Sensex adds 153 pts, metal stocks tumble.

The key equity indices traded with minor gains in morning trade. The Nifty traded around the 17,550 mark. Realty, pharma and healthcare stocks were in demand while metal, media and auto scrips corrected.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 153.02 points or 0.26% to 59,758.82. The Nifty 50 index gained 30.05 points or 0.17% to 17,541.30.

In the broader market, the S&P BSE Mid-Cap index added 0.21% while the S&P BSE Small-Cap index rose 0.31%.

The market breadth was positive. On the BSE, 1,840 shares rose and 1,229 shares fell. A total of 154 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,417.24 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,586.06 crore in the Indian equity market on 23 February, provisional data showed.

Buzzing Index:

The Nifty Metal index slipped 2.38% to 5,478.05. The index added 0.35% in the past trading session.

Hindalco Industries (down 4.11%), Adani Enterprises (down 3.65%), Jindal Steel & Power (down 3.04%), JSW Steel (down 2.94%), National Aluminium Company (down 2.93%), Vedanta (down 2.54%), Steel Authority of India (down 1.94%), Tata Steel (down 1.61%), Hindustan Copper (down 1.43%) and APL Apollo Tubes (down 0.49%) tumbled.

On the other hand, Hindustan Zinc (up 1.19%), Jindal Stainless (up 0.39%) and Welspun Corp (up 0.08%) edged higher.

Stocks in Spotlight:

Sanofi India rallied 3.60% after the company's net profit surged 44.8% to Rs 130.9 crore in Q4 CY22 from Rs 90.40 crore in Q4 CY21. Revenue from operations fell 2.3% year on year (YoY) to Rs 671.90 crore in the quarter ended 31 December 2022.

Rail Vikas Nigam fell 1.62% after the company said that it has received a letter of award (LoA) from M. P. Madhya Kshetra Vidyut Vitaran Co. (MPMKVVCL) worth Rs 196.76 crore.

Olectra Greentech surged 13.33%. Olectra Greentech is set to offer the next-generation transport system to the Indian market. Olectra announced its Hydrogen Bus in technical partnership with Reliance.

Benchmarks tumble for 5th day, Sensex slips 139 pts, Nifty ends at 17,511.25

Domestic benchmark indices ended with minor cuts after a volatile session on Thursday, sliding for the fifth straight session. Trading was volatile on account of monthly options expiry. The Nifty closed below the 17,550 mark after hitting the day's high of 17,620.05 in morning trade. PSU Bank, metal and FMCG stocks advanced while realty, media and consumer durables shares dragged lower.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 139.18 points or 0.23% to 59,605.80. The Nifty 50 index lost 43.05points or 0.25% to 17,511.25. In fifth consecutive session, the Sensex slipped 2.79% while the Nifty fell 2.91%.

In the broader market, the S&P BSE Mid-Cap index slipped 0.40% while the S&P BSE Small-Cap index added 0.06%.

The market breadth was negative. On the BSE, 1,587 shares rose and 1,856 shares fell. A total of 156 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 3.28% to 15.08.

The minutes from the recent meetings of the Reserve Bank of India and the U.S. Federal Reserve revealed that they are willing to keep increasing the interest rates as inflation remains a concern.

Buzzing Index:

The Nifty Media index declined 1.77% to 1,737.25. The index tumbled 5.8% in five trading sessions.

Zee Entertainment Enterprises (down 3.73%), Navneet Education (down 1.96%), TV18 Broadcast (down 1.88%), PVR (down 1.42%), New Delhi Television (down 1.19%), Nazara Technologies (down 0.79%), Network 18 Media & Investments (down 0.51%), Dish TV India (down 0.37%), Hathway Cable & Datacom (down 0.33%) and Sun TV Network (down 0.03%) slipped.

Zee Entertainment Enterprises fell 3.73% after bankruptcy court admitted the company under an insolvency plea filed by a private sector lender, on grounds of default of over Rs 83 crore.

As per media reports, IndusInd Bank has claimed a default amount of Rs 83.08 crore or $10.04 million against the media company. Zee is reportedly a party to the debt service reserve account (DSRA) guarantee agreement entered into with the private bank for the term-loan facility advanced to another Essel Group firm, Siti Networks. Reports suggest that NCLT has appointed Sanjay Kumar Jhalani as the interim resolution professional.

Stocks in Spotlight:

Hero MotoCorp added 0.24%. The two-wheeler maker said that the company's mobility brand VIDA has initiated operations of its public charging infrastructure in Bengaluru, Delhi and Jaipur. The brand has set up nearly 300 charging points at 50 locations across the three cities for public use. The charging network is spread across key locations, ensuring customer convenience.

