Sensex crosses 56,000 level; banks stocks in demand. 10March2022

 

The benchmark indices extended gains in morning trade, buoyed by banks, autos and financial services scrips. Metal shares corrected for the third trading session. The Nifty crossed the 16,700 level.

The barometer index, the S&P BSE Sensex, surged 1,359.96 points or 2.49% at 56,007.29. The Nifty 50 index soared 390 points or 2.39% at 16,735.35.

In the broader market, the S&P BSE Mid-Cap index rose 1.84% while the S&P BSE Small-Cap index gained 2.29%.

The market breadth was strong. On the BSE, 2,728 shares rose and 382 shares fell. A total of 100 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,818.71 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,275.94 crore in the Indian equity market on 9 March 2022, provisional data showed.

Politics:

The elections of the five states - Goa, Manipur, Punjab, Uttar Pradesh and Uttarakhand - were held in seven phases between 10 February 2022 to 7 March 2022. The results are being announced today, 10 March 2022.

So far, the ruling Bhartiya Janata Party (BJP) is leading in Uttar Pradesh (UP), Goa, Manipur and Uttarakhand. In Punjab, Aam Admi Party (AAP) all set to dethrone the incumbent Indian National Congress (INC).

In UP, BJP under CM Yogi Adityanath is all set to sweep the elections again, as the party currently leads on 172 seats (vote share: 42.61%) while former CM Akhilesh Yadav's Samajwadi Party (SP) currently leads with 81 seats (vote share: 30.97%), grabbing the second position as of now.

Buzzing Index:

The Nifty Bank index rallied 4.52% to 35,345.55. The index has jumped 7.52% in three trading sessions.

Axis Bank (up 6.47%), IndusInd Bank (up 5.19%), State Bank of India (SBI) (up 5.07%), Bandhan Bank (up 4.61%) and ICICI Bank (up 4.60%) were the top gainers in the Bank segment.

Stocks in Spotlight:

Jindal Steel & Power (JSPL) lost 0.71%. The steel manufacturer reported a 8% year-on-year increase in steel sales to 5.9 lakh tonnes in February 2022 as compared to 5.47 lakh tonnes sold in February 2021. JSPL said sales would have been higher if not for limited rake availability in the eastern part of the country. The company further said that railway rake availability issue is not yet fully resolved, hampering its sales efforts. Meanwhile, exports contributed 24% to the sales volumes. On production side, JSPL's steel production stood at 6.57 lakh tonnes in February 2022 which was 1% higher than previous year.

Jindal Stainless (Hisar) advanced 2.43%. The company said it received AS 9100D Certification, a quality management system for aviation, space, and defence organizations. The certification validates Jindal Stainless (Hisar) (JSHL)'s competence to constantly meet highly stringent standards of the aerospace industry. It also enables JSHL to get listed in OASIS, the Online Aerospace Supplier Information System database, which showcases the company offerings to aerospace manufacturers. The AS 9100D certification journey was driven by the top management and implemented by a team of around 120 people across the supply chain, within 15 months, JSHL said in a statement.

Indices extend gains; IT stocks in demand. 09March2022

  

The benchmark indices extended initial gains in morning trade, buoyed by IT and pharma scrips. At 10:30 IST, the barometer index, the S&P BSE Sensex, rose 545.81 points or 1.02% at 53,969.90. The Nifty 50 index gained 139.25 points or 0.87% at 16,152.70.

In the broader market, the S&P BSE Mid-Cap index added 1.10% while the S&P BSE Small-Cap index rose 1.33%.

The market breadth was strong. On the BSE, 2,406 shares rose and 619 shares fell. A total of 114 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 8,142.60 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 6,489.59 crore in the Indian equity market on 8 March 2022, provisional data showed.

LIC IPO:

State-owned insurance behemoth Life Insurance Corporation of India (LIC) on Tuesday has received capital markets regulator Sebi's go-ahead to raise funds through an initial share sale. The government will sell over 31 crore equity shares of LIC.

