Third Day Of Gains
Indian equities recovered all of Friday's biggest single-day drop in nine months with gains over the last three trading sessions.
The S&P BSE Sensex ended 2.3% higher at 51,444 while the NSE Nifty 50 also gained 2.2% to end at 15,245. 43 out of the 50 index constituents ended with gains while Reliance Industries was the top contributor.
Today's gains meant that the Sensex wiped out all of Friday's 1,939-point drop while the Nifty not only recovered but also surpassed Friday's 568-point fall over the last three trading sessions.
Among the sectoral indices, gains were seen across the board. The Nifty Bank index gained 2.7% or 950 points to end above the mark of 36,000. The PSU Bank index also saw gains of 3% in today's session.
The Nifty Metal index was the top sectoral gainer in today's session, ending 3.3% higher and at a three-year high.
The Nifty I.T. index continued to extend Tuesday's gains, ending 1.9% higher while the Pharma index ended with gains of 1%.
The Nifty Auto index, which was the top sectoral gainer on Tuesday, ended as the only sectoral laggard, declining 0.7% in today's session.
Broader markets too ended higher but the gains were modest as compared to the benchmarks. The Nifty Midcap index ended 1.7% higher and at a record high, while the Smallcap index gained 1%.
The India Volatility Index too fell for the third straight day, declining another 6.4% to end at 22.09.
1,195 stocks on the NSE ended with gains while 685 stocks bucked the trend to end lower.
How Did The Sectoral Indices Fare
PNB Leads Gains On The PSU Bank Index
HDFC AMC At Highest In Over A Month
- Top gainer on the Nifty Next 50 index
- Gains as much as 9.7% to Rs 3,220
- Biggest single-day gain on record
- Today's volumes are more than seven times its 20-day average
- Relative Strength Index (RSI) of the stock at 66.4
- 13 out of the 22 analysts tracking the stock have a buy recommendation; two sell calls
- The stock trades near its 12-month Bloomberg consensus price target of Rs 3,213.1
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Benchmark Indices Set For Third Day Of Gains
- Nifty up 1.6% at 15,154
- Sensex up 1.6% at 51,095
- Nifty Bank up 2.7% at 36,379
- Nifty Midcap index up 1.5%
- Nifty Smallcap index up 1.1%
- India Volatility Index down 4.9% at 22.45
- Nifty Metal and PSU Bank index gain over 3% each
- Nifty Realty and Nifty I.T. indices up over 1.3% each
- Nifty Auto is the only sectoral laggard; down 0.7%
- Tata Steel remains the top Nifty gainer; up 5.7%
- Hero MotoCorp remains the top Nifty laggard; down 2%
- 1,246 stocks on the NSE trade with gains while 614 are declining
Adani Total Gas At Record High
- Gains as much as 20% to Rs 689.1
- Up for the sixth straight day
- Longest winning streak in five months
- Has gained 40% in the last six trading sessions
- Today's volumes are triple its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 91
- Both analysts tracking the stock have a buy recommendation
Class 8 Truck Sales Rise In The U.S.
Bank Of Baroda Raises Funds Via QIP
- Raises Rs 4,500 crore through the QIP issue
- QIP opened on February 25 and closed on March 2
- Issue price of the QIP was set at Rs 81.7 per share, a 5% discount to the floor price.
- BNP Paribas Arbitrage, SBI Life Insurance, LIC of India, Nippon Life India, ICICI Prudential, Societe Generale, Aditya Birla Sun Life are allotted shares in the QIP.
Kalpataru Power Wins New Orders
- Wins new orders worth Rs 1,554 crore.
- Orders from India, CIS, Latin America for the power transmission business
- International subsidiary wins new power transmission projects in Europe
- Current year order inflow has now reached Rs 8,000 crore with visibility across all businesses.
- Shares gained as much as 3.6% to Rs 405.6, up for the third straight day.
Metal Index Is The Top Sectoral Gainer
Tata Power To Provide Green Power In Jharkhand
- Wholly-owned subsidiary signs power purchase agreement with Tata Steel to develop a 15 MW solar project at Jamshedpur.
- Energy will be supplied to Tata Steel under the PPA which will be valid for 25 years from the scheduled commercial operation date.
- Project required to be commissioned within six months from the date of execution of the PPA.
