F&O expiry: Sensex gains 258 pts, ends Feb series 8% higher; RIL surges 4%

Sectorally, the Nifty Metal, PSU Bank, and Bank indices advanced 25 per cent, 40 per cent, and 20 per cent, respectively during the February F&O series

4:01 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research, CapitalVia Global Research

The market witnessed some swift recovery from its short-term support around the Nifty50 Index level of 14650-14850. The expectation is that the level should range between 15250 and 15000 in days to come. Technical pieces of evidence are not supporting any significant momentum from a short-term perspective, and the market is likely to stay in this range. The momentum indicators like RSI, MACD to poised neutrally supporting.

4:01 PM

MARKET CLOSING COMMENT :: S Ranganathan, Head of Research at LKP Securities

The day clearly belonged to the NIFTY PSE Index which rose 4% today after the plan announced yesterday to privatise and monetise assets of PSE. The broader market also witnessed keen investor interest in Power stocks

4:00 PM

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

One more positive session and index managed to close at 15093 with gains of nearly one per cent & formed a gravestone Doji kind of candle pattern on the daily chart. On the immediate basis, the index has good support near the 15k mark if the index managed to sustain above the 15k mark then-current positive move can extend further towards the 15200-15250 zone which are the hurdle zone on the higher side and if fails to sustain then strong profit booking can be a witness

3:56 PM

IPO Update :: Hernaba issue subscribed 81times till 3:50 PM on day 3 of the issue

3:54 PM

Index contributors :: Banks, RIL, TCS lift Sensex

3:53 PM

Sectoral trends on NSE at Close

3:45 PM

Sensex Heatmap at Close

3:40 PM

CLOSING BELL

Strong gains in Reliance Industries, TCS, Axis Bank, NTPC, and IndusInd Bank helped the headline S&P BSE Sensex to settle the F&O series for the month of February at 51,039 levels, up 258 points or 0.5 per cent. 

 

On the NSE, the Nifty50 index failed to reclaim the 15,100-mark on the closing basis and ended at 15,097 levels, up 115 points or 0.47 per cent. 

 

3:25 PM

India's fiscal position to remain weak even as deficit improves: Moody's

Meanwhile, Icra, Moody's Indian affiliate, said it expects a considerable rebound in India's economic growth in the fiscal year ending March 31, 2022 (FY22) on the back of higher central government spending, and a pick-up, albeit uneven, in consumption.

 

Overall, Icra projects that real Gross Domestic Product (GDP) will rise 10.5 per cent in FY22 and nominal GDP by 14.5 per cent for fiscal 2022 as the pandemic recedes. READ MORE

3:16 PM

Reliance Inds gains 6% in 2 days, hits 4-month high on O2C biz spin off

RIL in a presentation on Tuesday, February 23, announced the initiation of the formal process of carving out the O2C business into a wholly-owned independent subsidiary. The management reorganised the refining and petrochemical businesses into O2C to facilitate holistic and agile decision making, pursue attractive opportunities for growth with strategic partnerships, and drive its downstream business. READ MORE

3:06 PM

Weak Q3 show, margin pressures to keep Sanofi stock under pressure

Sanofi India posted muted December quarter results with revenues missing street estimates. While reported revenues were down 13 per cent over the year ago quarter the base quarter included export sales to Zentiva which has been discontinued from May last year.

 

In addition to the reduction of Rs 115 crore of exports sales, analysts at Nirmal Bang Research believe the weak turnover was partly attributed to some therapy areas being impacted negatively due to the Covid-19 restrictions. READ MORE

2:55 PM

Analysts remain bullish on small-caps despite index hitting record high

Small-cap stocks have been on a roll since the past few months with the S&P BSE Smallcap index hitting a record high of 20,290 points in Thursday’s intra-day trade. The index surpassed its previous high of 20,183 touched on January 15, 2018 in intra-day deals. Despite the index hitting record levels, analysts see more headroom for the stocks in this segment as the economic recovery gathers steam, which they believe, should be beneficial for companies in the mid-and small-cap space. READ MORE

2:48 PM

Disconnect between markets, real economy a global phenomenon: Sebi chief

Capital markets regulator Sebi chairman Ajay Tyagi on Thursday acknowledged the systemic risk concerns raised by the RBI and Financial Stability Board over a disconnect between financial markets and the real economy, but said that this is a global phenomenon.

 

He said the heavy fall in markets, followed by quick gains on the equity benchmarks since the onset of the pandemic is the sharpest V-shaped recovery in the last 30 years. READ MORE

Ajay Tyagi, Chairman, SEBI

2:38 PM

Market breadth in favour of buyers

2:25 PM

Hemang Jani, Head of Equity Strategy, MOSL on Nureca listing

Nureca, a home healthcare and wellness product company, listed today on the exchanges with a 58.7% premium against its issue price of Rs 400/share. The company is known for its product innovation and some of its known brands are Dr Trust, Dr Physio and Trumom. It delivered robust performance over FY18-20 with revenue PAT CAGR of 123%/43%. In 1HFY21, Revenue/PAT grew 1.2x/6x compared to FY20 financials. Given the huge opportunity in Home Healthcare segment, its asset light business model, competitive and well-diversified products, Nureca is likely to sustain its growth momentum in subsequent years. It currently trades at P/E of 8.9x FY21E annualized EPS which is very attractive.

