% and the Nifty has jumped 4.93% in the three consecutive sessions.

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 Rs 77,814.80 crore for the airwaves. Telecommunications Secretary Anshu Prakash said, incremental bids for Rs 668.20 crore 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.

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.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.233% as compared with 6.236% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 72.72, compared with its close of 73.37 during the previous trading session.

MCX Gold futures for 5 April 2021 settlement fell 1.03% to Rs 45,077.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.05% to 90.74.

In the commodities market, Brent crude for May 2021 settlement rose 99 cents at $63.69 a barrel. The contract fell 99 cents, or 1.55% to settle at $62.70 a barrel in the previous trading session.

Foreign Markets:

Shares in Europe and Asia rallied across the board on Wednesday amid optimism that more imminent US stimulus will energise the global economic recovery. The gains also came as benchmark US government bond yields continued to stabilise after last month's sell-off.

The Dow Jones Futures were trading 214 points trading higher, indicating a strong opening in US markets today.

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.

Buzzing Indian Segment:

The Nifty Metal index rose 3.34% to 4,058.60. The index has risen 6.17% in three sessions.

APL Apollo Tubes (up 7.48%), Tata Steel (up 5.34%), NALCO (up 4.82%), Hindalco Industries (up 3.91%), JSW Steel (up 3.27%), Jindal Steel & Power (up 3.22%), NMDC (up 1.94%), Coal India (up 0.98%) and Hindustan Zinc (up 0.29%) advanced.

Stocks in Spotlight:

Reliance Industries (RIL) jumped 4.52% to Rs 2201.35 after the company said that its telecom unit Reliance Jio has successfully acquired the right to use spectrum in all 22 circles across India. RIL said that the payment to be made for the right to use this technology agnostic spectrum for a period of 20 years is Rs 57,123 crore.

With these acquisitions, Jio's total owned spectrum footprint has increased significantly, by 55%, to 1,717 MHz (uplink+ downlink). The acquired spectrum can be utilised for transition to 5G services at the appropriate time, where Jio has developed its own 5G stack, it added.

Engineers India (EIL) spurted 2.13% after the company secured a deal from Indian Oil Corporation (IOCL) for capacity expansion of Panipat Refinery to 25 million metric tonnes per annum (MMTPA). The total awarded order value is around Rs 600 crore with a total project schedule of 40 months for mechanical completion.

Bank of Baroda (BoB) rose 2.88% after the state-run lender said it has closed the qualified institutional placement (QIP) issue, which was conducted to raise up to Rs 4,500 crore. The capital raising committee approved the issue price of Rs 81.70 per equity share (including a premium of Rs 79.70), which is at a discount of 5% (Rs 4.28 per equity share) to the floor price of Rs 85.98 apiece, BoB said in a regulatory filing on Tuesday. The issue opened on 25 February 2021.

IRCON International slumped 6.90% to Rs 91.10 after the offer for sale (OFS) opened for non-retail investors today, 3 March 2021. Through the OFS, the Government of India proposes to sell up to 4,70,25,787 equity shares (representing 10% stake), with an option to sell an additional 6% stake or 2,82,15,473 equity shares in case of oversubscription. The floor price for the OFS is Rs 88 per equity share, at a 10.07% discount to IRCON's closing price of Rs 97.85 on Tuesday, 2 March 2021. The OFS opened on Wednesday (3 March 2021) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Friday (4 March 2021).

As on 15:30 IST, the OFS received subscription for 10,84,93,968 shares. It was subscribed 329.59% on the base non-retail total offer size of 3,29,18,051 shares and 205.99% on the total non-retail total offer size (base size + green shoe) of 5,26,68,882 shares.

Ion Exchange (India) fell 0.29% after Rakesh Jhunjhunwala and his firm Rare Investments on Tuesday sold an aggregate 5.38 lakh shares, or 3.6% stake, in the company via bulk deals on the BSE. Meanwhile, Plutus Wealth Management bought 4.75 lakh equity shares (3.24% equity) of Ion Exchange (India) at Rs 1,220.75 per share.

RPP Infra Projects jumped 5.37% after the company received letter of acceptance for four projects worth Rs 1000 crore.

Key equity indices advanced for the second session and closed near the day's high with strong gains on Tuesday. The Sensex settled above the 50,000 mark while the Nifty managed to close above the 14,900 mark amid strong buying in the last hour of the trading session. Barring the Nifty PSU Bank index, all other sectoral indices on the NSE ended in the green. IT, auto and pharma shares were in demand.

Positive development surrounding global COVID-19 vaccination programmes and stabilizing US Treasury yields boosted sentiment. Buying was also triggered as India's GST collection for the month of February stood above the Rs 1 lakh crore mark for the fifth straight month, highlighting the signs of economic recovery.

The barometer index, the S&P BSE Sensex, climbed 447.05 points or 0.90% at 50,296.89. The Nifty 50 index surged 157.55 points or 1.07% at 14,919.10.

Mahindra & Mahindra (up 4.98%), NTPC (up 3.83%) and Bajaj Auto (up 3.53%) were major index gainers.

In the broader market, the BSE Mid-Cap index rose 1.55% and the BSE Small-Cap index gained 1.60%. Both these indices outperformed the benchmarks.

The market breadth was strong. On the BSE, 1,852 shares rose and 1,156 shares fell. A total of 169 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 11,44,41,348 with 25,38,681 deaths. India reported 1,68,358 active cases of COVID-19 infection and 1,57,248 deaths while 1,07,98,921 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

The gross GST revenue collected in the month of February 2021 came at Rs 1,13,143 crore of which CGST stood at Rs 21,092 crore, SGST at Rs 27,273 crore, IGST at Rs 55,253 crore (including Rs 24,382 crore collected on import of goods) and Cess at Rs 9,525 crore (including Rs 660 crore collected on import of goods).

