Indices snap 5-day losing streak; Sensex ends flat; Nifty Metal gains 4%

In the broader markets, the Nifty MidCap 100 and SmallCap 100 indices settled with gains of about 1 per cent on the NSE

4:46 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Research, HDFC Securities

Indian benchmark equity indices closed off the highest point of the day on Feb 23 but managed to snap a five-day losing streak. The nifty made an intra day high at 1040 Hrs and then slid and went sideways. At close, the Nifty 50 index ended 32 points higher at 14,707.

 

Volumes on the NSE were in line with recent averages. Among sectors, Metals, Realty , Auto were the main gainers while Banks were the main losers.       The Nifty Midcap index ended 1% higher while the Smallcap index gained a similar quantum to end with gains of 0.9%.

 

Nifty halted the 5 day losing streak but the recovery or bounce was feeble. This raises doubts about sustainability of this bounce. However positive advance decline ratio raises hope for the broader markets.

4:36 PM

MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive VP, Equity Technical Research at Kotak Securities

Markets logged small gains after a sharp decline in last five sessions. Most of the time such type of formation works as a continuation and on Wednesday, if the market breaks the 14630/49600 level, the Nifty / Sensex could fall further on the support of 14530/49300 levels. However, a 50% retracement shown by the Nifty / Sensex after the announcement of the Union Budget could be a reversal for the market. In short, there should be a buying strategy if the Nifty / Sensex falls to the 14530/14500 levels, however, if the Nifty closes below the 14500 level, it would indicate further weakness. On the upside, 14850/50350 and 14950/50750 levels would be the major obstacles. While the metals sector performed well to date, bank stocks failed to perform due to exceptional strength in long-term bond yields.

 

 

4:23 PM

MARKET CLOSING COMMENT :: Sumeet Bagadia, Executive Director, Choice Broking

After a positive opening, the Nifty index traded in a narrow range and closed at 14716.80 levels with a gain of 41 points. Bank Nifty closed into the negative territory at 35116.95 levels with an overall loss of 140 points. Heavyweight Reliance Industries gained almost 1% in a day, which supported the benchmark index to close on a green note.

Technically, the benchmark index has traded below its 21 Days Moving Averages which suggests some weakness in the counter for the near term. Moreover, the price has also shifted below its Middle Bollinger Band formation, which shows further correction for an upcoming trading session. At present, the Nifty has a strong resistance at 15000 levels while downside support comes at 14480 levels.

4:00 PM

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Domestic market got back on its feet during the morning trade supported by strong Asian market while negative waves from European peers outweighed the gains by the end of the day. The expectation of strong global recovery as prompted by rising international commodity prices helped the market but was tempered due to elevated bond yield & virus cases. Consequently, volatility has increased in the domestic front, but broad markets continue to be attracted with themes like Mid & Small caps, cyclicals, energy, PSUs, Metals and Industries

3:55 PM

TECH VIEW :: Rohit Singre, senior technical analyst at LKP Securities

Index managed to hold above 14700 zone and closed a day with small gains forming a Doji candle pattern on the daily chart after consecutive five bearish candle. The index has good support near 14630 zone and immediate resistance is coming near 14800 zone so index may show some sort of consolidation in the same range and final direction will be clear once we see either side breakout from the mentioned range

 

3:54 PM

IPO Update :: Hernaba issue subscribed 66% till 3:40 PM on day 1 of the issue

3:50 PM

Market stats :: Advance to decline ratio favours bulls

3:48 PM

Index contributors :: RIL, ICICI Bank, L&T support indices

3:46 PM

Sectoral trends on NSE at Close

3:44 PM

Sensex Heatmap at Close

3:36 PM

CLOSING BELL

Among key indices, the benchmark S&P BSE Sensex closed at 49,751 levels, up 7 points or 0.01 per cent. The index had surpasses the 50,000-mark in the intra-day trade and had hit a high of 50,327 on the BSE. 21 of the 30 constituents ended the day in the green with ONGC (up 5.6 per cent), IndusInd Bank (up 2.6 per cent), L&T (up 2 per cent), and UltraTech Cement (up 17 per cent) topping the list of gainers. 
 

