Shares trade with strong gains; IT stocks in demand.

The key equity barometers continued to trade with strong gains in mid-afternoon trade. The Nifty traded tad below 17,750 mark. IT shares advanced for second day in a row.

The barometer index, the S&P BSE Sensex, was up 497.36 points or 0.83% to 60,306.33. The Nifty 50 index added 146.30 points or 0.83% to 17,740.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.93% while the S&P BSE Small-Cap index advanced 0.88%.

The market breadth was strong. On the BSE, 2,136 shares rose and 1,392 shares fell. A total of 189 shares were unchanged.

Meanwhile, oil prices retreated on Monday as a weaker-than-expected GDP forecast from China dented some optimism over a recovery in crude demand this year.

Focus this week is also squarely on a testimony by Federal Reserve Chair Jerome Powell on Tuesday, which is expected to shed more light on where U.S. interest rates could go this year.

Economy:

The government, in the latest review, has hiked the windfall profit tax levied on crude petroleum to Rs 4,400 per tonne from Rs 4,350. The special additional excise duty on diesel has been reduced to Rs 0.5 a litre from Rs 2.5, while it has been slashed to 'nil' on Aviation Turbine Fuel. The new tax rates come into effect from 4 March 2023.

Numbers to track:

The yield on India's 10-year benchmark federal paper declined to 7.411 from 7.430 in previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.7000, compared with its close of 81.9750 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement gained 0.07% to Rs 55,830.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.07% to 104.45.

The United States 10-year bond yield fell 0.87% to 3.928.

In the commodities market, Brent crude for May 2023 settlement lost 60 cents or 0.70% to $85.23 a barrel.

Buzzing Index:

The Nifty IT index rose 1.35% to 30,218.15. The index has gained 1.68% in two sessions.

Mphasis (up 2.8%), Infosys (up 2.08%), LTI Mindtree (up 1.69%), Coforge (up 1.5%) and Wipro (up 1.08%) were the top gainers.

Among the other gainers were Tata Consultancy Services (up 1.01%), HCL Technologies (up 0.53%), Persistent Systems (up 0.24%) and Tech Mahindra (up 0.13%).

Stocks in Spotlight:

PNC Infratech rose 2.25%. The company said that it has received provisional completion certificate for an Uttar Pradesh-based national highway project awarded by NHAI on hybrid annuity mode effective from 1 March 2023.

Vardhman Textiles added 0.33%. The company said that its board will meet on Thursday, 9 March 2023, to consider and approve Issue of non-convertible debentures upto an amount of Rs 150 crore on private placement basis.

Neogen Chemicals jumped 5.74%. The company entered into a definitive agreement to acquire 100% stake in BuLi Chemicals India from Livent for Rs 25 crore. BuLi Chem is engaged in carrying out Manufacture and sale of N Butyl Lithium and other organolithium products. It has presence in India.

Sensex gains 648 pts; oil & gas shares rises over 4% in four days.

The key equity indices continued to trade with strong gains in early afternoon trade. The Nifty traded above 17,750 level. Oil & gas shares advanced for fourth consecutive session.

The barometer index, the S&P BSE Sensex, was up 648.25 points or 1.08% to 60,457.22 The Nifty 50 index added 179.20 points or 1.02% to 17,773.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.92% while the S&P BSE Small-Cap index advanced 1.09%.

The market breadth was strong. On the BSE, 2249 shares rose and 1196 shares fell. A total of 184 shares were unchanged.

Meanwhile, oil prices retreated on Monday as a weaker-than-expected GDP forecast from China dented some optimism over a recovery in crude demand this year.

Focus this week is also squarely on a testimony by Federal Reserve Chair Jerome Powell on Tuesday, which is expected to shed more light on where U.S. interest rates could go this year.

Economy:

The government, in the latest review, has hiked the windfall profit tax levied on crude petroleum to Rs 4,400 per tonne from Rs 4,350. The special additional excise duty on diesel has been reduced to Rs 0.5 a litre from Rs 2.5, while it has been slashed to 'nil' on Aviation Turbine Fuel. The new tax rates come into effect from 4 March 2023.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 1.49% to 12.3625. The Nifty 29 March 2023 futures were trading at 17,831.25, at a premium of 57.7 points as compared with the spot at 17,773.55.

