Financials Contribute To The Reversal
Indian equities reversed from the day's low towards the final hour of trade led by private financials to end higher for the second straight day.
The S&P BSE Sensex ended 1.16% higher at 51,025 while the NSE Nifty 50 index gained 0.95% to end at 15,098.
It was a day that belonged to the financial names. Seven out of the top 10 gainers on the Nifty index were financials and insurance players like SBI Life and HDFC Life. On the other hand, it was a day to forget for state-run companies, who witnessed profit booking at higher levels. The top five laggards on the Nifty 50 index were PSU names.
Among the sectoral indices, it was the Nifty Bank and the Nifty I.T. indices that ended in the green. While the Nifty Bank index gained close to 600 points, the I.T. index too ended with gains of nearly 1%.
Other sectoral indices underperformed, led by the Metal index which fell 2.5% while the Media index ended 1.4% lower.
Nifty Realty, Nifty Pharma and the PSU Bank index saw losses of 1% each in today's trading session.
Broader markets underperformed the benchmarks in today's session after starting off the trading day with gains. The Nifty Midcap index fell 0.5% while the Smallcap index posted losses of 1% in today's session.
The India Volatility Index declined 8.8% in today's session to end at 22.5.
990 stocks on the NSE posted losses while 541 ended with gains.
How Did The Sectoral Indices Fare
Craftsman Automation IPO
All Stocks On The Pharma Index Decline
Praj Industries Wins Order
- Wins order from HPCL to set up Compressed Biogas plant project at Badaun in Uttar Pradesh.
- Project has capacity to process 35,000 MT of rice straw as feedstock to generate 5,250 MT of Compressed Biogas annually.
- Project will also generate 23,000 MT high quality solid bio-manure and 3,50,000 MT of liquid bio-manure for ferti-irrigation.
- Project has potential to save up to 15,000 MT of Carbon Dioxide emissions per year.
- Project to be completed and commissioned within 12 months.
Jubilant Foodworks Looks For New Growth Avenues
Benchmark Indices Fluctuate Between Gains & Losses
- Nifty up 0.25% at 14,995
- Sensex up 0.4% at 50,645
- Nifty Bank up 1.2% at 35,712
- Nifty Midcap index down 0.9%
- Nifty Smallcap index down 1.2%
- India Volatility Index down 6.8% to 23
- Nifty Metal index is the top sectoral laggard; down 2%
- Media index down 1.7% while PSU Bank index declines 1.5%
- Realty index and Nifty Pharma index decline 1.2% each
- SBI Life remains the top Nifty gainer; up 5.2%
- BPCL remains the top Nifty laggard; down 5.7%
- 1,053 stocks on the NSE decline while 478 stocks are gaining
Most Stocks On The Metal Index Decline
JMC Projects Signs Agreement With FDC
- Signs agreement with Fahi Dhiriulhun Corporation, a state-owned company of the government of Maldives for the design, finance and construction of 2,000 social housing units in Hulhumale Islands.
- Total for this project is estimated to be around Rs 1,000 crore and is planned to be financed via a loan from a multilateral funding agency.
- Financial closure of the project is expected to conclude soon and construction will commence after financial closure.
- Shares gained as much as 19.7% to Rs 93.85 - the biggest single-day gain since May 2014.
Equity Mutual Funds Continue To See Outflows
Indoco Announces Launch Of Brinzolamide
- Launches Brinzolamide Ophthalmic Suspension 1% in the U.S., the first generic version of AZOPT by Teva Pharma.
- Product will be developed and manufactured by Indoco Remedies for Teva at its Goa Unit.
- U.S. Market size of this product is $184 million, according to IQVIA data as of December 2020.
Vehicle Registration Data For February
- Overall registrations down 13.43% year-on-year to 14,99,036 units Vs 17,31,628 units
- Tractor registrations up 18.9% at 61,351 units Vs 51,602 units
- Two-wheeler registrations down 16% at 10,91,288 units Vs 13,00,364 units
- Three-wheeler registrations down 49.65% to 33,319 units Vs 66,177 units
- Passenger Vehicle registrations up 10.6% at 2,54,058 units Vs 2,29,734 units
- Commercial Vehicle registrations down 29.5% at 59,020 units Vs 83,751 units
- "The industry also urges Union Government to intervene and solve the semiconductor issue which is hampering Automobile manufacturing & sales, thus threatening post pandemic economic recovery," the statement from FADA said.
Source: FADA
Cement Stocks On The Cusp Of A New Cycle?
