Financials lead in Sensex's 584 pts rally, tops 51K; BPCL dips 4.5%

Topics MARKET WRAP | Markets | BSE Sensex

Stock market updates: Financial and IT counters did the heavylifting today, and managed to keep the equity markets in the green on Tuesday. Most of the key sectoral indices on National Stock Exchange (NSE) ended the day in the red with the Nifty Metal index down 2.5 per cent at close, followed by the Nifty PSU Bank, Pharma, Realty, Media, and Auto indices, down between 0.5 per cent and 1.5 per cent. The Nifty Financial Services, Bank, and IT indices were the only gainers, up 2 per cent, 1.8 per cent, and 1 per cent, respectively.

Supported by gains in HDFC Bank, Kotak Mahindra Bank, HDFC, ICICI Bank, Asian Paints, HUL, and Bajaj Finance, the headline S&P BSE Sensex ended 584.4 points, or 1.16 per cent, higher at 51,025 levels. The index topped the 51,000-mark in the intra-day deals and hit a high of 51,112. 

On the NSE, the Nifty50 closed near the 15,100-mark at 15,098 levels, up 142 points or 0.95 per cent. Around 23 stocks declined on the Nifty index, as against 27 stocks that advanced. Of these, BPCL, Tata Steel, GAIL, Indian Oil, Tata Motors, Power Grid, and Cipla were the top drags.

The broader markets were under pressure today with the S&P BSE MidCap and SmallCap indices closing 0.6 per cent and 0.4 per cent down, respectively.

Global markets
Asian stocks recovered from earlier losses on Tuesday, lifted by firmer US equity futures and central bank comments aimed at soothing fears about rising by inflation. A pullback in US bond yields also buoyed equity markets.

Japan's Nikkei rallied 1.02 per cent on Tuesday afternoon, while MSCI's broadest index of Asia-Pacific shares outside Japan was 0.10 per cent higher. Chinese blue chips added 0.03 per cent.

In Europe, however, the pan-European STOXX 600 was down 0.1 per cent in early deals, with miners falling 1.9 per cent and automakers dropping 1 per cent. The German DAX also eased 0.3 per cent.


LIVE UPDATES

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

Markets traded volatile and managed to settle with decent gains, in continuation to the prevailing consolidation phase. The benchmark opened higher amid mixed global cues but profit-taking pared all the gains and pushed the index in the red. However, a steady rebound in the latter half helped Nifty to settle around the day’s high at 15,098 levels. On the sector front, a mixed trend was witnessed wherein banks, IT and consumer durables were the top gainers while metals, oil & gas and power were the top losers. The broader indices underperformed and ended with losses in the range of 0.5-0.8%.
 
We expect the prevailing consolidation phase to end soon however a lot depends on the performance of the global markets. Meanwhile, participants should limit leveraged trades and prefer a hedged approach. Among the sectors, IT and select banking counters look promising while others may continue to trade lackluster. Participants should align their positions accordingly.

TECH VIEW :: Ashis Biswas, Head of Technical Research, CapitalVia Global Research

The market witnessed an attempt to break above the resistance level around the Nifty 50 Index level of 15100. The expected levels of the market are likely to be in the range of 14900 and 15100, and it’s going to crucial for the short-term market scenario to sustain above the 14900 Nifty50 index level. While it is subject to further price action evolution, It is prudent to wait for a decisive breakout above 15100 and technical factors to improve before going long in the market. the traders are advised to refrain from building a new buying position until further improvement (A breakout above 15100)

TECH VIEW :: Rohit Singre, senior technical analyst at LKP Securities

Index managed to close a day on a positive note after a strong volatile session at 15100 with gains of nearly one percent. Nifty managed to crossed the 15100 zone decisively which was acted as a strong hurdle previously which hints we may see some more positive move going forwards if managed to sustain above the 15100 zone on an immediate basis, strong support is still formed at the 15k mark and hurdle zone for nifty is coming near 15170-15250 zone

