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Markets will remain closed on 14th April, 2021 on account of Dr. Baba Saheb Ambedkar Jayanti.

5 Reasons Why Sensex Surged 1,147 Points Today
Wed, 3 Mar Closing | Monish Vora, TM Team

Indian share markets continued their momentum and ended their day on a strong note today.

Benchmark indices rallied for the third consecutive day in a row today with the BSE Sensex trading above 51,000-mark again, while the Nifty 50 reclaimed its 15,100 levels.

At the closing bell, the BSE Sensex stood higher by 1,147 points (up 2.3%).

Meanwhile, the NSE Nifty closed higher by 326 points (up 2.2%).

Tata Steel and Bajaj Finserv were among the top gainers today.

Hero MotoCorp and Maruti Suzuki, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,283, up by 300 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.5% and 1.3%, respectively.

On the sectoral front, gains were largely seen in the banking sector, metal sector, and energy sector.

The rupee is trading at 72.79 against the US$.

Gold prices for the latest contract on MCX are trading down by 1% at Rs 45,088 per 10 grams.

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Here are Top 5 Factors Why Indian Share Markets Rallied Today

Firm Global Cues: Asian share markets were trading on a positive note today as investors shrugged off concerns of a rise in US Bond Yields last month, and focused more on the upcoming US Stimulus.

Asian share markets ended on a strong note today. The Shanghai Composite stood higher by 1.9% while the Nikkei ended up by 0.5%. The Hang Seng ended higher by 2.7%.

Encouraging GDP Numbers: Indian share markets also reacted to encouraging Q3 gross domestic product (GDP) data which showed signs that the economy is back on track.

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

Macro Data: A stable PMI data for February and strong GST collections for the month of February highlighted green shoots in the economy. The goods and services tax (GST) collection crossed the Rs 1 lakh crore mark for the fifth month in a row in February.

Good Response to Spectrum Auctions: On the first day of spectrum auction, the government received bids worth Rs 771.4 billion as against its expectation of Rs 450 billion, said Union communications minister Ravi Shankar Prasad.

Sectoral Performance: Gains were also seen as banking, finance, and energy sectors witnessed huge buying interest today. The banking sector ended the day up by 2.8% today, while the finance sector and energy sector ended their day higher by 2.8% and 3.7%, respectively.

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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In latest developments from the IPO space...

Hyderabad-based MTAR Technologies which opened its Rs 5.96-billion initial public offering (IPO) for subscription today has witnessed good subscription on the back of strong retail participation.

The issue was subscribed 2.36 times during closing stock market hours today as investors put in bids for 1.7 crore equity shares against the offered size of 72.6 lakh equity shares.

Retail investors, who have led the charge, have put in bids 4.47 times against their reserved portion, while the portion set aside for non-institutional investors has been subscribed 59%.

The IPO comprises a fresh issue of 2.15 million shares and an offer-for-sale (OFS) of 822.4 million shares and will close on March 5.

MTAR is a leading maker of nuclear, defence and aerospace equipment, fabrication facilities and fuel cells. The company recently sold 185.1 million shares at Rs 540 apiece in a pre-IPO placement to schemes of SBI Mutual Fund and Axis Mutual Fund.

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The price band has been fixed at Rs 574-575 apiece for the IPO.

According to the company's prospectus, proceeds from the fresh issue will be used for repayment or pre-payment of its borrowings and funding working capital requirements.

The company has three key customers in the fuel cell, nuclear, and space and defence segments.

In the fuel cell segment, Bloom Energy is its largest customer. In the nuclear segment, Nuclear Power Corporation of India is the company's key customer. In the space and defence segment, clients such as the Indian Space Research Organisation (ISRO) and Defence Research and Development Organisation (DRDO) are the key customers of the company.

How this IPO sails through remains to be seen. Meanwhile, stay tuned to get all the updates from this space.

Moving on to stock specific news...

Marico was among the top buzzing stocks today.

FMCG major Marico said its board has declared a second interim dividend of Rs 4.50 per equity share for FY2020-21.

"The board of directors of the company at its meeting approved the declaration of second interim equity dividend for the financial year 2020-21 of Rs 4.50 per equity share of Rs 1 each, being 450% on the paid-up equity share capital of Rs 129.13 crore," Marico said in a regulatory filing.

The consumer goods major is also in news as the company has been biting into a number of food categories lately. This includes segments as diverse as honey, chyawanprash, plant proteins, turmeric milk mix and instant noodles, to name a few.

Best known for its Parachute coconut oil and Saffola edible oil, Marico is eyeing a broader play in foods. Saffola is the brand that will champion its foods play and has already seen five quarters of double-digit growth, pushing the company to set ambitious targets in foods.

As per the news, the company is looking to scale down investments in the hygiene segment and instead redirect them towards healthy foods, immunity and discretionary categories such as male grooming, premium hair nourishment and so on.

To know more about the company, you can check out Marico's latest quarterly results here.

Marico share price ended the day up by 0.7%.

Speaking of the FMCG sector, have a look at the chart below which shows the performance of BSE Sensex and BSE FMCG index since 2009:

While the Sensex has offered 393% returns since 2009, the BSE FMCG index has gone up a staggering 532% returns over the same period.

Richa Agarwal, lead Smallcap Analyst at Equitymaster, believes this outperformance could continue for many years.

With a rising population and standards of living, Indian's consumption demand for FMCG products will skyrocket over the coming years.

We are keeping a close eye on FMCG stocks and will keep you updated on all the news from this space. Stay tuned!

And 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!

Read the latest Market Commentary

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