Stock Market Today: Sensex, Nifty Rise For Second Day Led By I.T., Energy Stocks
The S&P BSE Sensex closed up 416 points or 0.69% at 60,224.46 while the NSE Nifty 50 was 117 points or 0.67% higher at 17,711.45.
KEY HIGHLIGHTS
FPIs Remain Net Buyers For The Third Straight Day
Overseas investors in Indian equities remained net buyers for the third day in a row on Monday.
Foreign portfolio investors bought equities worth Rs 721.37 crore, according to data from the National Stock Exchange.
Domestic institutional investors were also net buyers for the ninth straight day and mopped up stocks worth Rs 757.23 crore.
Foreign institutions have remained net sellers and offloaded Rs 39,241.79 crore worth of Indian stocks so far in 2023.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond closed flat at 7.40% on Monday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened by 5 paise to 81.92 against the greenback on Monday.
It strengthened the most in over a month since Feb. 3, 2023, on Monday. It closed at 81.97 on Friday.
Source: Bloomberg
Sensex, Nifty Rise For Second Consecutive Day
Indian equity benchmarks extended gains for the second day on Monday as the stocks rebounded sharply in trade on Friday, the most in last four weeks. S&P BSE Sensex ended the day above 60,000 points after nine trading sessions.
Global stock markets were steady on Monday as investors waited to see if Treasury yields would extend last week’s declines and assessed the impact of China’s decision to set a lower economic growth target.
U.S. equity futures were little changed, after a Friday rally driven by conviction the Federal Reserve won’t raise interest rates beyond the peak levels already priced in around 5.4%.
The S&P BSE Sensex closed up 416 points or 0.69% at 60,224.46 while the NSE Nifty 50 was 117 points or 0.67% higher at 17,711.45.
Adani Enterprises Ltd., Tata Motors Ltd., Oil and Natural Gas Corporation Ltd., NTPC Ltd., Power Grid Corp of India Ltd., Infosys Ltd., Bajaj Finserv Ltd., Asian Paints Ltd., Eicher Motors Ltd., and HDFC Ltd. were the top gainers in the gauge.
Whereas, Britannia Industries Ltd., Tata Steel Ltd., JSW Steel Ltd., Hindalco Industries Ltd., and Larsen and Toubro Ltd. were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices were traded higher; S&P BSE MidCap was up 0.72% whereas S&P BSE SmallCap was higher by 0.90%.
Seventeen out of 19 sectors compiled by BSE advanced while S&P BSE Realty, S&P BSE Metal and S&P BSE Capital Goods.
The market breadth was tilted in the favour of buyers. About 2,108 stocks rose, 1,469 declined, and 195 remained unchanged on the BSE.
Adani group company stocks breached their three-day run as ACC Ltd., and Ambuja Cement Ltd. declined in trade.
Alembic Pharma Gets U.S. FDA Nod For Generic Cancer Drug
Shares of Alembic Pharmaceuticals Ltd. rose 4.03% to Rs 523 apiece in trade on Monday after it received approval from the U.S. health regulator to market a generic drug to treat cancer.
The drug maker has received approval from the U.S. Food & Drug Administration for Fluorouracil Injection, it said in an exchange filing.
The approved product is therapeutically equivalent to Spectrum Pharmaceuticals Inc.'s product.
Fluorouracil injection is indicated for the treatment of patients with adenocarcinoma of colon and rectum, adenocarcinoma of the breast, gastric adenocarcinoma and pancreatic adenocarcinoma.
The stock gained as much as 4.61% intraday, rising the most in over 10 weeks since Dec. 21, 2022. Total traded volume stood at 1.8 times its 30-day average. The relative strength index was at 50.
Out of the 19 analysts tracking the company, seven maintain a 'buy' rating, eight recommend a 'hold' and four suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 17.3% over the next 12 months.
Source: Bloomberg
European Markets Open Higher
Stocks Moving The Sensex
IDFC First Bank Rises As 12.50 Lakh Shares Change Hands In A Bunch
Shares of IDFC First Bank Ltd. rose 2.13% to Rs 57.6 apiece in trade on Friday after 12.50 lakh shares changed hands in a bunched trade.
The stock gained as much as 2.57% intraday, rising the most since March 3, 2023. Total traded volume stood at 1.4 times its 30-day average. The relative strength index was at 55.
Out of the 13 analysts tracking the company, seven maintain a 'buy' rating, three recommend a 'hold' and three suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 14.1% over the next 12 months.