The GST revenues crossed Rs 1 lakh fifth time in a row and crossed Rs 1.1 lakh crore third time in a row post pandemic despite this being revenue collection of the month of February. The GST revenues for February are 7% higher than the GST revenues in the same month last year. During the month, revenue from import of goods was 15% higher and the revenues from domestic transactions are 5% higher than the revenues from these sources during the same month last year.

Meanwhile, Communications Minister Ravi Shankar Prasad has said that on the first day of Telecom spectrum auction on Monday, winning bids received till 6 PM were worth 77 thousand 146 crore rupees. This has already substantially exceeded pre-bid estimates of 45 thousand crore rupees. He said, bidding took place for spectrum in 800, 900, 1,800, 2,100 and 2,300 Megahertz. Mr Prasad said, participants did not bid for 700 and 2,500 Megahertz. The auction of spectrum commenced at 10 AM yesterday and four rounds of bidding took place till 6 PM. Another one or two rounds are expected today. Three bidders, Bharti Airtel, Vodafone Idea and Reliance Jio Infocomm are participating in the auction.

Numbers to Watch:

The yield on 10-year benchmark federal paper rose to 6.236% as compared with 6.209% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 73.37, compared with its close of 73.55 during the previous trading session.

MCX Gold futures for 5 April 2021 settlement rose 0.24% to Rs 45,415.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.18% to 91.20.

In the commodities market, Brent crude for May 2021 settlement rose 7 cents at $63.76 a barrel. The contract fell 73 cents, or 1.13% to settle at $63.69 a barrel in the previous trading session.

Foreign Markets:

European shares advanced while Asian stocks closed on a mixed note on Tuesday. U.S. stocks jumped on Monday in a broad-based rally as stocks tied to the economic reopening jumped on vaccine optimism, while tech names rebounded from steep losses last week.

U.S. manufacturing activity increased to a three-year high in February amid a surge in new orders. The ISM said its index of national factory activity rebounded to a reading of 60.8 last month from 58.7 in January. That was the highest level since February 2018.

Buzzing Indian Segment:

The Nifty IT index rose 3.04% to 25,301.85. The index jumped 4.12% in two sessions.

Larsen & Toubro Infotech (up 7.26%), Mindtree (up 6.78%), Wipro (up 4.46%), Coforge (up 4.32%), Mphasis (up 4.07%), Tech Mahindra (up 3.49%), Infosys (up 3.29%), TCS (up 3.21%), HCL Technologies (up 2.06%) and Info Edge (India) (up 1.63%) advanced.

Stocks in Spotlight:

Bharti Airtel gained 1.68% after the company said that it has acquired 355.45 MHz spectrum across Sub GHz, mid band and 2300 MHz bands for a total consideration of Rs 18,699 crore. The spectrum was acquired in the latest spectrum auction conducted by the Department of Telecom, Government of India.

Vodafone Idea rose 2.80%. The company participated in the just concluded 2021 spectrum auction conducted by the Department of Telecom (DoT), Government of India.

We have used this opportunity to optimize spectrum holding post-merger to create further efficiencies in few circles, the company said in a statement. The spectrum we have acquired in the 5 circles will further help us to enhance our 4G coverage and capacity, enabling superior digital experience for our customers, it added.

BPCL surged 3.10% after the PSU OMC said its board has approved sale of 61.65% stake in Numaligarh Refinery (NRL) to a consortium of Oil India and Engineers India and to the Government of Assam. The company will sell 45.35 crore equity shares, or 61.65% equity, in NRL for Rs 9,875.96 crore. The final sale pact will be entered into after obtaining clearances from its shareholders, BPCL said.

Bajaj Healthcare added 2.40% after the company received consent from Maharashtra Control Board (MPCB) to resume its operations at Tarapur unit in Maharashtra. The MPCB had issued a notice on 14 January 2021 to the company directing the closure of operations at its Tarapur unit for alleged violation of the provisions of Water (Prevention and Control of Pollution) Act 1974, Air (Prevention and Control Pollution) Act 1981 and the Rules made thereunder.

Hero MotoCorp rallied 3.73%. The two-wheeler manufacturer reported a 1.45% increase in total sales at 5,05,467 units in February 2021 from 4,98,242 units sold in the same month of the previous year. Domestic sales were at 4,84,433 units in February 2021 as against 4,80,196 units in February last year. Exports rose to 21,034 units as compared to 18,046 units.

Eicher Motors added 1.78%. Total Royal Enfield sales increased 10% to 69,659 units in February 2021 from 63,536 units in February 2020. Sequentially, the company's total motorcycles sales improved 1% last month from 68,887 units sold in January 2021. While the sales of models with engine capacity upto 350cc jumped 12% to 64,362 units, the sales of models with engine capacity exceeding 350cc declined 15% to 5,297 units in February 2021 over February 2020.

Cipla surged 2.86%. The drug major has received final approval for its Abbreviated New Drug Application (ANDA) for Sumatriptan nasal spray, 20 mg from the United States Food and Drug Administration (USFDA). The product is an AB-rated generic therapeutic equivalent version of GlaxoSmithKline's Imitrex nasal spray. Imitrex is a serotonin (5-HT1B/1D) receptor agonist (triptan) indicated for acute treatment of migraine with or without aura in adults. Separately, Cipla announced that its subsidiary, Cipla Gulf FZ LCC, is expanding its partnership with Alvotech for the marketing and distribution of four biosimilar medicines in Australia and New Zealand.

NMDC gained 1.67%. The state-owned company's iron ore sales climbed 11.68% to 3.25 million tonnes (MT) in February 2021 from 2.91 MT in February 2020. Iron ore production jumped 19.14% to 3.86 million tonnes (MT) in February 2021 from 3.24 MT in February 2020.

