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Sensex jumps 1148 pts to end at 51,445; Nifty rose 327 pts to 15,246

BSE Sensex
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Sensex declines 397 points; Nifty settles at 14,930

Highlights

Benchmark domestic stocks on Wednesday, March 3, 2021, climbed more than two per cent in sync with gains in the global equity markets.

Benchmark domestic stocks on Wednesday, March 3, 2021, climbed more than two per cent in sync with gains in the global equity markets. The BSE Sensex regained the 51,000 mark while the NSE Nifty reclaimed the 15,000 level.

The Sensex closed 1147.76 points, or 2.28 per cent, up at 51,445.65 and the NSE Nifty 50 surged 326.50 points, or 2.19 per cent, to finish at 15,245.60. The Nifty Bank grew 948.35 points, or 2.68 per cent, to close at 36,368.05.

The broader market at BSE also gained underperforming the Sensex. The Mid-Cap index ended 1.45 per cent up while the Small-Cap index appreciated 1.34 per cent.

Buyers outpaced sellers. On the BSE, 1,841 shares rose and 1,150 shares fell. On the Nifty 50 index, 43 shares advanced and 7 shares declined. The top five gainers on Nifty 50 were Tata Steel (up 4.34 per cent), Bajaj Finserv (up 4.98 per cent), Reliance (up 4.80 per cent), Bajaj Finance (up 4.28 per cent) and UPL (up 4.16 per cent). The top five losers were Hero MotoCorp (down 1.54 per cent), Maruti (down 1.18 per cent), Bajaj Auto (down 1.17 per cent), M&M (down 1 per cent) and BPCL (down 0.57 per cent).

COVID-19 Update

Total Covid-19 confirmed cases worldwide were 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, data showed.

Indian 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.

The auction of telecom spectrum ended yesterday with total bids of Rs 77,814.80 crore for the 4G airwaves. Telecommunications Secretary Anshu Prakash said, incremental bids for 668.20 crore rupees were made on the second and concluding day of Spectrum Auction. The e-auction was based on the Simultaneous Multiple Round Ascending Auction (SMRA) methodology.

Chinese Economy

China's Caixin/Markit Services Purchasing Managers' Index came in at 51.5 for February, a decline from January's reading of 52.

Expansion in Japan's Service Sector

Japan's services sector extended declines in February for a 13th straight month. The final au Jibun Bank Japan Services Purchasing Managers' Index came in at a seasonally adjusted 46.3. Economic activity picked up in all major economies in February, though in most cases it remained short of end-2020 levels, according to gauges that integrate data like mobility, energy consumption and public transport usage. The activity was particularly strong in the US and Spain and also improved in the UK and Canada.

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