Nifty ends Feb F&O series below 22K; broader indices shine; PSB index up 2%

Stock market highlights on Thursday, February 29: Among sectors, the Nifty Media index closed with losses of 0.76 per cent. On the upside, the Nifty PSU Bank index eked out gains of 1.8 per cent

3:52 PM

Tech View :: 'Prevailing sentiment appears negative for Nifty'

The Nifty experienced volatility on the day of monthly expiry before ultimately closing flat. On the daily chart, the index concluded just above the 21-day Exponential Moving Average (21EMA). However, the prevailing sentiment appears somewhat negative from the current level. At the lower end, crucial support is positioned at 21950; as long as the index maintains a position above 21950, there is a possibility of witnessing a recovery. Nevertheless, a decline below 21950 could potentially lead the index towards 21800.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

3:48 PM

Comment :: What all happened in the markets today?

Domestic benchmark traded near a flat-line trend throughout the session, but some buoyancy emerged by the end of the day. Investors adopted a cautious wait & watch approach on the verge of a heavy economic data week. India Q3 GDP has a moderate outlook on a QoQ basis. Fed’s preferred gauge; the US personal consumption expenditure (PCE) price index is due to provide a clue on the future interest rate cut path and China’s PMI index is scheduled to be released Friday.

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

3:42 PM

Comment :: 'Avoid aggressive trades in the current scenario'

We are seeing a tussle at 21,900 in Nifty, which coincides with a short term moving average i.e. 20 DEMA and expect the index to face a hurdle around the 22,100-22,250 zone, in case of a recovery.

At the same time, excessive volatility and failed breakouts across sectors are further adding to the traders’ worries. We feel it is prudent to avoid aggressive trades in the current scenario and utilize rebound to reduce longs. 

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

3:41 PM

Currency check :: Rupee ends 2 paise higher vs US dollar

3:40 PM

Broader markets :: MidCap index outperforms

3:38 PM

NIFTY HEATMAP :: IT, Auto, Apollo Hospitals weigh on index

3:36 PM

CLOSING BELL :: Nifty ends below 22,000

3:35 PM

CLOSING BELL :: Sensex ends 195 pts higher after choppy session

3:26 PM

Triveni Turbine hits new high; zooms 41% in 18 days post Q4 results

At 03:03 pm; Triveni Turbine was quoting 6 per cent higher at Rs 495, as compared to 0.02 per cent decline in the S&P BSE Sensex. The average trading volumes at the counter jumped 4-fold today. A combined 8.98 million equity shares representing 2.8 per cent of total equity of the company changed hands on the NSE and BSE. READ MORE

3:12 PM

ALERT :: Cabinet approves Rs 75,021 crore outlay for PM-Surya Ghar Muft Bijli Yojana

3:06 PM

Global check:: US; UK stock futures trade on a mixed note

Source: Investing.com

2:55 PM

Max Health, Fortis, Apollo slump up to 9% as SC warns slapping CGHS rates

Medanta, Rainbow Children Medicare, Shalby, Apollo Hospitals, Fortis Healthcare and newly listed GPT Healthcare fell 2-8 per cent in intra-day trade on BSE. READ MORE

2:42 PM

ALERT: Sebi asks smallcap, Midcap MFs to limit one-off client inflows: Reuters

2:36 PM

Portfolio, new launches to help pharma company Abbott India's stock

The stock of Abbott India, the largest listed multinational pharmaceutical company, hit its highest early February and has added over 25 per cent to its returns since the start of the year. It is trading at Rs 28,145 a share after the company revised its earnings upwards when it achieved its highest operating and net profit in the December quarter. A strong portfolio and brand recognition are expected to aid the company in doing better than the Indian pharma. READ MORE

2:23 PM

ALERT:: Lemon Tree to open new hotel in Gujarat by FY25; stock trades flat

Lemon Tree in an exchange filing today said the company has signed a License Agreement for Keys Lite by Lemon Tree Hotels-Vadodara, Gujarat. The Hotel with 63 rooms, banquet hall, restaurant and a meeting room is expected to open in FY25.