Sonata Software jumped 6.19% after the company's wholly owned subsidiary Sonata Software North America Inc. announced the signing of definitive agreement for acquiring 100% stake in Quant Systems Inc. The acquisition has been done for an upfront payment of $65 million. Acquisition cost involves a deferred achievement-based earn-out / pay-outs upto a maximum of $95 million payable over 2 years and certain additional payments on achievement of additional targets.

Mahindra CIE Automotive rose 0.36%. The company reported a consolidated net loss of Rs 657.81 crore in Q4 CY2022 as against a consolidated net profit of Rs 80.23 crore in Q4 CY2021. However, revenue from operations rose 34.6% year on year to Rs 2,246.84 crore in Q4 CY2022.

Biocon declined 0.97%. The company said that it has fulfilled its payment obligation and has fully redeemed the Commercial Papers (CPs) of Rs 2,250 crore.

HG Infra Engineering rose 0.47% after the company has been declared as lowest bidder (L-1) by Rail Vikas Nigam, Chandigarh for construction project in Himachal Pradesh. The company said its bid project cost is Rs 466.11 crore and construction period of project is 30 months.

Lemon Tree Hotels rose 1.98% after the company said that it has signed a license agreement for a 47-room property in Bhopal, Madhya Pradesh under the company's brand 'Lemon Tree Hotel'. The property is expected to be operational by December 2023 and shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels, the company said.

Ugro Capital advanced 3.55% after the NBFC announced that the investment and borrowing committee of the board will consider the proposal of fund raising on Saturday, 25 February 2023. The company added that the funds will be raised by way of issuance of non-convertible debentures and/or commercial papers through private placement basis.

Kolte-Patil Developers gained 2.37% after the realtor announced that its board will meet on Monday, 27 February 2023 to consider the proposal to raise funds by way of issuance of debt securities on private placement basis.

Orient Cement rose 1.02%. The company on Wednesday announced that the non-binding memorandum of understanding (MoU) that it had entered with Adani Power Maharashtra (APML) has been terminated. In September 2021, Orient Cement had entered into the non-binding MoU with APML for setting out the understanding for facilitating bona fide use of land identified for exploring the possibility of establishing a cement grinding unit (CGU) in Tiroda, Maharashtra.

Global Markets:

European markets mostly advanced while their most Asian peers traded declined on Thursday after the U.S. Federal Reserve released the minutes of its most recent meeting that showed central bank members are still committed to fighting inflation with rate hikes.

The Japanese market is closed today for the Emperor's birthday.

Inflation “remained well above” the Fed's 2% target and the labor market “remained very tight, contributing to continuing upward pressures on wages and prices,” according to the minutes.

Meanwhile, the Bank of Korea held its interest rates at 3.5%, a first in nearly a year of rate hikes, and in line with expectations.

Wall Street ended broadly lower on Wednesday, with investors cautious despite the latest guidance on rate policy from the US central bank showing few surprises.

Minutes from the Federal Reserve's January 31-February 1 meeting said that almost all Fed officials agreed to slow the pace of increases in interest rates to a quarter of a percentage point.

Sensex gains 119 pts, ITC hits record high.

The domestic equity benchmarks continued to trade with minor gains in mid-morning trade. The Nifty traded near the 17,600 level after hitting the day's low of 17,455.40 in morning trade. FMCG, metal and IT stocks were in demand while media, realty and consumer durables shares corrected. Trading was volatile on account of monthly options expiry.

Meanwhile, Reserve Bank of India and U.S. Federal Reserve minutes revealed that they are willing to keep increasing the interest rates as inflation remains a concern.

The barometer index, the S&P BSE Sensex, was up 119.57 points or 0.20% to 59,864.55. The Nifty 50 index gained 40.20 points or 0.23% to 17,594.50.

In the broader market, the S&P BSE Mid-Cap index fell 0.42% while the S&P BSE Small-Cap index rose 0.18%

The market breadth was negative. On the BSE, 1,586 shares rose and 1,634 shares fell. A total of 165 shares were unchanged.

Buzzing Index:

The Nifty FMCG index rose 0.86% to 45,802.35. The index shed 0.31% in previous trading session.

ITC (up 1.73%), Radico Khaitan (up 1.23%), Emami (up 0.78%), Dabur India (up 0.57%), Nestle India (up 0.32%), United Breweries (up 0.22%) edged higher.

