RIL, banks lift indices for 3rd day; Sensex gains 1,148 pts, ends above 51K

4:39 PM

MARKET OUTLOOK :: Indices are recovering from a corrective pattern, stay cautious, says Shrikant Chouhan

It was the busiest day for the market. The broad support of all sectors in the market clearly shows that it will not be difficult for the Nifty / Sensex to cross the previous high of 15432/52517. All other indices except Nifty Auto closed in positive territory. Today, the market has taken a strong lead and closed at the highest point of the day, with support for Tuesday’s continuity formation.

Technically, the Nifty / Sensex is recovering from a corrective pattern and traders need to be cautious, until the Nifty 50 index comfortably cross 15435. The Nifty / Sensex may remain range-bound between the levels of 15370/51800 to 15100/51000 on the closing day of the weekly period of options contracts. The Nifty / Sensex may move to the level of 16000/54200 in the next few days or weeks on the decisive dismissal of the level of 15435/52520.

Alert: Shrikant Chauhan is  Executive VP, Equity Technical Research at Kotak Securities

4:34 PM

MARKET CLOSING COMMENT :: Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities

Nifty continues to remains in a medium term uptrend. We believe any meaningful correction is an opportunity to buy for 16000 and higher. Immediate range is seen at 15000-15500. Auto and Banking stocks look attractive at current levels; IT stocks also expected to trade with positive bias.

4:25 PM

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

Markets extended surge for the third consecutive session and gained over 2%. The benchmark started the day on a positive note despite mixed global cues and gradually inched higher as the day progressed. Consequently, the Nifty ended with healthy gains of 2.2% near day’s high at 15,246 levels. The broader markets too ended in positive in the range of 1.3-1.5%.
 

Participants are taking comfort from the domestic factors such as decent macro data, earnings upgrades and steady progress of vaccine drive. Importantly, Nifty has reversed the last week’s decline and indications are pointing towards a further surge ahead. We remain cautiously optimistic on the markets and suggest focusing more on the selection of trades.

4:20 PM

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

The market witnessed to extend the gain further after the decisive breakout of Nifty 50 Index level of 14850. the market is likely to hold the momentum and reach the level of 15280-15300.14970-15000 level is expected to act as a support zone from the short-term perspective. the momentum is observed indicators like RSI, MACD to stay positive and the upside movement is likely to continue

4:15 PM

NIFTY OUTLOOK :: Nifty may hit 15,400 levels soon, says Rohit Singre, Senior Technical Analyst at LKP Sec

One more positive session and index closed a day with supreme gains of more than two per cent at 15240 zone and formed a bullish candle for the third consecutive day. Bullish harami candle pattern showed a fantastic impact so far, going forward 15150 will act as strong support followed by 15100 zone if managed to hold above-said levels we may see current move to extend further towards 15300-15400 zone in near term

4:10 PM

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

Markets across the globe were filled with optimism as the focus shifted from concerns over high valuation to a stronger economic recovery and earnings growth. The Indian market was on a rising streak echoing the global sentiment. The nifty bank which had a rough week so far took a breather and led the rally while consolidation was seen on auto stocks.

 

4:06 PM

MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities

A stellar rally across BFSI & Metals powered Indices higher today by 2.3% with the market breadth improving dramatically in afternoon Ttade. Investors cherry-picked into AMC's, HFC's and the day also witnessed keen interest in Sugar stocks which recorded handsome gains

4:03 PM

Market stats :: BSE m-cap tops Rs 210-trillion mark

4:00 PM

SECTOR OF THE DAY :: Sugar stocks sweeten the mood on D Street

3:59 PM

SECTOR OF THE DAY :: Chemical stocks jump amid fresh breakouts

3:56 PM

STOCK OF THE DAY :: Ircon International ends 7% down

>> Shares of IRCON International Ltd, on Wednesday, fell 7.4 per cent to Rs 90.55 on the BSE after the company announced offer for sale (OFS) for up to 16 per cent government stake at a floor price of Rs 88 per share, which opened today for non-retail investors and will open for retail investors tomorrow. The floor price of Rs 88 is at a 10 per cent discount over IRCON's closing price of Rs 97.85 on Tuesday.

3:53 PM

STOCK OF THE DAY :: Adani Enterprises enters the Rs 1-trillion m-cap club

>> Adani Enterprises joined the elite club of companies with Rs 1-trillion market capitalization (market-cap) on the BSE, after its share price hit a new high of Rs 945, rallying 5 per cent in intra-day trade on Wednesday. With the market-cap of Rs 1.01 trillion, at 3:30 PM, Adani Enterprises stood at number 39th position in the overall market-cap ranking, the BSE data shows.

3:49 PM

STOCK OF THE DAY :: Bajaj Finserv ends as the top gainer on the Sensex

3:47 PM

STOCK OF THE DAY :: RIL ends above Rs 2,200-mark

>> Reliance Jio has emerged the highest bidder in the 4G telecom spectrum auction, which concluded on Tuesday in just six rounds, beating incumbents Bharti Airtel and Vodafone Idea by a wide margin.

