Sensex up 700 pts, Nifty near 14,700; auto stocks lead

01 Mar 2021, 11:45:28 AM IST

India February manufacturing PMI falls marginally to 57.5 from 57.7 in January

India’s manufacturing activity eased marginally in February but stayed above the long-run average as firms raised input inventories at a record pace, with strong growth in sales and production, a private survey said.

Data released by analytics firm IHS Markit on Monday showed that the Purchasing Managers’ Index (PMI) for India’s manufacturing sector fell to 57.5 in February from 57.7 a month ago. A figure above 50 indicates expansion, while sub-50 reading signals contraction. The headline figure was above the long-run average of 53.6.

01 Mar 2021, 11:32:05 AM IST

Maruti Suzuki’s wholesale dispatches rise 9.9% in February

Aided by a sustained recovery in demand for entry-level cars, hatchbacks and utility vehicles, Maruti Suzuki India Ltd on Monday reported a 9.9% year-on-year (y-o-y) growth in domestic wholesale to 147,483 units in February. The automaker also replenished inventory at dealerships after improved sales during the October to December period.

01 Mar 2021, 11:20:39 AM IST

All market segments working fine, clarify BSE, NSE

01 Mar 2021, 10:55:09 AM IST

Manappuram Finance eyes fund raise

The company is considering multiple options to raise funds, including issuance of various debt securities though private placement or commercial papers. The board will meet to decide on the issuance to bee made in March.The mode of debt issuance, to e made in March, will be decided by the lender’s board.

01 Mar 2021, 10:41:03 AM IST

Bajaj Auto reports sales growth

Bajaj Auto reported a 6% year-on-year (y-o-y) rise in automobile sales. Combined vehicle sales rose to 375,017 in February from 354,913 during the same period a year ago. Two wheeler sales rose 7% y-o-y to 332,563 units, while commercial vehicle sales slipped 5% y-o-y to 42,454.

01 Mar 2021, 10:28:17 AM IST

AstraZeneca sells Moderna stake

AstraZeneca Plc has sold its 7.7% stake in Moderna Inc for more than $1 billion after the US biotechnology company’s shares soared on the back of its coronavirus vaccine breakthrough, The Times reported.

The report added that it was not clear over what period British-based AstraZeneca sold its holding in Moderna.

AstraZeneca and Moderna did not immediately respond to requests for comment. AstraZeneca is retaining partnership with Moderna on other disease treatments and could sell its AstraZeneca/Oxford University Covid-19 vaccine on a commercial basis in future if the virus becomes endemic, the report added.

Moderna, whose vaccine is cleared for emergency use against Covid-19 in the US, said last week it was expecting sales of $18.4 billion from its coronavirus vaccine this year. (Reuters)

01 Mar 2021, 10:12:41 AM IST

RBI buys net $3.99 bn in spot forex

The Reserve Bank of India bought a net $3.99 billion from the spot foreign exchange market in December compared to a net purchase of $10.26 billion in December, its monthly bulletin released on Monday showed.

The Reserve Bank of India bought $10.01 billion while it sold $6.02 billion in December, data showed. The rupee had moved in a range of 73 to 73.96 per dollar in December. The net outstanding forward purchase stood at $39.79 billion as of end-December, compared with a net purchase of $28.34 billion at the end of November. The RBI also bought dollars in the currency futures market, with the outstanding net currency futures position rising to $1.96 billion at the end of December, compared to $780 million at the end of the previous month.

01 Mar 2021, 10:01:55 AM IST

Biocon Biologics, Viatris Inc. get CHMP nod for Avastin biosimilar

Biocon Biologics Ltd, a subsidiary of Biocon Ltd announced on Monday the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) has recommended approval of its biosimilar Bevacizumab, co-developed with Viatris, to be marketed as Abevmy (injection bevacizumab 100mg and 400mg). Abevmy is abiosimilar to Roche’s Avastin, prescribed for all indications including metastatic colorectal carcinoma, metastatic breast cancer, non-small-cell lung carcinoma, glioblastoma, ovarian, cervical and renal cancer as part of a specific regimen, it said. Biocon’s stock was trading at ₹392.20 a piece, up 0.56%, at 10 am. (PTI)

01 Mar 2021, 09:50:02 AM IST

Gold rises on weaker dollar

Gold prices rose 1% on Monday, recovering from a more than eight-month low touched in the previous session, as the dollar weakened and the US passed a massive $1.9 trillion stimulus package. Spot gold was up 0.9% at $1,749.77 per ounce by 03:17 GMT, after hitting its lowest since June at $1,716.85 on Friday. US gold futures rose 1% to $1,746.70. Gold prices tumbled 3% on Friday, posting their biggest monthly drop since November 2016 in February, due to a spike in US bond yields.