On the other hand, Varun Beverages (down 1.47%), Marico (down 1.13%) and Britannia Industries (down 0.55%) declined.

Stocks in Spotlight:

Sonata Software rallied 3.98% after the company's wholly owned subsidiary Sonata Software North America Inc. announced the signing of definitive agreement for acquiring 100% stake in Quant Systems Inc. The acquisition has been done for an upfront payment of $65 million. Acquisition cost involves a deferred achievement-based earn-out / pay-outs upto a maximum of $95 million payable over 2 years and certain additional payments on achievement of additional targets.

HG Infra Engineering gained 2.62% after the company has been declared as lowest bidder (L-1) by Rail Vikas Nigam, Chandigarh for construction project in Himachal Pradesh. The company said its bid project cost is Rs 466.11 crore and construction period of project is 30 months.

Ugro Capital advanced 3.25% after the NBFC announced that the investment and borrowing committee of the board will consider the proposal of fund raising on Saturday, 25 February 2023. The company added that the funds will be raised by way of issuance of non-convertible debentures and/or commercial papers through private placement basis.

Global Markets:

Most of the Asian stocks traded lower on Thursday after the U.S. Federal Reserve released the minutes of its most recent meeting that showed central bank members are still committed to fighting inflation with rate hikes. Japanese market is closed today for the Emperor's birthday.

The Bank of Korea held its interest rates at 3.5%, a first in nearly a year of rate hikes, and in line with expectations.

Wall Street ended broadly lower on Wednesday, with investors cautious despite the latest guidance on rate policy from the US central bank showing few surprises.

Minutes from the Federal Reserve's January 31-February 1 meeting said that almost all Fed officials agreed to slow the pace of increases in interest rates to a quarter of a percentage point.

Barometers trade with deep cuts, PSU bank stocks tumble.

The frontline indices traded in a narrow range with deep cuts in mid-morning trade. The Nifty slipped below the 17,700 level. PSU Bank stocks their extended losses for the fifth straight session 

The barometer index, the S&P BSE Sensex, was down 534.51 points or 0.88% to 60,138.21. The Nifty 50 index lost 166.15 points or 0.93% to 17,660.55.

In the broader market, the S&P BSE Mid-Cap index slipped 1.03% while the S&P BSE Small-Cap index declined 0.86%.

Sellers outnumbered buyers. On the BSE, 897 shares rose and 2,343 shares fell. A total of 149 shares were unchanged.

Domestic sentiment was dented amid negative global cues. After the strong US economic data announced last week, speculations are high about rise in US inflation that may prompt US Fed to further hike interest rate. Traders look ahead to the minutes from the U.S. Federal Reserve's latest monetary policy meeting due later today.

Buzzing Index:

The Nifty PSU Bank index slipped 1.73% to 3,637, extending losses for the fifth session. The index tumbled 6.23% in five trading sessions.

Union Bank of India (down 2.66%), Punjab National Bank (down 2.14%), Bank of Baroda (down 2%), Canara Bank (down 1.94%), Central Bank of India (down 1.54%), Indian Overseas Bank (down 1.41%), Bank of Maharashtra (down 1.34%), State Bank of India (down 1.23%), Bank of India (down 0.92%) and Indian Bank (down 0.79%) slumped.

Global Markets:

Asian stocks tumbled on Wednesday as investors digested key economic data across the region. Japan's producer prices index rose 1.6% on an annualized basis, slightly higher than December's figure of 1.5%. The PPI measures the average movements of prices received by domestic producers for goods and services sold.

New Zealand's central bank has raised interest rates by 50 basis points from 4.25% to 4.75, in line with expectations. In a release, the Reserve Bank of New Zealand indicated that interest rates could still rise, to ensure inflation returns to its target range over the medium term.

U.S. stocks dropped Tuesday as higher rates continue to pressure market sentiment, and the latest batch of retail earnings raised concerns about the state of the consumer.

The Fed on Wednesday is scheduled to release the minutes from its January 31-February 1 meeting. The central bank hiked rates by 25 basis points at that gathering.

US business activity unexpectedly rebounded in February, reaching its highest level in eight months, according to a survey on Tuesday. S&P Global said its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 50.2 this month from a final reading of 46.8 in January.

Sensex slides 495 pts, Nifty below 17,700 level, metal stocks lose shine.

The key equity indices traded with steep losses and hit an intraday low in morning trade. Negative global cues dampened the investors sentiment. The Nifty slipped below the 17,700 level. Metal stocks extended losses for the fourth consecutive trading session .

