Indices trade with modest losses; auto stocks decline.

 

The key equity benchmarks continued to trade with moderate losses in mid-morning trade. The Nifty hovered below the 17,400 level. Realty, oil & gas and PSU bank shares saw buying demand while IT, auto and FMCG stocks saw a bit of selling pressure.

The barometer index, the S&P BSE Sensex, was down 309.71 points or 0.52% to 59,101.37. The Nifty 50 index lost 79.55 points or 0.46% to 17,371.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.08% while the S&P BSE Small-Cap index advanced 0.10%.

The market breadth was positive. On the BSE, 1,723 shares rose and 1,503 shares fell. A total of 142 shares were unchanged.

The National Stock Exchange on Wednesday said it has received approval from markets regulator Sebi to launch the rupee-denominated NYMEX WTI crude oil and natural gas futures contracts in its commodity derivatives segment. The launch date for these contracts will be announced soon, NSE said in a release.

The addition of these contracts will expand NSE's product offering in the energy basket as well as its overall commodity segment. These contracts are designed to provide the market participants with a more efficient way to manage their price risk, the release said.

Buzzing Index:

The Nifty Auto index declined 0.58% to 12,775.40. The index rose 1.47% in the past two trading sessions.

Maruti Suzuki India (down 1.89%), Mahindra & Mahindra (down 1.18%), Tata Motors (down 0.93%), Bajaj Auto (down 0.86%), Samvardhana Motherson International (down 0.55%), Eicher Motors (down 0.52%), Ashok Leyland (down 0.07%) slipped.

On the other hand, Hero MotoCorp (up 1.72%), Bharat Forge (up 0.96%) and Sona BLW Precision Forgings (up 0.55%) edged higher.

TVS Motor Company rose 0.08%. The company said that it has registered sales of 276,150 units in the month of February 2023 as against 281,714 units in the month of February 2022, recording a degrowth of 2% on YoY basis.

Global markets:

Asian stock markets traded mixed on Thursday, as investors braced for further hikes ahead as Federal Reserve speakers reiterated more hikes are needed to tame inflation.

Minneapolis Fed President Neel Kashkari on Wednesday said the Fed will “continue doing what we're doing until we finish the jobs, and I'm committed to doing that.” The U.S. 10-year Treasury yield briefly topped 4% overnight.

In the US, all the major averages finished lower on Wednesday as bond yields rocketed higher.

The tech-heavy Nasdaq Composite led Wednesday's losses, falling 0.66%, while the S&P 500 dipped 0.47%. The Dow Jones Industrial Average added just 5.14 points.

The rise In bond yields and concerns of a potentially larger-than-expected hike from the Federal Reserve have fueled investor concern in recent days.

Nifty trades above 17,400; metal shares advance.

The domestic equity barometers traded with moderate gains in morning trade. The Nifty traded above the 17,400 level. Metal shares snapped its three days falling streak.

The barometer index, the S&P BSE Sensex, was up 300.98 points or 0.51% to 59,263.10. The Nifty 50 index added 102.60 points or 0.59% to 17,406.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.79% while the S&P BSE Small-Cap index advanced 1.04%.

The market breadth was strong. On the BSE, 2,309 shares rose and 787 shares fell. A total of 139 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,559.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,609.87 crore in the Indian equity market on 28 February, provisional data showed.

Economy:

India's GDP or gross domestic product slowed to 4.4 per cent in the October-December quarter 2022, primarily due to a 1.1 per cent contraction in manufacturing, along with weaker private consumption demand and government expenditure, according to the second advance estimates released by the Ministry of Statistics and Programme Implementation (MoSPI) on Tuesday.

For the full financial year 2022-23, the National Statistics Office (NSO) has retained the growth estimate at 7 per cent in the second advance estimates. According to the first advance estimates released last month, the GDP growth was pegged at 7 per cent for 2022-23. In financial year 2021-2022, India's economy grew at 8.7 per cent.

Buzzing Index:

The Nifty Metal index advanced 2.85% to 5,419.05, snapping its three days declining streak. The index slipped 6.11% in past three trading sessions.

Adani Enterprises (up 9.25%), APL Apollo Tubes (up 4.57%), Hindustan Copper (up 3.29%), Jindal Steel & Power (up 3.02%), National Aluminium Company (up 2.81%), Hindalco Industries (up 2.76%), Welspun Corp (up 2.66%), Hindustan Zinc (up 2.37%), Vedanta (up 1.79%) and Tata Steel (up 1.68%) edged higher.

