Indices extend gains; Nifty climbs above 17,500; PSU banks advance.

The domestic equity barometers extended gains in morning trade amid positive global cues. The Nifty marched above the 17,500 level. All the sectoral indices on the NSE were in the green, with banking and media shares gaining the most.

The barometer index, the S&P BSE Sensex, was up 661.95 points or 1.12% to 59,571.30. The Nifty 50 index added 194.60 points or 1.12% to 17,516.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.59% while the S&P BSE Small-Cap index advanced 0.67%.

Buyers outnumbered sellers. On the BSE, 2,192 shares rose and 917 shares fell. A total of 123 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 12,770.81 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,128.80 crore in the Indian equity market on 1 March 2023, provisional data showed.

Buzzing Index:

The Nifty PSU Bank index jumped 3.56% to 3,900.70. The index declined 0.01% in the past trading session.

Punjab & Sind Bank (up 5.67%), UCO Bank (up 5.39%), Bank of India (up 4.96%), Bank of Maharashtra (up 4.42%), Union Bank of India (up 4.41%), Indian Overseas Bank (up 3.89%), State Bank of India (up 3.79%), Bank of Baroda (up 3.74%), Central Bank of India (up 3.64%) and Indian Bank (up 2.59%) advanced.

Stocks in Spotlight:

Foseco India advanced 1.64%. The company on Thursday (2 March 2023) informed about a cyber security incident involving unauthorized access to its IT systems. The company said that based on the preliminary assessment, there was no assessed material impact on its operations.

Natco Pharma added 2.93% after the company announced that its board will meet on Wednesday, 8 March 2023, to consider a proposal for buyback of fully paid up equity shares of the company.

MOIL rose 2.82% after the company recorded manganese (Mn) ore production of 1.31 lakh tonnes in February, 2023, thereby registering a growth of 10% over the same period last year. Sales at 1.32 lakh tonnes of manganese ore during February 2023, was higher by 19% vis-à-vis February 2022.

Sensex drops 502 pts, Nifty holds 17,300; VIX slips below 13 mark.

The domestic equity barometers ended with steep losses on Thursday. The Nifty settled below the 17,350 mark. Trading was volatile due to expiry of weekly index options on the NSE. IT, auto and banks shares witnessed major selling.

The barometer index, the S&P BSE Sensex declined 501.73 points or 0.84% to 58,909.35. The Nifty 50 index lost 129 points or 0.74% to 17,321.90.

Axis Bank (down 2.29%), TCS (down 1.91%), Infosys (down 1.64%) and HDFC Bank (down 0.92%) pulled the indices lower.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 0.19% to 12.97.

In the broader market, the S&P BSE Mid-Cap index shed 0.13% while the S&P BSE Small-Cap index slipped 0.22%.

The market breadth was negative. On the BSE, 1,581 shares rose and 1,876 shares fell. A total of 143 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.

Politics:

The counting of votes for Assembly elections in Tripura, Nagaland and Meghalaya is underway.

As per the latest trends, the BJP alliance is set to retain power in Tripura and Nagaland.

In Meghalaya, no party is inching towards the majority mark. Chief Minister Conrad Sangma's National People's Party (NPP) have won 17 seats so far and is leading in eight others, emerging as the single largest party. The majority mark in Meghalaya, where the assembly has 60 seats, is 31.

Numbers to track:

The yield on India's 10-year benchmark federal paper advanced to 7.442 from 7.434 in previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.5800, compared with its close of 82.4900 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement declined 0.09% to Rs 55,782.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.28% to 104.77.

The United States 10-year bond yield jumped 0.95% to 4.034.

In the commodities market, Brent crude for May 2023 settlement added 55 cents or 0.65% to $84.86 a barrel.

Global Markets:

Shares in Europe declined while Asian stocks ended 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.

Stocks in Spotlight:

Maruti Suzuki India declined 2.42% after the car major said its total production skid 5.79% to 1,59,873 units in February 2023 compared with 1,69,692 units in February 2022.

Eicher Motors fell 0.46% after the company's total motorcycles (Royal Enfield) sales increased 21% to 71,544 units in February 2023 from 59,160 units sold in February 2022.

Hero MotoCorp advanced 1.12% after the company sold 394,460 units of motorcycles and scooters in February 2023, recording 10% growth over the corresponding month of the previous year (February 2022), when the company had sold 358,254 units.

TVS Motor Company added 0.44%. 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 de-growth of 2% on YoY basis.

Rail Vikas Nigam (RVNL) jumped 12.22% after the company along with its joint venture (JV) has been emerged as Lowest Bidder (L1) for Vande Bharat project. The total quantity is 200 Trainsets and cost per set is Rs 120 crore. Rail Vikas Nigam's share in the order is 25%.

Anant Raj surged 4.12% after the company announced that its board will meet on Saturday, 4 March 2023, to consider the fund raising proposal.

Sunteck Realty rose 0.43% after the Mumbai-based luxury real estate developer said it leased out approx. 2 lakh square feet of built-up area of its premium commercial building Sunteck BKC51 situated off Bandra Kurla Complex (BKC) to Upgrad Education for a lease term of 29 years. The total revenue generated from the project will amount close to Rs 2,000 crore over the entire lease tenure. The project is at near completion stage and the possession is to be completed by June 2023.

KNR Constructions rose 2.11% after the company received letter of acceptance (LoA) for development of greenfield highway project in Andhra Pradesh. The bid cost of project is Rs 665 crore. The completion period of project is 24 months and operation period is 15 years from commercial operation date (COD).

IPO Update:

The initial public offer (IPO) of Divgi TorqTransfer Systems received bids for 14.48 lakh shares as against 38.41 lakh shares on offer, according to stock exchange data 17:00 IST on, Thursday (2 March 2023). The issue was subscribed 38%.

The issue opened for bidding on Wednesday (1 March 2023) and it will close on Friday (3 March 2023). The price band of the IPO is fixed at Rs 560-590 per share. An investor can bid for a minimum of 25 equity shares and in multiples thereof.

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.