2:19 PM

L&T Technology Services selected by Airbus for Skywise Partner Programme

L&T Technology Services (LTTS) announced on Thursday it has been selected by Airbus to provide technology and digital engineering solutions for Airbus' Skywise platform as part of the 'Skywise Partner Programme'. With more than 130 airlines around the world already connected to Skywise, the platform is playing a very important part in enabling and accelerating digital transformation of the aviation sector as a whole, according to an LTTS statement.

 

(Text Source: PTI)

2:17 PM

MARKET UPDATE:: Broader indices outperform benchmarks; India VIX cools off 4%

2:07 PM

European markets check

(Source: Reuters)

2:07 PM

NEWS ALERT :: Shapoorji Pallonji & SBI sign MoU to offer faster home loan approvals to homebuyers

(Source: CNBC TV18)

1:56 PM

Tata Motors, Tata Consumer: Tata Group stks may lead the next market rally

Tata Consumer Products, the FMCG unit of Tata Group, is set to enter the benchmark Nifty50 index from March 31, 2021. With the arm's inclusion, weightage of Tata Group stocks in Nifty pack will increase to 8.75 per cent from 8.15 per cent presently. At the moment, Tata Consultancy Services, Tata Steel, Tata Motors and Titan are already part of the benchmark index. READ MORE

1:44 PM

RBI balance sheet not compromised by liquidity operations: Shaktikanta Das

The Reserve Bank of India (RBI) did not compromise on its balance sheet while providing liquidity to the bond market through asset purchases, governor Shaktikanta Das said on Thursday. The central bank, so far, this fiscal, has purchased over Rs 3 trillion of central and state government bonds from the secondary market to provide liquidity to the system. READ MORE

1:34 PM

RailTel: Analysts expect shares to list at 16-18% premium over issue price

Shares of RailTel Corporation of India were commanding a premium of Rs 15-17 per unit in the unlisted market ahead of their debut on exchanges on Friday, February 26, implying listing gains of 16-18 per cent over the issue price of Rs 94 per share. But a correction in the secondary market has dented the listing pop by nearly 50 per cent for RailTel shares as they were trading at Rs 109-112 apiece in the unlisted market from Rs 122 earlier. READ MORE

1:28 PM

Bharti Airtel raises $1.25 bn through debt instruments

Bharti Airtel on Thursday said it has raised USD 1.25 billion through issuance of debt instruments. The debt fund raising by the company comes just before the start of spectrum auction valued at Rs 3.92 lakh crore. Airtel said this is the first ever dual-tranche US dollar bond issued by the company spread across senior and perpetual issuance.

1:13 PM

Zydus Cadila gets USFDA nod for antidepressant drug

Zydus Cadila on Thursday said it has received final approval from the US health regulator to market antidepressant Nortriptyline Hydrochloride capsules. Zydus Cadila has received final approval from the United States Food and Drug Administration (USFDA) to market Nortriptyline Hydrochloride capsules USP, in strengths of 10 mg, 25 mg, 50 mg and 75 mg, Cadila Healthcare said in a regulatory filing. 

(Text Source: PTI)

12:59 PM

India's recession exit gains momentum on services, manufacturing

India’s economy looked ready to leave a sharp downturn behind in the new year, as business and consumer activity showed more signs of gathering momentum in January. Two of the eight high-frequency indicators tracked by Bloomberg News improved last month, while five held steady and one deteriorated. That, for now, kept the needle on a dial measuring overall economic activity unchanged at 5 -- a number arrived at by using the three-month weighted average to smooth out volatility in the single-month scores. READ MORE

12:46 PM

Nifty FMCG index trades lower in an otherwise firm market

12:38 PM

NEWS ALERT :: Bharat Electronics to consider 2nd interim dividend for FY21 on March 16

12:32 PM

MARKET CHECK :: Sensex off highs

12:22 PM

Tata Chemicals hits fresh lifetime high; stock zooms 100% in 3 months

On December 4, 2020, Tata Sons purchased 2.57 million equity shares, representing 1 per cent equity of Tata Chemicals, at a price of Rs 471.88 per share on the NSE via bulk deal, the exchange data shows. Earlier, on December 2, 2020, Tata Sons had purchased 1.8 million equity shares, representing 0.71 per cent equity of Tata Chemicals, at a price of Rs 420.92 per share on the NSE via bulk deal, data shows. READ MORE

12:11 PM

NEWS ALERT :: MOODY'S on India

>> Moody's pegs India's GDP in FY22 at 13.5%

>> GDP growth pegged at 6.2% in FY23