MARKET CLOSING COMMENT :: S Ranganathan, Head of Research at LKP Securities

Markets slipped into the red on sustained selling in Metal stocks and profit booking in Oil & Gas stocks but bounced back sharply in late afternoon trade as Crisil sounded out an optimistic GDP forecast for the coming fiscal. The broader markets witnessed sustained buying interest in leading private sector banks and private life insurers

Market Recap :: Vinod Nair, Head of Research at Geojit Financial Services

In a volatile day, the Indian market ended with minor positivity amid mixed global cues. Barring private banks, IT and consumer stocks, all other sectors were most impacted. Fall in US bond yields and stronger US equity futures aided Asian markets to recover from earlier losses

Market stats


Volatility check

>> India VIX, the volatility index, eased 9% to end at 22.5 levels.

SECOR WATCH :: Metal stocks decline on correction in base metal prices


SECTOR OF THE DAY :: Financial lift markets, ends as top performing index


STOCK OF THE DAY :: SBI Life hits fresh 52-week high

>> Shares of SBI Life Insurance gained 6.4 per cent to hit a 52-week high of Rs 984 on the BSE in intra-day trade on Tuesday after reporting impressive growth (more than 60 per cent) in new business premiums (NBP) in the month of February. NBP is the premium acquired from new policies for a particular year. The stock surpassed its previous high of Rs 954.65, touched on January 8, 2021. It hit a record high of Rs 1,030 on October 30, 2019.


STOCK OF THE DAY :: Poly Medicure erases gains partially

>> Shares of Poly Medicure hit a new high of Rs 804 after rallying 11 per cent on the BSE in intra-day trade on Tuesday. With today’s gain, the stock of the medical equipment company has surged 53 per cent over its qualified institutional placement (QIP) price of Rs 524 per share.


STOCK OF THE DAY :: BPCL ends 4.5% down as BPCL Trust offloads stake

>> Shares of Bharat Petroleum Corporation (BPCL) dipped 6 per cent to Rs 438 on the National Stock Exchange (NSE) in intra-day trade on Tuesday after BPCL Trust for Investment in Shares (BPCL Trust) sold up to 7 per cent of its stake in state-owned energy company through a block deal.


Stocks that lifted Sensex today


Sectoral trends on NSE at Close


Sensex Heatmap at Close


CLOSING BELL

Supported by gains in HDFC Bank, Kotak Mahindra Bank, HDFC, ICICI Bank, Asian Paints, HUL, and Bajaj Finance, the headline S&P BSE Sensex ended 584.4 points, or 1.16 per cent, higher at 51,025 levels. The index topped the 51,000-mark in the intra-day deals and hit a high of 51,112. 
 
On the NSE, the Nifty50 closed near the 15,100-mark at 15,098 levels, up 142 points or 0.95 per cent.

5 opt out of race for RBI deputy governor's post

The government is holding the interviews as the term of B P Kanungo—one of the four deputy governors of the central bank—ends on April 2, 2021. Kanungo looks after the department of currency management, payment and settlement, foreign exchange, among others. He was appointed as deputy governor in 2017 for three years. His term was extended by one more year in 2020. READ MORE

Steel Strips Wheels extends gain after highest-ever monthly sales in Feb

SSWL had achieved a net turnover of Rs 214.45 crore in February 2021, up 55.65 per cent y-o-y. The company has achieved 17 per cent year on year (YoY) growth in wheel rim sales of 1.52 million against 1.30 million in the corresponding month of previous year. READ MORE

MARKET CHECK :: Indices stage smart recovery


Edelweiss launches Rs 5000 crore fund to tap pre-IPO, late-stage deals

The fund opens up access to private investments which usually are unavailable to most investors and enables them to capitalize on structural growth trends early on with reasonable exit time-horizons, it said. Apart from this, the fund, via its investment in IPOs of high-quality enterprises, will also facilitate meaningful allocation to investors who are keen to participate in new and emerging leaders of India’s future. This strategy has stood the test of time through recent market crises and has done quite well in delivering consistent returns and lower than market drawdowns throughout this period of extreme volatility, it added. READ MORE

