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Market Commentary - Mid Session
Indices near day's high; metal stocks rally
(03 Mar 2021, 10:22)
The main stock indices were trading near the day's high in morning trade. The Nifty crossed the crucial 15,000 mark. Barring the Nifty Auto index, all the sectoral indices on the NSE were trading in the green.

At 10:22 IST, the barometer index, the S&P BSE Sensex, was up 395.88 points or 0.79% at 50,692.64. The Nifty 50 index surged 122.5 points or 0.82% at 15,041.70.

In broader market, the S&P BSE Mid-Cap index was up 1.13% while the S&P BSE Small-Cap index was surged 1.31%.

The market breadth was strong. On the BSE, 1712 shares rose and 799 shares fell. A total of 129 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 114,728,460 with 2,548,573 deaths. India reported 170,126 active cases of COVID-19 infection and 157,346 deaths while 108,12,044 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Metal index surged 3.1% to 4,049.30, extending its winning run to third consecutive trading session. The index has rallied nearly 6% in three days.

National Aluminium Company (up 6.26%), Tata Steel (up 5.13%), JSW Steel (up 4.32%), Jindal Steel & Power (up 4.04%), Hindalco Industries (up 2.74%), Steel Authority of India (up 2.6%), Hindustan Zinc (up 2.47%), NMDC (up 1.64%), Vedanta (up 1.63%) and Coal India (up 0.52%) were top gainers in metal space.

Stocks in Spotlight:

Reliance Industries (RIL) rose 1.22% to Rs 2132. In a BSE filing made after market hours on Tuesday (2 March 2021), RIL said that Reliance Jio Infocomm, a subsidiary of the company, had successfully acquired the right to use spectrum in all 22 circles across India in the recently concluded spectrum auctions conducted by Department of Telecommunications, Government of 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

Engineers India (EIL) spurted 2.93% to Rs 89.60 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). Indian Oil Corporation (IOCL) awarded a project to EIL for the execution of consultancy for overall project management and EPCM services (Phase-II) for capacity expansion of Panipat Refinery from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA (P-25 project).

Mahindra Lifespace Developers rose 1.25% after the company said it has launched its residential project 'Aclove', at Chandivali, Andheri in Mumbai Metropolitan Region. The real estate developer launched the project on 1 March 2021. The project is registered with Maharashtra RERA and caters to both domestic and international market.

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