Nifty holds above 17400, Sensex up 350 pts in early trade on Wed, Mar 1; Adani Enterprises, Vedanta shares rise

Domestic indices opened broadly higher on Wednesday despite negative sentiment in the global markets. The NSE Nifty 50 rose 110.60 pts or 0.64% to 17,414.55 and BSE Sensex climbed 368.96 pts or 0.63% to 59,331.08. The top gainers on Nifty 50 were Adani Enterprises (up 8.42%), Hindalco (up 3.04%), Mahindra & Mahindra (up 2.56%), Adani Ports (up 2.10%) and Tata Steel (up 1.83%) while Britannia (down 1.61%), Power Grid (down 1.46%), SBI Life (down 0.79%), Tata Consumer (down 0.45%) and Hindustan Unilever (down 0.24%).

Adani Enterprises shares, Vedanta stock in focus today

Vedanta share price rose over 2% to Rs 273.90 on Wednesday. Meanwhile, Vedanta Resources, the parent company of Indian mining major Vedanta, is in the advanced stages to tie up fresh loans of $1 billion from a syndicate of banks. The company is also close to finalizing $750-million bilateral facilities and is confident of meeting its maturities for Q1FY23.

Also Read

Share Market LIVE: Nifty jumps above 18600, Sensex surges 100 pts; Bank Nifty below 44300, IRCTC falls 2%

PR Sundar puts up brave face as ‘finfluencers’ feel the heat

Stocks To Watch: Adani Transmission, IRCTC, Rail Vikas Nigam, Torrent Power, NBCC, Adani Ports, Mankind Pharma

Stocks To Watch: ONGC, BHEL, Reliance Industries, ICICI Bank, Sun Pharma, RITES, Central Bank of India

Adani Enterprises shares hit the upper circuit, rising 10%. Meanwhile, Mundra Aluminium, a subsidiary, was declared as the preferred bidder for a mineral bauxite block in Odisha, following which, the Government of Odisha issued the company a Letter of Intent.

Sectoral Indices

All the sectoral indices were trading in green. Bank Nifty rose 0.61% to 40,513.55 pts, Nifty IT was up 0.31%, Nifty Realty climbed 1.09%, Nifty Pharma was up 0.11% and Nifty Metal surged 2.88%.

Asian and US stock markets

Asian markets were trading mixed with China’s Shanghai Composite index rising 0.32%, Hong Kong’s Hang Seng climbed 1.99% and Japan’s Nikkei 225 fell 0.04%.

The US equity indices ended the overnight session in the red territory with Dow Jones Industrial Average (DJIA) falling 0.71%, S&P 500 dropping 0.30%, and the tech-heavy Nasdaq dipping 0.10%.

FII and DII data

Foreign institutional investors (FII) net sold shares worth Rs 4,559.21 crore, while domestic institutional investors (DII) acquired equities worth Rs 4,609.87 crore on 28 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 Wednesday, 1 March. 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.