Analysts bullish on cement stocks on sustained demand, price hikes

The government’s push on infrastructure along with sustained demand courtesy affordable housing has turned analysts bullish on the cement sector. Besides, expectations of further price hikes, to ensure sustainability of the current hikes, further alleviate their concerns on sustenance of margins amid rising cost pressures. READ MORE


SECTOR WATCH:: Nifty Metal index dips over 2%


IPO Update :: Easy Trip Planners IPO subscribed 4.6 times on Day 2 so far

> The issue received 7,02,71,120 bids so far as against 1,50,80,644 shares on sale

(Source: NSE)

Praj wins order to set up compressed biogas plant from HPCL

> Praj Industries has received an Order from Hindustan Petroleum Corporation Limited (HPCL) for setting up Compressed Biagas (CBG) project at Badaun in Uttar Pradesh.
 
> The project has capacity to process 35000 MT of rice straw as feedstock to generate 5250 MT of CBG annually. In addition, the project will also generate 23,000 MT high quality solid biomanure and 350,000 MT of liquid bio-manure for ferti-irrigation. This project has a potential to save up to 15000 MT of C02 emissions per year. The project will be completed and commissioned within 12 months timeframe.  

NEWS ALERT :: Crisil forecasts India FY22 GDP growth rate at 11%

>> Average GDP growth over FY23-25 seen at 6.3%

Retail loan growth will continue to remain far from encouraging for banks

Loan growth trajectory of banks usually mirrors the country’s GDP (gross domestic product) numbers and this is why bank stocks are often seen as a proxy of economic growth by the Street. However, the recently published GDP data for December quarter (Q3) saw stronger than expected recovery, while the Reserve Bank of India’s data on credit deployment data for the fortnight ended February 12, with 6.6 per cent year-on-year was far from encouraging. READ MORE

Fall from intra-day high in BSE500 stocks in today's session

COMPANY DAY'S HIGH(RS) DAY'S LOW(RS) LATEST(RS) FALL(%)
BEML Ltd 1544.25 1364.05 1384.10 -10.37
MMTC 46.00 41.15 41.75 -9.24
Bank Of Maha 25.20 22.75 23.00 -8.73
Balmer Lawrie 170.95 155.00 156.35 -8.54
Click here for the full list

European markets check

(Source: Reuters)


Equity mutual funds see outflows for 8th straight month in Feb

Equity mutual funds witnessed an outflow of Rs 10,468 crore in February, making it the eighthconsecutive monthly withdrawal, with flexi cap category accounting for most of the outflow. However, investors put in Rs 1,735 crore from debt mutual funds last month after pulling out Rs 33,409 crore in January, data from the Association of Mutual Funds in India showed on Tuesday. READ MORE

N S Venkatesh, Chief Executive, AMFI on Feb MF data

SIP AUMs as also Retail Equity folios, are at an all-time high at INR 4.21 lakh crores and 8.07 crores respectively, reflective of continued disciplined approach adopted by the retail Mutual Fund investors. This has aided in overall Net AAUMs rising 14.17 per cent to all time high at INR 32.29 lakh crores. However, the monthly SIP Contribution for Feb 2021 has come down by INR 495 crore owing to weekend dawning on end of February and the shortfall would get accumulated and reflected in March 2021 monthly data.  
 
Profit booking in Debt schemes with bond yields moving up, and in Equity schemes with market indices at all time high is reflective of investors moving in tandem with market scenario. Increasing preference towards Hybrid schemes in the last two months, especially the Arbitrage and Dynamic asset allocation funds is reflective of retail investors becoming increasingly conservative, leaning towards capital preservation and moderate returns, amid acute market volatility.

EXPERT TAKE :: Akhil Chaturvedi, head of sales & distribution, Motilal Oswal AMC on AMFI data

Trend is similar to January 2021, pure equity net negative by 10k cr led by profit booking or get re-allocation to alternate investment avenues like real estate / direct equity or IPO’s.
 
It is good to see positive flows in the dynamic / BAF category, this is a good category in current times where the asset allocation model rebalance portfolios between equities an cash using valuation models.
 
