Sensex, Nifty Close Marginally Higher Led By Auto Stocks
A pedestrian walks past the Bombay Stock Exchange (BSE) building in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty Close Marginally Higher Led By Auto Stocks

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Indian stocks rose as the Covid-19 vaccination drive administered a record number of doses in a day while businesses reopen.

The S&P BSE Sensex ended little changed at 52,588.71, while the NSE Nifty 50 Index advanced 0.17% at 15,772.75. Maruti Suzuki India Ltd. contributed the most to the index gain and had the largest move, increasing 5.3%. Of 30 shares in the Sensex, 12 gained and 18 fell.

Fourteen of the 19 sector indices compiled by BSE Ltd. climbed, with a gauge of capital goods stocks leading advance.

Sensex, Nifty Close Marginally Higher Led By Auto Stocks

Most equity markets in Asia advanced as concerns over the U.S. Federal Reserve’s hawkish guidance eased.

India gave a record 8.5 million vaccine doses on Monday, the first day vaccines were available free to all adults. States have begin lifting curbs on businesses and the movement of people as the country sees a steady decline in coronavirus cases. The push to speed up inoculations comes with administered doses so far covering only about 10% of the population.

“India’s daily caseload falling below 60,000 and ramp-up in vaccination programme offer comfort,” Binod Modi, head of strategy at Reliance Securities Ltd. wrote in a note. “We believe expectations of a sharp improvement in high frequency key economic indicators from the current month supported by easing business curbs in various states should continue to offer support to corporate earnings.”

SEBI's New Norms For Large IPOs Come Into Effect

Movers & Shakers: AB Fashions, Care Ratings, Reliance Power

Aditya Birla Fashion & Retail Ltd. rose 5.3%, best performer among its peers.

  • Trading volume was 2.65 million shares, 14% above the 20-day average of 2.33 million shares for this time of day.

  • Analysts have 21 buy, three hold, and one sell recommendations on the stock.

  • The price target of Rs 221.14 represents a 4.8% increase from the last price

Care Ratings Rises For Eighth Day

Care Ratings Ltd. is higher for the eighth straight day, on track for the longest winning streak since the period ended April 16, 2020.

  • The stock gained a total of 28% during the streak while the Sensex Index increased 0.8%.

  • In the past, the stock has fallen 3.5% on average in the week following eight straight days of gains.

Reliance Power Rises For 15th Day

Reliance Power Ltd. is higher for the 15th straight day, on track for the longest winning streak since the period ended April 30, 2020.

  • The stock gained a total of 101% during the streak while the Sensex Index increased 1.5%.

Large Trade Alert

  • GMR Infra has 11.5 million shares change hands in 4 large trades.

  • TV18 has 3.8 million shares change hands in 1 large trade.

Maruti Suzuki, SBI Life, UPL in Focus: Options Watch

  • Maruti Suzuki options volume 5.4x the 20-day average, with 132,754 calls changing hands vs 30,094 puts

    • Stock up 5.2%, volume 2.3x the 20-day average for this time of day

  • UPL options volume 1.9x the average, with 22,904 calls vs 4,909 puts

    • Stock up 3.6%, volume 1x the average

  • SBI Life options volume 1.5x the average, with 11,881 calls vs 2,207 puts

    • Stock up 2%, volume 1.1x the average

  • Nifty 50 options volume 0.5x the average, with 3.69 million calls vs 4.04 million puts; gauge up 0.7%

    • Cost of hedging as measured by the 90/110, one-month skew ranks in the 89th percentile over the past year

  • Nifty Bank index options volume 0.5x the average, with 7.24 million calls vs 7.78 million puts; gauge up 0.4%

    • 90/110, one-month skew in the 63rd percentile

  • India VIX Index down 2.8%

MM Forgings Surges Most In Nine Months

MM Forgings jumped as much as 20%, the most since Sept. 18, after it reported net income for the latest quarter more than quadrupled.

  • Q4 net income rose to Rs 30.10 crore vs Rs 6.5 crore YoY; 4Q revenue Rs 285 crore vs Rs 156 crore YoY

  • The company will likely benefit from demand for medium and heavy commercial vehicles as domestic fleet operators push ahead with vehicle replacement in anticipation of and end to lockdowns, Anand Rathi analyst Vijay Sarthy wrote in a note

  • The company is also confident about export growth, given the strong momentum in Class-5 and -8 trucks in the U.S., Sarthy said

  • The analyst expects Ebitda margins to expand to 17.6% in FY22 and 18.1% in FY23 from 16.7% in FY21, driven by new products, higher machining content and strong volume growth; sees revenue growing at 25% compound annual rate over FY21-23 to Rs 1,130 crore

  • Anand Rathi maintains buy, price target Rs 697

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