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Share Market Highlights: Sensex, Nifty end tad higher; ONGC, L&T, Sun Pharma, NTPC, TCS top gainers

Stock Market News Updates Today: Global equities were buoyed today as positive macroeconomic data flow and hopes of a COVID-19 vaccine boosted investor sentiment

twitter-logoBusinessToday.In | February 23, 2021 | Updated 18:24 IST
Share Market Highlights: Sensex, Nifty end tad higher; ONGC, L&T, Sun Pharma, NTPC, TCS top gainers
Share Market LIVE News: Here's a look at the LIVE updates of the market action on BSE and NSE today

Sensex, Nifty LIVE Updates on February 23: Share market indices ended flat on Tuesday, tracking mixed cues from global equities, amid significant volatility. Reversing from 5 days of fall, Sensex ended 7 points higher at 49,751 and Nifty 50 index gained by 32 points to end at 14,707. Yesterday, the Sensex ended 1,145 points lower at 49,744 and NSE Nifty 50 index lost 306 points to 14,675.

Here's a look at the LIVE updates of the market action on BSE and NSE today

3. 55PM:Bharat Forge jumps over 5%

Bharat Forge stock opened with a gain of 3.71% today and later touched an intraday high of Rs 620 rising 5.41% intrday on BSE. This was following news that the company has inked a pact with global aerospace and technology firm Paramount Group to manufacture armoured vehicles in the country.

3. 50 PM: Market at closing session

Share market indices rose marginally on Tuesday, tracking mixed cues from global equities, amid significant volatility. Reversing from 5 days of fall, Sensex ended 7 points higher at 49,751 and Nifty 50 index gained by 32 points to end at 14,707.

Top gainers today: 8 shares rise up to 7%; ONGC, Tata Steel, Hindalco, UltraTech Cement, SBI, Sun Pharma

3. 44PM: Page Industries share price gains 5%

Page Industries share price touched an intraday high of Rs 28999.6, rising 5.23% on BSE today after the company announced that V S Ganesh was appointed as Executive Director & Chief Executive Officer of the company w.e.f. Jun 01, 2021.

3. 37 PM:Rane Brake shares trade tad higher

Rane Brake Lining trade tad higher at Rs 770, after the rating firm ICRA reaffirmed its ratings on the company's rated bank facilities of Rs 165.32 crore.

3. 30 PM:DB Realty share price rises 5%

DB Realty share price opened with a gain of 4.95% today and touched an intraday high of Rs 24.4. This was afer the board of directors of the company approved the issuance of 4 crore convertible warrants.

3. 25PM: Markets closing view

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Nifty gave up most of its gains as the day progressed. The weakness continues to remain in the short term and we can expect the index to slide further to levels closer to 14500. Any rally up can be used to short this market for lower targets. The upside is capped at 15000 -15100 and until we do not get past that comfortably, the markets will remain bearish."

Sensex, Nifty snap five-day losing streak; ONGC, L&T, Sun Pharma, NTPC, TCS top gainers

3. 15 PM: YES Bank share rises amid volatile market

YES Bank shares gained almost 1 per cent in Tuesday's volatile session. Rising after 2 days of consecutive fall, YES Bank stock opened at its previous close of Rs 15.60 and rose 0.96 per cent to the intra-day high of Rs 15.75. The stock also touched a low of Rs 15.50 today.

YES Bank stock trades higher than 100-day moving averages but lower than 5, 20, 50 and 200-day moving averages.

YES Bank share rises amid volatile market

3.11 PM: Market update

In the foreign exchange market, the partially convertible rupee rose to 72.345, compared with its previous closing of 72.49.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 1.13%. The S&P BSE Small-Cap index gained 0.89%.

Buyers outpaced sellers. On the BSE, 1688 shares rose and 1140 shares fell. A total of 176 shares were unchanged.

3.01 PM: NCC outlook

Geojit Financial Services  said in its note today," Q3FY21 revenue declined by 9.4% YoY due to muted execution & impact of labour availability. EBITDA margin improved by 67bps YoY to 12.5% due to fall in employee cost and other expenses. Order book remain healthy at Rs39,182cr (5.7x TTM revenue) supported by strong inflow of Rs190bn in 9MFY21 and NCC expect Rs2,000cr of fresh orders in Q4FY21. Adj. PAT declined by 47% YoY due to lower volume of turnover and higher tax rate of 38%. NCC expect work efficiency will back to normalcy in the coming quarters and guided for Rs7,200cr of revenue (vs earlier Rs7,700cr) FY21E. We maintain Buy rating due to strong order book and cheap valuation with a TP of Rs120, based on a P/E of 15x on FY23E earnings."