2:09 PM

SoftBank Group sells another 2% stake in crisis-hit Paytm to under 3%

The Japanese conglomerate held a 17.5% stake in Paytm in September 2022. Since then, it has trimmed its ownership through multiple open market deals. READ MORE

1:55 PM

Stock of this SME IPO has zoomed 240% against issue price in two weeks

Rudra Gas shares were locked in 10% upper circuit at Rs 214.39, bouncing back 22% from its intraday low, after the company received two orders from HPCL amounting to Rs 9.96 crore. READ MORE

1:47 PM

Allcargo Logistics soars 9% on healthy volumes

Recently, the company's arm Allcargo Supply Chain Private Limited (ASPL) said would be expanded its warehouse space by adding 3 million square feet in the next two-three years. READ MORE

 

1:33 PM

RIL-Disney 'game-changing' deal gets a thumbs-up from analysts

The development will be negative for other players such as Zee, analysts said, who will now have to compete with a much larger entity. READ MORE

1:16 PM

Bharti Enterprises plans exit from Del Monte Foods joint venture in India

Del Monte Foods has remained a small venture and is unable to compete with larger packaged foods businesses, said an executive of Bharti Enterprises. READ MORE

1:04 PM

Sony withdraws agreement to merge India operations with Zee from NCLT

While the court filings officially bring the curtain down on the long-drawn saga that was beset by delays, drama over who'll lead the merged entity and a regulatory probe on Zee's founders. READ MORE

12:50 PM

Tractor stocks may have bumpy ride in near-term, stay selective: Analysts

Volumes in the tractor segment for the last three quarters of the current financial year (9MFY24) have remained weak with VST Tillers, Escorts Kubota, and M&M seeing declines of 21 per cent, 5 per cent, and 3 per cent year-on-year (Y-o-Y), respectively, during the period, amid patchy rainfall, delayed crop harvest, and lower reservoir level. READ MORE

12:37 PM

Indian cos explore logistics options amid Red Sea supply chain disruptions

One such strategy to address the challenges posed by the Red Sea crisis includes the creation of an additional pool of working capital to procure raw materials in advance, which are imported through affected routes. Furthermore, some firms are resorting to air freight to fulfil urgent demands while engaging in negotiations with clients, logistics providers, and insurance firms to navigate the situation effectively. READ MORE

12:18 PM

Bitcoin nears $64,000, experts say it may beat previous high before halving

"This surge is attributed to the ten spot Bitcoin ETFs in the US registering a new daily record by surpassing the $7.7 billion trading volume as retail investors jump on crypto rally," said Edul Patel, chief executive officer at Mudrex. READ MORE

12:04 PM

ALERT :: CG Power receives income tax demand worth Rs 188.78 crore

>> The Company is in the process of filing an appeal against the disallowances/additions made in the Assessment Order, and also an application for rectification of the mistakes apparent in the Assessment Order.

>> The Company believes that it has a fair chance of succeeding in the appeal and the disallowances/additions made will be deleted.
 

11:48 AM

Shriram Finance rallies 5% as stock is set to enter Nifty50 from March 28

In the past one year, the market price of Shriram Finance has doubled as against 25 per cent rally in the Nifty 50. Thus far in the current calendar year 2024, the stock of the NBFC has surged 16 per cent as compared to 0.12 per cent decline in the benchmark index. READ MORE

11:33 AM

ALERT :: NBCC executes e-auction of approx. 61000 sqft commercial built-up area in Delhi

11:19 AM

Tax season 2024: Where should you invest? Best tax-saving options for you

When considering any tax-saving investment, you must know about the alterations in income tax regulations effective from April 1, 2023. Commencing from the fiscal year 2023-24, the new tax regime has become the default tax regime. Under this new regime, the basic exemption limit has been raised to Rs 3 lakh from Rs 2.5 lakh. As tax season approaches in India, it's crucial to explore various investment options that offer tax benefits and align with your financial goals, especially if you have opted for the old regime. READ MORE

11:04 AM

GPT Healthcare makes good market debut; stock lists 16% over issue price

ost listing, the stock hit a high of Rs 219.70 and a low of Rs 205 on the BSE. At 10:03 AM, GPT Healthcare was trading at Rs 205.65, 5 per cent lower than its listing price and 11 per cent higher against its issue price. A combined 7.1 million equity shares have, thus far, changed hands on the NSE and BSE. READ MORE

10:54 AM

ALERT :: Mahindra Logistics expands its fulfilment operations in West Bengal

>> As part of this expansion, Mahindra Logistics will commence operations of a 1.1 lakh sq. ft. fulfilment centre in Malda, West Bengal, dedicated to handling fulfilment and last-mile deliveries.

>> This centre is a critical part of Mahindra Logistics’ supply chain network and will execute efficient and timely deliveries through end-to-end fulfilment and distribution capabilities.

>> Additionally, Mahindra Logistics is also adding 14 last-mile delivery stations, touching approximately 15,000 households daily.