Stock market updates: Bulls were in command of the equity markets for the third day in a row as exuberance returned to the Street amid marginal ease in bond yields and cheap valuations. The US Treasury yield was last quoting at 1.55 per cent while domestic 10-year government bond yield was at 6.2 per cent.
Amid a fall in volatility, the benchmark S&P BSE Sensex advanced 254 points, or 0.5 per cent, to end at 51,279.5 levels. On the NSE, the Nifty50 index ended at 15,175 levels, up 76 points or 0.51 per cent. The Sensex and the Nifty hit their respective intra-day highs of 51,430 and 15,218.
JSW Steel, Tata Steel, Hindalco, Bajaj Finance, Tata Motors, Sun Pharma, and Tech Mahindra, all up between 2 per cent and 3 per cent, were the top gainers on the Nifty, while Axis Bank, HCL Tech, Bajaj Auto, Infosys, and Dr Reddy's Labs were the additional top performing stocks on the Sensex.
On the downside, SBI Life, ONGC, Indian Oil Corporation, HDFC Life, UPL, GAIL, Coal India, ITC, Reliance Industries, and HDFC Bank were the top laggards on the indices, down up to 2.5 per cent.
Furthermore, the S&P BSE MidCap index ended 0.7 per cent higher today, while the S&P BSE SmallCap index settled 0.9 per cent higher. Hudco, L&T Infotech, IDBI Bank, MphasiS, Biocon, MTNL, ITDC, Meghmani Organics, and Morepen Labs, that surged in the range of 3 per cent to 20 per cent, were some of the outperforming stocks in the broader markets.
Among sectoral indices, the Nifty Metal index remained the star performer today, closing 1.87 per cent higher, followed closely by the Nifty IT index (up 1.67 per cent), and the Nifty Pharma index (up 1.48 per cent). On the downside, the Nifty PSU Bank index ended 0.15 per cent lower.
Asian stocks bounced back from a two-month low on Wednesday after global bond yields eased following a well-received US debt auction, and as Chinese shares found a footing after recent steep falls on policy tightening worries.
Japan’s Nikkei was little changed while MSCI's ex-Japan Asia-Pacific shares index rose 0.2 per cent. The CSI300 index of mainland China's A-shares rose 0.4 per cent.
In Europe, the pan-European STOXX 600 index edged 0.2 per cent higher. The Dow Jones Futures were last up around 100 points.
Markets shall remain shut tomorrow, March 11, on account of Mahashivratri holiday
MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive VP, Equity Technical Research at Kotak Securities
Today, the market closed at the level of 15170 and reached a high, however, traders were not keen to carry positions due to the bank holiday on Thursday. It can also happen on Fridays, as it can be a weekend getaway. Next Monday we can see a strong trend. Technically, the market closed above the level of 15150/51250, which could maintain the market's bullish continuation. We may see at least 15280 or 15350 levels in the near term. However, if the Nifty fails to break the 15280 level, it may send the market to consolidation between 15000 and 15280. If the index goes below 15000/50750, the bullish trend will break. Bond yields and the dollar index would once again determine the market trend in the coming days.
On the technical chart, the benchmark index has sustained above the prior swing highs with the support of 21 days Simple Moving Averages. In addition, on an hourly chart, it has been trading above its 50 HMA and also showing positive crossover in Stochastic which suggests an upside move for the upcoming days. At present, the Nifty index has an immediate resistance at 15310 levels while downside support comes at 15000 levels.
Markets traded lackluster and ended marginally higher amidst mixed cues. Initially, upbeat global cues triggered a firm start in the benchmark but lack of follow-up buying and profit-taking in the index majors capped the upside. It hovered in a range till the end however movement on the broader front kept the participants busy. Consequently, the Nifty index ended higher by 0.5% at 15,178 levels. On the sector front, IT, Auto and Capital Goods were the top gainers. The broader indices performed in line with the benchmark wherein both Midcap and Smallcap ended higher by 0.8% and 1% respectively.
Nifty has been hovering within the 14,900-15,300 zone and a decisive break on either side would trigger the next directional move. Meanwhile, traders have no option but to limit their leveraged positions and maintain a stock-specific trading approach. The upcoming macroeconomic data i.e. IIP and CPI combined with cues from the global markets will dictate the trend ahead.
