Sensex snaps 2-day losing run, gains 305 pts; broader indices in red

Stock market highlights on Tuesday, February 27: The Nifty50 shut shop 76 points higher at 22,198

3:51 PM

Comment :: What all happened in the markets today?

The domestic market rebounded from yesterday’s loss amidst volatility, despite weak global cues. The hopes for a ceasefire in the Israel-Hamas war and the drop in crude oil prices supported the sentiment. However, the mid & small caps underperformed. The market is looking ahead to key economic data, both domestic and global, with US inflation grabbing the most attention, as that will provide fresh signals on interest rate cuts.

Views by: Vinod Nair, Head of Research, Geojit Financial Services.

 

3:42 PM

Tech View :: Key levels to watch on Nifty, Bank Nifty

Nifty50
On the daily charts, we can observe that the Nifty held on to the support zone of 22,100 – 22,070 where the 40-hour average was placed. Overall, the Nifty has been consolidating in the broad range (21,900 – 22,300) since the past few trading sessions.

The Bollinger bands are contracting indicating rangebound price action. The hourly momentum indicator has triggered a positive crossover which is a buy signal and thus intraday dips are likely to be bought into. On the downside, 21,900 shall act as a crucial support while 22,300 is the immediate hurdle.

 

Bank Nifty

As far as the Bank Nifty is concerned, it has been rangebound between 46,300 – 47,400. In today’s trading session it held on to the 40-day average (46,300) and bounced back. We expect the positive momentum to continue over the next few trading sessions. On the upside immediate hurdle is placed at 47,000and above that 47,200.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:40 PM

Currency Check :: Rupee ends flat vs US dollar

3:38 PM

Broader indices :: SmallCaps underperform, MidCap index ends flat

3:37 PM

NIFTY HEATMAP :: TaMo, TCS settle higher; Hero Moto, Bajaj Fin fall

3:35 PM

CLOSING BELL :: Nifty settles near 22,200

3:34 PM

CLOSING BELL :: Sensex snaps 2-day losing run, gains 305 pts

3:27 PM

ALERT :: Voda Idea fund raising meet update

According to reports:

>> A promoter entity assured funds worth Rs 2,000 crore in case of need

>> Talks going on to bring offshore investors 

>> Debt funding from banks also likely

>> Aditya Birla promoter entities may infuse funds

Note: Board meeting underway

3:23 PM

ALERT :: Marico declares interim equity dividend of Rs 6.5/share

3:17 PM

Adani Green Energy to raise $409 million via US dollar-denominated bonds

The issuers have appointed Barclays, DBS Bank, Deutsche Bank, Emirates NBD Bank, First Abu Dhabi Bank, ING Bank, Intesa Sanpaolo, MUFG Securities Asia, SMBC Nikko Securities, Societe Generale and Standard Chartered Bank as joint bookrunners to arrange a series of fixed income investor meetings in Asia, the Middle East, Europe and the United States starting Feb. 28, it said. READ MORE

3:05 PM

Global check:: US, UK stock futures marginally up

Source: Investing.com

2:53 PM

'Foreign investors to buy India on correction, won't chase stocks at current valuation'

Foreign investors are looking to buy India on any meaningful correction, but are not willing to chase most stocks at current valuations, said Pratik Gupta, CEO & Co-Head, Kotak Institutional Equities. READ MORE

2:42 PM

UBS upgrades TCS to 'Buy', sees 18% upside in stock; here's why

Tata crown jewel, Tata Consultancy Services (TCS), could outperform peers, delivering best-in-class revenue and margins in the next financial year (FY25), said analysts at UBS, who believe the Street is not pricing-in any potential re-rating in the stock. READ MORE

2:34 PM

Zydus Lifesciences' Rs 600 crore buyback offer to open on Feb 29

Zydus Lifesciences on Tuesday said its offer to buy back 59.7 lakh shares at Rs 1,005 apiece, aggregating to Rs 600 crore, will open on February 29. READ MORE

2:22 PM

Whirlpool of India hits over 6-year low; stock dips 6% on brokerage downgrade

Jefferies has downgraded the household appliance maker to 'underperform' from 'hold', cutting the target price to Rs 1,125 from Rs 1,265. READ MORE

2:11 PM

Market has already factored in BJP's victory, says Achin Goel of Bonanza

Mid-and small-cap indices surged over 40 per cent in 2023. ACHIN GOEL, vice-president, Bonanza Portfolio tells Rex Cano in an email interview that there are pockets in these two market segments where the valuations have run ahead of their fundamentals, and there can be a time-wise correction. Edited excerpts:

1:59 PM

ALERT:: Delhivery wins cross border shipment deal; stock jumps 3%

Delhivery in an exchange filing said Wellness brand 'Plix' has awarded a cross-border freight shipping contract to the company. 

