Bull-run enters 6th day; Sensex soars 617 pts, Nifty ends above 15,100

Weightage-wise, Infosys (up 3 per cent), Reliance Industries, ICICI Bank, M&M, and TCS contributed around 408-points towards overall gains on the index

4:44 PM

MARKET CLOSING COMMENT :: Anand James, Chief Market Strategist at Geojit Financial Services

Brent scaled the $60 per barrel mark while global equities continued to rally. India also tagged along, leaving only FMCG and PSU indices in the red among the sectoral indices, while the metal index gained the most, with a 3% jump. US stimulus expectations continue to be the major driver

4:36 PM

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

The bulls continued to dominate the benchmark indices following supportive global cues. The Nifty index ended higher by 1.3% to close above the 15,100 levels. The broader markets too participated as both Midcap and Smallcap ended higher by 1.5% each. On the sector front, except FMCG, all the other indices ended in green wherein Auto, Metal and Consumer Durables were the top gainers.

 

We are eyeing 15,200 in Nifty and Goingd, earnings and global cues will dictate the market trend.On the dom, market participants would actively track key macro data like IIP, CPI and WPI data.

4:32 PM

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing high wave type confusing candle pattern at the highs on Friday, Nifty continued with sharp trended upmove on Monday and closed the day higher by 191 points. After opening on an upside gap of 140 points, the market has shifted into further upside amidst a range movement. Minor intraday weakness in between was used as a buy on dips for the day. A new all time high was formed at 15159 and Nifty closed near the highs. The opening upside gap remains unfilled.

 

A reasonable positive candle was formed on the daily chart with gap up opening. This is second unfilled gap in a span of five sessions. The formation of previous gap of 2nd Feb could be considered as a bullish breakaway gap and present gap (of Monday) is expected to be a bullish runaway gap, provided this gap remains unfilled for the next couple of sessions. On the occurrence of such action, the market could show more upside in the near term.

Conclusion: The underlying trend of Nifty continues to be positive and one may expect further upside in the short term. the next upside levels to be watched around 15500, which is at 1.618% fibonacci extension (connected from Jan 20 top to March 20 bottom). This could be achieved in the next one week. Immediate support is placed at 14960.

4:16 PM

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

Indian benchmark equity indices ended higher for the sixth consecutive day on Feb 08. The Nifty opened gap up and then remained sideways through the day. At close the NSE Nifty 50 gained 1.3% to close at 15,115.

 

Volumes on the NSE were lower than the past 6 days average but in line with the last month’s average. Among sectors, Banks, Auto, Metals did well, while PSU Bank and FMCG index underperformed. Broad market indices outperformed suggesting return of interest in the small and midcaps.

 

Nifty marches ahead day after day with minimal intra day correction. Going by volume numbers it seems that FPIs interest has dipped on Feb 08, the ongoing results season is leading to rotational buying across stocks and sectors which incidentally pulls up the Nifty. On a channel line basis, the next resistance for the Nifty is around 15200 while the support is at 14870-14914.

4:05 PM

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

Strong global cues supported the domestic rally. PSU Banks, which was on a bull run paused today with some correction noticeable in FMCGs. The overall market is maintaining its buoyancy with rally in all sectors especially auto, IT and metals. Improved domestic outlook is encouraging  sustained FPI inflows

3:59 PM

Market stats :: Market breadth favours bulls

3:56 PM

Index contributors :: Infy, RIL, ICICI Bank top contributors

3:53 PM

STOCK OF THE DAY :: Bajaj Finserv ends above Rs 10,000-mark

3:51 PM

STOCK OF THE DAY :: M&M ends 7% higher post Q3 results

3:46 PM

Sectoral trends on NSE

3:45 PM

Sensex Heatmap at Close

3:35 PM

CLOSING BELL

The benchmark S&P BSE Sensex settled tad below the 51,350-mark, at 51,349 levels today, up 617 points or 1.22 per cent, aided by buying in M&M (up 7.4 per cent), Bajaj Finserv, Infosys, Tech M, and Bharti Airtel.

 

It's NSE counterpart, meawhile, clinched the 15,100-mark on the closing basis and settled at 15,116 levels, up 191.5 points or 1.28 per cent. M&M, Hindalco, Shree Cement, JSW Steel, and Bharti Airtel were among the 40 of the 50 constituents that ended the day in the green. 

