Sensex, Nifty Snap Two-Day Losing Streak As Caution Prevails
Markets At Close
- Benchmark indices snap two-day losing streak
- Nifty ends 0.7 percent higher at 9,270
- Nifty futures trade at a premium of 30 points
- Sensex ends 0.74 percent higher at 31,685
- Nifty Bank ends 2.2 percent higher at 19,694
- Nifty Midcap and Smallcap Indices end with gains of 0.6 percent each
- India Volatility Index ends 5.3 percent lower at 41.28
- Nifty FMCG (Down 1.87 percent) and Nifty PSU Bank (Down 0.88 percent) end as the only sectoral laggards
- Most other sectoral indices barring Nifty Auto (Up 1.84 percent) end flat
- Bajaj Finance ends as the top Nifty gainer; up 5.5 percent
- Bharti Infratel ends as the top Nifty laggard; down 5.5 percent
- 857 stocks on the NSE end with gains while 907 end with losses
Contributors To Nifty's Gains & Sectoral Picture
Closing Bell: Gains Amidst Caution
Indian equity markets snapped a two-day losing streak, posting modest gains as investors exercised caution amidst the Services PMI numbers and addition of close to 3,000 fresh Covid-19 cases in the last 24 hours.
The S&P BSE Sensex gained over 550 points from the day's low of 31,158 to end at 31,685, up by 0.75 percent. The NSE Nifty 50 too gained 0.7 percent, rebounding close to 150 points from the day's low to end at 9,270.
Among sectoral indices, the Nifty Bank index outperformed the benchmarks, gaining over 800 points from the day's low to end 2.2 percent higher at 19,694.
Among other indices, the Nifty Auto index ended with gains of 2 percent while the FMCG index underperformed, ending nearly 2 percent lower.
Stock Update: TVS Motor
The two and three-wheeler manufacturer has informed the exchanges that it has commenced operations across all its factories in Hosur, Mysuru and Nalagarh.
The company had suspended production across its manufacturing facilities in light of the nationwide lockdown imposed due to the Covid-19 pandemic.
Shares snapped a two-day losing streak, gaining as much as 5.7 percent to Rs 326. It is also the top performer on the Nifty Auto index.
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SBI Agrees To Extend Benefits Of Moratorium To NBFCs
The country's largest lender State Bank of India has agreed to offer a moratorium on repayment between March 1 to May 31 to NBFCs. The NBFCs will have to submit a proposal with financial details to seek moratorium, an SBI official told BloombergQuint.
The moratorium will cover any payment defaults between March 1 and May 31. The official has added that the decision has been taken by the management and that the board will give its nod soon.
Shares of SBI are off the day's high, trading with gains of 0.3 percent to Rs 170.95.