Buzzing Index:

The Nifty IT index rose 1.47% to 35,570.25. The index rose 4.20% in the past two trading sessions.

Tech Mahindra (up 2.80%), Mphasis (up 2.16%), MindTree (up 2.15%), L&T Technology Services (LTTS) (up 1.97%) and Infosys (up 1.96%) were the top gainers in the IT segment.

Stocks in Spotlight:

Bharat Forge rose 0.89%. The forging company announced incorporation of a step-down subsidiary, Sagar-Manas Technologies (SMTL). Kalyani Strategic Systems (KSSL), a wholly owned subsidiary of Bharat Forge has incorporated SMTL on 7 March 2022, as a wholly owned subsidiary. SMTL is incorporated as a part of a joint venture agreement executed between KSSL and Kyrgyzstan-based Open Joint Stock Company Dastan Transnational Corporation (Dastan). The JV aims to participate in joint upgradation and manufacturing/providing solutions for marine and defence products, which will be undertaken through SMTL as a special purpose vehicle.

Atul declined 2.01%. Atul on Wednesday announced that it completed the expansion of its Sulphur Black manufacturing facility. The expansion will see production capacity increase from 9,800 tonnes per annum to 26,000 tonnes per annum. The integrated plant will produce both, liquid as well as powder formulations. Atul further said that the plant will be equipped with a zero liquid discharge facility in line with the commitment of the company towards sustainability. The products are GOTS approved and Oeko-Tex Standard 100 compliant.

Nifty below 16,300; auto shares decline. 04March2022

The equity benchmarks extended losses and declined further in morning trade. The Nifty was trading below the 16,250 mark. Auto shares declined for fourth day in a row.

The barometer index, the S&P BSE Sensex, was down 1017.64 points or 1.85% to 54,085.04. The Nifty 50 index lost 273.60 points or 1.66% to 16,224.45.

In the broader market, the S&P BSE Mid-Cap index fell 1.78% while the S&P BSE Small-Cap index declined 1.31%.

The market breadth was weak. On the BSE, 930 shares rose and 2054 shares fell. A total of 126 shares were unchanged.

The continued escalation of the Russia-Ukraine war, rising oil prices and continued FIIs selling puts a significant headwind on the economy by dampening growth prospects. FIIs were net sellers Rs 6,645 crore while DIIs were net buyers Rs 4,799 crore yesterday.

Economy:

Commerce and Industry Minister Piyush Goyal has called for increasing India's share in global trade to 10% and taking India's share of exports in GDP to about 25%. Addressing the closing session of the Post-Budget Webinar on 'Make in India for the World', Goyal said these are ambitious targets, but doable.

He said other countries are also talking of programmes very similar to AatmaNirbhar Bharat. Goyal called for taking India among the top three nations in Global Services Trade.

Stating that the government is looking at a more liberal regulatory regime for the Drones sector barring the Defence systems, he said that the Industry should aim to make India become the manufacturing hub of Drones.

He called for integrating quality in full value chain and said it should not just come into picture once the final product is made. Underlining the need to develop technical skills of tomorrow for the industry, the Minister called for the need to reorient academic courses to make it relevant to the needs of today.

Buzzing Index:

The Nifty Auto index fell 2.99% to 9,954.10. The index has lost 8.64% in four session sessions.

Ashok Leyland (down 4.85%), Hero MotoCorp (down 4.27%), Maruti Suzuki (down 4.24%), Eicher Motors (down 3.34%), Mahindra & Mahindra (down 3%), TVS Motor Company (down 2.98%), Tata Motors (down 2.72%), Bajaj Auto (down 2.10%) and Bharat Forge (down 0.84%) declined.

Stocks in Spotlight:

LT Foods rose 1.82% to Rs 67. The company's wholly-owned subsidiary, LT Foods Americas entered into agreement to acquire 51% stake of Golden Star Trading on 2 March 2022, with a call option to buy the remaining 49% stake at the end of 3 years.