Coal India fell 0.58%. The state-run company's coal production, on a provisional basis, fell 6.6% to 61.9 million tonnes (MT) in February 2021 as against 66.2 MT in February 2020. Coal India's coal offtake in February 2021 stood at 51.2 million tonnes (MT), down 6.2% from 54.6 MT in February 2020. Sequentially, coal production rose 2.31% while offtake slipped 3.93% in February 2021 over January 2021.

IRCTC fell 2.16% on profit booking. The stock gained 19.6% in the past five sessions to end at Rs 1,939 yesterday, from its recent closing low of Rs 1,620.70 on 22 February 2021.

In a regulatory filing made after market hours on Monday (1 March 2021), IRCTC said that Ministry of Railways, in compliance of orders of High Court of Judicature at Madras, has directed IRCTC to terminate all existing contracts of mobile catering (currently kept in abeyance) involving scope of work of providing cooked food to passengers prepared from base kitchens as per the existing terms and conditions.

Domestic benchmark indices closed with robust gains on Monday. The Nifty ended near the 14,800 mark. Value buying emerged after India's GDP returned to positive territory after contracting for two straight quarters. Barring the Nifty PSU Bank index, all the sectoral indices on the NSE ended in the green.

Global stocks rallied on stabilizing US Treasury yields, hope surrounding global COVID-19 vaccination programmes and the passing of $1.9 trillion US stimulus package.

The barometer index, the S&P BSE Sensex, surged 749.85 points or 1.53% at 49,849.84. The Nifty 50 index advanced 232.40 points or 1.60% at 14,761.55.

Kotak Mahindra Bank (up 3.53%), HDFC (up 2.69%), ICICI Bank (up 1.77%), HDFC Bank (up 1.59%) and Infosys (up 1.31%) were major index movers.

In the broader market, the BSE Mid-Cap index rose 1.46% and the BSE Small-Cap index gained 1.61%.

There were more buyers than sellers. On the BSE, 1,948 shares rose and 1,121 shares fell. A total of 198 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 1,14,078,673 with 25,30,723 deaths. India reported 1,68,627 active cases of COVID-19 infection and 1,57,157 deaths while 1,07,86,457 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

In India, the nationwide COVID-19 vaccination phase to cover senior citizens and people above 45 years with co-morbidities began from Monday. The vaccine will be administered free of cost at ten thousand government hospitals to these groups while the cost of the vaccine at around 20 thousand private Vaccination Centres will be borne by the people. Private hospitals can charge up to Rs 250 per dose of COVID-19 vaccine during the vaccination drive.

Economy:

The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) stood at 57.5 in February 2021, highlighting a strong improvement in operating conditions that was broadly similar to that recorded in January (57.7). The headline figure remained above its long-run average of 53.6.

India's economy returned to growth in its fiscal third quarter after a recession earlier in 2020. India's gross domestic product (GDP) grew 0.4% in October-December compared with the same period a year earlier, data released by the National Statistics Office on Friday showed. That compared with revised contractions of 7.3% in July-September and 24.4% in April-June.

The output of eight core infrastructure sectors grew marginally by 0.1% in January, mainly due to growth in the production of fertiliser, steel and electricity. The core sectors had expanded by 2.2% in January 2020, according to the provisional data released by the Commerce and Industry Ministry on Friday.

The Central government's fiscal deficit soared to Rs 12.34 lakh crore or 66.8% of the revised Budget estimates at the end of January 2021 of the current fiscal. The fiscal deficit at the end of January 2021 in the previous financial year was 128.5% of the Revised Estimates (RE).

Meanwhile, the country's foreign exchange reserves increased by $169 million to $583.865 billion in the week ended 19 February 2021, as per the data released by RBI. In the previous week ended 12 February 2021, the reserves had declined by $249 million to $583.697 billion. It had touched a record high of $590.185 billion in the week ended 29 January 2021 this year.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.21% as compared with 6.229% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 73.55, compared with its close of 73.4775 during the previous trading session.

In the commodities market, Brent crude for May 2021 settlement rose 83 cents at $65.25 a barrel. The contract fell $1.69, or 2.56% to settle at $64.42 a barrel in the previous trading session.

Foreign Markets:

Shares in Europe and Asia advanced on Monday amid stabilising US Treasury yields. Stocks had been under pressure over the last few weeks as rising US Treasury yields made equities look less attractive to investors.

The yields jumped on expectations of higher inflation due to a big stimulus package to revive the economy. US Treasury bonds are considered safer and hence their higher yields tend to dissuade global investors from putting money in risk assets such as equities.

Further, progress in the US stimulus package also lent some support to investor sentiments globally.

A private survey released Monday showed China's manufacturing activity in February growing at a slower pace. The Caixin/Markit manufacturing Purchasing Managers' Index (PMI) came in at 50.9, a decline from January's reading of 51.5.

China's official manufacturing Purchasing Managers' Index (PMI) for February came in at 50.6 over the weekend, according to data released by the country's National Bureau of Statistics. That was lower than January's reading of 51.3 but still above the 50 level that separates expansion from contraction.

US stocks ended on a mixed note on Friday. The Dow Jones Industrial Average tumbled 469.64 points, or 1.5%, to finish at 30,932.37, after touching a session low at 30,911.37 as Wall Street struggled to shake off fears of rapidly rising rates.

The S&P 500 lost 18.19 points, 0.5%, to close at 3,811.15 as energy and financial stocks pulled back. The Nasdaq Composite Index added 72.91 points, or 0.6%, to 13,192.34 as Big Tech names rebounded after a large sell-off in the previous session. Facebook, Microsoft and Amazon each rose more than 1%.

The House passed a $1.9 trillion COVID relief bill, the American Rescue Plan Act of 2021, early Saturday. The Senate will now consider the legislation.