Some meaningful consolidation of markets could lead investors to come back and make fresh allocations at some stage, there is general worry on valuations and the current rally possibly unreal and therefore investors seem to be trying to time in some way.
 
First few days march look slightly better with the redemption velocity coming down, but need to wait for how it plays through the month

This specialty chemicals stock has more than doubled in a month

Shares of the Dharamsi Morarji Chemical Company, on Tuesday, were locked in 10 per cent upper circuit for the second straight day at Rs 400.25, also its new high. The trading volumes on the counter doubled with 116,000 equity shares changing hands on the BSE till 12:48 pm; against an average 55,000 shares traded daily in the past two weeks. READ MORE

Rising crude prices could put OMC margins under pressure, hurt stock rally

The S&P BSE Oil and Gas index (up 1.7 per cent) outperformed the S&P BSE Sensex (up 0.07 per cent) on Monday, despite Brent crude oil prices surpassing the $70 per barrel-mark.
 
From a low of $36.9 hit on October 30, 2020, Brent is up 92 per cent, and analysts see further upside. Over the short-term, analysts expect Brent crude to hit $80 as OPEC+ countries curtail production, and there is recovery in fuel demand amid gradual ‘unlock’ of economies across the globe. READ MORE

GMM Pfaudler, IDBI Bank: 14 Nifty500 stocks have surged above their 200-DMA

When the Nifty 50 claimed a new all-time high of 15,431 levels recently, the total number of Nifty 500 stocks trading above 200-days moving average (DMA) were 454. However, during the recent correction of nearly 5 per cent, the total number of stocks trading above 200-DMA actually increased to 459. The Nifty 50 is currently hovering around 15,000 levels with an uncertain trend. Nevertheless, the increase in number of stocks that are trading above this key technical parameter suggests that the market has moved away from a meaningful rise in the frontline indices to stock-specific action. READ MORE


 

RIL, Infosys top Sensex drags at this hour


NEWS ALERT :: Indoco launches Brinzolamide Ophthalmic Suspension 1% in US market

Indoco Remedies announces the launch of Brinzolamide Ophthalmic Suspension 1% in the United States, the first generic version of AZOPT® by Teva Pharmaceuticals. The product is developed and manufactured by Indoco Remedies Ltd. for TEVA at its facility in Goa.
 

NEWS ALERT | Speciality chemical maker Laxmi Organic Industries announces opening of IPO on March 15

-- Fixes price band at Rs 129-130

(via CNBC TV18)

MARKET UPDATE:: Broader indices turn negative


Dixon gains 5% after fixing March 19 as record date for 1:5 stock split

Shares of Dixon Technologies, on Tuesday, climbed 5 per cent to Rs 19,999.90 on the BSE in intra-day trade after the company fixed March 19, 2021 as the record date for 1:5 stock split i.e. from Rs 10 to Rs 2. The stock of the consumer electronics company hit a record high of Rs 20,440 on February 25, 2021. READ MORE

CEA Subramanian stresses on infra-led growth, takes on crony lending

The financial sector will have to play an important role in infrastructure lending which needs specialised expertise, Chief Economic Adviser KV Subramanian said on Tuesday. Speaking at a webinar organised by FICCI, Subramanian said that for India to become a USD 5 trillion economy, capital allocation to the infrastructure sector should be of high quality. READ MORE


HDFC Life, SBI Life hit 52-week high: Tech charts show further upside

Most insurance stocks were trading in the positive territory in the morning trade on Tuesday. For instance, HDFC Life rose over 3 per cent to hit a fresh 52-week high of Rs 746 on the BSE while ICICI Pru Life was trading 1.8 per cent higher at Rs 487.90. According to a Business Standard report, February 2021 saw life insurers recording impressive 21 per cent growth in NBP to Rs 22,425 crore. READ MORE


Poly Medicure hits fresh high; stock zooms 53% over QIP price

Shares of Poly Medicure hit a new high of Rs 804 after they rallied 11 per cent on the BSE in intra-day trade on Tuesday. With today’s gain, the stock of medical equipment company has surged 53 per cent over its qualified institutional placement (QIP) price of Rs 524 per share. READ MORE