01 Mar 2021, 09:39:24 AM IST

Markets opening

Rebound in bond yields and progress on the US stimulus package lifted markets in Asia on Monday, a change from last week’s inflation-worry-fuelled volatility. In India, the Sensex climbed 647.72 points, or 1.32% to 49,747,71. Meanwhile, the Nifty opened at 14,702, up 173.35 points or 1.19%. ONGC, HDFC Bank and Tech Mahindra were in the lead as gainers, as 28 of the 30 shares on the Sensex opened in green. Bajaj Auto and Bharti Airtel opened in red.

01 Mar 2021, 09:06:51 AM IST

Markets pre-opening

Indian indices traded higher on Monday in the pre-opening session. The Sensex was up 1.27%, or 622.56 points to 49,722.55. The Nifty was up 1.30%, or 188.90 points to 14,718.05 at pre-open.

01 Mar 2021, 08:46:36 AM IST

Previous close

On Friday, key Indian benchmark indices witnessed a bloodbath as the Sensex and Nifty tanked nearly 4% owing to global selloffs stemming from fears around rise in inflation and US Treasury yields nearing record highs. All stocks in the 30-share Sensex ended in red with banks and financials bleeding in particular. The Sensex plummeted 1,939 points or 3.80% % to close at 49,099.99. The Nifty fell 568.20 points or 3.76% to close at 14,529.15.

01 Mar 2021, 07:50:30 AM IST

Oil bursts higher

Oil rebounded strongly from the biggest slump since November ahead of a keenly anticipated OPEC+ production-setting meeting this week that will help to determine whether a scorching rally endures.

Futures in New York rose toward $63 a barrel after losing 3.2% on Friday. The alliance will meet on Thursday and is expected to return some barrels to a market off to its quickest ever start to a year. But it’s unclear how vigorously the group will act, with the Saudi Arabian energy minister calling for producers to remain “extremely cautious.” A weaker dollar also supported prices.

(Bloomberg)

01 Mar 2021, 07:33:39 AM IST

Asian Stocks edge higher

Asian shares firmed on Monday as some semblance of calm returned to bond markets after last week’s wild ride, while progress in the huge US stimulus package underpinned optimism about the global economy. China’s official manufacturing PMI out over the weekend missed forecasts, but investors are counting on better news from a raft of US data due this week including the February payrolls report. Also helping sentiment was news deliveries of the newly approved Johnson & Johnson COVID-19 vaccine should start on Tuesday. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1%, after shedding 3.7% last Friday.

The SGX Nifty was up 120.70 points or 0.83% to 14,750.20.

Japan’s Nikkei rallied 2.0%, while NASDAQ futures bounced 0.8% and S&P 500 futures 0.7%.

The Hang Seng Index rose 1.20% or 346.40 points to 29,326.61.

The benchmark Shanghai Composite Index added 0.32%, or 11.14 points, to reach 3,520.22.

The yield on 10-year Treasuries was steady at 1.41%.

01 Mar 2021, 07:33:39 AM IST

Treasury bonds rebound

Sovereign bonds extended a rebound, US equity futures rose and the dollar dipped Monday, signaling the return of some calm in markets after the turmoil sparked by last week’s slide in government debt.

Treasury yields edged lower at the open after Australian and New Zealand debt surged. The Reserve Bank of Australia said it will buy A$4 billion of longer-dated bonds, double the usual size.

U.S. equity futures advanced and stocks in both Japan and Australia jumped. On Friday, a rally in Treasuries drove the 10-year yield back to 1.40%, while the S&P 500 slipped and technology stocks staged a modest rebound.

NASDAQ futures bounced 0.8% and S&P 500 futures 0.7%.