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Share Market Highlights: Sensex ends 749 points higher, Nifty at 14,761; ONGC, PowerGrid, Titan top gainers

Stock Market Updates Today: Sectorally, all the indices were rising, with 1.8% rise in media, financial services, PSU Bank and private banking indices.

twitter-logoBusinessToday.In | March 1, 2021 | Updated 18:46 IST
Share Market Highlights: Sensex ends 749 points higher, Nifty at 14,761; ONGC, PowerGrid, Titan top gainers
Share Market News: Here's a look at the updates of the market action on BSE and NSE today

Sensex, Nifty Updates on March 1: Domestic equity benchmarks Sensex and Nifty registered significant gains on Monday and ended near day's high, tracking positive cues from positive global equities. Reversing from major sell-off during last week, Sensex ended 749 points higher at 49,849 and Nifty gained by 232 points to 14,761. The market also reacted to encouraging Q3 GDP data announced after market hours on Friday. Meanwhile, Markit Manufacturing PMI for February will be declared today, 1 March 2021. Last Friday, Sensex ended 1,939 points lower at 49,099 and Nifty fell by 586 points to 14,529. The market breadth, indicating the overall health of the market was positive on the BSE, with 1,774 shares rising, 593 shares falling and a total of 131 unchanged shares. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 5.56% to 26.57. The S&P BSE Mid-Cap index was up 0.74%, while S&P BSE Small-Cap index was up 1.17%. The BSE's market capitalization rose to Rs 203 lakh crore. Sectorally, all the indices were rising, with 1.8% rise in media, financial services, PSU Bank and private banking indices.

Top gainers today: 5 shares rise up to 6%; PowerGrid, ONGC, Kotak Bank, Asian Paints, UltraTech Cement

Sensex ends 749 points higher, Nifty at 14,761: Five factors that led the rally today

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

4.00 PM: Closing on Monday

Domestic equity benchmarks Sensex and Nifty registered significant gains on Monday and ended near day's high, tracking positive cues from positive global equities. Reversing from major sell off last week, Sensex ended 749 points higher at 49,849 and Nifty gained by 232 points to 14,761.

3. 54 PM: BEML share price hits new 52 week high

BEML share price hit a new 52 week high of Rs.1184.3 today after the government announced schedule - March 1-22 - for submission of Expression of Interest (Eol) from the bidders for the proposed strategic disinvestment of 26 percent stake in BEML along with transfer of management control.

3.42 PM: Nifty Tech View

Rohit Singre, Senior Technical Analyst at LKP Securities said,"Index opened a day with good gains and managed to hold the bullish stream throughout the day. The index closed a day at 14782 with gains of nearly two percent and formed a bullish harami sort of candle pattern on the daily chart which represents a change in immediate trend so if managed to hold the previous week low index is good to go northwards. Index has formed immediate support near 14640-14580 zone and good resistance is coming near 14810 zone any break above said levels can push index towards 15k mark again"

3. 34 PM: NLC India share price rises over 3%

NLC India share price touched an intraday high of Rs 54.8 (3.69%) on BSE today. This wsa after the company said 6,000 numbers of Commercial Paper of a face value of Rs 5,00,000 each, aggregating to Rs 300 crore have been issued and allotted on February 26.

3. 20 PM: Affle (India) share price rises over 3%

Affle (India) share price touched an intraday high of Rs 5400 (3.85%) and traded 4.4% away from 52 week high of Rs 5616.7 on BSE. The company at its board meeting approved the fund-raising upto Rs 1,080 crore.

3. 13PM: Minda Industries share price rises over 2%

Minda Industries share price touched an intraday high of Rs 578.65 (2.4%) on BSE today after the NCLT approved the amalgamation of Harita, Harita Venu, Harita Cheema, Harita Financial Services and Harita Seating Systems with Minda Industries.

3.06 PM: Indian Oil share gains 3%

Shares of State-owned Indian Oil Corporation (IOC) gained over 3 per cent on Monday after the company announced it would invest Rs 32,946 crore to expand its oil refinery at Panipat in Haryana to 25 million tonnes per annum capacity and set up chemical units.

Indian Oil stock opened with a gain of 3.47% today at Rs 101.40 and touched an intraday high of Rs 101.6, up 3.67% as against its previous close of Rs 98. Later, it also hit an intraday low of Rs 99.85 in the early session.

2. 51 PM: Maruti Suzuki share price rises over 2%

Maruti Suzuki share price touched an intraday high of Rs 7032.85 (2.33%) on BSE after the country's largest carmaker Maruti Suzuki India on Saturday said it has achieved the milestone of 20 lakh cumulative exports.