- Plant expected to generate an average of 32 MUs of energy per year and will annually offset an average of nearly 25.8 million Kg of Carbon Dioxide
Benchmark Indices Trade At The Day's High
- Nifty up 1.2% at 15,100
- Sensex up 1.1% at 50,856
- Nifty Bank up 1.7% at 36,010
- Nifty Midcap index up 1.4%
- Nifty Smallcap index up 1.4%
- India Volatility Index down 6% to 22.2
- Nifty Metal index remains the top sectoral gainer; up 3.6%
- PSU Bank index is the other major sectoral gainer; up 3%
- Realty index gains 1.5% while Nifty I.T. is up 1.3%
- Tata Steel remains the top Nifty gainer; up 5.7%
- Hero MotoCorp is the top Nifty laggard; down 1.5%
- 1,314 stocks on the NSE trade with gains while 517 stocks decline
Marico Declares Interim Dividend
- Declares second interim dividend of Rs 4.5 per share.
- Record date for interim dividend set as March 12, 2021.
Power Mech Projects Wins Orders
- Order worth Rs 401 crore for operation and maintenance of boilers & auxillaries, TG & Auxillaries, BOP, DM plant, filed operations and other miscellaneous jobs of 4X660 MW, Thermal Power Plant of Vedanta in Jharsuguda.
- Order worth Rs 198 crore for EPC works for Kurmitar Iron ore Mining in Odisha.
- Order worth Rs 135 crore from 2X660 MW Khurja STPP for BHEL in Uttar Pradesh
Seeking Potential Investors For Growth
All Stocks On The Nifty Bank Gain
February Services PMI At 55.3
- February Services Purchasing Managers Index at 55.3 Vs 52.8 in January and 57.5 in February 2020
- Highest reading since February 2020
- Fifth consecutive month of expansion
- Employment reading fell to 48.7 from 49.6 in January - lowest since October 2020 and third straight month of contraction.
- Business expectations rose as compared to the previous month
Benchmark Indices Gain For The Third Day
- Nifty up 0.8% at 15,036
- Sensex up 0.7% at 50,659
- Nifty Bank up 1.2% at 35,855
- Nifty Midcap index up 1.2%
- Nifty Smallcap index up 1.3%
- India Volatility Index down 4.6% to 22.5
- Nifty Metal index is the top sectoral gainer; up 3.3%
- PSU Bank index is the other sectoral gainer; up 2.5%
- Realty index and Nifty Media index gain 1.5% each
- Nifty FMCG and Nifty I.T. indices gain 0.5% each
- Tata Steel is the top Nifty gainer; up 5.5%
- Hero MotoCorp is the top Nifty laggard; down 1.8%
- 1,320 stocks on the NSE trade with gains while 444 decline
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Also Read: MTAR Technologies IPO: All You Need To Know
Third Day Of Gains
Indian equities opened higher for the third straight day, on course to erase most of Friday's losses. Asian markets stabilised after a mixed start.
The S&P BSE Sensex opened 0.9% higher at 50,738 while the NSE Nifty 50 index gained 1% to open above the mark of 15,000 at 15,064.
All sectoral indices have opened higher. The Nifty Bank is up another 350 points or 1%. The Nifty I.T. index has gained 1% after a 3% surge on Tuesday.
The Nifty Metal and PSU Bank indices are up 0.9% while Nifty Auto and Nifty Pharma indices have gained 0.7% each at the start of trade.
Broader markets have opened in-line with benchmark indices. The Nifty Midcap index has opened with gains of 0.9%, as has the Smallcap index.
1,372 stocks on the NSE opened with gains while 290 stocks declined.
Current Market Update
Consolidation After Rally?
Good Morning!
Indian equities ended higher for the second straight session on Tuesday, led by auto and technology stocks.
The S&P BSE Sensex and the NSE Nifty 50 have recovered more than half of Friday’s losses in the last two days.
Futures, however, are indicating a subdued start to Wednesday’s trading session as sentiment across the Asia-Pacific is cautious. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.24% to 15,021 as of 8:00 a.m.
Asian equities are mixed in mid-week trading after stocks on Wall Street retreated overnight amid concerns over excessive investor optimism.
Benchmark indices fluctuated in Japan but rose in Hong Kong and China. Australia’s markets outperformed after a strong GDP print.
Futures on the Dow Jones are trading 80 points higher. The index fell 0.5% overnight.
West Texas Intermediate crude traded below $60 at $59.76 per barrel, while gold fell 0.3% to $1,734.1/Oz.
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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