Stocks in Spotlight:

Hinduja Global Solutions (HGS) rose 0.23%. The company announced it has completed the acquisition of 100% stake in TekLink International Inc for $58.8 million. TekLink International Inc. is a full-service financial planning and analytics service provider to over 60 clients across multiple industries, including consumer products, retail, pharmaceuticals, manufacturing & distribution, utilities, and high tech.

Power Grid Corporation of India fell 1.82%. The company announced that it has been declared as the successful bidder under tariff based competitive bidding (TBCB) for establishing an inter-state transmission system in the state of Gujarat. The project involves establishment of Khavda Pooling Station-3 (KPS3) in Khavda RE Park” on build, own operate and transfer (BOOT) basis.

Natco Pharma advanced 0.35%. The pharma company announced the launch of Pomalidomide capsules in Canada, the first generic alternative to Pomalyst brand in the country approved by Health Canada. Pomalidomide is used in combination with Dexamethasone and Bortezomib for the treatment of adult patients with multiple myeloma.

Nifty below 17,350 mark, Adani Enterprises jumps over 11%.

STREET INVESTMENT

The domestic equity barometers traded with modest losses in afternoon trade. The Nifty traded below the 17,350 level after hitting the day's high of 17,440.45 in morning trade. Media, consumer durable and realty stocks were in demand while oil & gas, FMCG and pharma shares declined.

The barometer index, the S&P BSE Sensex, was down 224.58 points or 0.38% to 59,063.77. The Nifty 50 index lost 57.55 points or 0.33% to 17,335.15.

The broader market outperformed the key domestic barometers. The S&P BSE Mid-Cap index advanced 0.73% while the S&P BSE Small-Cap index rose 0.44%.

The market breadth was positive. On the BSE, 1,737 shares rose and 1,612 shares fell. A total of 144 shares were unchanged.

Investors look ahead to the gross domestic product data of the fourth quarter of 2022, to be released later today.

Gainers & Losers:

Adani Enterprises (up 11.36%), Adan Ports and Special Economic Zone (up 5.43%), Asian Paints (up 2.74%), Power Grid Corporation of India (up 1.30%) and Tata Motors (up 1.09%) were major Nifty gainers.

Cipla (down 2.77%), Hidalco Industries (down 2.42%), ITC (down 1.70%), Coal India (down 1.66%) and Reliance Industries (down 1.26%) were top Nifty loser

Adani Ports and Special Economic Zone jumped 5.43% after the company said that its step down subsidiary, Adani Agri Logistics (AALL) has incorporated a wholly owned subsidiary in the name of PU Agri Logistics.

Stocks in Spotlight:

Bharti Airtel declined 1.06%. The telecom major has crossed the 10 million unique 5G user mark on its network. Airtel was the first service provider to roll-out 5G services in the country in October 2022. Today, Airtel 5G Plus is available across all states in the country.

NHPC added 0.13% after the company said that the Cabinet Committee on Economic Affairs has accorded investment approval for the implementation of Dibang Multipurpose Project (MMP) in Arunachal Pradesh. The estimated cost is Rs 31,876.39 crore, including budgetary support of Rs 6,159.40 crore towards flood moderation component and Rs 556.15 crore towards Enabling infrastructure (i.e. roads/ bridges etc.).

Vodafone Idea rose 1.65%. The company said that its board has allotted 12,000 optionally convertible debentures of the face value of Rs 10 lakh each, aggregating to Rs 1,200 crore, to ATC Telecom Infrastructure. The company further said that the balance 4,000 number of OCDs shall be allotted upon receipt of application form and subscription money and due intimation of the same shall be filed as necessary.

Global Markets:

Shares in Europe and Asia advanced on Tuesday as investors digested key economic data across the region.

Japan recorded its worst decline in factory output in eight months, recording a 4.6% drop in January compared to December.

Japan's retail sales surged 6.3% for January compared to the same period last year.

Hong Kong will end its mask mandate for indoors and outdoors on Wednesday, 1 March 2023.

US stocks rose on Monday amid bargain hunting following the worst week of the year on Wall Street. All three major US indexes closed higher, with the Nasdaq Composite leading gains.

The Dow Jones Industrial average rose 72.17 points or 0.22%, while the S&P 500 and Nasdaq Composite gained 0.31% and 0.63%, respectively.

Benchmarks trade with minor gains; media shares advance.

The domestic equity barometers bounced back from day's low and traded with small gains in morning trade. The Nifty traded above the 17,400 level. Media shares snapped its seven day's declining streak. Investors look ahead to the gross domestic product data of the fourth quarter of 2022, to be released later today.