Meanwhile, over 6 per cent gains in Tata Steel and Tata Motors each, and 5 per cent gains each in Hindalco, ONGC, and UPL helped the Nifty50 index close above the 14,700-mark at 14,708 levels, up 32 points or 0.22 per cent. The index hit a intra-day high of 14,854. 

 

3:28 PM

Tata Motors, Tata Motors DVR gain up to 8% amid heavy volumes

Shares of Tata Motors edged higher by 8 per cent to Rs 329 on the BSE in intra-day trade on Tuesday on the back of heavy volumes after the company outlined ambition to reach double-digit commercial vehicle (CV) margins and high single-digit passenger vehicle (PV) margins in coming years. It maintained plans to attain zero debt (excluding leases) by FY24 through strong operating cash flows and divestments. READ MORE

3:25 PM

Bezos regains title of world's wealthiest person as Musk loses $15 bn

Tesla’s biggest decline since September was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.” His message -- via his favored medium of Twitter -- came two weeks after Tesla announced it added $1.5 billion in Bitcoin to its balance sheet. The cryptocurrency, which has surged more than 400% over the past year, tumbled for a second day on Tuesday, at one point slipping below $50,000 on skepticism over the durability of its rally. READ MORE

3:12 PM

S&P assigns BBB-minus to Bharti Airtel's proposed senior unsecured notes

S&P Global Ratings on Tuesday assigned BBB negative long-term issue rating to senior unsecured notes that Bharti Airtel Ltd proposes to issue. At the same time, it assigned BB long-term issue rating to proposed subordinated perpetual securities (PERPS) issued by Network i2i Ltd and guaranteed by Bharti Airtel. READ MORE

2:57 PM

Indian media, entertainment to see 27% revenue growth in FY22: Crisil

"Next fiscal, with strong economic rebound on the cards, ad revenue should grow 31 per cent on-year and subscription revenue around 24 per cent," Jain added.

 

The TV segment contributing around half of the sector's topline has recovered fully and will report healthy growth next fiscal. Ad revenue saw a sharp contraction initially, but recovered swiftly thereafter, aided by airing of new content, sports events such as the Indian Premier League and a buoyant festive season, Crisil Ratings Ltd said in a statement. READ MORE
 

2:46 PM

BSE Midcap index jumps over 1%, beats benchmark Sensex

2:40 PM

Cochin Shipyard shares surge 11% on order win from Indian Navy

The company has been declared as L1 or lowest bidder in the tender floated by the Indian Navy for construction of 6 numbers of Next Generation Missile Vessels (NGMV) and the estimated total order value is around Rs 10,000 crore, Cochin Shipyard said in a regulatory filing. READ MORE

2:30 PM

Sun Pharma rises as firm to introduce Brivaracetam at an affordable price in India

Brivaracetam is approved by the Drugs Controller General of India (DCGI), as an adjunctive therapy in treatment of partial-onset seizures in patients 16 years of age and older with epilepsy.

2:20 PM

Improved earnings visibility, debt pruning boost shares of Varun Beverages

Shares of Varun Beverages (VBL), which bottles and distributes PepsiCo’s range of beverages in India and a few others countries, are up more than 19 per cent in the past week as investors bet on the company’s improving earnings outlook after the strong beat in December quarter (Q4). Varun Beverages follows the January-December accounting year. READ MORE

2:10 PM

European markets check

(Source: Reuters)

1:57 PM

Bharat Forge jumps over 4% after firm inks pact with Paramount Group

Shares of Bharat Forge rose over 4 per cent in afternoon trade on Tuesday after the company inked a pact with global aerospace and technology firm Paramount Group to manufacture armoured vehicles in the country. The stock gained 4.05 per cent to Rs 612 apiece on the BSE. On the NSE, it rose by 4.12 per cent to Rs 612.85. READ MORE