The barometer index, the S&P BSE Sensex, was down 495.55 points or 0.82% to 60,177.17. The Nifty 50 index lost 149.20 points or 0.84% to 17,677.50.

In the broader market, the S&P BSE Mid-Cap index fell 0.93% while the S&P BSE Small-Cap index declined 0.78%.

Sellers outnumbered buyers. On the BSE, 926 shares rose and 2,185 shares fell. A total of 135 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 525.80 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 235.23 crore in the Indian equity market on 21 February, provisional data showed.

Buzzing Index:

The Nifty Metal index declined 1.78% to 5,642.15. The index slipped 3.73% in four trading sessions.

Adani Enterprises (down 6.2%), Steel Authority of India (down 2.07%), JSW Steel (down 1.56%), Welspun Corp (down 1.53%), Hindustan Copper (down 1.5%), Jindal Steel & Power (down 1.41%), Vedanta (down 1.28%), National Aluminium Company (down 1.28%), MOIL (down 0.95%) and Hindustan Zinc (down 0.78%) tumbled.

On the other hand, Ratnamani Metals & Tubes (up 3.58%) ,APL Apollo Tubes (up 0.38%) and Hindalco Industries (up 0.19%) edged higher.

Stocks in Spotlight:

Biocon declined 1.08%. The biopharmaceutical company announced that it has issued and allotted non-convertible debentures (NCDs) aggregating to Rs 1,070 crore on private placement basis in three series. These unlisted, secured, rated, redeemable, non-convertible debentures having face value of Rs 1 lakh each allotted on 21 February 2023 and will be matured in 21 February 2028.

ITI surged 7.22% after the company announced the appointment of Rajesh Rai as chairman and managing director (MD) of the company for period of five years with effect from 21 February 2023.

Nifty above 17,900 level, metal stocks shine.

The benchmark indices marched higher and hit an intraday high in morning trade. The Nifty traded above the 17,900 level. Metal, financial services and FMCG stocks were in demand while realty, PSU bank and IT shares declined.

The barometer index, the S&P BSE Sensex, was up 254.79 points or 0.42% to 60,946.33. The Nifty 50 index gained 73.85 points or 0.41% to 17,918.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.32% while the S&P BSE Small-Cap index added 0.03%

The market breadth was positive. On the BSE, 1,676 shares rose and 1,385 shares fell. A total of 173 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 158.95 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 86.23 crore in the Indian equity market on 20 February, provisional data showed.

Buzzing Index:

The Nifty IT index rose 1.05% to 5,823.50. The index decilned 1.67% in the past two trading sessions.

Ratnamani Metals & Tubes (up 3.87%), APL Apollo Tubes (up 2.21%), JSW Steel (up 1.15%), Tata Steel (up 1.07%), Steel Authority of India (up 1.05%), Jindal Steel & Power (up 0.94%), Adani Enterprises (up 0.77%), Vedanta (up 0.63%), Hindustan Zinc (up 0.34%) and Hindustan Copper (up 0.24%).

Stocks in Spotlight:

IFL Enterprises gained 2.20% after the company informed that its board would meet on 9 March 2023 to consider a proposal for sub-division of the equity shares of the company. On the same day, the board will also consider a proposal for the issue of fully paid-up bonus equity shares to the members of the company.

Rattanindia Enterprises rose 1.37%. RattanIndia's Revolt Motors, announced pocket friendly My Revolt Plan (MRP) to democratise ownership of EV motorcycles in the country. Revolt RV400 customers will be able own these AI enabled EV bikes at monthly costs less than comparable petrol engine bikes.

Sensex drops 311 pts, Nifty settles below 17,850, Cipla tumbles over 6%.

The headline equity indices ended a volatile session with modest losses on Monday. The Nifty closed a tad below the 17,850 mark after hitting the day's high of 18,004.35 in morning trade. IT and auto stocks edged higher. On the other hand, oil & gas, bank and financial services shares witnessed a bit of a selling pressure.

As per provisional closing data, the barometer index, the S&P BSE Sensex slipped 311.03 points or 0.51% to 60,691.54. The Nifty 50 index lost 99.60 points or 0.56% to 17,844.60.

In the broader market, the S&P BSE Mid-Cap index shed 0.12% while the S&P BSE Small-Cap index declined 0.16%

The market breadth was weak. On the BSE, 1,396 shares rose and 2,178 shares fell. A total of 164 shares were unchanged.

Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, gained 2.27% to 13.38.