AMFI FEB DATA

- Net Outflow at Rs 1,844 cr vs Rs 53,387 cr MoM
- Equity outflow at Rs 10,468 vs Rs 9,273 cr MoM
- Total AUM at Rs 32.3 lakh cr vs Rs 31.8 lakh cr MoM
- Equity AUM at Rs 9.7 lakh cr vs Rs 9.3 lakh cr MoM

India VIX eases over 6% to 23.17

- VIX is used to measure market volatility
 

View :: Krish Raveshia, CEO at Azlo Realty on stamp duty cut

The Maharashtra government's announcement of a 1% rebate on stamp duty and registration of properties registered in the name of a woman will give a further boost to the housing sales in the state, help empower women. We have seen the impact of a cut in stamp duty in 2020, the latest announcement is expected to boost the momentum. With a high number of women homebuyers seen in the past, this step will help prospective homebuyers. The Karnataka government's proposal to cut the stamp duty by 2% will boost sales in the affordable housing segment. The state houses the start-up capital of the country with international companies setting up their base, the move will help send the right signal and boost investments in the state.

Reserve Bank loosens grip on yields at auction to leave traders guessing

Rising yields at India’s latest government bond auction are signaling the central bank may be reluctantly accepting higher borrowing costs amid a global rout. The Reserve Bank of India sold some of 10-year debt at 6.22 per cent on Friday, compared with about 6 per cent in previous auctions. That’s after a spike in U.S. Treasury yields and oil prices pushed borrowing costs higher globally. READ MORE


Flurry of IPOs: Sebi sounds alert on threat of technical glitches

The harrowing experience of the recent technical glitch suffered by the National Stock Exchange (NSE) still fresh in mind, the Securities and Exchange Board of India (Sebi) has sounded an alarm about the bunching up of initial public offerings (IPOs) this month. The market regulator has asked intermediaries to ensure there are no system glitches while processing IPO applications, and to stagger the offerings as much as possible, said people in the know. READ MORE


Stocks that hit 52-week high on BSE today

Company PRICE(rs) 52 WK HIGH CHG(%)
Adani Power 80.55 82.05 3.07
Aditya Birla Cap 135.60 139.60 3.20
Astral Poly Tech 2346.90 2360.00 1.36
AU Small Finance 1278.70 1315.80 1.07
B H E L 55.45 56.50 1.93
» More on 52 Week High

NEWS ALERT :: Aurionpro signs Strategic Partnership with Future-Tech UK

> Aurionpro announces signing of the strategic partnership with Future-Tech, UK for data center design and consultancy projects in India & South Asia
 
> Following this development, the stock was locked in 20% upper circuit

SBI Life hits 52-week high on strong new business premium growth in Feb

Shares of SBI Life Insurance gained 4 per cent to hit a 52-week high of Rs 965 on the BSE in intra-day trade on Tuesday after reporting impressive growth (more than 60 per cent) in new business premiums (NBP) in the month of February. NBP is the premium acquired from new policies for a particular year. The stock surpassed its previous high of Rs 954.65, touched on January 8, 2021. It hit a record high of Rs 1,030 on October 30, 2019. READ MORE

NEWS ALERT :: Lupin's Canada arm announces partnership with Endoceutics


IPO ALERT :: Laxmi Organics

>> Issue opens: 15/3/21; closes on 17/3/21
 
>> Price band: Rs 129-130

>> Size: Rs 600 Cr

NEWS ALERT :: Share India Securities invests $300,000 in unit

The company has invested in Share India Global Pte. Ltd, wholly owned subsidiary of Share India Securities, a total amount of $3,00,000

MARKET UPDATE:: Sensex off day's high, but still up 300 pts


Stake sale at premium valuations a positive for Adani Ports

The stock of Adani Ports and SEZ (Adani Ports) hit its all-time high levels intraday after the company announced that Windy Lakeside Investment, an affiliate of Warburg Pincus has taken half a per cent stake via the preferential issue route. The issue priced at Rs 800 a share was made at a 7 per cent premium to Friday’s close. READ MORE