1:38 PM

ALERT:: DCM Shriram board okays foray into Advanced Materials biz; stock up 3%

DCM Shriram board today accorded in-principle approval for entry into the business of 'Advanced Materials', by investing into Epoxy resins and downstream products for an estimated cost of Rs 1,000 crore.

1:25 PM

Analysts remain selective on space-related stocks as govt eases FDI norms

Valuations wise, most are trading at price to equity multiples of 50-100 times on a 12-month trailing basis, data from BSE shows. Apollo Micro Systems, for instance, commands a PE of 152 times. READ MORE

1:09 PM

ICICI Lombard hits new high; stock up 5% on heavy volumes

Till 11:54 AM; a combined 8.77 million equity shares representing 1.8 per cent of total equity of ICICI Lombard changed hands on the NSE and BSE, data shows. READ MORE

12:56 PM

Rail shares in focus after PM flags-off 41,000 cr projects; RailTel zooms 16%

Shares of RailTel zoomed nearly 16 per cent in intra-day deals on Tuesday and have gained over 43 per cent so far this calendar year. READ MORE

 

12:44 PM

Jana Small Finance Bank gets RBI nod to re-appoint Ajay Kanwal as MD & CEO

He was a senior adviser to private equity firm TPG Capital and global payments company Mastercard. Kanwal holds a bachelor’s degree in engineering in electronics and telecommunication from Marathwada University and a master’s degree in management studies from the University of Bombay. READ MORE

12:31 PM

Andhra Cements slips 5%, erases losses later as Promoter begins stake sale

In the December quarter, Andhra Cement posted net loss of Rs 2 lakh, down from Rs 5.74 lakh in Q3FY23. Revenue from operations came at Rs 9.79 lakh. READ MORE

12:15 PM

ALERT :: Mahanagar Gas enters into Shareholders’ Agreement with 3EV Industries Pvt Ltd

>> Mahanagar Gas Limited has entered into Shareholders’ Agreement with 3EV Industries Private Limited to acquire 30.97% shareholding in 3ev.

Click here for details  

12:02 PM

CMS Info Systems drops 7% after 43 mn shares change hands via block deal

CMS Info Systems is a business services company providing logistics and technology solutions to banks, financial institutions, organised retail, and e-commerce companies in India. READ MORE

11:43 AM

ALERT :: JSW Energy arm received LoA for solar capacity plant of 700 MW from SJVN

>> JSW Neo Energy Limited, a wholly owned subsidiary of the Company, has received the Letter of Award for ISTS-connected solar capacity of 700 MW from SJVN

Limited, against Tariff based Competitive Bid invited for setting up of 1,500 MW ISTS-connected Solar Power Projects

11:28 AM

ALERT :: AVG Logistics bags order worth Rs 105 crore from Indian Railways

>> AVG Logistics Limited has secured a 6 year long term contract, valued at Rs 105 crore, for lease of Parcel Cargo Express Train (PCET) from the Indian Railways.

11:15 AM

AMC shares scale 52-week highs; HDFC, Nippon, Aditya Birla rally up to 5%

Among individual stocks, HDFC Asset Management Company surged 5 per cent to Rs 4,066, followed by Nippon Life India Asset Management Company - up 4 per cent to Rs 542.55 and Aditya Birla Sun Life AMC (3.4 per cent at Rs 521.70) on the BSE. In comparison, the S&P BSE Sensex was down 0.02 per cent at 72,773 at 10:08 AM. READ MORE

11:02 AM

Voda Idea likely to bring in new equity partners; board meeting on Tuesday

This fundraise is over and above the Rs 2,000 crore already committed by the promoters in August last year. The fresh fundraise exercise will offer the existing shareholders a chance to maintain their stake in the company, according to an insider. Aditya Birla Group holds an 18.1 per cent stake in the company, while the Indian government owns 33 per cent. The UK’s Vodafone Group has a 32.3 per cent stake. In the past, the British firm has declined to inject any more funds into the Indian company. READ MORE

10:45 AM

Paytm exhibits volatility day after Vijay Shekhar Sharma exits PPBL board

Amid the volatility, the stock hit the 5 per cent for the third straight day at Rs 449.30 on the BSE in Tuesday's trade at 09:23 AM. In doing so, the stock of the fintech company had rebounded by 9 per cent from its intra-day low of Rs 413.55. However, at 09:46 am; the stock again quoted 1 per cent lower at Rs 423.85, as compared to 0.06 per cent rise in the S&P BSE Sensex. READ MORE