Share Market Highlights: Sensex ends flat with positive bias, Nifty just above 14,700; ONGC, L&T among top gainers

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Broader markets outperformed benchmarks on Tuesday. Bank Nifty was down in red, India VIX fell 1%.

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The volatility gauge corrected marginally on Tuesday. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmarks snapped their 5-day losing streak to end flat with a positive bias on Tuesday. S&P BSE Sensex gained marginally to end at 49,751 points while the 50-stock NSE Nifty regained 14,700 mark. ONGC was the top Sensex gainer surging as high as 7% during the day. L&T and IndusInd Bank were the other top gainers. Broader markets outperformed benchmark indices. Among sectoral indices Bank Nifty, Nifty PSU Bank, NIFTY Private Bank, and Nifty Pharma closed with losses. India VIX ended in the red.

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16:20 (IST)23 Feb 2021
Sensex, Nifty snap five-day falling streak; will bulls return to Dalal Street now?

Domestic stock markets returned to positive territory on Tuesday, ending the 5-day losing streak. S&P BSE Sensex gained marginally to end at 49,751 while Nifty 50 regained 14,700. Broader markets outperformed benchmark indices. BSE Smallcap index was up 0.74%, BSE Midcap index gained nearly 1%. ONGC was the top gainer, zooming 5.55% at the end of the day’s trade. Kotak Mahindra Bank was the top laggard, falling 3.87%. The volatility index fell 0.95% after having zoomed more than 15% yesterday. Among sectoral indices Bank Nifty, Nifty PSU Bank, NIFTY Private Bank, and Nifty Pharma closed with losses.

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15:33 (IST)23 Feb 2021
Auto sector to benefit from post-covid recovery; buy these stocks for as much as 53% returns

Looking back at the third-quarter results of the auto sector, revenue growth for companies have been strong. Domestic brokerage and research firm Emkay Global in a recent note said their coverage universe, except Tata Motors, saw an 18% on-year revenue growth. During the quarter, double-digit volume growth was registered in tractors, PVs and two-wheelers. Although there could be near term pressure from increasing commodity prices, price hikes are believed to offset pressure. Emkay Global believes that the Auto sector remains a key beneficiary of the post-Covid economic recovery and low-interest rates.

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15:22 (IST)23 Feb 2021
Trading mixed

Sensex was down in the red while Nifty was seen attempting to regain 14,700 mark with minutes to go before the closing bell. 

15:17 (IST)23 Feb 2021
Trading flat

Sensex and Nifty were trading flat with a positive bias just ahead of the closing bell on Tuesday. Benchmark indices have almost given up their intra-day gains.

14:39 (IST)23 Feb 2021
Cochin Shipyards in focus

“Cochin Shipyard Limited (CSL)  is mainly engaged in the construction of vessels and repairs and refits of all types of vessels including upgradation of ships periodical layup repairs and life extension of ships. CSL has been declared as L1 in the tender floated by the Indian Navy for construction of 6 Next Generation Missile Vessels (NGMV) and the estimated total order value is around Rs 10,000 crore. This is a positive development for the company, which would support revenue growth for FY22,” said Amarjeet Maurya – AVP – Mid Caps, Angel Broking

14:15 (IST)23 Feb 2021
Brokerage view on Heranba Industries IPO

Heranba Industries is present in a wide range of products across the entire value chain of synthetic pyrethroids. Company has product registrations in the domestic and international markets enabling global outreach. It also has a strong product portfolio and wide distribution network. Although, Absence of large customers and dependence on smaller customers increases uncertainty of demand which may have an adverse impact on the business operations and financial performance.  Ahead of the issue, the Company has managed to raise Rs 187.5 crore from anchor investors, allotting them 29.90 lakh equity shares. We expect a good listing for the Company. We are positive on the long-term prospects of the Company, we recommend “SUBSCRIBE” to the Heranba Industries IPO for long term as well as for listing gains.: Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd

13:48 (IST)23 Feb 2021
Metro trains to run in Kanpur, Agra, Varanasi! UP govt make Rs 1,175 crore provision for metro rail projects

In the coming years, travelling in different cities of Uttar Pradesh to get a lot better and convenient as various metro rail projects are coming up in the state. On Monday, the state government of Uttar Pradesh has made a provision of Rs 1,175 crores in the state budget presented in the assembly for different metro rail projects, according to a PTI report. For the Kanpur metro rail project, there is a provision of Rs 597 crore in the budget presented by Finance Minister Suresh Khanna. For the trial run commencement of the first section between IIT Kanpur and Moti Jheel, a target has been set from 31 July 2021 and the commercial run from 30 November 2021.