IndiaMART InterMESH fell 1.71% to Rs 4480.10. The company entered into an agreement to invest 10% of the share capital (on fully diluted basis) of Zimyo Consulting (referred as Zimyo) for a cash consideration of Rs 17.01 crore. Zimyo is engaged in a business of offering SaaS-based human resource management software for the companies.

KEC International slipped 1.58% to Rs 459.20. The EPC company secured new orders of Rs. 1,131 crores across its various businesses.

Indices slide in early trade; breadth weak. 04March2022

  

The key equity barometers dropped sharply in early trade, amid across the board selling in index pivotals. Global stocks fell amid the ongoing Russia-Ukraine war and rising crude prices.

The barometer index, the S&P BSE Sensex, was down 726.83 points or 1.32% to 54,375.85. The Nifty 50 index lost 212.80 points or 1.29% to 16,285.25.

In the broader market, the S&P BSE Mid-Cap index fell 1.21% while the S&P BSE Small-Cap index declined 0.89%.

The market breadth was weak. On the BSE, 876 shares rose and 1580 shares fell. A total of 80 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 6,644.65 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,799.24 crore in the Indian equity market on 3 March, provisional data showed.

Stocks in Spotlight:

Vodafone Idea fell 3.16% to Rs 10.73. The board of directors of the telecom services provider has approved fund raising of upto Rs 4,500 crore on a preferential basis, through its promoters. It has decided to issue more than 338.34 crore equity shares at an issue price of Rs 13.30 per share to Euro Pacific Securities, Prime Metals, and Oriana Investments. The company has also received board's approval for additional fund raising of Rs 10,000 crore via private placement or qualified institutions placement.

Mahindra & Mahindra Financial Services (MMFSL) slipped 1.65% to Rs 139.75. MMFSL's disbursement in February 2022 was approximately Rs 2,733 crore, up 44% YoY. The YTD disbursement was approximately Rs 23,632 crore, registered a YoY growth of 42%.

Themis Medicare declined 1.81% to Rs 989. The company said that it received approval from Drug Controller General of India (DCGI) for its antiviral drug VIRALEX.

Global Markets:

Most Asian stocks slipped on Friday as investors remain on edge over Russia's invasion of Ukraine.

Europe's largest nuclear power plant in eastern Ukraine came under attack from Russian shelling early Friday, Ukrainian officials reportedly said.

Ukraine reportedly told the International Atomic Energy Agency the fire “has not affected 'essential' equipment,” and that there had been no change reported in radiation levels. The reactors are “being protected by robust containment structures” and are being safely shut down, U.S. Energy Secretary Jennifer Granholm reportedly said in a statement, which added that the department activated its Nuclear Incident Response

U.S. stocks churned lower on Thursday, led to the downside by tech sector, as action in the energy and bond markets slowed and investors monitored the war in Ukraine.

Traders also monitored comments from Federal Reserve officials, including Fed Chairman Jerome Powell's testimony to the Senate Banking Committee for his second day of Congressional testimony this week. Cleveland Fed President Loretta Mester said Thursday that the war in Ukraine intensified the need for the Fed to raise rates.

Shares with decent gains; Asian markets edge higher. 03March2022

The domestic equity barometers traded with decent gains in mid-morning trade. The Nifty hovered around the 16,650 mark. Metal stocks extended gains for the fourth consecutive session.

The barometer index, the S&P BSE Sensex, was up 155.42 points or 0.28% to 55,624.32. The Nifty 50 index added 41.25 points or 0.25% to 16,647.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.53% while the S&P BSE Small-Cap index gained 1.15%.

The market breadth was strong. On the BSE, 2388 shares rose and 745 shares fell. A total of 122 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 1.45% to 6,225.75, extending gains for fourth day. The index has added 17.17% in four sessions.

Coal India (up 5.11%), Hindustan Copper (up 4.67%), Tata Steel (up 1.85%), Adani Enterprises (up 1.76%), Ratnamani Metals Tubes (up 1.59%), SAIL (up 1.75%), JSW Steel (up 1.19%), Welspun Corp (up 1.14%) and NMDC (up 1.06%) advanced.