MARKET CLOSING COMMENT :: Deepak Jasani, Head of Research, HDFC Securities
Indian Benchmark equity indices ended higher for the third consecutive session on Mar 10, the weekly derivatives expiry day. Nifty opened gap-up and made the intra day high in the first 5 minutes of trade. It later remained in the 15123-15218 band through the day. At close, the Nifty was up 76.40 points or 0.51% at 15,174.80.
Volumes on the NSE were much below recent averages hinting at limited institutional participation. Among sectors, Metals, IT, Pharma, Auto gained the most while PSU Bank fell marginally.
Nifty managed to close in the positive amidst lower volumes on March 10. Advance decline ratio improved. Nifty could now face resistance at 15273, while 15092-15126 band could provide support on Friday.
TECH VIEW :: Ashis Biswas, Head of Technical Research, CapitalVia Global Research
The market witnessed yet another day of lackluster movement. Nifty 50 Index is still trading below the resistance level of 15250. The expected level should range between 14900 and 15250, and it’s going to crucial for the short-term market scenario to stay above the 14900 levels. While it is subject to further price action evolution, It is suggested prudent to wait for a decisive breakout above 15250 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.
MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services
Domestic markets mirrored positive cues from its global peers, tracking gains from the US market as bond yields pulled back easing concerns about rising inflation. As per the data published by the Federation of Automobile Dealers Association, the retail sales for February grew 10.59% YoY after reporting a 4.4% decline in January keeping the outlook for the sector intact. However, two-wheeler, three-wheeler and commercial vehicles continued to see sluggish demand. Buying interest was broad-based led by IT, pharma and metal stocks
SHAKERS AND MOVERS ON D-ST :: S Ranganathan, Head of Research at LKP Securities
With Technology stocks doing well on NASDAQ the day clearly belonged to Midcap IT as the street demonstrated increased appetite today for Technology. Broader markets witnessed good investor interest in Metal stocks. Several Small-Cap names across sectors were sought after as a lower interest rate scenario is seen beneficial to them
SECTOR WATCH :: Tech stocks breaking away from sideways movement
STAR PERFORMER :: Metal counters gained traction during fag-end of the session; index ends as top gainer
>> India VIX index dropped 7.7% today to end at 20.75 levels.
Amid a fall in volatility, the benchmark S&P BSE Sensex advanced 254 points, or 0.5 per cent, to end at 51,279 levels. On the NSE, the Nifty50 index ended at 15,175 levels, up 76 points or 0.51 per cent. The Sensex and the Nifty hit their respective intra-day highs of 51,430 and 15,218.
Stock of this packaging firm has soared 59% in 8 trading sessions of March
Taking note of the heavy volume on the counter, the BSE sought clarification from Jindal Poly Films on March 8 with reference to significant movement in price, "in order to ensure that investors have latest relevant information about the company and to inform the market so that the interest of the investors is safeguarded". The reply, however, is awaited. READ MORE
>> Buyback will be at Rs 245 per share for 63.26 lakh equity shares
>> Total buyback amount is Rs 155 crore
>> Buyback amount is at 34% premium
MARKET CHECK :: S&P BSE MidCap index outruns benchmarks
Graphite electrode makers in focus; Graphite India, HEG rally up to 10%
Shares of graphite electrode (GE) manufacturers, Graphite India and HEG, were in focus, surging by up to 10 per cent, on the BSE on Wednesday on expectation of the pick-up in steel production globally is expected to drive demand for GEs. Shares of Graphite India hit a 52-week high of Rs 517.40, rallying 10 per cent on the BSE in intra-day trade on the back of heavy volumes. HEG's stock soared 9 per cent to Rs 1,635, trading close to its 52-week high of Rs 1,645.80, touched on March 3. READ MORE
NEWS ALERT :: US FDA completes audit of Dr Reddy's API mfg plant in Middleburg, New York
>> US FDA has issued Form 483 with 3 observations. Co does not have any sales from plant
India's retail inflation probably rose in February: Reuters poll
India's retail inflation probably rose in February as food and fuel prices went up but remained within the Reserve Bank of India's target range for a third straight month, a Reuters poll predicted. The March 5-9 poll of over 50 economists showed retail inflation climbed to 4.83% in February from January's 4.06%.