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12:39 (IST)23 Feb 2021
Benchmarks come down from highs, again

Once again, Sensex and Nifty were down from their highs to trade flat with a positive bias. ONGC was up almost 7%. In the red were Kotak Mahindra bank, down 3%, followed by Asian Paints and HDFC Bank.

12:38 (IST)23 Feb 2021
Bharat Forge share price jumps nearly 4% on receiving Rs 178 crore order from Defence Ministry

Bharat Forge share price jumped as much as 3.7 per cent to Rs 610 apiece on BSE on Tuesday, after it received an order worth Rs 177.95 crore from the Ministry of Defence. The company has received the order for protected vehicles under Emergency Procurement for the supply of Kalyani M4 vehicles. Bharat Forge shares hit a 52-week high of Rs 676.10 during the start of 2021.

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12:31 (IST)23 Feb 2021
‘Serious threat’ to 31 of Nifty 50 firms: Rising commodity prices may soon hit hard; expect consolidation

Soaring commodity prices now pose a serious threat to 31 companies or 46% of the free-float weighted market cap within the benchmark Nifty 50 index, according to global brokerage and research firm Bank of America Securities (BofA). The exposure to commodity risk is up by almost 75% since June last year. The report adds that owing to the jump in prices markets could consolidate. “Discretionary, Materials, Staples, Energy, Industrials sectors, in that order, are most at risk,” BofA added.

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12:15 (IST)23 Feb 2021
Is US stock market in a bubble yet? Billionaire hedge fund manager Ray Dalio uncovers froth

Stock markets across the globe have seen a sharp recovery from March 2020 lows, and still continue to go strong. But the run up has prompted top investment experts rushing to figure out if there is a bubble forming in the US stock markets. Billionaire hedge fund manager Ray Dalio and global investment bank Jefferies, separately, believe there are signs of concerns. However, both do not rally behind the idea of a stock market bubble.

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11:27 (IST)23 Feb 2021
Bharti Airtel’s proposed senior notes assigned ‘BBB-‘ rating by S&P Global

S&P Global Ratings today assigned its ‘BBB-‘ long-term issue rating to the senior unsecured notes that Bharti Airtel proposes to issue. The rating agency has assigned a ‘BB’ long-term issue rating to the proposed subordinated perpetual securities (PERPS) issued by Network i2i. and guaranteed by Bharti Airtel. Bharti Airtel will use the proceeds for capital expenditure, repayment of existing debt, or any other purpose as allowed by regulations.

11:08 (IST)23 Feb 2021
Heranba IPO reasonably priced at PE ratio of 25.05 times FY20 EPS

“At the higher end of the price band, Heranba IPO is reasonably priced at a PE ratio of ~25.05 times FY20 earnings per share. The company has a dominant market share in the domestic pyrethroids market. Further, its margins and return ratios are also better as compared to the industry average. Non-operational concerns such as a promoter group company being declared a wilful defaulter, and the company being a co-borrower in a term loan seem to be an overhang. Given the company’s steady topline growth, robust margins, good return ratios, strong market share position, low debt and reasonable valuations, we remain positive on the prospects of the issue,” INDmoney said in a report.

10:57 (IST)23 Feb 2021
Technical take

The coming session would be quite crucial, especially for banking stocks, according to Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking. “As far as Nifty is concerned, it has broken below ’20-day EMA’ and hence, any bounce towards 14775 – 14850 is likely to get sold into.,” he added.

10:54 (IST)23 Feb 2021
Kotak Special Situation Fund invests Rs 250 crore in Sanjaya Mariwala’s SPV

Kotak Special Situations Fund (KSSF), managed by Kotak Investment Advisors Limited (KIAL), today announced that it has invested Rs 250 crore in Sanjaya Mariwala’s Special Purpose Vehicle (SPV), to help the latter buy-out two B2C supplement businesses — Setu and Edence from Omniactive Health Technologies Limited (OmniActive) as well as provide dry-powder for further investment in the nutraceuticals businesses.

10:51 (IST)23 Feb 2021
RIL share price up 2%, top Sensex contributor on O2C biz hive off news; Morgan Stanley sees 12% rally

RIL share price jumped over 2 per cent to Rs 2,048.70 apiece on BSE on Tuesday, after the oil-to-telecom conglomerate announced to reorganise its oil-to-chemical (O2C) business into an independent subsidiary by the second quarter of the FY22. RIL stock was the top BSE Sensex contributor, fueling the 400-point rally in the index. So far in February 2021, Reliance Industries Ltd share price has gained 8 per cent.