The barometer index, the S&P BSE Sensex, was up 38.96 points or 0.07% to 59,327.31. The Nifty 50 index added 11.10 points or 0.06% to 17,403.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.40% while the S&P BSE Small-Cap index advanced 0.29%.

The market breadth was positive. On the BSE, 1,747 shares rose and 1,307 shares fell. A total of 155 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,022.52 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,231.66 crore in the Indian equity market on 27 February 2023, provisional data showed.

Buzzing Index:

The Nifty Media index rose 1.70% to 1,692.15. The index slipped 9.8% in past seven trading sessions.

Zee Entertainment Enterprises (up 6.12%), Hathway Cable & Datacom (up 1.67%), TV18 Broadcast (up 1.47%), Nazara Technologies (up 0.97%), Sun TV Network (up 0.87%) and Network 18 Media & Investments (up 0.78%) gained.

On the other hand, New Delhi Television (down 4.11%), Navneet Education (down 1.28%) and PVR (down 0.94%) edged lower.

Stocks in Spotlight:

Mahindra Logistics fell 1.34%. Yogesh Patel, chief financial officer and key managerial personnel of Mahindra Logistics, tendered his resignation to pursue his professional interests outside the Mahindra group. Patel will be relieved of his duties with effect from close of business hours of Friday, 10 March 2023.

Satin Creditcare Network rose 0.31% after the company said that its board will meet on 2 March 2023 to consider a fund raising proposal via issue of privately placed non-convertible debentures (NCDs).

Godrej Industries declined 0.34%. The company has announced the appointment of Vishal Sharma as the “chief executive officer- designate” (CEO-Designate) of GIL-Chemicals business with effect from 1 March 2023. Vishal Sharma will report to Nitin Nabar, executive director and president (chemicals), Godrej Industries.

Market off day's low; Sensex down 313 pts; metal shares slide

The frontline equity benchmarks came off the day's low and traded with modest losses in mid-morning trade. Negative global cues dented investor sentiments. The Nifty traded below the 17,350 mark. Metal shares declined for second straight day.

The barometer index, the S&P BSE Sensex, was down 312.98 points or 0.53% to 59,150.95. The Nifty 50 index shed 117.10 points or 0.67% to 17,348.70.

In the broader market, the S&P BSE Mid-Cap index fell 1.23% while the S&P BSE Small-Cap index slipped 1.26%.

The market breadth was weak. On the BSE, 873 shares rose and 2,448 shares fell. A total of 194 shares were unchanged.

Buzzing Index:

The Nifty Metal index declined 2.45% to 5,310.15. The index shed 5.45% in two trading sessions.

Adani Enterprises (down 5.81%), Jindal Stainless (down 4.3%), Ratnamani Metals & Tubes (down 2.64%), Tata Steel (down 2.46%), Welspun Corp (down 2.29%), Hindalco Industries (down 2.23%), Hindustan Copper (down 2.2%), Vedanta (down 2.16%), Jindal Steel & Power (down 2.01%) and JSW Steel (down 1.91%) slipped.

Stocks in Spotlight:

Dr. Reddy's Laboratories declined 2.47%. The company said that its wholly owned subsidiary Dr. Reddy's Laboratories SA has entered into a definitive agreement to acquire the U.S. generic prescription product portfolio of Australia-based Mayne Pharma Group.

Dilip Buildcon added 1.50% after the company, through its joint venture, Dilip Buildcon-Skyway Infraprojects [DBL-SIPL (JV)] has executed the EPC agreement with Madhya Pradesh Jal Nigam Maryadit for a project worth Rs 1,947.06 crore.

Lemon Tree Hotels fell 0.34%. The company has signed license agreement for a 110 room property in Kasauli, Himachal Pradesh under its brand Aurika Hotels & Resorts. The hotel is expected to be operational in November 2024. Carnation Hotels, a wholly owned subsidiary and the hotel management arm of the company, will be operating this hotel.

Global markets:

Asian shares declined across the board on Monday, after major indexes on Wall Street recorded their worst week for 2023.

The US stocks declined on Friday, following a bigger-than-expected increase in the latest reading for personal consumption expenditures, the Federal Reserve's preferred inflation gauge.

The personal-consumption-expenditures price index showed the cost of U.S. goods and services jumped 0.6% in January, according to a Bureau of Economic Analysis report Friday.

The more closely followed core index, which is the Fed's preferred inflation measure, also rose 0.6% in January, climbing 4.7% over the past 12 months.

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.