Trade data showed that the U.S. trade deficit in goods widened to $83.7 billion in January from a revised $83.2 billion in the prior month, the Commerce Department said Friday. Imports of goods, such as consumer electronics, rose 1.1% to $218.9 billion in January. Goods imports were up 8.2% compared with a year earlier. Exports rose 1.4% to $135.2 billion, but were down 0.7% compared with one year ago.

Auto Sales in February:

The Nifty Auto index rose 2.38% to 10,411.80. The index tumbled 3.12% in the previous session.

Bajaj Auto added 0.32% after the company's total auto sales rose 6% to 375,017 units in February 2021 over February 2020. Sequentially, the company's total sales have decreased 11.8% in February 2021 from 425,199 units sold in January 2021.

Eicher Motors added 2.42% after VE Commercial Vehicles, the company's unlisted subsidiary, recorded 19% growth in total auto sales to 5457 units in February 2021 from 4586 February 2020.

Maruti Suzuki India rose 2.10% after the car major's total sales jumped 11.8% to 1,64,469 units in February 2021 over February 2020. Sequentially, the company's total auto sales rose 2.31% in February 2021 as against 1,60,752 units sold in January 2021.

Escorts lost 1.58%. The company's Agri Machinery Segment (EAM) in February 2021 sold 11,230 tractors, its highest ever February sales, and registered a growth of 30.6% over February 2020. Sequentially, the company's tractor sales have increased by 24.5% from 9,021 units sold in January 2021.

Mahindra & Mahindra (M&M) added 1.77% after the company said its total tractor sales (domestic + exports) during February 2021 were at 28,146 units, up by 25% from 22,561 units for the same month last year. M&M's total auto sales decline by 11.4% to 28,777 vehicles in February 2021 from 32,476 in February 2020. Sequentially, the company's auto sales have decreased 26.5% in February 2021 from 39,149 units sold in January 2021.

TVS Motor jumped 3.64% after the company's total auto sales grew by 18% registering 297,747 units in February 2021 as against 253,261 units in the month of February 2020.

Ashok Leyland rose 0.58%. The commercial vehicles maker's total sales jumped 19% to 13,703 units in February 2021 as against 11,475 units sold in February 2020. Sequentially, the company's total auto sales advanced 4.4% last month from 13,126 units sold in January 2021.

SML Isuzu gained 1.61%. The automobile company's total sales dropped 13.5% to 760 units in February 2021 as against 879 units in February 2020. Sequentially, the company's auto sales soared 42.05% in February 2021 as against 535 units sold in January 2021.

Stocks in Spotlight:

Shares of Bharti Airtel and Vodafone Idea declined 4.45% and 2.29% respectively after telecom major Reliance Jio announced Jio Phone 2021 offer which provides for a new phone along with three new plans.

Jio Phone 2021 offer has a two-year plan, a one-year plan, and a special plan for existing users. These offer free calling for two years and 2GB data/month for Rs 1,999. Those opting for the one-year plan will have to shell out Rs 1,499, while existing JioPhone users can pay Rs 749 for 12 months. Reliance Jio is a wholly owned subsidiary of Index major Reliance Industries (RIL).

Meanwhile, RIL rose 0.83% to Rs 2101.15. RIL said that its wholly owned subsidiary Reliance Strategic Business Ventures (RSBVL) has acquired additional equity stake in its investee company skyTran Inc. for a consideration of $26.76 million. After the acquisition, RSBVL's shareholding in skyTran increased to 54.46% on a fully diluted basis.

US-based skyTran has developed breakthrough passive magnetic levitation & propulsion technology for implementing personal transportation systems aimed at solving the problem of traffic congestion globally. The technology has been developed by skyTran to create smart mobility solutions.

Domestic equity benchmarks slumped on Friday, led by broad-based selling pressure. The Nifty closed below the 14,550 mark. All the sectoral indices on the NSE ended in the red. Banks and financial shares witnessed major selling pressure. A spike in domestic and global bond yields coupled with rising coronavirus cases spoiled investors' appetite for risk assets.

The barometer index, the S&P BSE Sensex, slumped 1939.32 points or 3.80% to 49,099.99. The Nifty 50 index tumbled 568.20 points or 3.76% to 14,529.15.

In the broader market, the S&P BSE Mid-Cap index declined 1.75% and the S&P BSE Small-Cap index lost 0.74%. Both the indices outperformed the Sensex.

The market breadth was weak. On the BSE, 1020 shares rose and 1902 shares fell. A total of 179 shares were unchanged.

Investors were also cautious ahead of India's gross domestic product (GDP) data for October-December quarter, to be released later in the day.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 11,30,02,186 with 25,07,624 deaths. India reported 1,55,986 active cases of COVID-19 infection and 1,56,825 deaths while 1,07,50,680 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Numbers to Track:

The yield on 10-year benchmark federal paper rose 6.214% as compared to its previous close of 6.182%.

In the foreign exchange market, the partially convertible rupee fell to 73.4775, compared with its previous closing of 72.43.

MCX Gold futures for 5 April 2021 settlement rose 0.52% to Rs 46,482.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.48% to 90.57.

In the commodities market, Brent crude for May 2021 settlement lost 78 cents to $66.10 a barrel. The contract slipped 0.11% or 7 cents to settle at $66.11 a barrel in the previous session.

Global Markets:

Shares in Europe and Asia declined across the board on Friday as global markets were roiled by a sudden spike in bond yields, which sent investors fleeing highly valued segments of the market.

Japan's industrial output rose for the first time in three months in January. Official data released on Friday showed factory output advanced 4.2% in January, boosted by sharp rises in production of electronic parts and general-purpose machinery, as well as a smaller increase in car output.

U.S. stocks dropped sharply Thursday as an outsized surge in bond yields spooked investors, who rushed to dump risk assets, especially high-flying technology names.