2. 42 PM: InterGlobe Aviation share price rises over 2%

InterGlobe Aviation share price touched an intraday high of Rs 1,668, up 2.76%, aftre the budget carrier on Saturday said that all its domestic flights having subset series 6E 5500 - 6E 5900 will be operated from Terminal-1 of the city airport here, starting March 10.

2. 28 PM:Agriculture stocks climb up to 20%

Agriculture stocks rose in early trade today as PM Narendra Modi spoke about the steps taken  for the sector in this year's Union Budget. While share of National Fertilizers Limited zoomed 19.92% to Rs 63.50, Fertilisers & Chemicals Travancore stock gained 10.42% to Rs 97 on NSE.

Deepak Fertilisers and Petrochemicals stock too gained 4.25% to Rs 192.60  on NSE. Share of another fertiliser player Chambal Fertilisers climbed 4.52% to Rs 255.50.

National Fertilizers, Deepak Fertilizers stocks climb up to 20% as PM Modi talks about steps taken in Union Budget

2. 12PM: RailTel Corp share rise 20% in trade today

RailTel Corp share rose 20% in trade today after the telecom infrastructure provider said it has been assigned the orders of Rs 105.82 crore by Ministry of Railways. Share of RailTel Corporation rose 19.97% to Rs 145.65 against previous close of Rs 121.40 on BSE.

Why RailTel Corp share rose up to 20% today

2.04 PM: Biocon share price rises over 1%

Biocon share price gained 1.6% to Rs 396.50, its day's high, after the company arm, Viatris Inc received EU regulator nod for Biosimilar Bevacizumab.

1.56 PM: Godrej Properties share price hits new 52 week

Godrej Properties share price hit a new 52 week and all time high of Rs 1573.45 (2.25%) on BSE after the company emerged as the highest bidder for two adjacent plots in Navi Mumbai.

1. 40 PM: Sensex rises 900 points, Nifty crosses 14,750

Sensex rose over 900 points in early trade today, recovering partial losses logged during Friday market crash. While Sensex gained 900 points to 50,000 mark, Nifty rose 266 points to 14,795. The recovery in market came as investors were buoyed by domestic economy returning to growth in the October-December period after two quarters of contraction.

Gross Domestic Product (GDP) rose 0.4 per cent in the October-December 2020 period compared with the same period a year back, data released by the National Statistics Office on Friday showed.

Sensex rises 900 points, Nifty crosses 14,750 as Q3 GDP data cheers investors

1. 31 PM: Ashok Leyland outlook

Jyoti Roy - DVP- Equity Strategist, Angel Broking said,"Ashok Leyland reported a good set of sales numbers for the month of February 2021. Total sales for the month of February were up by 19% YoY to 13,703 units while domestic sales for the month were up by 20% YoY to 12,776 units. The MHCV truck segment reported a strong growth of 50% YoY to 7,336 units while the LCV segment also registered a strong growth of 44% YoY to 5,901 units. However demand in the MHCV bus segment remained muted with sales registering a de growth of 81% YoY to 466 units. Overall Ashok Leyland numbers continue to improve in line with the economic recovery. However post the sharp run up in the stock since the beginning of the year we believe that upsides would be limited from current levels in the stock especially in the backdrop of recent increase in raw material prices which will impact margins in the fourth quarter. We have a neutral rating on Ashok Leyland at current levels.

1. 28 PM: KEC International share price hits new 52 week high

KEC International share price hit a new 52 week and all time high of Rs.444.45 today after the company bagged new orders of Rs 1,140 crore across its various businesses.

1. 14 PM: Mid- Market outlook

Likhita Chepa, Senior Research Analyst at CapitalVia Global Research Limited said,"The market opened on a high following the positive global cues but was unable to maintain the levels and is now trading near day low. Domestic sentiments were positive, as February Purchasing Managers' Index (PMI) data showed further improvement in the health of the Indian manufacturing sector as firms responded to increases in new work intakes by lifting production, input buying, and stocks of purchases. Buying interest was broad-based led by auto, Consumer Durables and IT shares. Adding to the optimism, the finance ministry said the GDP growth of 0.4 percent in the December quarter shows that the economy has returned to pre-pandemic times and reflects the further strengthening of a V-shaped recovery. Despite the correction in the Nifty Index major indices have remained positive other than Telecom."

