Sensex reclaims 50,000, Nifty tops 14,800 after Friday’s crash

Sensex soars 890.59 points, currently at 49,990.58. Nifty at 14,784.50, up by 255.35 points.

Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading over one per cent higher on Monday, after last week’s crash. BSE Sensex was hovering around 49,680, while the broader Nifty 50 index was trading above 14,700. Stocks of blue-chip companies such as HDFC Bank, ICICI Bank, Reliance Industries Ltd (RIL), Infosys, Tata Consultancy Services (TCS) were major contributors to Sensex’ move. Telecom giant Bharti Airtel was the top BSE Sensex laggard, down nearly 3 per cent, followed by Bajaj-Auto and Dr Reddy’s Laboratories. All the Nifty sectoral indices were trading in the positive territory led by Nifty Media, Nifty IT and Nifty Auto indices, all up nearly 2%.

At 10.57 am, the 30-share Sensex was up 892.66 points or 1.82% at 49,992.65 and the 50-share index Nifty was trading 14,792.60, up by 263.45 points or 1.81%. In the pre-opening session on Monday, BSE Sensex zoomed 1,183 points to 50,283, while the broader Nifty 50 index surged 284 points to trade at 14,813.

Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL) has further increased its stake in the US-based urban transportation technology company SkyTran developing pod taxis. The company on Sunday, in a statement, announced raising its stake to a majority of 54.46% on a fully diluted basis with an investment of $26.76 million

All about the market till now on March 01:

  • Stocks in focus: RIL, Axis Bank, Reliance Home Finance, Maruti Suzuki, Bank of Maharashtra, auto stocks
  • ONGC, HDFC Bank top BSE Sensex gainers in pre-open
  • RIL, HDFC Bank top Sensex contributors
  • Nifty Auto, Nifty IT indices top gainers
  • USD-INR could have a pullback close to 73.20-73.30
  • Gold, silver prices pulled lower by rising bond yields
  • Shyam Metalics files DRHP for over Rs 1,100 crore IPO
  • AstraZeneca has sold its stake in Moderna for more than $1 billion
  • Maruti Suzuki likely to be the biggest beneficiary of recovery in demand for entry-level PV

Moreover,  Nikhil Gupta, Economist – Institutional Equities, Motilal Oswal Financial Services Ltd stated that India’s real GDP grew 0.4% YoY in 3QFY21, primarily because of downward revision (from 4.1% to 3.3%) in 3QFY20. Without base revision, there was a decline of 0.6% YoY in the quarter. The consensus was +0.5% and our forecast was -0.7%. Investments were the primary driver (up 2.1% YoY vs. a fall of 28.2% in 1HFY21) of better GDP growth in 3QFY21, while consumption (down 2.2% YoY vs. a fall of 16.7% in 1HFY21) remained a laggard. Nominal GDP grew strongly at 5.3% YoY last quarter, implying that GDP deflator was 4.8% YoY in 3QFY21. Surprisingly, CSO expects a contraction of 1.1% YoY in 4QFY21, implying an 8% fall in FY21. This is highly unlikely. We believe real GDP could grow 3.5% in the current quarter, leading to a decline of 6.7% in FY21.

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