The major averages tumbled as the 10-year Treasury yield soared as high as 1.6% in a sudden move that some described as a flash spike. The yield later settled back down to around 1.52%, its highest level since February 2020.

The US economy grew at a 4.1% pace in the final three months of 2020, slightly faster than first estimated, ending a year in which the overall economy, ravaged by a global pandemic, shrank more than in any year in the past seven decades. The 4.1% gain in the gross domestic product — the broadest measure of economic health — is a slight upward revision from 4% growth in the first estimate released a month ago, the Commerce Department reported Thursday.

Buzzing Indian Segment:

The Nifty Bank index tumbled 4.78% to 34,803.60. The index rose 4.1% in the past two sessions.

Axis Bank (down 5.99%), Kotak Mahindra Bank (down 5.88%), RBL Bank (down 5.56%), ICICI Bank (down 4.94%), HDFC Bank (down 4.44%), Indusind Bank (down 4.16%), SBI (down 3.9%), Federal Bank (down 3.36%), PNB (down 2.63%) and IDFC First Bank (down 2.16%) slumped.

Bank of Baroda (BoB) dropped 5.01% to Rs 85.40. The bank's board has approved raising upto Rs 4500 crore from institutional investors through a qualified institutional placement (QIP). The board authorised opening the QIP issue on 25 February 2021. The floor price of the qualified institutional placement is fixed at Rs 85.98 per share. A meeting of the committee is scheduled on 2 March 2021 to consider the issue price.

Stocks in Spotlight:

Nava Bharat Ventures rose 2.98% to Rs 72.65 after the company said its board approved a proposal to buyback equity shares worth upto Rs 150 crore. The company proposes to buyback shares at maximum price of Rs 100 each.

Dilip Buildcon gained 1.96% after the company said it has been declared as lowest (L-1) bidder for two new projects aggregating to Rs 2241 crore in Tamil Nadu and Puducherry. Both the projects have completion period 24 months and operation period of 15 years.

Rain Industries slipped 0.63% after the company's consolidated net profit surged 164.7% to Rs 321.99 crore on 6.7% decrease in net sales at Rs 2,640.23 crore in Q4 December 2020 over Q4 December 2019. Consolidated adjusted EBITDA margin improved to 18.2% in Q4 FY21 as against 16% in Q4 FY20.

Aptech lost 3.07%. The company said that it has decided to exit its institutional (B2B) business. It currently operates in two business segments - retail and institutional. No buyer is identified as yet. The company will take the process forward once the evaluation is completed and suitable expression of interest is received. The company said it intends to complete the exercise within 12-16 weeks.

Mahindra Lifespace Developers rose 0.71%. The company has acquired 7.89 acres of land in Kanakpura Road, Bengaluru to develop a residential project. The project will offer approximately 5 lakh sq. ft. of carpet area. The launch of the project is planned for FY 2022. Kanakpura Road is a prominent residential hub in Bengaluru and one of the city's relatively greener areas.

South Indian Bank surged 10.56% to Rs 9.84. The bank's board has approved issuance of up to 28.30 crore shares to HDFC Life Insurance Company, Kotak Mahindra Life Insurance Company, SBI Life Insurance Company and ICICI Lombard General Insurance Company, at Rs 8.48 per share, aggregating to Rs 239 crore, on a preferential basis.

New Listing:

Shares of RailTel Corporation of India settled at Rs 121.40 on the BSE, a premium of 29.15% over the initial public offer (IPO) price of Rs 94.

The stock was listed at Rs 104.60, a premium of 11.28% to IPO price. The stock hit a high of Rs 125.50 and low of 104.60. On the BSE, 1.59 crore shares were traded on the counter.

The IPO of RailTel Corporation of India was subscribed 42.39 times. The issue opened for bidding on 16 February 2021 and closed on 18 February 2021. The price band for the IPO was set at Rs 93-94 per share.

Key benchmark indices ended with strong gains on Thursday, rising for the third consecutive session. The Nifty closed near 15,100 mark. Positive global cues boosted investors' sentiment. Trading was volatile as the February 2021 F&O contracts expired today. Metal stocks surged while FMCG stocks lagged the broader rally.

The barometer index, the S&P BSE Sensex, rallied 257.62 points or 0.51% at 51,039.31. The Nifty 50 index added 115.35 points or 0.77% at 15,097.35. Both these indices have risen over 2.5% each in three consecutive sessions.

Strength in ONGC (up 4.66%), Reliance Industries (up 3.84%), Axis Bank (up 2.94%) and TCS (up 1.41%) supported the uptrend on Thursday.

The rally was broad based. The BSE Mid-Cap index rose 1.09% and the BSE Small-Cap index gained 1.42%.

Buyers outpaced sellers. On the BSE, 1,782 shares rose and 1,171 shares fell. A total of 175 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 11,25,53,318 with 24,97,419 deaths. India reported 1,51,708 active cases of COVID-19 infection and 1,56,705 deaths while 1,07,38,501 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Numbers to Watch:

The yield on 10-year benchmark federal paper rose to 6.184% as compared with 6.147% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 72.43, compared with its close of 72.3550 during the previous trading session.

In the commodities market, Brent crude for April 2021 settlement rose 15 cents at $67.19 a barrel. The contract rose $1.67, or 2.55% to settle at $67.04 a barrel in the previous trading session.

Foreign Markets:

Shares in Europe and Asia advanced on Thursday, following reassuring comments from Federal Reserve Chairman Jerome Powell on the inflation outlook.

US stocks edged higher on Wednesday, as a selloff in technology-related stocks eased and a rotation into cyclical shares continued.

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.

Meanwhile, 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.