The Nifty option chain for the 9 March 2023 expiry showed maximum Call OI of 30.7 lakh contracts at the 18,000 strike price. Maximum Put OI of 47 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty Oil and Gas index advanced 1.93% to 7,248.85. The index jumped 4.43% in four trading sessions.

Mahanagar Gas (up 5.61%), Adani Total Gas (up 5%), Indraprastha Gas (up 2.73%), Oil India (up 2.71%), GAIL (India) (up 2.71%), Oil & Natural Gas Corporation (up 2.37%), Gujarat State Petronet (up 2.29%), Indian Oil Corporation (up 1.73%), Hindustan Petroleum Corporation (up 1.42%) and Aegis Logistics (up 1.22%) edged higher.

Stocks in Spotlight:

Olectra Greentech jumped 3.24% after the company said that Evey Trans (EVEY) has received two letter of awards (LoAs) from Telangana State Road Transport Corporation (TSRTC) for 550 electric buses. The value of these 550 bus supply would be approximately Rs 1,000 crore for Olectra.

Mahanagar Gas (MGL) surged 5.78%. The company signed share purchase agreement (SPA) to acquire 100% stake in Unison Enviro (UEPL), a subsidiary of Ashoka Buildcon. The company will acquire 100% shareholding for a cash consideration of Rs 531 crore.

Force Motors advanced 3.17% after the company registered 105.9% jump in domestic sales to 2,236 units in February 2023 from 1,086 units sold in February 2022.

Key indices extend gains; Sensex jumps 673 pts, Nifty nears 17,800 level.

The key equity indices extended gains and hit fresh intraday highs in morning trade. The Nifty marched towards the 17,800 level. Metal shares rose for second consecutive session.

The barometer index, the S&P BSE Sensex, was up 673.36 points or 1.13% to 60,482.33. The Nifty 50 index added 197.15 points or 1.12% to 17,791.50.

In the broader market, the S&P BSE Mid-Cap index rose 1.07% while the S&P BSE Small-Cap index advanced 1.21%.

The market breadth was strong. On the BSE, 2352 shares rose and 891 shares fell. A total of 185 shares were unchanged.

Meanwhile, oil prices retreated on Monday as a weaker-than-expected GDP forecast from China dented some optimism over a recovery in crude demand this year.

Focus this week is also squarely on a testimony by Federal Reserve Chair Jerome Powell on Tuesday, which is expected to shed more light on where U.S. interest rates could go this year.

Economy:

The government, in the latest review, has hiked the windfall profit tax levied on crude petroleum to Rs 4,400 per tonne from Rs 4,350. The special additional excise duty on diesel has been reduced to Rs 0.5 a litre from Rs 2.5, while it has been slashed to 'nil' on Aviation Turbine Fuel. The new tax rates come into effect from 4 March 2023.

Buzzing Index:

The Nifty Metal index rose 1.98% to 5,779.90. The index has added 5.60% in two sessions.

Adani Enterprises (up 12.84%), Jindal Stainless (up 5.78%), National Aluminium Company (up 2.24%), APL Apollo Tubes (up 1.91%) and Vedanta (up 1.4%) were the top gainers.

Among the other gainers were Welspun Corp (up 1.13%), Hindalco Industries (up 0.8%), Hindustan Copper (up 0.58%), Hindustan Zinc (up 0.58%) and MOIL (up 0.29%).

On the other hand, Jindal Steel & Power (down 0.64%), Ratnamani Metals & Tubes (down 0.3%) and JSW Steel (down 0.13%) moved lower.

Stocks in Spotlight:

Housing Development Finance Corporation (HDFC) rose 1.48%. The National Company Law Tribunal (NCLT) has given approval for the amalgamation of HDFC Property Ventures and HDFC Venture Capital with HDFC Capital Advisors, a subsidiary of HDFC.

Hindustan Aeronautics added 1%. The company has received Income Tax Refund Order from the Office of Joint Commissioner of Income Tax (OSD) for the Assessment Yeas 2012-13. The order has allowed R&D expenditure of Rs 725.98 crore as capital expenditure, resulting in refund of Rs 570.05 crore. The above refund of Rs 570.05 crore includes of interest Rs 163.68 crore.

Krsnaa Diagnostics gained 0.85%. The company announced that it has operationalized diagnostics center at Fazilka, Punjab. This is part of the agreement with the Government of Punjab for procurement, operation and maintenance of 25 CT scanners, 6 new MRI machines, 30 pathological laboratories, 1 referral laboratory and 95 collection centers across the State of Punjab.

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.