Market LIVE Updates: Sensex opens 450 pts higher; Nifty above 15,100; banks gain
Asian stocks were mixed on Tuesday, helped mostly by global recovery prospects and the passage of a $1.9 US trillion stimulus bill, shaking off a mixed Wall Street session after a big downturn in tech shares.
Sensex, Nifty open strong
The Sensex opened 0.54% higher, up 273.09 points, to 50,714.16, while the Nifty was up 0.63%, or 93.70 points, at 15,049.90
Market pre-opening
The Sensex was at 50,644.61, up 203.54 points or 0.40% while, the Nifty was at
14,956.20, up 18.10 points or 0.12% at markets pre-opening, amid positive cues from Asian peers.
IndiGo eyes share in cargo segment
Air carrier IndiGo is in talks with Airbus to finalise a deal to acquire up to five A321 converted freighters amid a burgeoning air cargo market, Business Standard reported citing people aware of the development. The airline may acquire more aircraft after it tests waters with the first five, the people added.
Previous close
On Monday, the BSE Sensex ended at 50,441.07, up 35.75 points or 0.07%. The Nifty closed at 14,962.20, up 24.10 points or 0.16%. Markets are likely to be steady on Tuesday while trends in SGX Nifty suggest a positive opening of Indian benchmark indices. Asian stocks were mixed on Tuesday, helped mostly by global recovery prospects and the passage of a $1.9 US trillion stimulus bill, shaking off a mixed Wall Street session after a big downturn in tech shares.
Craftsman Automation prices IPO
Auto component maker Craftsman Automation Ltd priced its initial public offering at ₹1,488-1,490 a share. The share sale will open on 15 March and close on 17 March, according to IPO documents. The issue comprises a fresh issue of ₹150 crore and an offer for sale of upto 4.52 million shares by promoters and existing shareholders. On upper price band offer for sale comes at around ₹674 crore.
Laxmi Organic Industries' IPO price band fixed
Laxmi Organic Industries Ltd's ₹600 crore initial public offering (IPO) has fixed its price band at ₹129-130 a share. The company also said that it is in consultation with book running lead managers for pre-IPO placement by issuing 15.50 million equity shares aggregating ₹200 crore.
The IPO comprises a fresh issue of up to ₹300 crore and an offer for sale of upto ₹300 crore by its existing promoters and shareholders.
The IPO will open on 15 March and close on 17 March.
Axis Capital, DAM Capital are the book running lead managers to the issue.
Inox Wind secures 92 MW wind power projects
Inox Wind has signed a binding agreement with Integrum Energy Infrastructure Pvt. Ltd to supply, erect and commission 92 MW of wind power projects. Inox Wind shall supply, erect and commission the turbines at various locations in the states of Gujarat, Karnataka, Maharashtra and Tamil Nadu by Q3 of FY22 for captive customers. The agreement includes a turnkey order of 26 MW, Inox Wind said in a regulatory filing.
Gold holds near 9-month low on stronger dollar
Gold prices hovered around a nine-month low on Tuesday, as a firmer dollar and higher US Treasury yields continued to diminish the metal's appeal. Spot gold was little changed at $1,681.81 per ounce by 00:36 GMT, after hitting its lowest since June 5 at $1,676.10 on Monday. US gold futures climbed 0.1% to $1,679.30. US 10-year Treasury yields held at elevated levels, increasing the opportunity cost of holding bullion, which pays no returns, while the dollar scaled an over three-month peak.
Oil prices rise on expected economic recovery, likely drawdown in oil stocks
Oil prices rose on Tuesday on expectations of a recovery in the global economy after U.S. Senate approval of a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the United States.
But a stronger dollar and receding fears of oil supply disruption from Saudi Arabia after an attack on its oil facilities capped price gains.
Brent crude futures for May rose by 32 cents, or 0.5%, to $68.56 a barrel by 0125 GMT, while U.S. West Texas Intermediate (WTI) crude for April rose 19 cents, or 0.3%, to $65.24.
"Fundamentals remain incredibly supportive, especially with Saudi Arabia in full control pursuing a tight oil policy," Stephen Innes, chief global markets strategist at Axi said in a note.
Asian stocks see muted start
Asian stocks had a muted open and U.S. futures rose Tuesday after a rotation out of growth stocks drove the Nasdaq 100 Index into a technical correction. Treasury yields and the dollar steadied. Equities rose modestly in Japan and Australia and ticked lower in South Korea. S&P 500 and Nasdaq 100 futures advanced.
The SGX Nifty was trading at 15,013.50, down 96.75 points or 0.64%.
S&P 500 futures rose 0.3% as of 10:55 am in Tokyo. The S&P 500 Index fell 0.5%.
Topix index rose 0.4%.
Australia’s S&P/ASX 200 Index rose 0.4%.
Kospi index fell 1.9%.
Hang Seng Index was little changed.
CSI 300 Index slid 2.7%.
Wall Street closes lower amid tech stock selloffs
Major US stock indexes closed mostly lower as another rise in bond yields helped set off more heavy selling in technology companies.
The S&P 500 fell 0.5% after having been up 1% earlier. Because of their huge size, drops by Apple, Google's parent company and other major technology stocks helped drag the S&P 500 into the red, even though more stocks rose than fell in the benchmark index
The S&P 500 fell 20.59 points to 3,821.35. The Dow Jones Industrial Average rose 306.14 points, or 1%, to 31,802.44. The index briefly climbed more than 650 points.
Meanwhile, the Nasdaq lost 310.99 points, or 2.4%, to 12,609.16. The bourse's retreat from its all-time highs last month is now officially considered a correction in a bull market. The tech-heavy index on Monday closed down 2.22% unofficially at 12,633.61, roughly 10.6% below the Feb. 12 record close at 14,095.47 and exceeding the 10% closing-basis threshold considered by market professionals as confirmation of a correction.