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The domestic equity barometers ended near the day's high after a volatile session on Tuesday. The Nifty closed above the 17,300 mark after hitting a day's low of 17,006.30 in mid morning trade. Most shares across sectors advanced, with IT, oil & gas and auto stocks gaining the most.
As per provisional closing data, the S&P BSE Sensex surged 696.81 points or 1.22% at 57,989.30. The Nifty 50 index rallied 197.90 points or 1.16% to 17,315.50.
In broader market, the S&P BSE Mid-Cap index rose 0.17% while the S&P BSE Small-Cap index added 0.15%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, shares 1,638 rose and 1,773 shares fell. A total of 102 shares were unchanged.
Economy:
The Reserve Bank of India will ensure ample liquidity to support the recovery of its economy, Governor Shaktikanta Das reportedly said, signaling above-target inflation was not as much of a threat to Asia's third-largest economy at the moment. The RBI continues to be supportive of growth, Das reportedly said, addressing an industry lobby in Mumbai on Monday.
Premature tightening of monetary policy settings would have proved counter-productive to demand, he reportedly said. The statement reiterates Das's view from last month that the nature of inflation in India is different from the US, and hence there was no hurry to follow peers in raising borrowing costs.
Buzzing Index:
The Nifty IT index rose 2.06% to 36,105.25. The index had declined 0.98% in the past two sessions.
Tech Mahindra (up 4.21%), Mphasis (up 3.06%), TCS (up 2.10%), Larsen & Toubro Infotech (up 2.20%), L&T Technology Services (up 2.06%), Infosys (up 1.83%), Wipro (up 1.69%) and MindTree (up 1.56%) advanced.
Stocks in Spotlight:
Tata Motors rose 2.94% to Rs 440.55. The automobile manufacturer on Tuesday announced a price hike of its commercial vehicle (CV) range. An increase in price in the range of 2-2.5%, will come into effect from 1st April 2022 across the range, depending upon individual model and variant, the auto maker said.
Larsen & Toubro (L&T) rose 0.95% to Rs 1773. L&T said that the meeting of the board of directors of the company is scheduled on 24 March 2022, to seek approval for raising funds including through issue of debt securities as part of company's refinancing program.
Wipro added 1.64% to Rs 610. The company has informed that the meeting of the board of directors of the company is scheduled on 25 March 2022 to consider and approve the declaration of interim dividend, for the financial year ending 2021-22.
REC added 0.88% to Rs 125.75. The board of REC in its meeting held on 21 March 2022, approved the market borrowing programme under different debt segments for the financial year 2022-23. The total borrowing plan approved by the board is for Rs 85,000 crore for 2022-23.
Equitas Small Finance Bank added 1.89% to Rs 54. The board and the committee of independent directors, has approved a scheme of amalgamation between Equitas Holdings (EHL / transferor company) and Equitas Small Finance Bank (ESFBL / transferee company) and their respective shareholders (scheme). The scheme contemplates the amalgamation of transferor company into and with the transferee company and the dissolution without winding-up of the transferor company pursuant thereto.
Indoco Remedies fell 2.05% to Rs 401.15. The company announced the receipt of final approval from the United States Food & Drug Administration (USFDA) for Lacosamide tablets, the generic version of Vimpat tablets of UCB, Inc.
Hester Biosciences advanced 0.92% to Rs 2492.70 after the company said that it will expand into the rapidly growing Pet Care sector this April. India has the fastest-growing pet care market worldwide, with it growing by 14% in 2022, making this an exciting and valuable opportunity for the company.
Global Markets:
European markets advanced across the board while most Asian stocks traded higher on Tuesday.
China Eastern Airlines shares fell after the carrier's Boeing 737 passenger jet crashed in southern China on Monday.
Investors continue to watch the situation in Ukraine as ongoing peace talks between Moscow and Kyiv fail to make progress. On Monday, Ukraine refused to surrender the port city of Mariupol to Russian forces following an ultimatum from Moscow.
However, reports started coming in from Kyiv on Tuesday morning that Ukrainian President Volodymyr Zelensky was prepared to discuss a commitment from Ukraine not to seek NATO membership in exchange for a ceasefire, the withdrawal of Russian troops and a guarantee of Ukraine's security.
Market watchers are also monitoring the omicron subvariant as it spreads across Europe along with one of the worst Covid-19 outbreaks in China since 2020.
US stocks broadly declined on Monday after Federal Reserve Chair Jerome Powell sounded alarms on surging inflation and vowed tough action.
Powell on Monday said “inflation is much too high” and pledged to take “necessary steps” to bring prices under control. He noted rate hikes could go from the traditional quarter-percentage-point moves to more aggressive half-basis-point increases if necessary.
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