Nifty falls below 17400, Sensex plunges 300 pts in early trade on Mon, Feb 27; Adani Ports, IRB Infra shares rise

Domestic equity indices extended the previous session’s losses and opened in the red territory on Monday. The NSE Nifty 50 fell 75.00 pts or 0.43% to 17,390.80 and BSE Sensex tanked 312.52 pts or 0.53% to 59,151.41. The top gainers on Nifty 50 were Adani Ports (up 1.75%), NTPC (up 1.20%), Nestle India (up 0.87%), ICICI Bank (up 0.76%) and Kotak Bank (up 0.64%) while Bajaj Auto (down 3.90%), UPL (down 2.19%), Infosys (down 2.05%), Adani Enterprises (down 01.81%) and Tata Motors (down 1.79%).

Adani Ports shares, IRB Infra stock in focus today

Adani Ports and Special Economic Zone shares rose 1.63% to Rs 568.05 after the company  crossed 300 MMT of cargo handling on 23 February 2023, in just 329 days, beating its own milestone from last year of 354 days. APSEZ has also met its sustainability commitments. Energy and emission intensity has been reduced by around 41% and water intensity by 56% from 2016 levels.

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IRB Infrastructure Developers shares rose 1.95% to Rs 28.60 after the company received a Letter of Award from the National Highways Authority of India for upgrading NH-27 from Samakhiyali to Santalpur Section in Gujarat under BoT mode to a six-lane, paved shoulder highway. The project consideration is Rs 2,132 crore and the company’s order book stands revised to approx. Rs 20,892 crore.

Sectoral Indices

The sectoral indices were trading mostly in red. Bank Nifty rose 0.21%, Nifty IT was down 1.67%, Nifty Auto fell 1.42%, Nifty Pharma was up 0.66% while Nifty Metal was down 1.35%.

Asian and US stock markets

Asian markets were trading mixed with China’s Shanghai Composite index rising 0.17%, Hong Kong’s Hang Seng climbing 0.16% while Japan’s Nikkei 225 falling 0.05% and South Korea’s KOSPI dropping 0.99%.

The US markets ended Friday’s session in the red territory with Dow Jones Industrial Average tanking 1.02%, S&P 500 slipping 1.05% and the tech-heavy Nasdaq sinking 1.69%.

FII and DII data

Foreign institutional investors (FII) sold shares worth a net Rs 1470.34 crore, while domestic institutional investors (DII) acquired equities worth a net Rs 1400.98 crore on 24 February, according to the provisional data available on the NSE.

NSE F&O Ban

The National Stock Exchange has put no stock/security in its F&O ban list for Monday, 27 February. According to the NSE, stocks are prohibited in the F&O sector once they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.