2. 58 PM: Relaxo Footwears outlook

Amarjeet Maurya - AVP - Mid Caps, Angel Broking said,"Relaxo Footwears (RFL) is India's leading footwear manufacturing company (non-leather), with largest manufacturing capacity of 7.5 lakh pairs per day. RFL has more than 50,000 MBOs & 385 EBOs across India. During 3QFY21, REL has reported strong financial numbers (Revenue/PAT grew  by ~12% /~66% yoy). Further, the company intends to strengthen its position in the southern and western regions where it has a thin presence. Going forward, we expect RFL to report healthy profitability due to low-ticket size products, strong brand and wide distribution network. Hence, we are positive on stock."

2. 44 PM: IRB Infra stock rises 3%

IRB Infrastructure Developers share price touched an intraday high of Rs 108.8, rising 2.98% on BSE, after the board of directors approved the allotment of unlisted, unrated, secured, redeemable, nonconvertible debentures aggregating to Rs 2,184.55 crore on a private placement basis to India Toll Roads.

2. 35 PM: Info Edge share price rises 4%

Info Edge opened with a gain of 3.9% today and touched an intraday high of Rs 5250, rising 5.1% on BSE today. This was following announcement that online food delivery firm Zomato raised $250 million (over Rs 1,800 crore) in funding from Tiger Global, Kora and others, valuing the online food ordering platform at $5.4 billion. Info Edge holds a 19% stake in Zomato.

2. 22PM: UPL Stock turns volatile

UPL stock early morning fell 3.49% at opening bell, and tarded 4.77% at intraday low of Rs 514.1. Later, the stock erased losses and gained 3.83% intraday to Rs 560.5. The company said a fire broke out at Jagadia unit and is in shutdown condition and no fatality was reported.

2. 18 PM: Gold and silver outlook

Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research Limited said,"LBMA Gold Spot trading above $1800 levels, recovering from the seven months low. Rising in inflation triggered short covering in rally in the precious metals. Downside support is $1765 - $1745 levels, Resistance is at $1790 - $1810 levels. MCX Gold April trading with positive momentum above 47000, Rising real yields and inflation concerns pushed investor to go towards gold as hedge against inflation. Downside support for the metal is 46600 -46200. Resistance for the metal is 47400."

On silver, he added,"MCX Silver March is trading above 70500 levels, we are at crucial resistance level now as if we break 71000 this time, we will have clear way of 75000 -77000. The massive spike that we recently had seen was due to the retail short squeeze, which has failed miserably, Downside support is 69400 - 68600 levels, Resistance is at 70700 - 71400 levels."

2.04 PM: Currency Outlook

Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research Limited said,"The rupee opened on flat at 72.40 against the US dollar in opening trade on Tuesday morning, The One year forward premium was at 3.82 against 3.72 in previous session. Dollar index trading in red in the morning session against the Asian Currency. Technically, USDINR Feb Future closed at 72.4675 on previous trading session, market could see Bearish momentum up to 72.40 levels in todays session."

1. 46 PM: Indian Overseas Bank share price falls 2%

IOB stock price fell almost 2% after rising in early session. This wqasa following that Brickwork Ratings India assigned its rating of 'BWR AA-/Stable' for the proposed issue of Rs 500 crore Basel III Tier II bonds.

1. 20 PM: Hindustan Unilever outlook

Geojit Financial Services said in its note,"HUL's revenue increased 20.9% YoY in Q3FY21 to Rs. 11,862cr with continued growth in Food & Refreshment operations and robust recovery in Beauty and Personal Care segment. EBITDA Margin stood at 24.1%, down 80 bps YoY, on account of reduced margins from Tea products. However, volumes have expanded which could aid growth in the coming quarters. Positive rural demand, expanding product portfolio, improving demand for nutritional products and recovery in Home Care segment are key drivers that could help revenue growth in the near future. We reiterate our BUY rating on the stock with a rolled-forward target price of Rs. 2,580 based on 55x FY23E adj. EPS."

1. 15PM: Global oil prices rise by over $1

Oil prices jumped by more than $1 on Tuesday, as US output was slow to return after a deep freeze in Texas shut in crude production last week.

