Second Day Of Gains
Indian equities ended higher for the second straight day but after giving up some gains from the day's high. Gains were mostly supported by heavyweight Reliance Industries.
The S&P BSE Sensex ended 0.5% higher at 51,039 while the NSE Nifty 50 index rose 0.8% to end at 15,097. Both Sensex and Nifty ended over 350 and nearly 100 points off their respective day's high.
PSUs continued to outperform in today's session with four out of the top 10 gainers on the Nifty 50 index being state-run companies. For the February F&O series, the Nifty posted gains of 10.7% while the Nifty Bank saw gains of 20%.
Among the sectoral indices, the Nifty Metal index ended as the top gainer, ending higher for the fourth straight day with gains of 4%. The index closed at the highest level in three years.
Among the other gainers of the day were the Realty, PSU Bank and Media indices which gained 1.7%, 1.2% and 1.3% respectively. The Nifty Auto and Nifty Pharma index gained 0.9% each while the FMCG index underperformed.
Broader markets outperformed the benchmarks after Wednesday's underperformance. The Nifty Midcap index rose 1.5% while the Smallcap index ended with gains of 1.4%.
The India Volatility Index ended 5.3% lower at 22.89.
1,264 stocks on the NSE ended with gains while 622 posted losses.
How Did The Sectoral Indices Fare
New IPO On The Block
BHEL At 52-Week High
- Top gainer on the Nifty Midcap index
- Gains as much as 11.8% to Rs 48
- Biggest single-day gain in seven months
- Up for the third straight day
- Has gained 20% over the last three sessions
- Today's volumes are nearly five times its 20-day average
- One-month implied volatility was 87%
- Stock nearing overbought territory with Relative Strength Index (RSI) at 69
- Three out of the 31 analysts tracking the stock have a buy recommendation; 18 sell calls
- The stock trades 34.2% higher than its 12-month Bloomberg consensus price target of Rs 30.9
India Tightens Rules For Social, Digital Media, Streaming Ops
The Indian government has formed new rules, which it said were aimed at empowering ordinary users of social media and other intermediaries.
Some of the rules include:
- The social media operator must have a robust grievance redressal mechanism.
- The operator must have a chief compliance officer, significant social media must have a nodal contact person, resident grievance officer - all of whom reside in India.
- The firms should also present to the government, a monthly compliance report.
- Online content streaming firms must have a self-regulatory body; should have self classification for age-based content.
From Bloomberg
Most Stocks On The Media Index Gain
Benchmark Indices Set To Gain For Second Day
- Nifty up 1% at 15,135
- Sensex up 0.8% at 51,198
- Nifty Bank up 0.8% at 36,728
- Nifty Midcap index up 1.4%
- Nifty Smallcap index up 1.2%
- India Volatility Index down 4.8% to 23
- Nifty Metal index remains the top sectoral gainer; up 3.8%
- Nifty Realty index gains 1.6% while Nifty Pharma, Nifty Media and PSU Bank index gain 1.4% each
- Nifty Auto and Nifty I.T. indices gain 0.7% each
- Coal India is the top Nifty gainer; up 7.7%
- 37 out of the 50 index stocks trade with gains
- ICICI Bank is the top Nifty laggard; down 1.5%
- 1,277 stocks on the NSE trade with gains while 566 stocks decline
Fares Increased For Short Distance Travel
Top Nifty Gainer: Coal India
- Gains as much as 7.2% to Rs 154.8
- Biggest single-day gain since March 2020
- Trading near a 52-week high
- Up for the third straight day
- Today's volumes are quadruple its 20-day average
- One month implied volatility at 48%
- Stock about to enter overbought territory with Relative Strength Index (RSI) at 69.9
- 20 out of the 26 analysts tracking the stock have a 'buy' recommendation; one sell call
- The stock has a return potential of 12.8% based on the 12-month Bloomberg consensus data
Sun Pharma Leads Gains On The Pharma Index
India's New Unicorn
Jubilant Industries Evolving Restructuring Options
- Board is evaluating the possibility of a merger/restructuring involving the company, certain promoters of the company along with Jubilant Agri and Consumer Products, the wholly-owned subsidiaries.