New Listing:

Shares of Nureca hit an upper circuit of 5% at Rs 666.65 on the BSE, and trading a premium of 66.66% over the initial public offer (IPO) price of Rs 400. The stock was listed at Rs 634.95, a premium of 58.7% to IPO price. So far the stock hit a high of Rs 666.65 and low of Rs 603.25. On the BSE, 78 lakh shares were traded on the counter so far. The IPO of Nureca received bids for 5.59 crore shares as against 14.01 lakh shares on offer, according to the stock exchange data. The issue was subscribed 39.93 times.

Buzzing Segment:

Shares of Rane Group companies saw strong demand. Rane (Madras) (up 20%), Rane Brake Lining (up 14.49%), Rane Engine Valve (up 10%) and Rane Holdings (up 6.70%) advanced.

Stocks in Spotlight:

HDFC fell 0.74%. HDFC Property Ventures (HPVL), a wholly-owned subsidiary of HDFC, has sold 50,000 equity shares of Rs 10 each, representing 50% of the issued and paid-up share capital of Magnum Foundations. The aggregate sale consideration is Rs 13,11,54,505. Subsequent to the sale of entire stake in Magnum by HPVL, Magnum has ceased to be an associate of HDFC.

Max Financial Service (MFSL) surged 4.20% after the company said it has received a formal approval from the insurance regulator for the acquisition of upto 12% stake in Max Life Insurance by Axis Bank and its subsidiaries. As per the proposed transaction, Axis Entities have the right to acquire up to 19% stake in Max Life, of which, Axis Bank proposes to acquire up to 9%, and Axis Capital and Axis Securities together propose to acquire up to 3% of the share capital of Max Life in the first leg of the transaction. In addition, Axis Entities have the right to acquire an additional stake of up to 7% in Max Life, in one or more tranches, which they intend to acquire over the course of the next few years

Piramal Enterprises gained 5.34% after the company said its subsidiary, Piramal Pharma, has completed the acquisition of Convergence Chemicals on 24 February 2021. On 28 October 2020, Piramal Enterprises announced that its subsidiary, Piramal Pharma (PPL), will acquire additional stake in Convergence Chemicals (CCPL) for an aggregate cash consideration of Rs 65.10 crore. The transaction is now closed.

Just Dial hit an upper circuit of 20% at Rs 767.50 after the company 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.

Ashok Leyland rose 3.23%. The commercial vehicles maker on Thursday announced that it will acquire 38% stake in Hinduja Tech (HTL) from Nissan International Holding BV. Consequently, HTL will become a wholly-owned subsidiary of Ashok Leyland. HTL is engaged in the business of IT & ITeS. HTL had a consolidated revenue of Rs 226 crore and profit after tax of Rs 15.95 crore as on 31 March 2020.

Angel Broking added 3.50% after the stock broker said it has partnered with Vested Finance to allow domestic investors to invest in US‐based stocks. The tie up will make investments in US-stocks and ETFs easy at the touch of a button.

IIFL Securities fell 1.16% to 55.50, reversing from the day's high of Rs 65.60 in early trade. The company emerged as the successful bidder for demat accounts held by Karvy Stock Broking with NSDL and CDSL. IIFL Securities will get access to 11,06,108 accounts from Karvy Stock Broking. The custody value of these accounts as of 31 January 2021 is Rs 3,01,407 crore.

Cadila Healthcare gained 0.83% after the drug maker said it received a final approval from the US drug regulator to market nortriptyline hydrochloride capsules 10 mg, 25 mg, 50 mg and 75 mg. The medication is used to treat mental/mood problems such as depression. The drug will be manufactured at the group's formulation manufacturing facility at the SEZ, Ahmedabad.

Domestic equity benchmarks ended with robust gains in the extended trading session on Wednesday. The Nifty ended near the 15,000 mark. Barring the Nifty IT index, all the sectoral indices on the NSE ended in the green. Banks shares rallied after the government lifted embargo on grant of government businesses to private banks.

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.

In the broader market, the BSE Mid-Cap index rose 0.77% and the BSE Small-Cap index gained 1.08%. Both these indices underperformed the benchmark indices.

The market breadth was strong. On the BSE, 1863 shares rose and 1068 shares fell. A total of 168 shares were unchanged.

The National Stock Exchange (NSE) and BSE on Wednesday extended their trading hours till 5 PM after NSE halted trading in its cash and derivative segments, citing a technical glitch. NSE and BSE reopened for extended trading from 3:45 PM to 5 PM.

Meanwhile, all the segments on the BSE were operating as usual on Wednesday, 24 February 2021.

Economy:

The government lifted the embargo on private sector banks (only a few were permitted earlier) for the conduct of government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc.

This step is expected to further enhance customer convenience, spur competition and higher efficiency in the standards of customer services. Private sector banks, which are at the forefront of imbibing and implementing latest technology and innovation in banking, will now be equal partners in development of the Indian economy and in furthering the social sector initiatives of the Government.

With the lifting of the embargo, there is now no bar on RBI for authorization of private sector banks (in addition to public sector banks) for Government business, including Government agency business. The Government has conveyed its decision to RBI.

Following the update, the Nifty Bank index surged 3.80% to 36,452.30. The index declined by 5.9% in the past six sessions.

HDFC Bank (up 5.36%), Axis Bank (up 5.19%), RBL Bank (up 4.64%), Federal Bank (up 4.62%), ICICI Bank (up 3.85%), IDFC First Bank (up 3.58%), Bandhan Bank (up 3.10%), SBI (up 3.08%), Kotak Mahindra Bank (up 2.41%), PNB (up 2.07%), Indusind Bank (up 1.71%) and Bank of Baroda (up 1.32%) surged.

Stocks in Spotlight:

Tata Consumer Products will replace GAIL (India) in the benchmark Nifty 50 index from 31 March 2021. Tata Consumer Products rose 0.10% to Rs 627.75 while GAIL (India) lost 0.58% to Rs 146.50.