Source: Bloomberg
Tata Steel Shares Decline As 69.20 Lakh Shares Change Hands In Two Bunches
Shares of Tata Steel Ltd. rose 0.09% to Rs 106.9 apiece in trade on Friday after 69.20 lakh shares changed hands in two trades.
About 49.40 lakh shares changed hands at 12:11 p.m., whereas, 19.80 lakh shares changed hands in another bunched trade at 12:54 p.m.
The stock declined as much as 1.03% intraday, falling the most since March 2, 2023.
Out of the 32 analysts tracking the company, 23 maintain a 'buy' rating, five recommend a 'hold' and four suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 15.8% over the next 12 months.
Source: Bloomberg
Stocks In Focus: MGL, GAIL, Britannia And More
Ayaz Motiwala On Markets, Rates, FMCG & More: Talking Point
Sensex, Nifty Extend Gains As Metal, I.T,. Energy Stocks Advance
Indian equity benchmarks extended gains through midday on Monday after opening higher for the second day as the stocks rebounded sharply in trade on Friday, posting a biggest single-day jump in the last four weeks.
S&P BSE Sensex rose above 60,000 points after about eight trading sessions.
European and U.S. equity futures advanced with Asian shares in a rally that was tempered by China’s modest economic growth target.
U.S. stocks ended the week on a high note, driven by speculation that the Federal Reserve won’t raise interest rates beyond peak levels, which are already priced in.
As of 12:03 p.m., the S&P BSE Sensex was 614 points or 1.03% at 60,422.82 while the NSE Nifty 50 was 180 points or 1,02% higher at 17,774.30.
Adani Enterprises Ltd., Adani Ports and SEZ Ltd., Power Grid Corp of India Ltd., NTPC Ltd., Oil and Natural Gas Corporation Ltd., Infosys Ltd., Tata Motors Ltd., Bajaj Finserv Ltd., Asian Paints Ltd., and Wipro Ltd. were the top gainers in the gauge.
Whereas, IndusInd Bank Ltd., Kotak Mahindra Bank Ltd., JSW Steel Ltd., UltraTech Cement Ltd., and Britannia Industries Ltd. were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices were traded higher; S&P BSE MidCap was up 0.99% whereas S&P BSE SmallCap was higher by 1.19%.
All the 20 sectors compiled by BSE advanced with in trade with S&P BSE Utilities, S&P BSE Power, and S&P BSE Oil & Gas gaining the most.
The market breadth was tilted in the favour of buyers. About 2,291 stocks rose, 1,126 declined, and 180 remained unchanged on the BSE.
Adani Stocks Rally
All Adani Group company stocks advanced in trade on Monday, leading the gains on the equity benchmarks.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond trade flat at 7.39% on Monday. It closed at 7.4% on Friday.
Source: Bloomberg
Zee Entertainment Enterprises Declines After Large Trade
Shares of Zee Entertainment Enterprises Ltd. rose 0.65% to Rs 198.7 apiece in trade on Friday after 10 lakh shares changed hands ina bunched trade.
The stock declined as much as 1.18% intraday, falling the most in two weeks since March 2, 2023. Total traded volume stood at 0.5 times its 30-day average. The relative strength index was at 55.24.
Out of the 24 analysts tracking the company, 21 maintain a 'buy' rating, two recommend a 'hold' and one suggests to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 41.3% over the next 12 months.
Source: Bloomberg
Oil And Gas Company Stocks Gain
Shares of energy companies advanced in trade on Monday and the headline index NSE Nifty 50 was higher by 1.09% in trade.
The NSE Oil & Gas Bank Index was up 1.56% in trade. All the 15 constituents compiled by the gauge advanced.
Mahanagar Gas Ltd., Adani Total Gas Ltd., GAIL Ltd., Indraprastha Gas Ltd., Oil India Ltd., GSPL Ltd., ONGC Ltd., Aegis Logistics Ltd., Gujarat Gas Ltd., Reliance Industries Ltd., Indian Oil Corporation Ltd., Hindustan Petroleum Corporation Ltd. declined in trade.
Source: NSE
I.T. Stocks Advance
Shares of information technology companies advanced in trade on Monday and the headline index NSE Nifty 50 was higher by 1.04% in trade.
The NSE IT Bank Index was up 1.53% in trade. All the 10 constituents compiled by the gauge advanced.
