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Share Market Update: Sensex ends 479 points higher, Nifty at 11,303; Vedanta, Tata Steel, JSW Steel top gainers

Share Market LIVE: BSE 30-share S&P Sensex traded 86 points higher at 38,231 and Nifty50 traded 50 points lower at 11,183.

twitter-logoBusinessToday.In | March 3, 2020 | Updated 15:55 IST
Share Market Update: Sensex ends 479 points higher, Nifty at 11,303; Vedanta, Tata Steel, JSW Steel top gainers
Here's a look at the live updates of the market action on BSE and NSE today

Share Market LIVE:Snapping seven straight days fall, market indices Sensex and Nifty on Tuesday closed 1.2% higher each, tracking positive cues from global equities, as investors banked upon hopes of financial assurance by central banks worldwide, amid the covid 19 virus outbreak. After a volatile trading session, BSE Sensex closed 479 points higher at 38,623 and NSE Nifty ended 170 points higher at 11,303. All sector indices closed in the green today, with metal and pharma index rising over 5%. Globally, equity markets reversed trend as investors banked upon liquidity injection by Japan's Central Bank and a possible rate cut hope by Federal Reserve, Reserve Bank of Australia, in a move to ease the economic fallout from the spreading coronavirus. The novel virus continues to spread around the world despite travel restrictions. It has now caused an epidemic, rising much more rapidly outside China than within the country, although the World Health Organization (WHO) has so far stopped short of calling it a pandemic.

Here's a look at the live updates of the market action on BSE and NSE today:

Expert Opinion

3: 55PM

Commenting over market's trend today, Vinod Nair, Head of Research at Geojit Financial Services said, "Comments by central bank officials over possible policy initiatives to curtail economic impact held markets positive across the globe. Broad-based momentum was witnessed in Metals and Pharma while the strong dollar held IT stocks higher. With nations across the globe taking precautions over the virus, further long-term economic impact looks minimal." 

Closing Bell

3: 45PM

Snapping seven straight days fall, market indices Sensex and Nifty on Tuesday closed 1.2% higher each, tracking positive cues from global equities, as investors banked upon hopes of financial assurance by central banks worldwide, amid the covid 19 virus outbreak. BSE Sensex closed 479 points higher at 38,623 and NSE Nifty ended 170 points higher at 11,303. All sector indices closed in the green today, with metal and pharma index rising over 5%.

Indices rise after RBI's statement

3: 25 PM

Market gained moementum again by the last hour of session after RBI said it is ready to take appropriate actions to ensure orderly functioning & stability of financial markets.

Globally, financial markets have been experiencing considerable volatility, with the spread of the coronavirus triggering risk-off sentiments and flights to safe haven. Spillovers to financial markets in India have largely been contained. Growing hopes of coordinated policy action to mitigate a broader fallout to economic activity has boosted market sentiment today.

Equitas Small Finance Bank gets SEBI approval to launch IPO

3: 15 PM

Equitas Small Finance Bank on Tuesday received Securities and Exchange Board of India's (SEBI) approval to launch its initial public offering (IPO). The IPO includes a fresh issue of shares worth Rs 550 crore and an offer-for-sale (OFS) of 8 crore equity shares by Equitas Holdings Limited (EHL), the promoter, according to document filed with market regulator SEBI.

SBI Cards and Payment Services IPO

3:05 PM

SBI Cards and Payment Services IPO has entered second day of subscription today. The price band for the initial public offering (IPO) which will close on March 5 has been fixed at Rs 750 to Rs 755 per share. SBI's credit card arm aims to garner Rs 10,355 crore by selling 13.71 crore shares of face value Rs 10 each.

Shares will be offered in a lot of 19 shares and in multiples of 19 amounting to value of Rs 14,345 (at the upper end of price band). One can apply for a maximum 247 shares (13 times of a lot size), totalling to Rs 186,485.

Gold gains today

2: 45 PM

Gold prices gained further on Tuesday after an Italian origin person was showing symptoms of coronavirus and was kept under observation in Jaipur. This comes after two fresh Covid-19 cases were reported in Delhi and Telangana on Monday.

Further six more suspected virus cases have been suspected in Agra, who have been quarantined today. Health officials across the globe have urged to be on high alert about the outbreak of COVID-19 to India, that has a population similar in size to that of China.

Tracking yesterday's rally, Gold Futures on MCX rose Rs 217 points or 0.52% to Rs 42,173 per 10 gm. Earlier, the precious metal made a high of 42,290 per 10 gm, rising Rs 335 against the opening of 41,956 today.

Market rises further

2: 10 PM

In a volatile treading session, equity market indices Sensex and Nifty recovered and gained on Tuesday, tracking positive global trend, amid heay buying in metal scrips. BSE 30-share S&P Sensex traded 450 points higher at 38,594 and Nifty50 traded 162 points lower at 11,295.

Rupee Update

1: 05 PM

Rupee hits 73 per dollar for the first time since November 12, 2018

Market Update

12: 10 PM

BSE 30-share S&P Sensex traded 86 points higher at 38,231 and Nifty50 traded 50 points lower at 11,183

Market erases gains on new case of covid-19 reported in Jaipur

12:00 PM

Indices erased gain further after third new coronavirus case was confirmed in Jaipur. Health officials across the globe have urged to be on high alert about the outbreak of COVID-19 to India, that has a population similar in size to that of China. With this, five confirmed cases of COVID-19, while around 23,531 people are reportedly under investigation. 