Shale oil producers in the southern United States could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output that shut down because of cold weather, as frozen pipes and power supply interruptions slow their recovery, sources said.

Global oil prices rise by over $1 on slow US output restart; Brent reaches $65.30 per barrel

1.00 PM: Auto sector outlook

JM Financial Institutional said," As economic activity gathers steam post the Covid impact, 2W sales have started trending on a recovery path. Initially, market leader Hero MotoCorp (HMCL) driven by its high exposure to rural India, witnessed healthy demand traction. The recovery is now expected to become more broad-based, spreading over to bigger towns and cities. At the same time, Covid restrictions have eased globally for most markets, leading to pick-up in export sales. OEMs with higher export exposure -such as Bajaj Auto (BJAUT) and TVS Motor (TVSL) - are witnessing multi-quarter-high export demand. While uncertainty on income and closure of school/colleges led to downtrading in the market (augmenting demand for 125cc motorcycles) and weak demand for scooters, the trend is expected to reverse soon with companies rolling back salary cuts and sentiment turning positive with the vaccine roll-out. We believe the scooterisation phenomenon and premiumisation in the 2W segment will resume going forward. While commodity inflation may lead to near-term pressure on margins, cost reduction efforts and cost efficiencies set-in during the Covid period would aid profitability for the overall industry."

12. 53 PM: Mid- Market Quote

Gaurav Garg, Head of Research at CapitalVia Global Research Limited said,"Indian equity benchmarks made an optimistic start on Tuesday with an opening at 14782.25 reflecting gains in Asian peers. Soon, markets turned volatile and are trading flat with positive bias in early deals. Buying in Realty, Oil & Gas, and Capital Goods stocks were supporting the movement in indices. Some optimism came in with the report that a day after surging past the 150,000-mark, India's count of active cases has dropped to 148,882. Banking sector stocks were in focus as India Ratings revised its outlook on the overall banking sector from negative to stable for FY22. Going forward, global news flows and sector-specific developments will be key monitorable factors to impact investor sentiments."

12. 45 PM: Heranba IPO opens today

The Rs 625-crore initial public offering (IPO) of Heranba Industries opened for subscription on Tuesday, February 23, 2021, at a price band of Rs 626-627 per share. The issue closes on Thursday, February 25, 2021.

The issue got subscribed 0.26 times on its opening day. The public issue was subscribed 0.51x in the retail category, 0.00x in the QIB category, and 0.01x in the NII category. The company collected Rs 187.50 crore from 18 anchor investors yesterday.

Heranba IPO opens today: Should you subscribe to the issue?

12. 30 PM:Zuari Agro share climbs over 18% as firm to sell Goa fertiliser plant

Share of Zuari Agro Chemicals surged over 18% intra day after the firm said its board has approved the sale of fertiliser plant at Goa and associated businesses of the company to Paradeep Phosphates Limited (PPL) for an enterprise value of $280 million.

Zuari Agro share climbs over 18% as firm to sell Goa fertiliser plant to Paradeep Phosphates

12. 12 PM: RIL share rises over 2%

Reliance Industries Ltd (RIL) share rose over 2% in early trade after the Mukesh Ambani-led conglomerate announced the demerger of its O2C (oil-to-chemical) business into a wholly owned subsidiary. The large cap stock touched an intraday high of Rs 2,049.95, rising 2.12% on BSE. The share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

RIL share rises over 2% as firm hives off oil-to-chemical business ahead of Aramco deal

12. 04 PM:NTPC outlook

Yash Gupta Equity Research Associate, Angel Broking said," NTPC limited has informed that the company has successful commissioning, 5 MW last part capacity for 20 MW Auraiya Solar PV Project at Auraiya, UP, has been declared on Commercial Operation w.e.f. 00:00 Hrs. of 20.02.2021. With this, the total installed capacity of NTPC and NTPC group has become 52115 MW and 64880 MW respectively and the commercial capacity of NTPC and NTPC group has become 51315 MW and 64080 MW respectively. This will not impact company's revenue very much, but will have a positive impact for the NTPC limited."