Mphasis Ltd., LTIMindtree Ltd., Coforge Ltd., Infosys Ltd., HCL Technologies Ltd., TCS Ltd., Larsen and Toubro Technology Services Ltd., Wipro Ltd., Persistent Systems Ltd., and Tech Mahindra Ltd. advanced in trade.
Source: NSE
PSU Banking Stocks Rise
Shares of PSU banking companies advanced in trade on Monday and the headline index NSE Nifty 50 was higher by 1.08% in trade.
The NSE PSU Bank Index was up 1.31% in trade. Nine out of the 12 constituents compiled by the gauge advanced, while two stocks namely, Indian Overseas Bank and UCO Bank declined.
Bank of India, Union Bank of India, Punjab and Sind Bank, Bank of Baroda, State Bank of India, Bank of Maharashtra, Canara Bank, Punjab National Bank, Central Bank of India advanced in trade.
Source: NSE
TVS HLX Series Clocks 3 Million Global Sales Milestone
TVS HLX series that launched in 2013 has achieved a record 3 million sales across 54 countries.
This is the fastest million milestone that the brand has achieved in 17 months.
TVS HLX has been enabling the last-mile connectivity in Africa where it is widely used as a taxi.
Shares of TVS Motor Ltd. rose 2.02% to Rs 1,092 apiece in trade on Friday.
The stock rose as much as 2.25% intraday, rising the most in two weeks since Feb. 20, 2023. Total traded volume stood at 0.5 times its 30-day average. The relative strength index was at 55.24.
Out of the 45 analysts tracking the company, 32 maintain a 'buy' rating, eight recommend a 'hold' and five suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 7.7% over the next 12 months.
Source: Bloomberg, Exchange filing
Source: Exchange Filing
Olectra Greentech Up After Winning Rs 1,000-Crore Contract For 550 Busses
Shares of Olectra Greentech Ltd. rose 3.97% to Rs 541.45 apiece in trade on Friday.
Evey Trans, a unit of Olectra. won two Letter of Awards from Telangana State Road Transport, consisting of 500 Buses for Intra-city and 50 Buses for Inter-city operations, respectively.
The total cost for supplying these 550 buses would be approximately Rs.1,000 crore for Olectra. Maintenance of these buses shall also be undertaken by the Olectra during the Contract Period
The stock rose as much as 5.79% intraday, rising the most since March 2. Total traded volume stood at 1.4 times its 30-day average. The relative strength index was at 64.5.
Source: Bloomberg, Exchange filing
Titagarh Wagons Advances Over 5%
Shares of Titagarh Wagons Ltd. rose 2.31% to Rs 223.75 apiece in trade on Friday.
The stock rose as much as 5.44% intraday, rising the most in nearly a year since March 1. Total traded volume stood at 6.7 times its 30-day average. The relative strength index was at 58.4,
One analyst tracking the company, maintains a 'buy' rating The return potential as calculated by the consensus of analyst estimates, stand at an upside of 21.8% over the next 12 months.
Source: Bloomberg
Mahanagar Gas Rises Most In A Year
Shares of Mahanagar Gas Ltd. rose 6.43% to Rs 965.25 apiece in trade on Friday after Ashoka Buildcon with Morgan Stanley-managed North Haven India Infrastructure Fund, decided to sell 100% stake in subsidiary Unison Enviro Pvt., comprising 13.54 shares, to Mahanagar Gas for Rs 531 crore.
The stock rose as much as 7.18% intraday, rising the most in nearly a year since March 8. Total traded volume stood at 14.4 times its 30-day average. The relative strength index was at 69.5.
Out of the 36 analysts tracking the company, 28 maintain a 'buy' rating, five recommend a 'hold' and three suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 5.2% over the next 12 months.
Source: Bloomberg, Exchange filing
Reliance Industries Rises As Govt Hikes Windfall On Crude
Shares of Reliance Industries Ltd. rose 0.76% to Rs 2,403.6 apiece in trade on Friday after the government hiked the windfall profit tax on export of crude oil to Rs 4,400 per tonne from Rs 4,350 per tonne, the order dated Mar. 3 said.
The stock rose as much as 1.37% intraday.
Out of the 37 analysts tracking the company, 32 maintain a 'buy' rating, two recommend a 'hold' and three suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 18.6% over the next 12 months.
Source: Bloomberg
Broader Markets Indices Trade Higher
The broader market indices were traded higher; S&P BSE MidCap was up 0.81% whereas S&P BSE SmallCap was higher by 0.91%.
