4 Factors Behind the Sensex Rally, Maruti Suzuki February Sales, and Buzzing Stocks Today

Tue, 2 Mar Pre-Open

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Indian share markets witnessed positive trading activity throughout the day yesterday and ended on a strong note.

Benchmark indices rebounded amid broad-based buying after they suffered their biggest one-day drop last week on Friday.

At the closing bell yesterday, the BSE Sensex stood higher by 750 points (up 1.5%).

The NSE Nifty closed higher by 232 points (up 1.6%).

Power Grid and ONGC were among the top gainers.

The BSE Mid Cap index ended up by 1.5%, and the BSE Small Cap index ended up by 1.6%.

On the sectoral front, gains were largely seen in the automobile sector, metal sector and power sector. Telecom stocks, on the other hand, witnessed selling pressure.

Gold prices for the latest contract on MCX were trading up by 0.6% at Rs 45,989 per 10 grams at the time of closing stock market hours yesterday.

Gold edged higher yesterday, recovering from an eight-month low touched in the previous session, as a weaker dollar lifted bullion's appeal.

Physical gold demand in India gained momentum last week as retail buyers and jewellers lapped up bullion at near eight-month low prices, while Singapore continued to see steady interest for both gold and silver.

Why Indian Share Markets Rallied Yesterday...

Firm Global Cues: Asian share markets bounced back yesterday after their worst drop in almost a year last week after a spike in global bond yields spooked investors already uneasy about the market's stretched valuation.

Japan's Topix Index jumped the most in seven months, as a pause in selloffs in US treasuries boosted the tech-heavy Nasdaq index and lifted domestic shares of chipmakers.

The Nikkei ended up by 2.4%. The Shanghai Composite ended up 1.2%. It fell 5.1% last week, its biggest weekly percentage drop since February 2020.

Encouraging GDP Numbers: Indian share markets also reacted to encouraging Q3 GDP data announced after market hours on Friday.

India's GDP grew 0.4% in October to December, compared with a revised contraction of 7.3% in July to September.

Macro Data: Manufacturing activity in India eased marginally in February but remained above the long-term average level. The IHS Markit India Manufacturing Purchasing Managers' Index was 57.5 in February compared to 57.7 in January but remained above its long-run average of 53.6.

US Stimulus Package: The rebound in global bond markets and developments related to the US stimulus package buoyed markets in Asia and India.

US House of Representatives passed a US$ 1.9 trillion coronavirus relief package early Saturday. Democrats who control the chamber approved the sweeping measure by a mostly party-line vote of 219 to 212 and sent it to the Senate, where Democrats planned a legislative move to allow them to pass it without the support of Republicans.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

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Top Stocks in Focus Today

Among the buzzing stocks today will be Reliance.

Reliance Strategic Business Ventures (RSBVL), a wholly owned subsidiary of Reliance Industries (RIL), has acquired an additional equity stake in its investee company skyTran Inc, the company announced on February 28, 2021.

The additional equity stake was acquired by RSBVL for a consideration of US$ 26.8 million, increasing its shareholding to 54.5% on a fully diluted basis, said the statement.

skyTran, a technology company incorporated under the laws of Delaware, US, in 2011, has "developed breakthrough passive magnetic levitation and propulsion technology for implementing personal transportation systems aimed at solving the problem of traffic congestion globally", the statement said.

Telecom stocks will also be in focus today as the India's telecom spectrum auction kickstarted yesterday, for the fourth-generation (4G) mobile networks.

Note that the Union Cabinet, on December 16, 2021 had approved the auction of 2,251 megahertz (MHz) of the spectrum by the end of FY21 at a reserved price of Rs 3,920 billion.

The government will offer spectrum across seven bands-700 MHz, 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, and 2,500 MHz, according to a notice issued by the Department of Telecommunications (DoT) in January.

The three big telecom companies - Airtel, Vodafone Idea, and Reliance Jio will participate in the auction. The spectrum bought will be valid for 20 years.

Maruti Suzuki Reports 11.8% Increase in Wholesales in February

Moving on to news from the automobile sector...

Country's largest carmaker Maruti Suzuki reported a 11.8% increase in wholesales to 1,64,469 units in February. The company had sold 1,47,110 units in February last year.

Domestic sales increased 11.8% to 1,52,983 units last month, as against 1,36,849 units in February 2020.

Sales of mini cars, comprising Alto and S-Presso, declined by 12.9% to 23,959 units, as compared to 27,499 in the same month last year.

Sales of compact segment vehicles, including models Swift, Celerio, Ignis, Baleno and Dzire, increased by 15.3% to 80,517 units, as against 69,828 cars in February last year.

Sales of mid-sized sedan Ciaz, however, declined by 40.6% to 1,510 units, as compared to 2,544 units in February 2020.

Utility vehicle sales, including Vitara Brezza, S-Cross and Ertiga, rose 18.9% to 26,884 units, as compared to 22,604 units in the year-ago month.

Exports in February were up 11.9% at 11,486 units, as against 10,261 units in the corresponding month last year.

How these numbers show up in the coming months remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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