Benchmark Indices Hold On To Gains
- Nifty up 0.8% at 15,070
- Sensex up 0.8% at 50,842
- Nifty Bank up 2.1% at 36,041
- Nifty Midcap index up 0.5%
- Nifty Smallcap index up 0.3%
- India Volatility Index down 6.6% to 23
- Most other sectoral indices other than the Nifty Bank trade little changed
- Nifty FMCG, Nifty I.T. and Nifty Pharma indices decline 0.5% each
- SBI Life Insurance is the top Nifty gainer; up 5%
- BPCL remains the top Nifty laggard; down 4.6%
- 880 stocks on the NSE trade with gains while 637 are declining
Higher Oil Prices Hurting India, HPCL Chairman Tells Bloomberg
- Higher oil prices are bad for big consumers like India and is also more detrimental to the future of oil in the energy basket.
- India would prefer oil to be on the lower side in the range of $50-60 per barrel, Chairman MK Surana told Bloomberg Television.
- Indian refiners are keen to diversify their sourcing of crude oil.
- Crude from U.S., Russia and other nations can help India diversify its oil basket.
- HPCL is investing in natural gas and alternative fuels. Expect gas to contribute 10% of total energy basket.
- Indian refiners can return to Iran oil depending on sanctions and other issues.
Godrej Industries At Highest In Nearly Two Years
- Top gainer on the Nifty Midcap index
- Gains as much as 9.3% to Rs 518.8
- Trading at the highest level since April 2019
- Up for the ninth straight day
- Today's volumes are 20 times its 20-day average
- One-month implied volatility is 44%
- Stock in overbought territory with Relative Strength Index (RSI) at 80
Nifty Bank Index Up Nearly 500 Points
Mitigating Global Risks For India
Insurance Companies Gain In Today's Session
Benchmark Indices Trade With Healthy Gains
- Nifty up 0.8% at 15,079
- Sensex up 0.8% at 50,861
- Nifty Bank up 1.7% at 35,865
- Nifty Midcap index up 0.6%
- Nifty Smallcap index up 0.5%
- India Volatility Index down 5.2% to 23.4
- OSU Bank index is the other major sectoral gainer after the Nifty Bank; up 0.8%
- Nifty Metal up 0.5% while the Auto index gains 0.4%
- FMCG and Media indices are underperforming
- Grasim is the top Nifty gainer; up 4.1%
- BPCL is the top Nifty laggard; down 4%
- 1,007 stocks on the NSE are trading with gains while 497 are declining.
Aurionpro Solutions Signs Strategic Partnership
- Signs strategic partnership with Future-Tech U.K., in the data center space
- Signed up with one of the customers and is providing consultancy and assistance for rolling out 100 MW data centres within the next few years.
- Also providing consultancy to the other industry leaders on data centre designs and implementations.
- Shares gained as much as 18.1% to Rs 99 - the highest since October 2019.
BPCL Block Deals Take Place
- Shares decline the most in two months after about 13 crore shares exchanged hands on the NSE in two large deals, according to Bloomberg data.
- Buyers in the deal were not immediately known.
- The company had planned to sell over 15 crore shares at a floor price of Rs 435 per share.
- Shares recover from the day's low after falling as much as 6.1% to Rs 438.1.
A Steady Start To Trade
Indian equities opened higher for the second straight day, as most markets across Asia trade higher after a muted start.
The S&P BSE Sensex opened 0.5% higher at 50,714 while the NSE Nifty 50 was back above the mark of 15,000, opening 0.6% higher at 15,049. Benchmark indices failed to sustain at higher levels on Monday to end little changed.
Most sectoral indices have opened higher this morning. The Nifty Bank index gained 430 points or 1.2% at the start of trade while the PSU Bank index too was up over 1.1%.
The Nifty Metal index gained 1% while Nifty Pharma and Nifty Auto indices were up 0.6% each at the start of trade.
Broader markets too have opened higher and are outperforming the benchmark indices. The Nifty Midcap index is up 0.6% while the Smallcap index has opened with gains of 0.9% at the start of trade.
Current Market Update
Pressure At Higher Levels
Good Morning!
Indian equities failed to sustain at higher levels on Monday, giving up all the gains to end little changed. Banks had a volatile session with state-run lenders outperforming, while private peers fluctuated between gains and losses.
Futures are indicating a positive start to Tuesday's session. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.7% to 15,079 as of 7:55 a.m.
Most Asian equities have dipped this morning after a mixed session overnight on Wall Street. Benchmark indices in China and South Korea were trading lower, while Japanese stocks were steady.
Futures on the Dow Jones are trading with gains of 150 points. The index ended 1.1% higher on Monday. A rotation out of technology shares took the Nasdaq to its lowest closing since November last year. The index entered a technical correction, now down 11% from its peak last month.
Oil prices reversed losses with the West Texas Intermediate crude now trading 0.2% higher at $65.17 per barrel.
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