All the 20 sectors compiled by BSE advanced with in trade with S&P BSE Utilities, S&P BSE Power, and S&P BSE Information Technology gaining the most.
The market breadth was tilted in the favour of buyers. About 2,105 stocks rose, 713 declined, and 145 remained unchanged on the BSE.
Source: BSE
All Adani Group Company Stocks Rally In Trade
All Adani Group company stocks advanced in trade on Monday.
Over the weekend Australian Prime Minister Tony Abbott said that Australian coal from Adani mining is going to help in the electrification of India.
In a recent interview with NDTV, Abbott said "Adani coal is coming to India with zero tariffs. Thanks to that deal that removed tariffs on Australian coal". The deal was finalised between the two governments late last year.
The markets regulator, SEBI has been directed by the apex court of India to expeditiously conclude the investigation pertaining to Adani-Hindenburg matter within two months and file a status report.
Shares of Adani Enterprises rose 8% in trade, while all the stocks ended higher in trade for the third time since Jan. 24, 2023 on Friday.
Top Movers On The Nifty 50 Index
Adani Enterprises Ltd., HCL Technologies Ltd., Infosys Ltd., Adani Ports and SEZ Ltd., Titan Co., Asian Paints Ltd., Sun Pharmaceutical Industries Ltd., Reliance Industries Ltd., Axis Bank Ltd., and TCS Ltd. were the top gainers in the gauge.
Whereas, Britannia Industries Ltd., JSW Steel Ltd., Tata Steel Ltd., and Cipla Ltd. were the top losers amongst the NSE Nifty 50 constituents.
Sensex, Nifty Log Gains At Opening Bell
Indian equity benchmarks opened higher for the second day on Monday after the stocks rebounded sharply in trade on Friday, posting a biggest single-day jump in the last four weeks.
S&P BSE Sensex opened above 60,000 points for the first time in about eight trading sessions.
Asian markets opened higher on Monday after the U.S. stocks ended last week on a positive note, driven by speculation that the Federal Reserve won’t raise interest rates beyond peak levels, as it is already priced in.
Australian shares rose at the open while the U.S. futures declined. A rally in the S&P 500 on Friday helped snap a three-week losing streak while the Nasdaq 100 scored its best day since early February.
At pre-open, the S&P BSE Sensex opened up 168 points or 0.28% at 59,977.04 while the NSE Nifty 50 was 86 points or 0.49% higher at 17,680.35.
Sensex, Nifty Rise At Pre-Open
The S&P BSE Sensex opened up 168 points or 0.28% at 59,977.04 while the NSE Nifty 50 was 86 points or 0.49% higher at 17,680.35.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened by 17 paise to 81.80 against the greenback on Monday. It closed at 81.97 on Friday, the strongest in a month since Feb. 3, 2023.
Source: Bloomberg
Auto Retail Sales In February (YoY):
Passenger vehicle sales rose 11% to 2,87,182 units
Two-wheeler sales rose 14.8% to 12.67 lakh units
Sales of commercial vehicles grew 17.2% to 79,027 units
Tractor sales rose 14% to 68,988 units
Three-wheeler sales jumped 81.5% to 72,994 units
Source: FADA
Mastek Reconstitutes Leadership As Non–Executive Chairman, S. Sandilya Resigns
S. Sandilya resigns as the non-executive chairman and independent director of Mastek.
As a consequence, Sandilya has also resigned from the membership on the boards of subsidiary companies.
Rajeev Grover has been appointed as the Independent Director Chairperson and Ashank Desai is named the Vice Chairman and Managing Director of the company.
Source: Exchange filing
Longer-Term Players Are Adding FMCG Stocks In Portfolio: Trade Setup
Global Cues
U.S. Dollar Index at 104.6
U.S. 10-year bond yield at 3.95%
Brent crude down 0.57% to $85.34 per barrel
Nymex crude at $79.22 per barrel
SGX Nifty up 0.48% at 17,717.5 as of 8:13 a.m.
Bitcoin down 0.45% to $22,384.65
Pledged Share Details
Emami Ltd.: Promoter group Diwakar Finvest revoked a pledge of 3.14 lakh shares on March 2.
Insider Trades
LG Balakrishnan & Bros Ltd.: Promoter group LG Sports bought 12,000 shares between March 1–2.
HCL Technologies Ltd.: Promoter Vama Sundari Investments (Delhi) bought 6.29 lakh shares between Feb. 27-28.
Kewal Kiran Clothing Ltd.: Promoter Kewal Kiran Finance bought 2,948 shares on Feb. 24.