NTPC fell 0.39% to Rs 103.15. The state-run enterprise executed a share purchase agreement with GAIL (India) to buy its 25.51% shareholding in Ratnagiri Gas & Power and exit from Konkan LNG subsequently.

Nava Bharat Ventures soared 12.01% to Rs 65.75 after the company said its board will consider a share buyback on 26 February 2021.

Aditya Birla Fashion and Retail (ABFRL) jumped 6.54% to Rs 179.25 after the company announced a strategic partnership with Indian designer Tarun Tahiliani to form a new entity that will soon launch a contemporary men's ethnic wear brand. ABFRL will hold 80% stake in the new entity while Tarun Tahiliani will hold the remaining 20%. The new brand aims to build a Rs 500 crore business in the next 5 years with more than 250 stores across the country. The brand will launch the first set of retail stores by September 2021.

Tata Power rose 2.07% to Rs 93.90. The power producer said that it had raised Rs 900 crore by allotting 9,000 unsecured, redeemable, taxable, listed, rated NCDs on private placement basis.

SBI Cards and Payment Services gained 1.16% to Rs 1040.90. The stakeholder relationship committee of the company has approved the allotment of 5,500 fixed rate, unsecured, rated, taxable, redeemable, senior NCDs of the face value of Rs 10,00,000 each, at par, under Series 23 aggregating to Rs 550 crore on private placement basis. The tenure of investment is three years with a coupon rate of 5.9% per annum.

Aurobindo Pharma rose 0.72% to Rs 862.15. The company has signed the binding agreements to invest Rs 5.382 crore each in Hyderabad-based NVNR (Ramannapet I) power plant and NVNR (Ramannapet/I) power plant, aggregating to a total of Rs 10.764 crore. The company has invested in the two firms to avail the benefit of captive consumption of solar power, it added.

Mazagon Dock Shipbuilders added 0.74% to Rs 217 after the company executed a Memorandum of Understanding with Mumbai Port Trust to further the economic growth of the region and the country under the Maritime India Summit 2021.

Sanofi India rose 2.23% to Rs 8150 after the company reported a 26.4% jump in net profit to Rs 123 crore on a 12.8% decline in net sales to Rs 720.3 crore in Q4 December 2020 over Q4 December 2019. Profit before tax grew by 5.5% to Rs 170.2 crore in Q4 December 2020 from Rs 161.3 crore in Q4 December 2019. Current tax expense tumbled 35.5% year on year to Rs 46.7 crore in Q4 December 2020.

Meanwhile, the company announced a final dividend of Rs 125 per equity share for the year ended 31 December 2020. It also recommended a special dividend of Rs 240 per equity share for the year ended 31 December 2020, after considering the closure of the slump sale transaction relating to Ankleshwar manufacturing facility. The final dividend and the special dividend, if approved by the shareholders, will be paid on or after 4 May 2021.

Granules India gained 0.96% to Rs 324.95 after the company said that US drug regulator has approved its Abbreviated New Drug Application (ANDA) for acetaminophen, aspirin and caffeine tablets USP, 250 mg/250 mg/65 mg (OTC). The drug is indicated for treating migraine.

Dilip Buildcon added 2.36% to Rs 645 after the company said it was declared as the lowest (L1) bidder for two tenders floated by the National Highways Authority of India on hybrid annuity basis (HAM) in Karnataka.

Spandana Sphoorty Financial rose 1.31% to Rs 645.75. the company's board has approved the issuance of up to 12,000 secured, rated, listed, redeemable, transferable, non-convertible debentures having face value of Rs 1 lakh each, aggregating up to Rs 120 crore on a private placement basis.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.147% as compared with 6.172% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 72.3550, compared with its close of 72.46 during the previous trading session.

In the commodities market, Brent crude for April 2021 settlement rose 51 cents at $65.88 a barrel. The contract rose 13 cents, or 0.20% to settle at $65.37 a barrel in the previous trading session.

Foreign Markets:

Asian stocks declined across the board while European stocks were trading higher on Wednesday as investors digest remarks from U.S. Federal Reserve Chair Jerome Powell on Tuesday, as he attempted to ease some worries around higher interest rates and inflation.

Wall Street reversed course late Tuesday, with the S&P 500 and the Dow whipsawing to positive territory by the closing bell in a tug-of-war between stocks that thrived amid lockdowns and those that stand to benefit most from a reopening economy.

Powell indicated that the Federal Open Market Committee (FOMC) was nowhere close to pulling back on its support from the economy as it will still take sometime for it to achieve the employment and inflation goals. He added that inflation is still 'soft' and that the Fed is committed to current policy.

The Conference Board released a report showing consumer confidence has improved more than expected in the month of February. The Conference Board said its consumer confidence index rose to 91.3 in February from a downwardly revised 88.9 in January.

The BSE Sensex ended almost flat, while the 50-unit Nifty ended with minor gains after a volatile session on Tuesday. Metal and realty shares advanced while banks shares extended recent losses.

The barometer index, the S&P BSE Sensex, rose 7.09 points or 0.01% to 49,751.41. The Nifty 50 index added 32.10 points or 0.22% to 14,707.80.

ONGC (up 5.55%), Larsen & Toubro (up 2.35%) and Ultratech Cement (up 1.68%) supported the indices.

Domestic shares witnessed value buying after recent steep losses. In the past five sessions, the Sensex fell 4.62% and the Nifty corrected 4.17%.

The broader market ended on a firm note on Tuesday. The BSE Mid-Cap index rose 0.98% and the BSE Small-Cap index gained 0.74%.

The market breadth was positive. On the BSE, 1659 shares rose and 1271 shares fell. A total of 151 shares were unchanged.