1.09 PM: DLF share price trades 1% higher

DLF share price traded 1% higher at Rs 305.80 today. The realty firm plans to raise up to Rs 395 crore through issue of debentures. In a regulatory filing, the company informed that the proposal will be discussed on March 3 at a meeting of the finance committee of the board of directors.

1.00 PM: Nifty technical outlook

Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking) said,"In the initial couple of weeks of the series, we witnessed long formations in Nifty as well as Bank Nifty and no meaningful shorts were seen during corrections. The long positions got rolled to the March series as the rollovers are bit higher than its 3-month average. FII's too rolled over their bullish positions and their Long Short Ratio at the start of series stands at 76 percent.

The global markets have witnessed higher volatility which could lead to long unwinding in our markets too. Traders are advised to lighten up longs and stay light on positions till the volatility settles down. It would be prudent to see how things pan out at the start of the series and hence, one should keep a close tab on the data changes in next few sessions. The immediate support for Nifty is placed around 14500 followed by 14200."

12. 52 PM: Gayatri Projects share price slips 4.7%

Gayatri Projects share price touched an intraday low of Rs 38.5, down 4.7% on BSE. This was after CARE downgraded credit rating on company's long term bank facilities to D from B/Stable.

12. 44 PM: Axis Bank share price gains 2.55%

Axis Bank share price opened with a gain of 2.1% today and touched an intraday high of Rs 743.15 (2.55%) on SBE. This was after the lender said its board has approved a proposal to reclassify United India Insurance Company Ltd (UIICL) as a public shareholder category investor in the bank from promoter category.

12. 36 PM: Nifty outlook

Angel Broking said,"During the last week, Markets had a nervous start on Monday as we saw Nifty sliding below the key support of 14,900 to even test sub-14,700 levels. However, at the midst of the week, we witnessed a v-shaped recovery in the market post some dramatic events. Everything looked hunky dory as the February series ended convincingly above the 15,000 mark."

12.20 PM:Maruti Suzuki outlook

Jyoti Roy - DVP- Equity Strategist, Angel Broking said,"Maruti Suzuki reported strong growth in monthly sales numbers for the month of February 2021. Total sales for the month of February was up by 11.8% yoy to 1,64,469 units. Domestic sales for the month were up by 1.18% to 1,52,983 units while exports also registered a growth of 11.9% YoY tov11,468 units. Domestic sales growth was driven by the compact, UV and LCV segments which grew by 15.3%, 18.9% and 507.6% respectively. The mid level segment continued to struggle and registered degrowth of 40.6% YoY. Overall the numbers are encouraging and point to continued improvement in demand in the PV segment led by the compact segment. Post the January sales numbers we continue to maintain our positive stance on Maruti which is expected to be the biggest beneficiary of recovery in demand for entry level PV."

12.09 PM:Bharti Airtel share drops over 4%

Bharti Airtel share price dropped 4.42% to the day's low of Rs 532.5 today. The company informed that its wholly owned subsidiary Airtel Digital has agreed to subscribe to 5,000 equity shares (10%) in Ferbine Private Limited on February 25, 2021.

11.58 AM: Gold outlook

Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited said," As the dollar pushed higher, Gold prices burst through trend line support. The strong yield change during the week weighed on the yellow metal's price. Despite a decrease in US treasury yields, gold prices dropped, with the 10-year treasury dropping to 1.49% from a high of 1.61% on Thursday. Personal income in the United States rose in January, but consumer spending was slightly lower than expected. Personal income jumped 10% after a 0.6% increase in December, beating expectations that it would rise by 9.5%.

11. 45 AM: Manufacturing PMI outlook

Jyoti Roy - DVP- Equity Strategist, Angel Broking said," Indian manufacturing PMI for February at 57.5 remained at similar levels of 57.7 in January and points to continued improvement in the economy. The headline figure remained well above the long term average of 53.6. Continued improvement in the demand environment led to further increase in new orders which led to further increase in production and inventories. New export orders also continued to improve though the pandemic led supply chain disruptions did have some adverse impact on international demand for Indian goods. However employment decreased further due to restrictions Covid restrictions related to shift work while input cost inflation increased to a 32-month high. The February manufacturing PMI numbers corroborate our view that we are witnessing a strong rebound in the underlying economy which is expected to continue. While manufacturing has led the rebound so far, growth in the services sector too has started to improve and all eyes will be on the services PMI numbers which will be reported later during this week."