ECONOMIC PULSE | Revenue deficit grant of Rs 6,194 cr released to 14 states: Govt
The union government on Wednesday released the 12th and final monthly instalment of revenue deficit grant of Rs 6,194.09 crore to the states.
With the release of this installment, a total amount of Rs 74,340 crore has been released to eligible states as Post Devolution Revenue Deficit Grant (PDRD) in the current financial year, the ministry of finance said in a statement. READ MORE
NEWS ALERT :: Lupin launches generic version of Alinia
- Lupin today announced the launch of the authorized generic version of Alinia® (nitazoxanide) Tablets, 500 mg of Romark Laboratories, L.C.
- Nitazoxanide Tablets, 500 mg (Alinia®) had estimated annual sales of $56 million in the U.S.
SIAM Feb Data
>> Utility vehicle sales up 45.4% YoY
>> Passenger car sales up 4.4% YoY; total passenger sales up 17.9% YoY
>> 2-W sales up 10.2%; Motocycle sales up 11.5% YoY
IPO Update :: Easy Trip IPO subscribed 66 times so far; issue closes today
> As of 2.10 pm, the issue had received bids for 99,62,75,760 shares vs 1,50,80,644 shares on sale
MTNL, HMT hit fresh 52-week highs; zoom up to 78% in two weeks
Shares of two state-owned companies, Mahanagar Telephone Nigam Limited (MTNL) and HMT rallied up to 17 per cent on the BSE in intra-day trade on Wednesday, hitting their respective fresh 52-week highs, amid heavy volumes. In the past two weeks, these stocks have zoomed up to 78 per cent, against less than 1 per cent gain in the S&P BSE Sensex. READ MORE
BS Opinion :: Shareholders vs stakeholders, once more
Have we been too early in celebrating the end of the profit-maximising corporation and the advent of stakeholder capitalism? Perhaps not.
After all, some 50 years have passed since Milton Friedman writing in the New York Times had baldly stated that the social responsibility of business is to maximise profits—a long enough period for any theory to start to fray. READ MORE
Stocks that hit 52-week high on BSE today in an otherwise volatile market
Gas price, higher yield curve better indicators of disquiet than stock mkts
Each of these discontents could curtail a still-unfinished recovery from the massive Covid-19 disruption. But you wouldn’t see any of those concerns reflected in the stock market, which is floating on $85 billion of liquidity pumped into the banking system in less than two years. At the height of the optimism surrounding the 2014 election that brought Narendra Modi to power, the benchmark Nifty 50 index peaked at a price-to-earnings ratio of 23. The multiple is currently at 36 and climbing higher. READ MORE
Recovery play? Brokerages see up to 40% upside in this Jhunjhunwala stock
However, on a year-to-date (YTD) basis, the shares have underperformed Sensex and peers, and even since September last year. IHC stock has added 3 per cent YTD as against a nearly 7 per cent rise in Sensex. While since the end of September, it has gained 31 per cent vs a 34 per cent jump in the benchmark, Ace Equity data shows. READ MORE
MARKET UPDATE:: Broader indices outperform benchmarks
Why this Fed won't bat an eyelash at Joe Biden's spending blitz
The Biden administration and congressional Democrats are on the cusp of pumping another nearly $2 trillion into a U.S. economy just starting to show signs of life in the recovery from the COVID-19 pandemic.
For all the concern that such a huge stimulus will stoke inflation, there's little chance that will prompt the Federal Reserve to pull back on the reins to prevent overheating, a maneuver that until recently had been hardwired into the U.S. central bank's approach to managing the economy. READ MORE
Equity MFs under stress, report outflows for eighth month running in Feb
Equity-oriented mutual fund (MF) schemes in February continued to be under pressure of redemptions, running opposite the unprecedented stock rally sparked by the Union Budget. Equity funds witnessed net outflows of Rs 10,468.02 crore: the highest since November 2020. Outflows were 13 per cent more than January 2021 and 59 per cent higher than the previous eight-month average. Eight out of 11 sub-categories in the equity segment saw outflows with the newly- constituted ‘flexi-cap’ category seeing the highest outflow at Rs 10,431 crore. READ MORE
DRC Systems India lists on BSE, NSE
DRC Systems India Limited, the demerged entity of IT consultancy Infibeam Avenues, got listed on bourses on Wednesday. The shares were listed at Rs 128.75 and Rs 128.80 on BSE and NSE respectively in opening deals. In a statement, the company said it received approval from BSE and NSE for listing and trading of its equity shares with effect from Wednesday.
