KEY HIGHLIGHTS
Closing Bell: Sensex, Nifty Halt Longest Losing Streak In Nearly 10 Months
Indian equities halted their seven-day losing streak, their longest losing streak since May 13, 2019.
The S&P BSE Sensex advanced 1.26 percent or 480 points to end at 38,623.70 and the NSE Nifty 50 rallied 1.53 percent to close at 11,303.30. Both the indices registered their best one-day rally in a month.
The broader markets represented by the NSE Nifty 500 Index advanced 1.59 percent.
The market breadth was tilted in favour of buyers. About 1,015 stocks advanced and 757 shares declined on National Stock Exchange.
All the 11 sectoral gauges compiled by the NSE ended higher, led by the NSE Nifty Metal Index’s 5.6 percent advance.
Stocks Moving On Heavy Volumes
Cera Sanitaryware
- Stock rose as much as 3.2 percent to Rs 2,520.
- Trading volume was more than 40 times its 20-day average.
Orient Refractories
- Stock swung from a fall of as much as 2.9 percent to gain as much as 2.6 percent.
- Trading volume was more nine times its 20-day average.
Solar Industries India
- Stock swung from a gain of as much as 1.9 percent to fall as much as 1.5 percent.
- Trading volume was more than eight times its 20-day average.
Fab Four Stocks Of The Day
Voltas
- Stock rose as much as 3.9 percent to Rs 690.
- Citi-Maintained ‘Buy’ with a price target at Rs 794.
- Hotter than usual summer bodes well for the AC demand.
- Large manufacturers have taken a 3-5 percent price hike.
- Component prices have increased on lower production in China, higher shipment cost.
Newgen Software Technologies
- Stock rose as much as 6.5 percent to Rs 207.
- Secures a patent for a system and method for automatic quality assessment of digital documents.
- The patent is valid until March 2030.
Bliss GVS Pharma
- Stock rose as much as 14.5 percent, the most since October 2019, to Rs 113.65.
- Shares halted their seven-day losing streak.
Divi’s Labs
- Stock rose as much as 4.8 percent to Rs 2,210.
- Fresh longs seen with high open interest of 18 percent.
Market Check: Sensex Jumps Over 600 Points; Nifty Above 11,300
Indian equities regained momentum and traded at day’s high.
The S&P BSE Sensex rose as much as 1.6 percent to 38,754.24 and the NSE Nifty 50 rose as much as 1.9 percent to 11,342.25. The broader markets represented by the NSE Nifty 500 Index rose as much as 1.8 percent.
RBI Tries To Allay Virus Concerns
Bond Market Update: 10-Year Yield Drops
The yield on the 10-year note fell 6.34 percent from 6.38 percent earlier.
Market Check: Sensex, Nifty Gain
Indian equities regained momentum to trade near day’s high.
The S&P BSE Sensex rose 1.18 percent to 38,594 and the NSE Nifty 50 rose 1.4 percent to 12,288.80. The broader markets represented by the NSE Nifty 500 Index rose 1.37 percent.
Pfizer Surges 16%; Hits All-Time High
Shares of the drugmaker jumped 16 percent intraday to Rs 4,925 each.
The trading volume on the stock was more than 20 times its 20-day average for this time of the day, Bloomberg data showed. The stock advanced 35 percent in the past 12 month compared with a 6.3 percent fall in the Sensex.
Shree Renuka Sugars Hits All-Time Low
Shares of the Shree Renuka Sugars declined 7 percent to hit a lifetime low of Rs 5.95 each.
The stock fell for the fourth day in a row. The relative strength index on the stock was below 30, indicating it may be oversold.
Bliss GVS Pharma Halts Seven-Day Losing Streak
Shares of Bliss GVS Pharma halted their seven-day losing streak. The stock rose as much as 14.5 percent, the most since October 2019, to Rs 113.65.
Trading volume was almost three times its 20-day average, Bloomberg data showed. The stock declined 18 percent in the past five days and fell 20 percent in the past 30 days.
Rupee Weakens Below 73/$
The Indian rupee weakened to below 73 against the U.S. dollar for the first time since November 2018.
Global Markets Update: U.S., Europe Stock Futures Gain
U.S. and European equity futures rose ahead of a teleconference with Group of Seven finance chiefs, as expectations build for Federal Reserve easing.
