Benchmark domestic stocks log gains of around one per cent amid mixed global cues

Benchmark domestic stocks on Tuesday, March 9, 2021, logged gains of around one per cent amid mixed global cues. The BSE Sensex regained the 51,000 mark while the NSE Nifty reclaimed the 15,000 level.

The Sensex surged 584.41 points, or 1.16 per cent, to finish at 51,025.48 and the Nifty 50 climbed 142.20 points, or 0.95 per cent, to close at 15,098.40. The Nifty Bank index rose 589.90 points, or 1.67 per cent, to close at 35,865.65.

The broader market at BSE declined, underperforming the Sensex. The BSE Mid-Cap index fell 0.66 per cent while the BSE Small-Cap index ended 0.41 per cent down.

Sellers outnumbered buyers. On the BSE, 1266 shares rose and 1729 shares fell. On the Nifty 50 index, 24 shares advanced and 26 shares declined. The top five shares that advanced on Nifty 50 were SBI Life (up 4.97 per cent), Kotak Bank (up 3.08 per cent), HDFC Bank (up 2.93 per cent), Tech Mahindra (up 2.76 per cent) and HDFC (up 2.70 per cent). The top five shares that declined in Nifty 50 includes BPCL (down 4.55 per cent), Tata Steel (down 3.90 per cent), GAIL (down 3.31 per cent), IOC (down 2.90 per cent) and Power Grid (down 2.11 per cent).

COVID-19 Update

Total Covid-19 confirmed cases worldwide were at 11,71,64,167 with 26,00,073 deaths. India reported 1,87,462 active cases of Covid-19 infection and 1,57,930 deaths while 1,08,99,394 patients have been discharged, data showed.

Japan's Economy

Japan's economy expanded at a slower-than-initially-reported pace. The economy grew an annualised 11.7 per cent in October-December, weaker than the preliminary reading of 12.7 per cent annualised growth to mark the second straight quarter of growth, Cabinet Office data showed on Tuesday.

China's Economy

People's Bank of China Vice Governor Chen Yulu told the media that China's money supply would grow only to match GDP growth and the country's central bank did not see a need for major stimulus support in the next five years.

Expected Recovery in the US

US Treasury Secretary Janet Yellen said on Monday the package would fuel a "very strong" US recovery and she did not expect the economy to run too hot because of the increased spending.