1:43 PM

BUZZING STOCK :: Cochin Shipyard surges 9% on receipt of order from the Indian Navy

"We would like to inform that at the meeting held today at the Ministry of Defence Cochin Shipyard Limited (CSL) has been declared as L1 in the tender floated by the Indian Navy for construction of 6 nos. of Next Generation Missile Vessels (NGMV) and the estimated total order value is around Rs. 10,000 crore," the company said in a BSE filing. READ HERE

1:30 PM

This Rekha Jhunjhuwala-owned stock has rallied 58% so far in February

Shares of VA Tech Wabag rallied 15 per cent on Tuesday to hit a fresh 52-week high of Rs 296 on the BSE on the back of heavy volumes. In the past two days, the stock of the sewage and water treatment solutions provider has gained 21 per cent after foreign brokerage firm Nomura raised price target to Rs 446 per share. Ace investor Rakesh Jhunjhunwala’s wife Rekha Jhunjhunwala held 5 million shares, or 8.04 per cent stake, in VA Tech Wabag as on December 31, 2020, the shareholding pattern data show. READ MORE

1:18 PM

Short selling by market players led to rise in bond yields: SBI report

An SBI Ecowrap report noted that while going short or long are typical market activities that aid in price discovery, at times, they can also result in price distortions, as it might be happening now.

 

"We believe one of reasons for the recent surge in yields might be short selling by market players," it said. READ MORE

1:10 PM

Copper hits 9-1/2-yr high on tight supply, solid demand

Copper prices hit a 9-1/2-year high on Tuesday as tight supply and solid demand from top consumer China boosted sentiment. The most-traded April copper contract on the Shanghai Futures Exchange rose as much as 4.1% to 68,790 yuan ($10,647.45) a tonne, its highest since August 2011. Three-month copper on the London Metal Exchange rose as high as 2.3% to $9,305 a tonne, also the most since August 2011. 

(Text Source: Reuters)

1:00 PM

Heranba Industries IPO subscribed 35% so far

The IPO opened for subscription today and many brokerages have a 'Subscribe' rating on the issue

12:56 PM

Nifty Realty index holds gains in an otherwise volatile session

12:45 PM

NEWS ALERT :: IndiGo & Dubai Aerospace Enterprise sign long-term lease agreements

>> Agreement is for 7 Airbus A321neo aircraft, scheduled to be delivered in 2021

12:34 PM

Heranba Industries IPO opens today; should you subscribe?

>> Heranba Industries (Heranba) incorporated in 1992, is an agrochemical company. It is also one of the leading domestic producers of synthetic pyrethroids. The company is present in the entire product value chain of the agrochemicals industry. The business verticals include (a) domestic bulk sales of Technicals (31.6% of FY20 sales), (b) technicals bulk exports (36.5%) (c) branded formulations (12.7%), (d) formulations exports (12.8%) and (e) insect control chemicals (6.4%).

>> Heranba has more than 9,400 dealers having access to multiple states in India. It has three manufacturing facilities in and around Vapi with a capacity of 14,024 MTPA.

>> Benefiting from being an integrated pyrethroids manufacturer with a strong product pipeline, geographical expansion coupled with favourable macro factors are likely to drive growth. Apart from this, it has one of the strongest return ratios in Industry and healthy balance sheet. We have a SUBSCRIBE recommendation on the IPO. At Rs 627, the stock is available at 25.7x FY20.

(View by ICICI Securities)

12:25 PM

Tata Steel, Vedanta: Rally in metal stocks may just have begun, charts show

NIFTY METAL: The index is struggling to sustain above the 3,600 mark. However, once breached decisively, an up move towards 4,000 levels can not be ruled out. Moreover, a break above the 66 level on the Relative Strength Index (RSI) index may further add strength on the upside, daily chart shows. The overall trend is bullish with the support of 3,400 – 3,450 levels. READ MORE