SBI Cards IPO subscription

10: 50 AM

SBI Cards IPO has attracted huge interest from retail investors on the first day of subscription. The Rs 10,355-crore share sale attracted bids for 62% of the portion allotted to them. Employees of SBI Cards and State Bank of India shareholders bid for 80% and 69% respectively of the shares reserved for them.

SBI Cards IPO subscription: Retail investors, employees lead charge on day 1

Market Update

10: 40 AM

Equity market indices Sensex and Nifty erased early gains to trade 0.40% higher each on Tuesday, tracking positive global markets, backed by heavy buying pressure in media and metal stocks. BSE 30-share S&P Sensex traded 145 points higher at 38,290 and Nifty50 ended 57 points lower at 11,189.

Rupee rises

10: 20 AM

The Indian rupee appreciated by 33 paise to 72.43 against the US dollar in early trade on Tuesday tracking positive opening in domestic equities.

The domestic currency, however, could not hold on to the gains and was trading at 72.64 against the American unit at 1002 hrs. On Monday, rupee had settled at 72.76 against the greenback.

Rupee vs Dollar: Rupee opens higher, gains 33 paise to 72.43 per US dollar

Oil today

10: 10 AM

Global oil benchmark Brent crude futures rose 2.43 per cent to USD 53.16 per barrel.

Coronavirus Update

10: 00 AM

The coronavirus outbreak that started in China's Wuhan city in December has killed 2,943 people in the country with total confirmed cases crossing 80,000 as it continues to spread to new countries around the world.

According to the World Health Organisation, there are 89,527 confirmed COVID-19 cases and 3,056 deaths reported globally in 67 countries from the deadly coronavirus. While China received 125 new confirmed cases of COVID-19 and 31 deaths on Monday, number of deaths in the US rose to six on Monday, with the total number of confirmed cases crossing 90.

No need to panic over coronavirus outbreak, not on UNSC march agenda, says China's UN envoy

FII/ DII action on Monday

9: 55 AM

On a net basis, foreign institutional investors (FPIs) sold equities worth Rs 1,354.72 crore, while domestic institutional investors bought shares worth Rs 1,138.74 crore on Monday, data available with stock exchanges showed.

Global Scenario

9: 45 AM

The rebound in global stock prices coupled with crude prices bouncing back was on back of central banks globally assuring on stimulus to counter the economic fallout from the coronavirus outbreak.

While coronavirus has now caused an epidemic, rising much more rapidly outside China than within the country, World Health Organization (WHO) has so far stopped short of calling it a pandemic.

G7 finance ministers are also expected to hold a conference call on Tuesday (1200 GMT), sources said, to discuss measures to deal with the economic impact of the coronavirus outbreak.

Top Gainers

9: 35 AM

All Sensex components were trading on a positive note. Top gainers included Sun Pharma, Tata Steel, Reliance Industries, Hero MotoCorp, ICICI Bank and HCL Tech.

Meanwhile on Nifty, barring Bharti Infratel, all the other 50 components were trading in green, with Zee Entertainment, Sun Pharma, Eicher Motors, Vedanta gaining the most.

Global Market Update

9: 25 AM

Globally, equity markets reversed trend as investors banked upon liquidity injection by Japan's Central Bank and a possible rate cut hope by Federal Reserve, in a move to ease the economic fallout from the spreading coronavirus.

Amid central bank's stimulus, Japan's Nikkei jumped 1.6% while MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.8%.

In the US, Dow Jones Industrial Average rose 0.71 percent, S&P 500 was up 0.68 percent and  Nasdaq Composite gained 1.16 percent at its opening bell. In United States, the focus has now shifted to the biggest day in the Democratic primary elections for choosing a challenger to their President Donald Trump.

In Asia, Kospi, Shanghai Composite, Straits Times and Nikkei 225 traded marginally higher, while heavy gains were recorded in Hang Seng and Taiwan Index.

Australian shares too advanced 1.8% ahead of an expected rate cut by the Reserve Bank of Australia.

Opening Bell

9: 20 AM

Amid positive global equities, market indices India have opened postitive on Tuesday, after a volatile trading session on Monday, with  heavy buying pressure in media and metal stocks.BSE 30-share S&P Sensex traded 530 points higher at 38,674 and Nifty50 ended 154 points lower at 11,290.

Stocks to watch today on March 3

9: 10 AM

Torrent Power, Indian Oil, NCC, Man Industries among others are the top stocks to watch out for in Tuesday's trading session.

Stocks in news: Torrent Power, Indian Oil, NCC, Man Industries and more

Last Close

9:00 AM

Equity market slipped from highs in Monday's afternoon session and closed 0.40% lower after 2 new cases of coronavirus were detected in India, taking the total number of infected to 5. Extending fall for the seventh straight session, BSE 30-share S&P Sensex closed 153 points lower at 38,144 and Nifty50 ended 69 points lower at 11,132. All sectors barring IT fell in the red territory, with 4.5% decline in metal and PSU banking stocks, and over 2% decline in metal scrips.

Sensex loses 1,298 points from day's high after 2 coronavirus cases reported in Delhi, Telangana

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