3:30 PM

Bajaj Finserv nears record high; stock rallies 16% in 6 days post Budget

In the past six trading days, the stock has rallied 16 per cent after the government proposed to increase foreign direct investment in the insurance sector to 74 per cent, a move aimed at attracting overseas players. In comparison, the S&P BSE Sensex was up 11 per cent during the same period. READ MORE

3:19 PM

RBI tightening oversight of big NBFCs to avoid systemic spillovers: Moody's

The guidelines will apply to all deposit-taking NBFCs or NBFCs with assets of more than Rs 500 billion as of March 31, 2022. The framework's application to the largest NBFCs reflects the RBI's ongoing efforts to strengthen and harmonise regulatory norms between NBFCs and banks. The NBFC sector has been increasingly important to credit growth in India. READ MORE

3:11 PM

Anand Shah joins ICICI Prudential AMC

Prior to this stint, he was Deputy CEO and Head of Investments at BNP Paribas Asset Management Company, responsible for Investments and overseeing both onshore and offshore mandates sub-advised and Sales.

3:10 PM

JSW Steel to raise $1 bn via dollar bonds for Bhushan acquisition, capex

A banking source said talks with the company are currently focused on the structure of the offering and seeking necessary approvals from the Reserve Bank of India (RBI). "The issue will be launched as early as this month," said a banker. READ MORE

3:00 PM

Stocks that hit 52-week high on BSE today

Company	PRICE(rs)	52 WK HIGH	CHG(%)
Adani Enterp.	627.45	638.05	5.36
Adani Ports	580.65	594.00	2.46
Adani Transmissi	549.95	550.00	3.84
Aegis Logistics	306.00	320.00	3.89
Affle India	4320.00	4582.80	3.52

2:49 PM

BUZZING :: NCC soars 17.5%, hits 52-week high

2:48 PM

Buzzing Stock :: Birlasoft shares witness profit taking after hitting 52-week high

>> Shares of Birlasoft were trading 5 per cent lower as investors booked profit
>> The company on Friday reported a 32.6 per cent YoY rise in consolidated net profit at Rs 96.3 crore for December quarter of the ongoing financial year.

2:42 PM

Century Plyboards arm's new unit in Africa begins commercial production

Century Plyboards (India) on Monday said its subsidiary's newly set up veneer manufacturing unit in Africa has started commercial production. "The newly set up veneer manufacturing unit of the company's wholly-owned subsidiary Century Gabon SUARL at Gabon in Africa, has successfully started its commercial production today, i.e. February 8, 2021," Century Plyboards said in a regulatory filing. 

(Text Source: PTI)

 

2:31 PM

Sales recovery, margin expansion mark Q3 revival for retail major Trent

The pace of recovery and margin expansion for retail major Trent in the December quarter got a thumbs up from the Street. The Trent stock was up 3 per cent in trade on Friday on expectations that Q3 performance will gather momentum in the March quarter leading to lower losses for FY21 than predicted earlier.

 

The key takeaway was the sharp recovery in revenues driven by both physical retail as well as digital format. READ MORE

2:31 PM

FMCG index down half a per cent; Britannia, HUL top losers

2:30 PM

SECTOR WATCH:: Cement stocks gain

Company	LATEST(rs)	CHG(%)
Ambuja Cements	277.05	2.14
JK Lakshmi Cem.	370.20	5.71
India Cements	172.20	0.53
The Ramco Cement	925.90	6.29
UltraTech Cem.	6425.00	1.15

2:24 PM

Higher non-interest income, low rates keep lenders buoyant in Q3

The Nifty Bank index, with gains of over 12 per cent in a month, is the clear outperformer among sector indices. On an average, bank stocks have rallied by 8-20 per cent in this period, with State Bank of India (SBI) (38 per cent gains during this period) leading the table.

 

Much of the stock price movement is in reaction to the better- than-expected results for the December 2020 quarter (Q3). READ MORE

2:15 PM

MARKET UPDATE:: Sensex at day's high

2:15 PM

Why bonds dealers chose to ignore Shaktikanta Das' nationalist call

The Reserve Bank of India (RBI), the merchant banker to the government, is required to borrow Rs 2.16 trillion from the market in February and March by auctioning government securities. The number goes up to Rs 4.5 trillion if state development loans are also included. READ MORE

2:10 PM

European markets check

(Source: Reuters)

2:06 PM

Shree Cement crosses Rs 1 trillion in market capitalisation

Shree Cement has 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 28,059, rallying 5 per cent in intra-day trade on Monday. The company engaged in the manufacture and sale of cement and cement related products surpassed its previous high of Rs 27,356, touched on February 4, 2021. READ MORE

2:02 PM

Sensex scales fresh record high, tops 51,500

1:52 PM

BUZZING STOCK :: SCI shares tank over 3% post Q3 numbers

The Shipping Corporation of India reported a 55.4 per cent YoY decline in consolidated profit at Rs 131.57 crore for the quarter ended December 31, 2020.