Stocks in Spotlight:

Adani Ports and Special Economic Zone (APSEZ) was down 0.03% to Rs 710.05. The company during the month of February 2022, handled cargo volume of 24.15 million metric tonnes (MMT), registering a growth of 14.4% on a year-on-year (Y-o-Y) basis.

Oriental Rail Infrastructure added 3.57% to Rs 114.50. The company secured orders worth Rs 26.97 crore from Rail Coach Factory (Hussainpur), Kapurthala (Punjab) for manufacturing and supplying seats and berths to Indian Railways.

Global Markets:

Shares in Asia-Pacific were largely higher in Thursday trade as U.S. stocks bounced back overnight. Oil prices, however, continued to move higher following a price surge in recent days.

A private survey released Thursday showed slowing Chinese services activity growth in February, with the Caixin/Markit services Purchasing Managers' Index coming in at 50.2 for that month. That compared against January's reading of 51.4.

The 50-point mark in PMI readings separates growth from contraction. PMI readings are sequential and represent month-on-month expansion or contraction.

Investors continued monitoring movements in the oil market, with crude prices spiking to their highest level in years on Wednesday, amid Russia's escalating war on Ukraine.

The sanctions imposed on Russia have caused traders to back away from its resources, stoking fears of shortfalls in energy, grains and metals.

Meanwhile, the OPEC and its allies decided Wednesday to hold production steady despite the recent dramatic spike in oil prices.

U.S. equities were higher at the close on Wednesday, as gains in the basic materials, financials and oil & gas sectors propelled shares higher.

Federal Reserve Chair Jerome Powell backed a quarter-point interest-rate hike this month to commence a series of increases and didn't rule out a larger move at some stage, despite uncertainty caused by Russia's invasion of Ukraine.

Fed officials are pivoting to tackle the fastest inflation in 40 years and a few have publicly discussed the potential need to hike by a half point some time this year if inflation comes in too hot.

Indices advance in early trade; breadth strong. 03March2022

 

The benchmark indices are trading higher in early trade, mirroring the gains in their Asian peers. Oil & gas, IT and metal stocks led the upmove.

The barometer index, the S&P BSE Sensex, was up 309.23 points or 0.56% to 55,778.13. The Nifty 50 index added 100.90 points or 0.61% to 16,706.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.80% while the S&P BSE Small-Cap index gained 1.21%.

The market breadth was strong. On the BSE, 2219 shares rose and 366 shares fell. A total of 74 shares were unchanged.

Stocks in Spotlight:

Vedanta added 0.25% to Rs 388.30. The mining major has declared a third interim dividend for the fiscal year 2021-22 of Rs 13 per equity share. The record date for the purpose of payment of the dividend is 10 March 2022.

UPL rose 0.44% to Rs 692.10. The agri-chemicals major has announced its board has approved the proposal to buy back fully paid-up equity shares from shareholders (other than the promoters, the promoters group, and persons in control of the company), for an aggregate amount not exceeding Rs 1,100 crore, the maximum buyback size. The company's board has proposed a share buyback plan at Rs 875 per share.

Hind Rectifiers jumped 4.04% to Rs 190.50. The company has secured orders of Rs. 57.32 crore in the month of February 2022.

Global Markets:

Shares in Asia-Pacific were largely higher in Thursday trade as U.S. stocks bounced back overnight. Oil prices, however, continued to move higher following a price surge in recent days.

A private survey released Thursday showed slowing Chinese services activity growth in February, with the Caixin/Markit services Purchasing Managers' Index coming in at 50.2 for that month. That compared against January's reading of 51.4.

The 50-point mark in PMI readings separates growth from contraction. PMI readings are sequential and represent month-on-month expansion or contraction.

Investors continued monitoring movements in the oil market, with crude prices spiking to their highest level in years on Wednesday, amid Russia's escalating war on Ukraine.

The sanctions imposed on Russia have caused traders to back away from its resources, stoking fears of shortfalls in energy, grains and metals.