11. 32AM: MTAR Technologies IPO

Geojit Financial said in its note today,"Over the next five years, the private sector will receive the mandate for ~70% of all the upcoming space missions of ISRO which is positive for MTAR. MTAR will start manufacturing Hydrogen boxes and electrolyzers for Bloom Energy, a key player in fuel cell technology. At the upper price band of Rs.575, MTAR is available at a P/E of 47.3x (annualized basis on FY21E EPS of Rs.12.2) which is aggressively priced. With no listed peers and a positive sentiment in the space & defence sectors due to Make in India and Atmanirbhar Bharat with limited competition for the products they manufacture, we assign a Subscribe rating, with a long term perspective."

11. 27 AM: DLF share price rises 1%

DLF share price traded 1% higher at Rs 305.80 today. The realty firm plans to raise up to Rs 395 crore through issue of debentures. In a regulatory filing, the company informed that the proposal will be discussed on March 3 at a meeting of the finance committee of the board of directors.

11. 12AM: RIL shars rise over 1%

Reliance Industries share price gained over 1% to Rs 2114.45, its intraday high. This was after Strategic Business Ventures Ltd (RSBVL), a wholly owned subsidiary of Reliance Industries Ltd (RIL), announced it has raised its shareholding in investee company skyTran Inc to 54.46 per cent, acquiring additional equity stake for consideration of $26.76 million (Rs 196.9 crore).

11.01 AM: Nifty Outlook

Geojit Financial said in its note,"We had opened last week with a 14740 view, which was subsequently extended to 14481. Having met both the targets, we are inclined to play a consolidation before riding on the next directional wave. Fulfilment of the targets allow for a pull back meanwhile, which could extend into the 14770-900 region, but a push beyond the same could complete the upside breakout of a flag pattern that the declines from the Feb peak is seemingly fitting in. This would also mean that the +16000 views are back in the radar."

10. 53 AM: Global markets buoyed today

Asian markets are trading sharply higher bouncing back from Friday lows as bond yields fell ignoring Chinese manufacturing activity growth which came at 50.9 Vs.51.3 in Jan.

US markets closed sharply lower on Friday led by technology stocks as selloff in global bonds intensified and debt from UK to Australia getting squeezed.

European markets closed lower on Friday pulled down by rising bond yields making bonds attractive compared to equities and saw investors fleeing highly flying stocks.

10. 42 AM: MTAR Technologies IPO

"MTAR Technologies Limited (MTAR) is a leading precision engineering solutions company engaged in the manufacture of mission critical precision components with close tolerances (5-10 microns), and in critical assemblies, to serve projects of high national importance, through their precision machining, assembly, testing, quality control, and specialized fabrication competencies, some of which have been indigenously developed and manufactured.

At the higher price band of Rs 575, the stock is valued at 20x FY20 earnings of Rs 28.3 and commands premium considering its healthy order book, visibility of topline growth, competitive edge, superior profitability as compared to peers, return ratios, wide clientele spread across the globe, sound R&D base and technological progress. We recommend investors to SUBSCRIBE to the IPO of MTAR."

10.35 AM: Weekly outlook

Ajit Mishra, VP - Research, Religare Broking said,"The coming week marks the beginning of the new month also and participants will be eyeing important domestic data alongside the global cues. First, the auto sales data will start pouring in from March 1. On the economic front, Markit Manufacturing PMI and Market Services PMI data scheduled on March 1 and March 3 respectively. Markets will first react to the GDP data which came in after the market on Friday. The economy grew marginally in the third quarter at 0.4%, after facing a contraction in the previous two quarters. Going ahead, the rising bond yields remain a key concern for equity markets worldwide. Although the recent Fed statements have been comforting.

Indications are pointing towards further slide in the Nifty and the next support at 14,400 and 14,200 levels. We expect volatility to remain high so traders should maintain extra caution in risk management aspects. The prudent strategy would be to use rebound to create shorts using options instead of naked futures."

10.22 AM: Market outlook

On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"We are at a crucial juncture; While the markets have opened with a gap up, there is a resistance for the Nifty between 14820-14950. The index could pause around these levels. Unless we do not get past this patch, any rally up should be looked at as an opportunity to short the markets for a target of 14350."

10. 13 AM: FII action

Foreign portfolio investors (FPIs) sold shares worth Rs 8,295.17 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,499.70 crore in the Indian equity market on 26 February, provisional data showed.