3:45 PM

Index contributors :: RIL, banks, Infosys give Sensex nearly 800-pts lift

3:42 PM

Sectoral trends on NSE at Close

3:39 PM

Sensex Heatmap :: Only 3 stocks end in the red

3:35 PM

CLOSING BELL

The frontline Nifty50 index made a dash for 15,300-mark in the intra-day trade, and hit a high of 15,273. The index cooled-off marginally and settled at 15,246  levels, up 326 points or 2.19 per cent. 

 

On the BSE, the S&P BSE Sensex touched a high of 51,540 during the day but retreated to end at 51,445 levels, up 1,148 points or 2.28 per cent.

 

3:27 PM

India's October-February sugar output jumps 20%, few mills close early

Indian sugar mills' output rose by a fifth to 23.38 million tonnes in the first five months of the 2020/21 marketing year from a year earlier, while a few mills closed operations ahead of normal schedule, a trade body said on Wednesday.

 

The country is the world's second biggest sugar producer and the higher output could weigh on global prices. READ MORE

3:17 PM

2-6% retail inflation band has been working well since 2016, say economists

For most of 2020, the consumer price index-based inflation rate remained above the upper target of six per cent, but the RBI's monetary policy committee (MPC) followed an accommodative policy, at least in the initial part of the lockdown, to prop up dwindling economic growth rate. This gave rise to calls that the current framework should be altered to allow for pro-growth policies at the time of downturn. READ MORE

3:05 PM

Bank of Baroda raises Rs 4,500 cr through Qualified Institutional Placement

State-owned Bank of Baroda has raised Rs 4,500 crore equity capital through qualified institutional placement (QIP).

 

The capital raising committee of the board on Wednesday approved the issue and allotment of 55,07,95,593 equity shares to eligible qualified institutional buyers at issue price of Rs 81.70 per share against the floor price of Rs 85.98 apiece, aggregating to Rs 4499,99,99,948.10, the bank said in a regulatory filing. READ MORE

3:05 PM

LT Foods' stock gains over 2% after ratings upgrade on bank loan facilities

LT Foods rose 2.65 per cent to Rs 59.90 after the credit ratings agency upgraded the credit ratings on the company's bank loan facilities worth Rs 1187.5 crore. CRISIL Ratings has upgraded its rating on the bank facilities of LT Foods to 'CRISIL A/Stable/CRISIL A1' from 'CRISIL A-/Positive/CRISIL A2+'. The short-term rating on the company's bank facilities have also been upgraded from 'CRISIL A2+' to 'CRISIL A1'. READ MORE

2:53 PM

RIL, financials, IT stocks drive Sensex over 1,000 points higher

2:46 PM

Easy Trip Planners IPO to open on Mar 8; price band is Rs 186-187 a share

Online travel company Easy Trip Planners on Wednesday fixed a price band of Rs 186-187 per share for its Rs 510-crore initial share-sale, which will open for public subscription on March 8. The company's initial public offering is entirely an offer for sale, Easy Trip Planners said in a virtual press conference. Through the IPO, company's founders Nishant Pitti and Rikant Pitti will each sell shares to the tune of Rs 255 crore through offer-for-sale mechanism. READ MORE

2:36 PM

Heatmap: S&P BSE Sensex gainers and losers at this hour

2:28 PM

NEWS ALERT :: RITES secures Rs 61 crore order from Haryana Rail infrastructure Development Corp

>> In continuation to our earlier intimation dated February 11, 2021 regarding emerging L1, it is confirmed that RITES has now secured General Consultancy order from Haryana Rail infrastructure DDevelopment Corporation Limited for their Haryana Orbital Rail Corridor (HORC), which is a new electrified Broad-Gauge double line (about 144 kms) from Palwal to Sonipat via Sohna, Manesar and Kharkhoda in the state of Haryana with speed potential of 160 kmph. 

 

2:27 PM

Jan consumption, investment growth points to faster recovery for economy

The Indian economy seems to be moving on the path of faster recovery with key indicators on consumption and investment showing a sharp slowdown in contraction in January, 2021.

 

According to Ecoscope report of Motilal Oswal Financial Services, the country's total consumption (personal and government) contracted 4 per cent YoY in January, 2021, against 4.4 per cent YoY in December, 2020 and 3.4 per cent YoY growth in January, 2020. READ MORE

2:13 PM

Tata Chem, Alkyl Amines: These chemical stocks may rally another 25%

Improved business sentiment amid low Covid-19 cases, favourable government policies, and a huge export opportunity are acting as the much-needed impetus for the Indian specialty chemicals industry, believe analysts who expect the industry to grow at a healthy double-digit rate over the medium term. “We expect the industry to grow on a compound annual rate of 12 per cent and reach $65 billion by FY25, from the current $32 billion,” says Mitesh Shah, research analyst at ICICI Securities. READ MORE

 

1:57 PM

European markets check

(Source: Reuters)

1:44 PM

Stocks that hit 52-week high on BSE today

Company	PRICE(rs)	52 WK HIGH	CHG(%)
3M India	25941.35	25980.65	3.73
AAVAS Financiers	2335.00	2424.15	3.41
Adani Enterp.	917.50	919.80	5.15
Adani Ports	751.40	753.50	4.31
Adani Power	65.35	66.60	6.69