Gateway Distriparks Ltd.: Promoter Perfect Communications bought 3.25 shares between March 1–2.
Bulk Deals
Manappuram Finance Ltd.: SBI Mutual Fund bought 48 lakh shares (0.57%) at Rs 106.59 apiece.
Reliance Power Ltd.: EARC Trust SC 384 sold 2.5 crore shares (0.67%) at Rs 10.44 apiece.
Block Deals
Embassy Office Parks REIT: APAC Company XXIII bought 3.71 crore shares (3.9%), The Regents of The University of California bought 55.7 lakh shares (0.59%), Embassy Property Developments sold 4.26 crore shares (4.5%) at Rs 299.34 apiece.
Offerings: Divgi TorqTransfer Systems IPO Fully Subscribed
Divgi TorqTransfer Systems: The IPO was subscribed 5.44 times on the final day with institutional buyers leading demand. The QIB portion was subscribed 7.83 times, whereas HNIs placed bids for 1.4 times of their respective portion. The retail portion received bids 4.31 times its size on the closing day.
Stocks To Watch: HDFC, Ashoka Buildcon, Exide, Info Edge In Focus
HDFC Ltd.: The NCLT approved merger of wholly owned subsidiaries HDFC Property Ventures and HDFC Venture Capital with subsidiary HDFC Capital Advisors.
Ashoka Buildcon Ltd./Mahanagar Gas Ltd.: The company, with Morgan Stanley-managed North Haven India Infrastructure Fund, will sell 100% stake in subsidiary Unison Enviro Pvt., comprising 13.54 shares, to Mahanagar Gas for Rs 531 crore.
Bajaj Electricals Ltd. Wins Rs 564.87-crore order from South Bihar Power Distribution Company through national competitive bidding. Contract entails supply of plant and installation services for the development of distribution infrastructure of Electric Supply Circle Sasaram and Circle Munger.
Exide Industries Ltd.: The NCLT approved merger of Chloride Power Systems and Solutions Ltd. with parent entity Exide Industries.
Info Edge (India) Ltd.: The company’s wholly owned subsidiary Redstart Labs (India) will invest Rs 5.2 crore in pet care company Sploot, making it an associate entity.
Vakrangee Ltd.: Equity shareholders and unsecured creditors, in separate meetings, have approved the demerger of e-governance and IT/ITeS business of the company into VL E-Governance & IT Solutions.
Power Grid Corp.: The company has been declared as the successful bidder for two expansion projects in Chhattisgarh.
Easy Trip Planners Ltd.: The company signed an MoU with Andhra Pradesh government for promotion of tourism in the state.
Kansai Nerolac Paints Ltd.: The joint venture between Kansai Nerolac Paints and Polygel Industries will acquire 40% in Nerofix for a cash consideration of Rs 37 crore.
Zydus Lifesciences Ltd.: The company received final approval from the U.S. FDA for Vigabatrin for Oral Solution USP, 500 mg. The formulation had annual sales of $233.7 million in the U.S.
Indian Energy Exchange Ltd.: February 2023 Business Update
-The company achieved a total volume of 8,200 million units in February.
-The total volume includes green power trade of 341 million units.
-Real-time market volumes increased 10% on-year at 1,714 million units.
SGX Nifty Hints Of Higher Open For Benchmark Indices
Asian markets opened higher on Monday after the U.S. stocks ended last week on a positive note, driven by speculation that the Federal Reserve won’t raise interest rates beyond peak levels, as it is already priced in.
Australian shares rose at the open while the U.S. futures declined. A rally in the S&P 500 on Friday helped snap a three-week losing streak while the Nasdaq 100 scored its best day since early February.
Meanwhile, the yield on 10-year Treasuries advanced to 3.95%. Crude prices were trading around $85-mark, while Bitcoin was trading below 23,000-level.
At 8:13 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was up 0.48% at 17,717.5.
Indian benchmark indices—Sensex and Nifty—closed with 1.5% gains, which was the biggest single-day advance in four weeks.
Rupee strengthened against the U.S. dollar amid high foreign fund inflow and rise in domestic equities.
Overseas investors in Indian equities remained net buyers for second straight day on Friday. FPIs bought equities worth Rs 246.24 crore, while DIIs were also net buyers for the eighth straight day and mopped up stocks worth Rs 2,089.92 crore. Foreign institutions have remained net sellers of Rs 39,963.16 crore worth of Indian stocks so far in 2023.