JMC Projects surges 13% on winning project worth Rs 1,000 crore in Maldives

Shares of JMC Projects rallied 13 per cent to Rs 88.80 on the BSE in intra-day trade on Tuesday after the company said it has signed an agreement with Fahi Dhiriulhun Corporation Limited (FDC) for the design, finance and construction of 2,000 social housing units in Hulhumale Island of Maldives. FDC is a state-owned company of the Government of the Republic of the Maldives. JMC Projects (India), a subsidiary of Kalpataru Power Transmission, is one of India's leading contracting company. READ MORE

Financial sector needs to ensure no crony lending: CEA

> Financial sector has to ramp up its governance

IPO ALERT

>> Craftsman Automation fixes price band of IPO at Rs 1,488-1,490

>> Issue opens: 15/3/21; closes on 17/3/21
 
>> Issue size: Rs 824 Cr

BPCL tanks 6% after BPCL Trust offloads up to 7% stake in firm

Shares of Bharat Petroleum Corporation (BPCL) dipped 6 per cent to Rs 438 on the National Stock Exchange (NSE) in intra-day trade on Tuesday after BPCL Trust for Investment in Shares (BPCL Trust) sold up to 7 per cent of its stake in state-owned energy company through a block deal. Till 09:21 am, around 153.66 million equity shares, representing 7.08 per cent of total equity, of BPCL had changed hands on the NSE. READ MORE

Top gainers on the BSE at this hour

Company PRICE(rs) CHG(%)
Balmer Lawrie 163.00 11.11
Trent 935.95 5.78
Aditya Birla Cap 138.30 5.25
Adani Power 82.05 4.99
Central Bank 19.45 4.85
» More on Top Gainers

Most active stocks by volume

Company PRICE(rs) CHG(%)
B P C L 453.65 -2.86
Vodafone Idea 10.53 0.19
I O B 18.10 2.84
Tata Motors 327.00 1.79
Bank Of Maha 23.75 -1.25
» More on Most Active Volume

House view :: HDFC Group stocks trade higher


S&P BSE Oil and Gas index drops around 1%


NEWS ALERT :: Manappuram Fin to consider business plan & borrowing program

>> The Board of Directors of the Company will be meeting on Friday, March19, 2021 to consider Business plan & Borrowing program including raising of funds through issuance of Non-Convertible debt securities either through a public issue or on private placement basis for FY 2021-22.


SBI Life zooms 4% as new business premium picks up in Feb


HDFC AMC advances over 2%


BUZZING :: United Breweries rallies over 3%


In the red :: Mphasis underperforms a strong market

>> A Bloomberg report said that Blackstone group has shelved plans to sell its majority stake in the company. The PE firm rejected two bidders in the final round as their offers did not meet the firm's expectations, a person familiar with the matter told Bloomberg.


Max Financial Services up 1%

>> Max Ventures Investment Holdings, a promoter of Max Financial Services on Monday offloaded shares worth Rs 85 crore through an open market transaction.


Godrej Properties advances 1% on fund raising plan

>> The company said its shareholders have approved the company's proposal to raise up to Rs 3,750 crore through issue of securities.


Mindspace Business Parks REIT gains 1%

>> Mindspace Business Parks REIT said its arm Gigaplex Estate has entered into an agreement to sub-lease about 6.3 lakh sq ft space in Mumbai to a data centre operator.


Coal India trades marginally higher on approval to 32 new projects

>> The company said it has approved 32 new coal mining projects in the ongoing financial year with an estimated cost of Rs 47,000 crore. Of the 32, twenty-four are expansion of existing projects and the remaining eight are greenfield.


BPCL tumbles 4% as 7% equity changes hands

>> BPCL Trust for Investment in Shares (BPCL Trust) will sell up to 4 per cent of its shares in state-owned energy company Bharat Petroleum Corporation Ltd (BPCL) on Tuesday through a block deal, multiple media reports suggested. The Trust will sell up to 86.77 million shares or 4 per cent of the total share capital of the company at a floor price of Rs 435, the reports said.