- S&P 500 futures were up 0.1 percent as of 4:07 p.m. in Tokyo.
- The S&P 500 Index jumped 4.6 percent.
- Topix index dropped 1.4 percent at the close after rising as much as 1.7 percent earlier. Euro Stoxx 50 futures rose 0.8 percent.
- MSCI Asia Pacific Index rose 0.1 percent.
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Source: Bloomberg
Prestige Estates Projects Jumps The Most In Over A Month
Shares of Prestige Estates Projects extended gains for the second consecutive trading session. The stock rose as much as 9.7 percent, the most since Jan. 20, to 332.
Trading volume was more than three times its 20-day average, Bloomberg data showed. Prestige Estate traded at 24 times its estimated earnings per share for the coming year.
About 83 percent of the analysts tracked by Bloomberg have a ‘Buy’ rating on the stock, while 11 percent have a ‘Hold’ rating and the remaining have a ‘Sell’ call.
Future Consumer Rallies For Second Consecutive Trading Session
Shares of Future Consumer extended gains for the second consecutive trading session.
The stock rose as much as 9.9 percent to Rs 13.90. Prior to March 2, the scrip had declined for 10 consecutive trading sessions.
Future Consumer declined 71 percent in the past 12 months compared to a 5.9 percent gain in the Sensex.
Large Trade Alert: Yes Bank
About 10 lakh shares of Yes Bank changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Sectoral Check: NSE Nifty Pharma Index Best Performer
Six out of 11 sectoral gauges compiled by the NSE traded higher, led by the NSE Nifty Pharma Index’s 2.6 percent gain. On the flipside, the NSE Nifty PSU Bank Index was the top sectoral loser, down 0.4 percent.
F&O Check: Nifty 11,000 Put Option Premium Falls 21%
Nifty’s 11,000 put option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract, which is set to expire on March 5, dropped 21.17 percent to Rs 94. About 6.28 lakh shares were added to the open interest which stood at over 21.15 lakh shares.
Five Stocks That Defied Market Rout
The NSE Nifty 50 slumped nearly 8 percent from its record high that it clocked on Jan. 20, 2020.
But five stocks in the index—Bajaj Finance Ltd. Bharti Airtel Ltd. Hindustan Unilever Ltd. Nestle India Ltd. and Titan company Ltd.—rose between 3-7 percent during the period. The remaining companies in the Nifty fell between 1-36 percent so far since the 50-share gauge hit the all-time high.
Market Check: Sensex, Nifty Off Day’s High
Indian equities erased some of its opening gains and traded off day’s high.
The S&P BSE Sensex rose 0.7 percent to 38,418 and the NSE Nifty 50 rose 0.9 percent to 11,234. The broader markets represented by the NSE Nifty 500 Index rose 0.9 percent.
Large Trade Alert: Hindalco Industries
About 20 lakh shares of Hindalco Industries changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Future Lifestyle Fashions Falls For Tenth Consecutive Trading Session
Shares of Future Lifestyle Fashions fell for the tenth consecutive trading session. The stock fell as much as 12 percent, the most since August 2015, to Rs 299.80, the lowest since July 2017.
Trading volume was more than four times its 20-day average, Bloomberg data showed. The scrip traded at 48 times its estimated earnings per share for the coming year.
Power Finance Corporation Gains After Large Deal
Shares of Power Finance Corporation rose as much as 2.7 percent to Rs 114.60.
About 27.1 lakh shares of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Of the shares traded, 10 percent were at the ask price and 85 percent were at the bid, according to Bloomberg data.
Parag Milk Foods Jumps The Most In Nearly Two Weeks
Shares of Parag Milk Foods rose as much as 6.8 percent, the most since Feb. 19, 2020, to Rs 82.40.
The company clarified that promoters have pledged 1.87 crore shares with Kotak Mahindra Investments as on date. The promoters have repaid Rs 31 crore out of the original loan amount taken from Kotak Mahindra Investments and the outstanding loan stands at Rs 33 crore only as of March.
The company said in a media statement that they would pay the entire outstanding amount of Rs 33 crore within 90 days and release the entire share pledge from Kotak Mahindra Investments.
The stock declined 16 percent in the past five days and fell 35 percent in the past 30 days, according to Bloomberg data.