COVID-19:

Total COVID-19 confirmed cases worldwide stood at 11,17,25,784 with 24,74,350 deaths. India reported 1,47,306 active cases of COVID-19 infection and 1,56,463 deaths while 1,07,12,665 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.172% as compared with 6.202% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 72.46, compared with its close of 72.49 during the previous trading session.

In the commodities market, Brent crude for April 2021 settlement rose 55 cents at $65.79 a barrel. The contract rose $2.33, or 3.70% to settle at $65.24 a barrel in the previous trading session.

Foreign Markets:

European stocks declined across the board while most Asian shares advanced on Tuesday. Markets in Japan are shut today for a holiday.

Policy makers are reportedly becoming concerned about the rapid rise in bond yields. European Central Bank President Christine Lagarde has reportedly said that her institution is closely monitoring the market for government bonds.

In US, the S&P 500 and Nasdaq closed lower on Monday as climbing Treasury yields and prospects of rising inflation triggered valuation concerns, hitting shares of high-flying growth companies.

The U.S. House of Representatives Budget Committee on Monday approved legislation with $1.9 trillion in new coronavirus relief, advancing a top priority of President Joe Biden toward a full House vote on passage expected later this week.

All eyes will be on Federal Reserve Chairman Jerome Powell, who delivers his semi-annual testimony on the economy before the Senate Banking Committee on Tuesday. His comments on rates and inflation could determine the market direction for the week.

On the pandemic front, the White House said that it expects to ship out millions of delayed coronavirus vaccine doses this week after a sweeping winter storm disrupted logistics.

Buzzing Indian Segments:

The Nifty Bank index declined 0.40% to 35,116.95 on Tuesday. It has fallen 5.87% in six consecutive sessions.

Kotak Mahindra Bank (down 3.89%), Bank of Baroda (down 3.69%), HDFC Bank (down 1.21%), Bandhan Bank (down 0.66%), Axis Bank (down 0.27%), RBL Bank (down 0.11%) and IDFC FIRST Bank (down 0.08%) declined.

PNB (up 0.24%), ICICI Bank (up 0.94%), SBI (up 1.54%), Federal Bank (up 2%) and Indusind Bank (up 2.45%) advanced.

The Nifty Metal index jumped 3.89% to 3,749.55. The index has risen 5.56% in two sessions.

Hindustan Copper (up 19.97%), Tata Steel (up 7.24%), SAIL (up 6.14%), NALCO (up 5.51%), JSPL (up 5.05%), MOIL (up 3.23%), APL Apollo Tubes (up 3.06%), NMDC (up 2.63%), MIDHANI (up 2.55%), JSW Steel (up 2.31%) and Coal India (up 0.55%) jumped.

Shares of metal and mining companies are soaring on expectations that post-crisis demand for base metals will outstrip near-term supply.

Hindalco Industries jumped 5.51% after the company announced a capital allocation framework for growth capex, debt reduction and for shareholders returns.

On a consolidated level, the company expects to generate over $1 billion to $1.2 billion cash flow per annum post its normal working capital and maintenance capex. Allocation towards growth capex is considered at approximately $2.5 billion to $3 billion over the next five years.

The company expects consolidated gross debt to be $9.20 billion (or 3x its EBITDA) as on 31 March 2021. It expects to achieve a net debt/EBITDA ratio of 2.5x in less than two years.

The company's board of directors have approved amending the company's Dividend Distribution Policy. The company has decided to pay an 8-10% dividend from the consolidated free cash flow. The dividend will be declared out of the profits of that financial year or previous financial years after providing for past depreciation.

Stocks in Spotlight:

Reliance Industries (RIL) added 0.84% after the conglomerate on Tuesday announced the demerger of its oil-to-chemicals (O2C) business into a wholly-owned subsidiary.

RIL said it has initiated the process of carving-out O2C business into an independent subsidiary. The company said the reorganization would enable a focused pursuit of opportunities across the O2C value chain, improved efficiencies through a self-sustaining capital structure. Reorganisation of O2C business facilitates participation by strategic investors and marquee sector focused investors, it added.

The company expects to complete the demerging process into an independent subsidiary by the second quarter of FY22. RIL said it has already received a nod from the Securities and Exchange Board of India (Sebi) and stock exchanges for the reorganisation. However, it is yet to get a clearance from equity shareholders and creditors, the income tax authority and National Company Law Tribunal (NCLT) benches in Mumbai and Ahmedabad.

RIL has acknowledged that there are ongoing talks with Aramco for a deal. RIL has also extended an interest-bearing loan of $25 billion to the O2C business. The O2C business will pay floating rate interest linked to one-year SBI MCLR rate. It is a long-dated loan with flexibility to structure repayments.

Bharat Forge advanced 3.36% after the company said it has received a Rs 177.95-crore order from the Indian Ministry of Defence for supplying Kalyani M4 vehicles under emergency procurement.

Separately, Bharat Forge and Paramount Group, a global aerospace and technology company, collaborated to manufacture armoured vehicles in India.

Zuari Agro Chemicals soared 19.26% after the company's board approved selling the company's fertilizer plant at Goa and associated businesses of the company to Paradeep Phosphates (PPL) as a going concern, on a slump sale basis for an agreed enterprise value of $280 million as defined in the business transfer agreement.

IndiaMART InterMESH gained 4.35%. The fund raise committee of the company's board approved allotment of 12,42,212 equity shares to eligible qualified institutional buyers at the issue price of Rs 8,615 per equity share, aggregating to Rs 1,070.16 crore.

Cochin Shipyard added 7.69% after the PSU company announced that it has been declared as L1 bidder in the tender floated by the Indian Navy. The scope of order involves construction of six Next Generation Missile Vessels (NGMV) and the estimated total order value is around Rs 10,000 crore.

Page Industries jumped 5.23% after the company's board approved the appointment of V S Ganesh as the executive director & chief executive officer of the company for a period of five years effective from 1 June 2021.