Meanwhile, the OPEC and its allies decided Wednesday to hold production steady despite the recent dramatic spike in oil prices.

U.S. equities were higher at the close on Wednesday, as gains in the basic materials, financials and oil & gas sectors propelled shares higher.

Federal Reserve Chair Jerome Powell backed a quarter-point interest-rate hike this month to commence a series of increases and didn't rule out a larger move at some stage, despite uncertainty caused by Russia's invasion of Ukraine.

Fed officials are pivoting to tackle the fastest inflation in 40 years and a few have publicly discussed the potential need to hike by a half point some time this year if inflation comes in too hot.

Shares trade lower; market breadth positive. 02March2022

  

The key equity benchmarks traded lower in early trade amid significant selling in many index stocks. While metals and oil & gas stock advanced, banks, financials and auto stocks edged lower.

The barometer index, the S&P BSE Sensex, was down 603.59 points or 1.07% to 55,643.69. The Nifty 50 index lost 162.70 points or 0.97% to 16,631.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.10% while the S&P BSE Small-Cap index added 0.34%.

The market breadth was positive. On the BSE, 1397 shares rose and 1146 shares fell. A total of 109 shares were unchanged.

Economy:

India's GDP growth slowed down to 5.4% in October-December 2021 from 8.5% in the previous quarter, data released on February 28 by the Ministry of Statistics and Programme Implementation showed. The statistics ministry also said India's GDP will likely grow by 8.9% in FY22, down from its first advance estimate of 9.2%, released in early January 2022.

Goods and Services Tax (GST) collections for February declined to Rs 1.33 lakh crore, down 5.6% from the first month of 2022, data released on March 1 by the finance ministry showed.

February Auto sales:

Maruti Suzuki India fell 2.71% to Rs 8087.35. The company recorded total sales of 1,64,056 units in February 2022, down 0.25% as against 1,64,469 units sold in February 2021.

Tata Motors shed 0.94% to Rs 449.90. The company's sales in the domestic & international market for February 2022 stood at 77,733 vehicles as compared to 61,258 units during February 2021, recording a growth of 26.89%.

Ashok Leyland declined 0.72% to Rs 117.90. The Hinduja Group company's sales grew 7% to 14,657 units in February 2022 from 13,703 units sold in February 2021.

Eicher Motors fell 1.22% to Rs 2554.70. VE Commercial Vehicles (VECV), Eicher's unlisted subsidiary, sold 5,856 units of commercial vehicles in February 2022, registering a rise of 7.3% year on year from 5,457 units in February 2021.

Eicher Motors' total motorcycles (Royal Enfield) sales dropped 15% to 59,160 units in February 2022 as against 69,659 units sold in the same period last year.

Escorts added 0.50% to Rs 1861.30. The company's total tractor sales declined by 45.6% YoY to 6,114 units in February 2022 from 11,230 units sold in February 2021.

Hero MotoCorp were down 2.80% at Rs 2465.30. The two-wheeler major sold 3,58,254 units of motorcycles and scooters in February 2022, which is lower by 29.12% compared with 5,05,467 units sold in February 2021.

Global Markets:

Asian stocks are trading mixed on Wednesday as the ongoing Russia-Ukraine conflict continued to lead to a surge in oil prices.

Oil prices rose on Wednesday as sanctions on Russian banks following Moscow's invasion of Ukraine hampered trade finance for crude shipments and some traders opted to avoid Russian supplies in an already tight market. Brent crude futures climbed above $108 a barrel, scaling highs not seen since July 2014.

Wall Street ended sharply lower on Tuesday, with financial stocks bearing much of the damage for a second straight day as the Russia-Ukraine crisis deepened and stirred anxiety among investors.

Investors are also gearing up to hear from Federal Reserve Chair Jerome Powell in his semiannual hearing at House Committee on Financial Services, which begins on Wednesday. Investors will be watching closely for his comments on potential rate hikes, as market expectations for hikes this year has eased slightly since Russia's invasion.