- Exercise is being contemplated in order to enable better management focus and control of the business, reduce the number of operating companies, achieve a reduction in overheads, administrative, managerial and other expenditures and to streamline and realign the shareholding of the company.
- Anticipated that the proposed restructuring will not result in a change of the aggregate shareholding of the promoter and promoter group in the company.
- There is no definitive binding proposal or arrangements for the restructuring or reorganisation at the date of this disclosures.
Gold Heading For A Monthly Loss?
Benchmark Indices Off Day's High But Hold Gains
- Nifty up 0.8% at 15,100
- Sensex up 0.6% at 51,099
- Nifty Bank up 1% at 36,828
- Nifty Midcap index up 1.2%
- Nifty Smallcap index up 1%
- India Volatility Index up 3.6% to 23.3
- Nifty Metal index remains the top sectoral gainer; up 2.8%
- Nifty PSU Bank index and Nifty Pharma index gain 1.5% each
- Realty index gains 1% while I.T. and Auto indices are up 0.7% each
- UPL is the top Nifty gainer; up 5.1%
- Nestle India remains the top Nifty laggard; down 1.2%
- 1,271 stocks on the NSE are trading with gains while 536 are declining
BofA Securities Bets On This Aditya Birla Group Stock
Record High For Max Financial
Metal Index Among Top Gainers
Happiest Minds Maintains Growth Forecast
PLI Scheme For Pharma, I.T. Hardware
Benchmark Indices Extend Wednesday's Gains
- Nifty up 1% at 15,135
- Sensex up 0.9% at 51,252
- Nifty Bank up 1.5% at 37,014
- Nifty Midcap index up 0.9%
- Nifty Smallcap index up 0.9%
- India Volatility Index down 3.5% to 23.3
- Nifty Metal index is the top sectoral gainer; up 2.5%
- Nifty Realty, Nifty Pharma and PSU Bank index up 1.5% each while I.T. index gains 1.4%
- Hindalco is the top Nifty gainer; up 5%
- 36 out of the 50 index stocks are trading with gains
- Nestle India is the top Nifty laggard; down 1.2%
- 1,271 stocks on the NSE trade with gains while 457 stocks are declining
Strong Listing For Nureca
- Begins trading at Rs 634.95 on the Bombay Stock Exchange
- Listing at a 58.74% premium to the issue price of Rs 400 per share
- IPO was subscribed 40 times with retail portion being subscribed 166 times
More Scope For India's Private Banks?
Markets Extend Wednesday's Gains
Indian equities have opened higher on the F&O series expiry session, extending gains made during Wednesday's extended day of trade. Sentiment across the Asia-Pacific too is positive.
The S&P BSE Sensex opened 0.8% higher at 51,207 while the NSE Nifty 50 index opened 100 points higher at 15,079 - up 0.6%.
All sectoral indices too have opened higher. The Nifty Bank index has opened 300 points higher after gaining 1,300 points on Wednesday. The PSU Bank index is up 1.7%.
The Metal index opened 1.2% higher while indices like Nifty Auto, Nifty Media and Nifty Metal opened with gains of 0.8% to 0.9%.
Broader markets have opened in-line with the benchmark indices. The Nifty Midcap index opened 1% higher while the Small cap index is up 0.9% at the start of trade.
1,148 stocks on the NSE are trading with gains while 273 are trading lower.
Current Market Update
February F&O Series Expiry
Good Morning!
Indian equities made the most of an extended session on Wednesday after trading on the NSE was stalled for nearly five hours owing to a technical outage.
The S&P BSE Sensex managed to reclaim the mark of 50,000 while the NSE Nifty 50 index ended close to the 15,000 mark. Financials were the outperformers on Wednesday.
Futures are indicating a gap-up opening to today's F&O expiry session. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 1.6% to 15,101 as of 8:05 a.m.
As of closing on Wednesday, both Sensex and Nifty were up 10% in the February series.
Asian equities are rallying this morning as investors mulled encouraging vaccine news and comments from Fed Chair Jerome Powell. Stocks are up across the Asia-Pacific, led by Japan and South Korea.
Futures on the Dow Jones are trading 80 points higher. The index ended 1.3% higher on Wednesday.
Yield on the 10-year treasuries climbed to the highest in a year while West Texas Intermediate crude rose 0.3% to $63.42 per barrel, close to its one-year high.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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