Hero MotoCorp Gains After Releasing February Sales Report
Shares of Hero MotoCorp rose as much as 2.6 percent to Rs 2,027.45.
The company’s February sales fell 19 percent on a yearly basis to 498,242 units. Motorcycles sales fell 14 percent to 479,310 units. Scooter sales declined 68 percent to 18,392 units.
The Relative Strength Index was below 30, indicating that the stock may be oversold, according to Bloomberg data. The scrip traded at 13 times its estimated earnings per share for the coming year, according to Bloomberg data.
Opening Bell: Sensex Opens 450 Points Higher; Nifty Approaches 11,300
Indian equities opened higher after falling for seven consecutive trading sessions.
The S&P BSE Sensex rose as much as 1.34 percent to 38,654.91 and the NSE Nifty 50 rose as much as 1.5 percent to 11,299.85. The broader markets represented by the NSE Nifty 500 Index rose 1.56 percent.
The market breadth was tilted in favour of buyers. About 1,075 stocks advanced and 386 shares declined on National Stock Exchange.
All the 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Metal Index’s 2.8 percent advance.
Your Complete F&O Trade Setup
Index Futures
- Nifty March futures closed at 11,123.7, a discount of 9 points versus 52.5 points.
- Nifty March futures open interest fell 10 percent, shed 15.7 lakh shares in open interest
- Nifty Bank March futures closed at 28.885, a premium of 16.7 points versus a discount of 93.2 points.
- Nifty Bank March futures open interest fell 7 percent, sheds 93,000 shares in open interest.
Options
Nifty PCR at 1.13 versus 1.10 (across all series)
Nifty weekly Expiry: March 5
- Max open interest on call side at 11,500 (18 lakh shares)
- Max open interest on put side at 11,000 (14.8 lakh shares)
- Open interest addition seen in 11,400C (+5 lakh shares), 11,300C (+4.7 lakh shares)
Nifty Monthly Expiry: March 26
- Max open interest on call side at 12,000 (24.8 lakh shares)
- Max open interest on put side at 11,000 (21.7 lakh shares)
Insider Trading: Filatex India, LT Foods
- Filatex India promoter Anu Bhageria acquired 1lakh shares on Feb. 27
- LT Foods promoter Raghuvesh Holdings acquired 98,000 shares on Feb. 28
(As Reported On March 2)
BQ Heads-Up: Who's Meeting Whom
- Bharat Forge to meet Manulife Asset Management, Quantum MF, SBI MF from March 3-9
- Mahindra Lifespace Developers to meet Altavista Capital Advisory Services on March 3
- Eicher Motors to meet Kotak Securities on March 4
- Symphony to meet Wealth Managers India on March 6
- Lemon Tree Hotels to meet UBS Securities, Morgan Stanley, and Antique Stock Broking on March 3
- Mahindra & Mahindra to meet Nissay Asset Management, Quantum Asset Management on March 3
- Mahindra Logistics to meet Multi-Act PMS on March 9
Trading Tweaks: GTN Textiles, IOL Chemicals, Hathway Cable & Datacom, Sadbhav Infrastructure,
- Tejas Networks, Future Consumer, Fairchem Speciality, Hinduja Global Solutions, Shilpa Medicare to move into short term ASM Framework.
- Sadbhav Infrastructure Project, Mayur Uniquoters, AksharChem India, Den Networks, Hathway Cable & Datacom to move out of short term ASM Framework.
- GTN Textiles to move into ASM Framework.
- Himachal Futuristic Communications, Future Supply Chain Solutions, Emami, JSW Energy, HFCL to move into surveillance measure in respect of companies with high promoter pledge.
- Sequent Scientific, Mastek, Sadbhav Infrastructure Project to move out of surveillance measure in respect of companies with high promoter pledge.
- General Insurance Corporation of India's price band revised to 10 percent.
- IOL Chemicals & Pharmaceuticals, MSTC, Vikas EcoTech price band revised to 5 percent.
Money Market Update: Rupee Opens Higher
The Indian rupee opened higher against the U.S. dollar. The home currency appreciated as much as 0.41 percent to 72.43 against the greenback.
Pre-Market Check: Sensex, Nifty Set For Positive Start
Indian equities are set to open higher.