11. 50 AM:Vedantashare price gains 2%

Vedanta share price touched an intraday high of Rs 209.3, rising 2.72% intraday after the GR Arun Kumar resigns as whole-time director & chief financial officer of the company

11. 42 AM: This large-cap stock gave 245% returns in 11 months

Vedanta share price surged 9 per cent to hit record high of Rs 208.15 on Monday amid report that promoter group is mulling another stake buy in the company. Vedanta shares have delivered an impressive return of 245 per cent over the last eleven months, from its 52-week low of Rs 60.3 as on March 30, 2020. The stock has jumped 12 per cent in the last five days and 26 per cent over one month period. In the calendar year 2021, Vedanta has outperformed the market by rallying 27 per cent, as against a 3.9 per cent gain in the BSE benchmark Sensex. The market capitalisation of Vedanta stands above Rs 75,000 crore.

This large-cap stock gave 245% returns in 11 months

11. 32AM: Heranba IPO outlook

Ventura Securities said in its note today," During FY18-20, Heranba's revenue grew at 13.3% CAGR to Rs. 951 cr in FY20. Over the same period, its EBITDA grew at a CAGR of 21.4% to Rs. 129 cr in FY20 while the net profit grew at a CAGR of 44.4% to Rs. 98 cr in FY20. Heranba is in the process of developing 2 Fungicides products, 2 Herbicides products and 1 Insecticides product, for which research and development tests have been initiated. The company has more than 9,400 dealers/distributors supported by 21 stock depots spread across 16 states and 1 union territory in India. At the upper price band of the IPO, Heranba is valued at 25.7x FY20 PE (post issue)"

11. 20 AM: APL Apollo share price jumps over 2%

APL Apollo shares touched an intraday high of Rs 962, rising 2.06% on BSE today after the company alloted commercial paper worth Rs 75 crore to ICICI Prudential Ultra Short Term Fund.

11. 10AM:Tata Communications' share price gains over 4%

Tata Communications' shares opened with a gain of 2.97% and touched an intraday high of Rs 1066, rising 4.64% intraday. The Competition Commission of India (CCI) has approved acquisition of shares of Tata Communications Ltd (TCL) by Panatone Finvest Ltd. The proposed deal envisages acquisition of shareholding not exceeding 26.12% by Panatone Finvest Ltd in Tata Communications Ltd (erstwhile VSNL).

11. 00 AM: Bitcoin plummets $8,000 after Elon Musk's concerns over rally

Bitcoin suffered a drop of more than $8,000 on Monday after Elon Musk raised his concern that the price have risen too quickly.

Musk's tweet last week sent the cryptocurrency on a skyrocketing high of more than $58,000. However, it was his tweet this weekend that resulted in the fall of the cryptocurrency in a matter of a few hours.

Bitcoin plummets $8,000 after Elon Musk's concerns over rally

10. 50 AM:Future Retail shares fall 3%

Future Retail shares fell 3% intraday to Rs 68.55 today. Thi was after the Supreme Court asked the NCLT not to pass the final order on amalgamation of Future Retail Ltd (FRL) with Reliance Retail as it agreed to hear Amazon's plea against the Delhi High Court verdict staying its single judge directive to maintain status quo on the deal.

10. 40 AM: Reliance Industries share price gains over 2%

Reliance Industries share price gained over 2% to hit intraday high of Rs 2048.7 on BSE today, in line with broader indices Sensex and Nifty. The company said on February 23 that it is carving out its Oil-to-Chemicals (O2C) business into an independent subsidiary. RIL said it will retain 100 percent management control of the new subsidiary. In a notification to exchanges, RIL said that the promoter group will continue to hold a 49.14 percent stake in the O2C business after the reorganisation and that the process will result in no change in shareholding of the company.

10. 30 AM:Heranba Industries IPO

Nirali Shah, Head- Equity Research, Samco Securities said,"Heranba Industries' IPO issue of Rs.625 Cr is opening tomorrow. It is a crop protection chemical manufacturer, exporter and marketing company based out of Vapi, Gujarat. The Company has a strong 19.5% market share in the pyrethroids market and caters to over 60 countries. As of FY20, 49% of its revenues came from the overseas markets which enabled Heranba to sail through the ups and downs locally. Covid-19 also had minimal impact on the company's operations since all agrochemical companies were allowed to run at full capacities. Heranba's revenues have grown at a CAGR of 13% from FY18-FY20 whereas its PAT has grown at a CAGR of 44% during the same period. On top of that it has recorded robust average ROE and ROCE of 31.3% and 56% respectively for the last three years. The company has also been reducing debt on its books and trades at a reasonable valuation multiple of 25x P/E compared to its peers. The company faces high risk due to shoot up in raw material prices which forms a whopping 70% of its expenses. Moreover, it faces high competition risk from peers such as Rallis India, Bharat Rasayan and Sumimoto Chemical. But despite these risks, Heranba continues to capture a dominant position with sound fundamentals and diversification capabilities. Therefore, we recommend investors to subscribe to this IPO for listing gains. However, investors should also be cautious about the prevailing market sentiment and their own liquidity before aggressively subscribing to all IPO."

