Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 291.76 points or 0.57% at 51,317.24. The Nifty 50 index was up 79.80 points or 0.53% at 15,178.20. Upbeat Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 0.76%. The S&P BSE Small-Cap index was up 0.55%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1375 shares rose and 609 shares fell. A total of 80 shares were unchanged.
Stocks in news:
Power Grid Corporation of India rose 0.53%. Power Grid Corporation of India, pursuant to its selection as the successful bidder under Tariff based competitive bidding, has on 9 March 2021 acquired Ramgarh New Transmission (RNTL), the Project SPV to establish Transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under phase II - Part A, on build, own, operate and maintain (BOOM) basis
Consumer Durables stocks were trading in green, with the S&P BSE Consumer Durables index increasing 418.74 points or 1.28% at 33254.05 at 09:48 IST. Among the components of the S&P BSE Consumer Durables index, Orient Electric Ltd (up 2.51%), Voltas Ltd (up 2.15%),Dixon Technologies (India) Ltd (up 2.03%),Bajaj Electricals Ltd (up 1.66%),Rajesh Exports Ltd (up 1.35%), were the top gainers. Among the other gainers were Blue Star Ltd (up 1.33%), Titan Company Ltd (up 1.12%), Crompton Greaves Consumer Electrical Ltd (up 1.06%), Whirlpool of India Ltd (up 0.49%), and TTK Prestige Ltd (up 0.14%). On the other hand, V I P Industries Ltd (down 0.69%), turned lower.
At 09:48 IST, the S&P BSE Sensex was up 349.77 or 0.69% at 51375.25.
Read more about Benchmarks trade with decent gains; IT shares in demand on Business Standard. The domestic equity benchmarks continued to trade with decent gains in morning trade. IT shares extended gains for the third day. The Nifty was trading near 15,100 mark as positive global cues boosted sentiment.
Magma Fincorp hit an upper circuit of 5% at Rs 136.40 after the company received shareholders approval for acquisition of controlling stake by Rising Sun Holdings through preferential issue.The company plans to raise up to Rs 3,456 crore by issuing preference equity shares to Rising Sun Holdings, a company controlled by Adar Poonawalla and two members of the promoter group.
Shareholders of Magma Fincorp at an extraordinary general meeting of on Tuesday approved the proposed preferential allotment of 49,37,14,286 equity shares of face value Rs 2 each of the company at an issue price of Rs 70 per equity share aggregating up to Rs 3,456 crore, to Rising Sun Holdings and existing promoters, Sanjay Chamria and Mayank Poddar.
Balmer Lawrie Investment Ltd has added 27% over last one month compared to 0.16% gain in S&P BSE Finance index and 0.31% rise in the SENSEX
Balmer Lawrie Investment Ltd rose 8.1% today to trade at Rs 512. The S&P BSE Finance index is up 1.41% to quote at 7762.57. The index is up 0.16 % over last one month. Among the other constituents of the index, Central Bank of India increased 4.85% and Indian Overseas Bank added 3.98% on the day. The S&P BSE Finance index went up 32.01 % over last one year compared to the 42.8% surge in benchmark SENSEX.
Balmer Lawrie Investment Ltd has added 27% over last one month compared to 0.16% gain in S&P BSE Finance index and 0.31% rise in the SENSEX. On the BSE, 13350 shares were traded in the counter so far compared with average daily volumes of 19542 shares in the past one month. The stock hit a record high of Rs 525 on 09 Mar 2021. The stock hit a 52-week low of Rs 270 on 24 Mar 2020.