Broader market check


Sectoral trends on NSE :: All key indices trade higher


Sensex Heatmap :: Only 3 stocks trade in the red


Opening Bell :: Nifty nears resistance zone of 15,100


Opening Bell :: Indices clock strong start


Commodity Heatmap


Top gainers and losers on S&P BSE Sensex at Pre-open


Markets at Pre-open


Markets at Pre-open


NEWS ALERT :: JMC Projects signs agreement with Fahi Dhiriulhun Corporation (FDC)

>> JMC Projects signs agreement with Fahi Dhiriulhun Corporation (FDC), a state-owned company of Govt of Maldives, for the design, finance & construction of 2,000 social housing units in Hulhumale Island of Maldives

>> Total value for this project is estimated to be around Rs 1,000 cr & is planned to be financed via a loan from multilateral funding agency. The financial closure of the project is expected to conclude soon & construction on the project will commence after the financial closure

Top stocks to watch today

BPCL: BPCL Trust for Investment in Shares (BPCL Trust) will sell up to 4 per cent of its shares in state-owned energy company Bharat Petroleum Corporation Ltd (BPCL) on Tuesday through a block deal, multiple media reports suggested. The Trust will sell up to 86.77 million shares or 4 per cent of the total share capital of the company at a floor price of Rs 435, the reports said.
 
Coal India: The company said it has approved 32 new coal mining projects in the ongoing financial year with an estimated cost of Rs 47,000 crore. Of the 32, twenty-four are expansion of existing projects and the remaining eight are greenfield. READ MORE

Top trading ideas by Anand Rathi Shares

BUY BANDHAN BANK | TARGET: Rs 380 | STOP LOSS: Rs 330
 
The stock has witnessed a sharp correction from the peak of 425 towards 300 odd zone and has retraced more than 61.80 per cent from the mentioned levels. At current juncture, the stock is hovering just above the clusters of moving averages on daily chart and also the placement of rising trend on wide horizon depicts that the bullish stance may remain intact. On technical parameters, the 14 period RSI has witnessed positive crossover, affirming the bullishness in the counter. READ MORE

Auto stocks in focus :: China's passenger car sales hit 1.19 million units in February

>> China's auto industry body China Passenger Car Association (CPCA) says sales up 368% YoY

(Source: Reuters)
 

NEWS ALERT :: Inox Wind signs binding agreement for 92 MW wind power project


Bulk deals on the BSE as on Monday

Bulk deals on the NSE as on Monday

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Bloomberg


Oil prices rise on expected economic recovery

>> Oil prices rose on Tuesday on expectations of a recovery in the global economy after US Senate approval of a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the United States.

>> Brent crude futures for May rose by 32 cents, or 0.5%, to $68.56 a barrel, while US West Texas Intermediate (WTI) crude for April rose 19 cents, or 0.3%, to $65.24.

(Source: Reuters)

SGX Nifty Update

>> At 8:25 am, the index was at 15,069 levels, up 88 points.

US treasury yield rise

US treasury yields advanced as investors continued to price in higher inflation and more upbeat prospects for the US economy as it emerges from the coronavirus pandemic. The benchmark 10-year yield rose to 1.6029 per cent, from 1.594 per cent late on Monday.

Wall Street check

On Wall Street, the Dow advanced 0.97 per cent, while the S&P 500 lost 0.5 per cent and the Nasdaq shed over 2 per cent after a big downturn in tech shares. That marked a more than 10 per cent fall since its February 12 closing high, confirming a correction in the index’s value.

Asian market check

Asian stocks were trading largely higher on Tuesday, helped mostly by global recovery prospects and hope of quick passage of a $1.9 U.S. trillion stimulus bill by the House of Representatives. Australia’s benchmark ASX 200 index rose 0.7 per cent in early trading while Japan’s Nikkei was flat and Hong Kong’s Hang Seng index rose 0.6 per cent.

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