10.04 AM: Market update

The market breadth, indicating the overall health of the market was positive on the BSE, with 1,774 shares rising, 593 shares falling and a total of 131 unchanged shares. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 5.56% to 26.57. The BSE's market capitalization rose to Rs 203 lakh crore. Sectorally, all the indices were rising, with 1.8% rise in media, financial services, PSU Bank and private banking indices. The market also reacted to encouraging Q3 GDP data announced after market hours on Friday. Meanwhile, Markit Manufacturing PMI for February will be declared today, 1 March 2021.

9.57 AM: Global markets

US stocks ended on a mixed note on Friday after the House passed a $1.9 trillion Covid relief bill, the American Rescue Plan Act of 2021, early Saturday. The Senate will now consider the legislation.

The Dow Jones Industrial Average tumbled 469.64 points, S&P 500 lost 18.19 points and the Nasdaq Composite Index added 72.91 points.

Asian stocks were trading higher on Monday, as data releases showed China's manufacturing activity growth slowing in February. Meanwhile, South Korea's markets were closed on Monday for a holiday.

9. 41 AM: Encouraging Q3 GDP data

Traders said the market also reacted to encouraging Q3 GDP data announced after market hours on Friday.

Indian economy reported growth in the December quarter after two quarters of contraction. The nation's Gross Domestic Product (GDP) saw revival, albeit marginally, as economic activities resumed after a long and arduous lockdown and overall sentiment improved with the rollout of vaccination drive. As per government data, India's GDP increased 0.4 per cent during the third quarter ended December 31, 2020.

The output of eight core infrastructure sectors grew marginally by 0.1% in January, mainly due to growth in the production of fertiliser, steel and electricity. The core sectors had expanded by 2.2% in January 2020, according to the provisional data released by the Commerce and Industry Ministry on Friday.

Meanwhile, Markit Manufacturing PMI for February will be declared today, 1 March 2021.

9. 30 AM: Morning view on the market

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"The massive sell-off last Friday which saw the Nifty crash by 568 points indicates the market's vulnerability to negative triggers at high valuations. The massive FII selling of Rs 8295 crores is indeed a  serious concern even though DIIs have turned buyers. Also, FIIs unwinding their longs and opening fresh shorts is a negative signal. The positive factor is the US 10-year yield settling at 1.41%, falling from a high of 1.61%. Stability in bond yields will calm markets. It is also important to appreciate the fact that the rise in yields also indicates a revival of economic growth. In this excessively volatile market, investors may wait for consolidation. Dips may be used to buy quality stocks in segments like financials & IT. Meanwhile, India is technically out of recession with the Q3 GDP data turning positive with 0.4% growth."

9. 22 AM: Opening session

Domestic equity benchmarks Sensex and Nifty registered significant gains on Monday's opening session, tracking positive cues from positive global equities. Reversing the trend, Sensex was rising 600 points higher at 49, 701 and Nifty gained by 195 points to 14,720. SGX Nifty on the Singapore Exchange was rising by 90 points, indicating a positive trend in domestic grounds today.

9. 10 AM: Market outlook

Reliance Research said in its note today," NSE-NIFTY failed to continue its prior daily rising trend. On Friday, the index extended loss post gap down opening amidst weaker global cues and also, due to selling across the board. Overall market breadth turned in favour of the bears and negative trend observed across the sectors. Due to sudden fall in the index, major technical indicators on the short-term as well as near-term timeframe chart turned in favour of the bears. This could drag the index towards 14,300-level initially and 14,000-level subsequently. On the higher side, the index will face a hurdle at 15,000-level.

As for the day, support is placed at around 14,358 and then at 14,187 levels, while resistance is observed at 14,810 and then at 15,090 levels."

9.00 AM: Currency Outlook

Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research Limited said,"The rupee to open bit down 73.62 against the US dollar in opening trade on this morning, yesterday the 10-year benchmark treasury cool down and retrace by 0.10 basis points. Asian equities have opened higher as US announced $1.9 stimulus package. Technically, USDINR March Future closed at 74.25 on previous trading session, market could see bearish retracement up to 73.70 levels and took support of the same and start rebounding towards 74.20 in today's session."

8. 50 AM: Closing on Friday

Sensex fell 1,939 points on Friday, making it the sixth biggest single-day drop (pointwise) ever for the 30-share index. After three straight sessions of gains, the BSE benchmark ended 1,939 points lower at 49,099, amid heavy selling in global equities.

Similarly, the NSE 50-share index Nifty50 fell by 586 points to 14,529.

Top losers on Feb 26: 5 shares fell up to 6.5%; ONGC, M&M, Axis Bank, Bajaj Finserv, Kotak Bank

Sensex logs sixth-biggest fall ever: Five factors behind the market crash today

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