10.23 AM: Morning view on the market

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"After a long gap, FIIs turned sellers yesterday. The combined selling by FIIs & DIIs pulled the market down sharply with a  306 point cut in Nifty. Sharp corrections like this are normal and even desirable in a bull market. When valuations are high some triggers will cause corrections. The escalation in Covid cases in Maharashtra, a spike in crude and rising bond yields provided the trigger for correction. Correction in Nasdaq yesterday is another reminder that excessive valuation cannot sustain. Investors should wait and watch for stability & consolidation in the market before making fresh commitments"

10. 07 AM:Stocks to watch today on February 23

RIL, Airtel, HDFC Bank, Vedanta, UPL, Info Edge, Bharat Forge among others are the top stocks to watch out for in Tuesday's trading session

Stocks in news: RIL, Airtel, HDFC Bank, Vedanta, UPL, Info Edge, Bharat Forge

9. 54 AM: Global markets

Asian stocks are trading mixed on Tuesday  after their counterparts declined overnight on Wall Street. In US, the S&P 500 and Nasdaq closed lower on Monday as climbing Treasury yields and prospects of rising inflation triggered valuation concerns. Investors also await cues from Federal Reserve Chairman Jerome Powell, who delivers his semi-annual testimony on the economy before the Senate Banking Committee on Tuesday.

9. 40 AM: Nifty technical view

Reliance Research said in its note," Continuing its prior daily rising trend, NSE-NIFTY began week on a negative note and slipped to 14-day closing low. Yesterday, the index slipped below its 20-day EMA and closed around its lower band of the rising channel. Major technical indicators were negatively poised and remained below their threshold level. In the past, the index tested its 50-day EMA post identical cross-over. This could drag the index towards 14,300-level. On the higher side, the index will now face hurdle at around 15,000-level. 

As for the day, support is placed at around 15,048 and then at 14,977 levels, while resistance is observed at 15,220 and then at 15,322 levels."

9. 30 AM: Opening session

Share market indices opened on a bullish note on Tuesday, amid positive global equities. Reversing from 5 days of fall, Sensex traded 250 points higher at 50,015 and Nifty 50 index gained by 71 points to trade at 14,745.

9. 20 AM: FII action

Foreign portfolio investors (FPIs) sold shares worth Rs 893.25 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 919.88 crore in the Indian equity market on 22 February, provisional data showed.

9. 10 AM: Nifty outlook

In its technical market review, Choice Broking said in a note today," After a negative opening, both benchmark indices corrected after a levitation concern for return of lock down situation in a few states which hurt the sentiment and based on which the Nifty gave an intraday correction of over 300 points and settled at 14675 level. Sector wise, media, PSU bank and auto witnessed an average loss of somewhere around 2%, while only metal traded firm in green with a gain of 2.00%. Technically, the benchmark index has given a close below its 21 Days Moving Average which shows further concern for an upcoming trading session, based on which we may see pain in the Nifty, which has a strong support at 14480 while upside Resistance comes at 14800.

9.00 AM: Market outlook this week

Vinod Nair, Head of Research at Geojit Financial Services said,"Rising economic restrictions from a spike in virus cases and weak global cues hit the domestic market sentiment. The rate of market fall was aggravated by a sharp rise in volatility, being a monthly F&O expiry week. FPI inflows which were leading the rally slowed down due to global vulnerabilities from rising bond yield & inflation. However, this is a buy on the dip market, a short-term correction will trigger new buying, as economic fundamentals have improved, with more focus on industrial & cyclical."

8. 50 AM: Closing on Monday

Share market indices turned volatile and ended majorly lower on Monday, amid mixed global equities. Extending fall for the fifth consecutive session, the Sensex ended 1,145 points lower at 49,744 and NSE Nifty 50 index lost 306 points to 14,675.

Sensex crashes 1,145 points, ends below 50,000 mark; M&M, TCS, L&T top losers

Top losers on 23 February: Eicher Motors, M&M, Axis Bank, IndusInd Bank, Dr Reddy's fall up to 5%

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