Buzzing Index:

The Nifty Oil & Gas index fell 1.14% to 7,149.15. The index witnessed profit booking after gaining 1.31% in four trading sessions.

Adani Total Gas (down 5%), Bharat Petroleum Corporation (down 1.67%), Petronet LNG (down 1.3%), Indian Oil Corporation (down 1.3%), Oil & Natural Gas Corpn (down 1.28%), Hindustan Petroleum Corporation (down 1.26%), Reliance Industries (down 1.11%), Gujarat State Petronet (down 0.96%), Castrol India (down 0.7%) and Oil India (down 0.56%) slipped.

On the other hand, Gujarat Gas (up 2.64%) ,Indraprastha Gas (up 0.59%) and Mahanagar Gas (up 0.3%) advanced.

Stocks in Spotlight:

Hindustan Unilever shed 0.21%. The FMCG major has signed an agreement for the sale of its atta and salt business carried out under the brands 'Annapurna' and 'Captain Cook.' The brands were sold at Rs 60.4 crore to Uma Global Foods, and Uma Consumer Products, which are subsidiaries of Reactivate Brands International, a Singapore-headquartered company and an affiliate of CSAW Aqbator (Singapore).

Cipla dropped 6.12%. The United States Food and Drug Administration (USFDA) conducted a current Good Manufacturing Practices (cGMP) inspection at the company's Pithampur manufacturing facility from 6th - 17th February 2023. On conclusion of the inspection, the company has received 8 inspectional observations in Form 483. The company will work closely with the USFDA and is committed to address these comprehensively within stipulated time.

Tata Motors rose 0.63% after the media reports suggested that the company would supply 25,000 XPREST electric vehicle (EV) units to Uber in one of the largest deals in the green mobility space till date.

Sun Pharmaceuticals Industries added 0.29%. The pharma major announced that it has entered into agreements to acquire minority stake up to 26.09% in Agatsa Software and 27.39% in Remidio Innovative Solutions.

Crisil gained 2.31%. On consolidated basis, Crisil's net profit fell 6.3% to Rs 158.02 crore in Q4 FY22 as compared with Rs 168.63 crore in Q4 FY21. Income from operations jumped 16.5% year on year to Rs 822.3 crore in the quarter ended 31 December 2022.

Power Grid Corporation of India added 0.37%. The state-owned firm said that it has been declared as the successful bidder under tariff based competitive bidding to establish inter-state transmission system for the following projects on build, own operate and transfer (BOOT) basis.

Zydus Lifesciences fell 1.36%. The drug maker received tentative approval from the USFDA for Gabapentin tablets (once-daily), 300 mg and 600 mg. Further, it also received tentative approval from the USFDA for Canagliflozin and Metformin Hydrochloride tablets.

United Breweries (UBL) declined 1.26%. The company announced that its managing director and chief executive officer, Rishi Pardal, tendered his resignation on 16 February 2023. UBL said its board has commenced a search for a new managing director & CEO for the company.

Ugro Capital lost 1.39%. The investment and borrowing committee of the company's board has approved fund raising of up to Rs 20 crore by issuing non-convertible debentures (NCDs) on a private placement basis. The NBFC said that the NCDs will be issued at a coupon rate of 10% per annum. The tentative allotment date for the NCD is 24 February 2023. The tenure of the instrument is 18 months from the date of allotment. Meanwhile, the tentative maturity date is 24 August 2024.

Global Markets:

Markets in Europe tumbled while Asian stocks ended higher on Monday, with investors being cautious at the start of a week that includes the release of important Eurozone activity data as well as the minutes from the last Federal Reserve meeting.

Monday's U.S. holiday, to celebrate President's Day, is likely to limit trading volumes in Europe, but investors will also be wary of taking strong positions ahead of some important regional economic data.

The highlight of the week will be Tuesday's flash PMI data for February, which will show how well the Eurozone economy is performing after unexpectedly growing in the final quarter of 2022.

The bloc is also scheduled to release final inflation figures for January on Thursday, which will be in focus after delayed German data was omitted from the first estimate. ECB officials have repeatedly highlighted their fears about stubborn underlying inflation.

Elsewhere, China's central bank left its interest rates unchanged earlier Monday, tensions between Beijing and Washington remained fraught due to issues surrounding the alleged Chinese spy balloon and potential aid to Russia, while North Korea has reportedly fired three ballistic missiles off its east coast on Monday.

US stocks ended mixed on Friday. Traders were concerned that the Federal Reserve could lift rates by more than expected amid recent data pointing to a stronger economy and sticky inflation.