The S&P BSE Sensex rose 1 percent to 38,540 during the pre-market trade and the NSE Nifty 50 rose 0.3 percent to 11,169.
Bulk Deals: Indiabulls Housing Finance
- Indiabulls Housing Finance: KB Horizon Access India Fund sold 38.13 lakh shares (0.9 percent) at Rs 301.33 each.
How Indian ADRs Fared Overnight
Stocks To Watch: Cox & Kings, Hero MotoCorp, Infosys, Parag Milk Foods, Torrent Power
- Hero MotoCorp: February sales fell 19 percent on a yearly basis to 498,242 units. Motorcycles sales fell 14 percent to 479,310 units. Scooter sales declined 68 percent to 18,392 units.
- Infosys has paid compounding fees of Rs 6 lakh for certain alleged offences that pertain to matters relating to the severance agreement executed with a former Chief Financial Officer in October 2015. The company had sought compounding of these offences from Ministry of Corporate Affairs on Nov. 8.
- Torrent Power: Maharashtra State Electricity Distribution Company has handed over Shil, Mumbra and Kalwa divisions and its operations to the company. On Jan. 3, the company had won distribution franchisee for distribution of electricity in the afore-mentioned areas.
- Parag Milk Foods clarified that promoters have pledged 1.87 crore shares with Kotak Mahindra Investments as on date. The promoters have repaid Rs 31 crore out of the original loan amount taken from Kotak Mahindra Investments and the outstanding loan stands at Rs 33 crore only as of March. The company said in a media statement that they would pay the entire outstanding amount of Rs 33 crore within 90 days and release the entire share pledge from Kotak Mahindra Investments.
- Newgen Software Technologies secured a patent for a system and method for automatic quality assessment of digital documents. The patent is valid until March 2030.
- Mahindra Lifespace Developers: The Ministry of Commerce and Industry has granted approval to the company’s arm MWCDL for partial de-notification of 55.90 hectares in the non-processing area. This land is a part of approximately 89 hectares which was leased earlier to another subsidiary of the company for undertaking residential developments in the part of the non-processing area.
- Ingersoll Rand said that it has completed the merger of its industrial segment business with Gardner Denver Holdings on Feb. 29.
- Cox & Kings: The resolution professional of the company moved the National Company Law Tribunal seeking a stay or status quo to prevent the sale of the insolvent tour operator’s U.K. assets by two of its subsidiaries. The counsel for the resolution professional said the two subsidiaries— Prometheon Enterprises Ltd. and Meininger Hotels—were facing judicial proceedings in the U.K. And he cited difficulty in ascertaining if the proceeds of the sale will come to Cox & Kings.
- Kohinoor Foods: Consortium lenders Oriental Bank of Commerce and IDBI Bank have served notice under the SARFAESI Act.
- Tilak Nagar Industries defaulted in payment of term loan worth Rs 15 crore, which was due on Jan. 31. Total financial indebtedness from banks and financial institutions stands at Rs 560.7 crore.
- DB Realty defaulted in payment of inter-corporate deposit worth Rs 85.05 crore, which was due on Feb. 1. Total financial indebtedness from banks and financial institutions stands at Rs 645.7 crore.
- Reliance Capital defaulted on term loan on January 31, 2020 due to HDFC and Axis Bank. Delay in debt servicing is due to the prohibition on the company to selloff its assets.
Global Cues: U.S. Stocks Rebound; Oil Surges
- U.S. stocks surged the most in fourteen months as investors gained confidence that stewards of the world’s largest economies would act in concert to offset any impact from the spreading coronavirus.
- Tech shares led the rebound after seven straight days of declines for the benchmark index, with monetary policy makers from Japan to England joining the Federal Reserve in promising to take action to support their economies if needed.
- Oil advanced the most in five months amid expectations central banks will move to prop up financial markets and OPEC will curb supplies in response to the virus-driven demand shock.
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SGX Nifty Suggests Positive Start; Asian Equities Pare Gains
Good Morning!
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in rose 0.15 percent to 11,139.50 as of 8:15 a.m.
Japanese stocks surrendered gains and U.S. futures came off their highs Tuesday after a wave of initial enthusiasm about central banks kicking into gear to protect the global economy from the hit of the coronavirus.
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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