(Text Source: PTI)
Improving outlook, low valuation drive Bajaj Consumer Care rally
Shares of hair and skin care products maker Bajaj Consumer Care have risen over 26 per cent since the end of January on the back of improved growth visibility and inexpensive valuation. Reduction in promoter pledge holding, as well as interest from large high networth individuals (HNIs) have added to the optimism. The December 2020 quarter (Q3) results of Bajaj Consumer, which sells hair oils (Bajaj Almond Drops, Bajaj Amla, Bajaj Brahmi Amla among others) and skin care products (Bajaj Nomarks), surpassed the Street’s expectation on all parameters. READ MORE
NEWS FLASH :: DRL seeks nod for Covid-19 vaccine Sputnik V emergency use
- DRL to give panel Phase-III data for Sputnik V
- Panel to review authorisation for DRL Sputnik V's on March 11
NEWS ALERT :: MTNL merger with BSNL deferred
Telecom Minister says:
> Merger of MTNL with BSNL deferred due to financial reasons, including high debt of MTNL
> Undertaken close co-operation, service integration between BSNL-MTNL
(Source: TV Flash)
IPO Review :: Brokerage Anand Rathi on Anupam Rasayan IPO
In the recent past, Company has a robust track record of performance. It is expected that Company will be able to gain more market share and simultaneously its margins will also improve. Company has priced its issue at 95.2x PE at the upper band on a trailing basis which is aggressively priced as compared to its peers. However, considering the rising fancy for life care and specialty chemicals segment linked with future performance trends, the company is expected to do well post listing going forward.
Moreover, Company has a strong financial position and has been generating positive cash flow. We are positive on the long-term prospects of the Company. Hence, we recommend a "Subscribe" rating to this IPO.
(The issue would open on March 12)
ICRA revises JSW Steel's short-term rating outlook to positive
> ICRA has reaffirmed the Company's rating at AA- with outlook revised to 'Positive' from 'Stable'
Magma Fin up 5% as shareholders approve share issue to Poonawalla-led firm
Shares of Magma Fincorp rose 5 per cent to hit a new high of Rs 136.40 on the BSE in intra-day trade on Wednesday after the company on Tuesday informed that its shareholders have approved the plan to raise up to Rs 3,456 crore by issuing preference equity shares to Adar Poonawalla-controlled Rising Sun Holdings Ltd (RSHPL) and two members from the promoter group. READ MORE
TCS, Infosys: These IT stocks may help Nifty50 claim new high
Tata Consultancy Services (TCS): The stock has a trendline resistance around Rs 3,130 levels. Once this resistance is decisively conquered, the upside bias may see a rally towards Rs 3,220 and Rs 3,300 levels. That said, the current scenario indicates a sideways movement in the stock. Nonetheless, the RSI is indicating an upside bias with a double bottom breakout, as per the daily chart. The support comes at Rs 3,000 levels. READ MORE
NEWS ALERT :: IIFL Securities declares interim dividend of Re 1
> The company has declared an interim dividend of Re 1 per equity share of the face value of Rs 2 each (i.e. 50%) for the financial year 2020-2021. The record date for the said purpose is March 19, 2021.
