Saturday, February 27

Equities trade higher, Nifty PSU up 2.6 pc on privatisation buzz

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Equity benchmark indices continued with positive momentum during early hours on Tuesday tracking strong global cues with investors hoping for a quick economic recovery.

At 10:15 am, the BSE S&P Sensex was up by 212 points or 0.41 percent at 52,367 while the Nifty 50 edged higher by 83 points or 0.54 percent to 15,398.

All sectoral indices at the National Stock Exchange were in the green zone with Nifty metal up by 3.7 percent and PSU bank by 2.6 percent.

Among stocks, Tata Steel surged by 4 percent to Rs 699 per share while Hindalco and JSW Steel moved higher by 3.8 percent and 3 percent.

Indian Overseas Bank gained by 14.5 percent to Rs 12.60 per share after reports said the government has shortlisted Bank of Maharashtra, Bank of India, Indian Overseas Bank, and Central Bank of India for privatisation.

Bank of Maharashtra was up by 20 percent, Central Bank of India by 12.7 percent, and Bank of India by 11.5 percent.
However, among the losers were Axis Bank, ICICI Bank, Bajaj Finserv, Bajaj Finance, Nestle India, Eicher Motors, and Hero MotoCorp.

Meanwhile, Asian shares advanced as optimism about the global economic recovery and expectations of low-interest rates drive investments into riskier assets.

MSCI’s broadest index of Asia Pacific shares outside Japan ticked up by 0.45 percent while Japan’s Nikkei rose by 0.4 percent to a 30-year high.

In Hong Kong, the Hang Seng Index surged by 1.79 percent to hit a 32-month high in its first trading session since Thursday following the Lunar New Year holidays.
Mainland Chinese markets will remain closed for the holidays until Thursday while Wall Street was also shut on Monday.