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Stock Market Live: Sensex opens 350 points higher, Nifty at 15,200; all sectors in the green

by admin
March 10, 2021
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Opening Bell: Sensex opens 350 points higher, Nifty at 15,200; all sectors in the green

The Indian market opened higher on Wednesday, tracking gains in global markets, with all key sectors witnessing broad-based buying. The gains were led by IT, metal and banking sectors, while energy, auto and financials also supported the sentiment. At 9:18 am, the Sensex was trading 351 points higher at 51,376 while the Nifty rose 101 points to 15,200. Broader markets were also positive in early deals with the midcap and smallcap indices up around a percent each. On the Nifty50 index, IndusInd Bank, Wipro, M&M, Tata Motors and JSW Steel were the top gainers hwile ONGC, SBI Life, UPL, Hero Moto and Powergrid led the losses.

Dollar claws back some losses as U.S. yields stabilise

 

The U.S. dollar rose on Wednesday, clawing back some of the losses sustained overnight, as U.S. yields found a floor following their drop from one-year highs. Riskier currencies including the Australian and New Zealand dollars retreated following big gains on Tuesday. Bitcoin turned lower after earlier topping $55,000 for the first time since Feb. 22. The safe-haven dollar has closely tracked a surge in Treasury yields in recent weeks, both because higher yields increase the currency’s appeal and as the bond rout shook investor confidence, spurring demand for the safest assets. The benchmark 10-year Treasury yield stabilised around 1.54% on Wednesday in Asia after a three-day drop from a one-year high of 1.6250%. The dollar index strengthened about 0.2% to 92.137 in Asia on Wednesday, after falling back sharply from a 3-1/2-month high of 92.506 overnight.

Aviation ministry tells NCLT that Jet Airways cannot claim historical rights to slots

 

The Civil Aviation Ministry and the Directorate General of Civil Aviation declined to provide any assurance over historical rights to Jet Airways on return of its old slots and bilateral rights, sources told CNBC-TV18. During a hearing at the Mumbai bench of National Company Law Tribunal, the aviation ministry and DGCA submitted an affidavit stating their position on the Jet Airways slots. As per the affidavit, sources said, the ministry highlighted that allocation of slots work on ‘use it or lose it’ policy. And as Jet Airways did not apply for slots for three consecutive seasons, it cannot provide historical rights on these slots and bilateral rights as these slots are not an airline’s assets. More here

Air India transaction advisor rejects 5 EoIs for lack of proper documentation

Air India transaction adviser has rejected 5 expressions of interest (EoIs) for lack of proper documentation, sources informed CNBC-TV18. There are sufficient EoIs for Air India stake sale and currently, due diligence process is underway, they added.

Oil slips below $68 as rally fizzles before US supply report

Oil fell to around USD 68 a barrel on Tuesday in a choppy session, pressured as concerns faded of a supply disruption in Saudi Arabia, which countered a pause in the dollar’s rally and prospects for tighter supply due to OPEC+ output curbs. On Monday, crude hit its highest level since the start of the coronavirus pandemic, a day after Yemen’s Houthi forces fired drones and missiles at Saudi oil sites. Saudi Arabia said it thwarted the strike, however, and prices slipped as supply fears eased. Brent crude settled down 72 cents, or 1.06 percent, at USD 67.52 a barrel. The contract pulled back after trading as high as USD 69.33. It reached USD 71.38 on Monday, the highest since Jan. 8, 2020. US West Texas Intermediate (WTI) fell USD 1.04, or 1.6 percent to settle at USD 64.01 a barrel. The contract hit its highest on Monday since October 2018. More Here

Asian stocks set to follow Wall Street rally but China worries grow

 


Asian stocks were set to track U.S. gains on Wednesday, as falling bond yields eased concerns about surging inflation, although focus will shift to Chinese markets amid worries about policy tightening in the world’s second-largest economy. Australia’s S&P/ASX 200 index rose 0.47% in early trading. Japan’s Nikkei 225 futures added 0.07%, Hong Kong’s Hang Seng index futures rose 1.17%. On Tuesday, China’s benchmark Shanghai Composite index stood on the precipice of a correction as investors wrestled with the prospect of tighter policy and a slowing economic recovery. 

Craftsman Automation to launch Rs 824 crore-IPO on March 15; price band fixed at Rs 1,488-1,490

Craftsman Automation, an engineering products and manufacturing services company is set to launch its initial public offering (IPO) on March 15 at a price band of Rs 1,488-1,490 per share. The issue, which closes on March 17, consists of a fresh issue of Rs 150 crore and an offer for sale of 45,21,450 equity shares by existing shareholders. At the higher price band, the company plans to raise Rs 824 crore from the issue. The company’s promoter Srinivasan Ravi will sell 1,30,640 equity shares, and investors Marina III (Singapore) Pte Ltd and International Finance Corporation will divest 15,59,260 equity shares and 14,14,050 equity shares, respectively, through the offer for sale (OFS) route. More here

First up, here is quick catchup of what happened in the markets on Tuesday

 

Indian indices ended a percent higher on Tuesday, following gains in Asian peers, mainly boosted by banking, financials and IT stocks. Meanwhile, global stocks steadied, supported by stronger US equity futures and a decline in US and European bond yields. The Sensex ended 584 points higher at 51,025 while the Nifty rose 142 points to settle at 15,098. Broader markets, however, underperformed benchmarks with the midcap and smallcap indices down 0.5 percent and 0.9 percent. On the Nifty50 index, 4 of the top 5 gainers were from the BFSI space. SBI Life, Kotak Bank, HDFC Bank, Tech Mahindra and HDFC were the top gainers, gaining up to 5 percent while BPCL, Tata Steel, GAIL, IOC and Powergrid led the losses.

Welcome to CNBC-TV18’s Market Live Blog

 

Good morning, readers! I am Pranati Deva from the market’s desk of CNBC-TV18. Welcome to our market blog, where we provide rolling live news coverage of the latest events in the stock market, business and economy. We will also get you instant reactions and guests from our stellar lineup of TV guests and in-house editors, researchers, and reporters. If you are an investor, here is wishing you a great trading day. Good luck!





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