Aurionpro soars 44% in 2 days on strategic partnership with Future-Tech UK
Shares of Aurionpro Solutions, on Wednesday, were locked in 20 per cent upper circuit for the second straight day at a fresh 52-week high of Rs 120.60 on the BSE after the company announced the signing of the strategic partnership with Future-Tech, UK for data center design and consultancy projects in India & South Asia. READ MORE
Rate-hike bets in India escalate ahead of possible global tightening
Five-year interest-rate swaps jumped 63 basis points in February, the biggest advance since the 2013 taper tantrum, reflecting growing expectations of a tighter monetary policy. Swap rates signal India will see the most rapid tightening of any nation in Asia, according to Standard Chartered Plc. Fears of a resurgence in inflation driven by rising oil prices is adding to the speculation. READ MORE
JK Cement zooms 111% in 6 months on strong operational performance
In the past six months, JK Cement's share price has zoomed 111 per cent, after the company reported a strong operational performance. The management’s efforts to improve cost efficiencies through newly added capacities (4.2 MT) are expected to drive profitability. In comparison, the S&P BSE Sensex has rallied 32 per cent during the same period. READ MORE
SECOR WATCH :: Here're the top performing stocks in the auto pack
India's inclusion in global bond indices faces taxation hurdle
India’s entry into the global bond indices has got postponed because of tax changes sought by their managers. They have also demanded that India list its sovereign debt papers on leading international central securities depositories like Clearstream.
This means that taxes on these papers, such as withholding tax, will need to be frozen. The government will have to give in writing that taxes will not be changed to the disadvantage of investors. READ MORE
MARKET CHECK :: Indices off highs
IT shares in focus; KPIT, L&T Technology, Mindtree hit record highs
Among indviudal stocks, Coforge surged nearly 7 per cent to Rs 2,750, while Larsen & Toubro Infotech gained 4 per cent to Rs 4,070 in intra-day trade on the BSE. Zensar Technologies, LTTS, Wipro, Mindtree and Mphasis were up in the range of 2 per cent to 3 per cent, while, Infosys, HCL Technologies and Tech Mahindra were up between 1 per cent and 2 per cent. READ MORE
Demand-driven rise in crude oil prices is good for equity markets: Analysts
Even though the rise in oil prices can strain the fiscal position of an economy, a rise in oil prices – if driven by a surge in demand / consumption – is a positive for equity markets, say analysts. In their recent note, analysts at Jefferies estimate that every $10 per barrel (bbl) rise in the Brent oil price raises India’s trade deficit by around 40-50 basis points (bps). Yet, they believe that the equity markets should be able to digest the recent spurt. READ MORE
Ease interest risk with target maturity debt funds, say experts
Two target-maturity debt funds are set to hit the market. The new fund offer (NFO) of Edelweiss Nifty PSU Bond Plus SDL Index Fund 2026 opens on Wednesday.
This is the first index fund to be launched in the debt space (earlier passive debt funds were all exchange-traded funds, or ETFs). The NFO of another target-maturity fund, Nippon India ETF Nifty SDL-2026 Maturity, will open on March 15. READ MORE
Five ways active traders can manage their risk for better returns
Trading is a unique way to generate revenue in the investing world. While, this may seem to be rigorous and risky, an organized trader can make extravagant returns. All this is possible if the trading techniques are withhel with proper risk management and disciplined behaviour. Trading in an art a trader develops over a period of time with varied experiences and uncertain situations in the stock market. READ MORE
Tata Group's market capitalisation zooms past Rs 17 trillion-mark
While Reliance Industries is India’s largest firm by market capitalisation, the Tata Group holds sway as the biggest conglomerate. The 153-year-old behemoth has 29 listed entities, and is involved in businesses ranging from tea to technology. Valued at over Rs 17 trillion ($232 bn), their combined worth has increased about 47 per cent since the start of last year. READ MORE
AU Small Finance Bank shares jump 3% as lender launches QIP issue
Shares of AU Small Finance Bank were trading 3 per cent higher at Rs 1,268 on the BSE in intra-day trade on Wednesday after the private sector lender launched its qualified institutional placement (QIP) to raise growth capital. The floor price of the issue has been set at Rs 1,181.06 per share, on which the lender may offer a discount of not more than 5 per cent, according to its exchange filing. The bank's capital-raising committee, it said, will meet on March 15 to determine the issue price and discount to be offered. READ MORE
MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
In this see-saw game in the market, bulls & bears are giving up and regaining their dominance in tune with macro trends. A rise in bond yields temporarily strengthen the bears and when yields fall bulls come back strongly. Now it appears that the US 10-year bond yield is likely to consolidate in the 1.5% to 1.6% range for the short-term. FIIs are back to buying mode with the net buy of Rs 2850 cr yesterday. This along with DII buying of around Rs 1200 cr is likely to impart strength to the market. Financials, particularly leading private sector banks and large-cap IT stocks are on a strong wicket. Brent cooling off a bit also is good macro news.
Power Grid trades marginally higher on acquiring Ramgarh New Transmission Ltd
>> Power Grid Corporation of India Ltd (PGCIL) has acquired Ramgarh New Transmission Ltd (RNTL), the Project SPV (special purpose vehicle) to establish transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW).
Magma Fincorp hits 5% upper circuit
>> The shareholders of Magma Fincorp approved the company's plan to raise up to Rs 3,456 crore by issuing preference equity shares to Adar Poonawalla-controlled Rising Sun Holdings Ltd (RSHPL) and two members from the promoter group.
AU Small Finance Bank opens QIP; stock up 1.5%
>> The lender launched its qualified institutional placement (QIP) issue on March 9 and fixed the floor price at Rs 1,181.06 per share
Vodafone Idea gains 1% on capacity expansion report
>> The telecom operator is in the advance stages of processing order for network capacity expansion in six circles through Chinese telecom gear makers, according to industry sources aware of the development, a PTI report said.
Godrej Properties jumps 4% on launch of QIP
>> The company, on Tuesday, launched a qualified institutional placement (QIP) issue to raise up to Rs 3,750 crore through the sale of shares.
Sectoral trends on NSE at Open :: Realty, IT indices outperform
Sensex Heatmap :: IndusInd Bank up 3%, ONGC down 1%
Top gainers and losers on S&P BSE Sensex at Pre-open
Markets at Pre-open
Markets at Pre-open
Top stocks that are likely to be in focus today
Godrej Properties: The company, on Tuesday, launched a qualified institutional placement (QIP) issue to raise up to Rs 3,750 crore through the sale of shares.
Vodafone Idea: The telecom operator is in the advance stages of processing order for network capacity expansion in six circles through Chinese telecom gear makers, according to industry sources aware of the development, a PTI report said. READ MORE
Nifty outlook & stock picks by Vinay Rajani
The Nifty50 index, on Tuesday, managed to close at the highest level in the last three sessions, near the 15,100 levels. Meanwhile, the 8-day, 13-day and 21-day EMAs have converged, which shows the consolidation in the current market trend. However, stock-specific bullish moves are still there in the market. On the index level, traders should remain bullish on Nifty with a stop loss of 14,862. On the upside, Nifty has got resistance at 15,273 and 15,432. READ MORE
Weekly stock recommendations by Ajit Mishra
Asian Paints Limited
Stop loss: 2,360
Asian Paints has been seeing correction for the last two months, after making a new record high at 2873.45 levels. It has formed a base around the support zone of the medium-term moving average(100 EMA) on the daily chart and likely to see a rebound now. We thus advise creating fresh longs in the mentioned zone. READ MORE
FII/FPI & DII trading activity on NSE, BSE and MSEI
Oil prices edge up ahead of US inventories data
>> Oil ticked higher on Wednesday, after falling for two straight sessions, with investors looking ahead to US inventories data due later in the day for pointers on where prices will head next.
>> Brent crude for May rose 15 cents, or 0.2%, to $67.67 a barrel by, while US West Texas Intermediate crude for April was at $64.24 a barrel, up 23 cents, or 0.4%.
SGX Nifty Update
>> At 8:32 am, the index was ruling 96 points, or 0.63 per cent, higher at 15,256.
Wall Street check
On Wall Street, each of the major averages closed higher overnight as falling bond yields eased concerns about surging inflation. Nasdaq gained nearly 4 per cent, giving the tech-heavy index its best day since November 4. The Dow rose 0.1 per cent, and the S&P 500 gained 1.42 per cent.
Asian stocks were flat to positive in Wednesday's early deals. Hong Kong's Hang Seng index ruled over 1 per cent higher. However, Japan's Nikkei and Australia’s ASX 200 indexes were flat.
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