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09:50 (IST)23 Feb 2021
Beware, short-term trend still negaitve

“Whilst the markets have opened in the green, the short-term trend remains negative for the time being. Until we do not get past 15100 on the Nifty, any up move should be utilized as an opportunity to go short. The index has a support range between 14500-14700 but given the high volumes traded yesterday, there is every possibility we break that range,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

09:44 (IST)23 Feb 2021
Sensex, Nifty down from highs

Sensex and Nifty have come down from their highs and begun to trade flat, but still remain in the green.

09:31 (IST)23 Feb 2021
FII and DII both turn net sellers

“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,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial 

09:17 (IST)23 Feb 2021
Opening Bell

Sensex and Nifty surged higher on the opening bell on Tuesday morning. Sensex regained the 50,000 mark while Nifty was above 14,750. ONGC was the top Sensex gainer.

09:11 (IST)23 Feb 2021
Heranba Industries IPO opens for subscription today; raises Rs 187 crore from 18 Anchor investors

The initial public offering (IPO) of Heranba Industries opens for subscription today. The Rs 625 crore issue will remain available for subscription till February 25. Ahead of the issue, Heranba Industries has managed to raise Rs 187.5 crore from anchor investors, allotting them 29.90 lakh equity shares. The agrochemical company’s IPO includes a fresh issue of Rs 60 crore and the remaining is an offer for sale by existing investors. Pre-issue, promoters of the company own a 98.8% stake in the company which will be trimmed to 74% post issue. Other shareholders made up just 1.2% prior to the issue, which is expected to increase to 26% post issue.

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09:09 (IST)23 Feb 2021
Stocks in focus: Reliance Industries, Bharti Airtel, HDFC Bank, Future Retail, Punjab National Bank

Nifty futures were trading 95 points or 0.65 per cent higher at 14,770 on Singaporean Exchange, indicating a positive opening for BSE Sensex and Nifty 50 on Tuesday. The headline indices have been in a bear grip for last four days with investors taking risk off the table on worries of surging commodity prices, rising bond yields and a fresh spike in Covid-19 cases.

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09:06 (IST)23 Feb 2021
Up and above

Headline indices jumped in the pre-open session hinting at a relief rally after five consecutive days of falling. 

09:04 (IST)23 Feb 2021
Crude Oil update

“The positive momentum continues in the oil complex with investors unabashedly predisposed to a bullish view. So, the unwinding of the Texas cold snap effect and the prospects of some delicate negotiation ahead of the next OPEC+ meetings in early March are imparting little influence on price and giving way to the anticipated commodity reflation effect of Democrats pushing President Biden’s $1.9 trillion stimulus through reconciliation and positive vaccine headlines. Several significant oil price revisions were announced overnight and may have contributed to the rally of over 3%. Among them, Goldman Sachs see Brent at $70 in Q2 and $75 by year-end as stockpiles deplete Socar’s head of trading believes oil will hit $80 a barrel this year,” Stephen Innes, Chief Global Market Strategist at Axi

09:02 (IST)23 Feb 2021
Sensex, Nifty in green

Pre-open session on Tuesday saw Sensex and Nifty recoup some of Yesterday’s losses. Nifty regained 14,700.

08:59 (IST)23 Feb 2021
SGX Nifty soars

SGX Nifty was up 97 points minutes ahead of the pre-open session.

08:42 (IST)23 Feb 2021
Future-Reliance deal: Supreme Court halts NCLT approval

The Supreme Court on Monday prevented the National Company Law Tribunal (NCLT) from taking a final call on the Rs 24,713-crore deal between Kishore Biyani-led Future Retail (FRL) and Reliance Retail, even as it allowed the tribunal to go ahead with the proceedings for merger of Future group and Mukesh Ambani’s Reliance group firms.

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08:16 (IST)23 Feb 2021
Nifty in for further weakness

A long bear candle was formed, after the formation of small negative candles in the last four sessions, which indicate that the downside momentum has started to gather strength. This could mean chances of more weakness for the Nifty in the coming sessions. The next crucial support is placed at 14335, which is an opening upside gap of 2nd Feb that formed after Union Budget and the crucial weekly support of 10 week EMA around 14365. Hence, both the support levels match intended decline for market.

The short term trend of Nifty continues to be negative. The pickup of downside momentum could signal more weakness in the next few sessions. The lower levels to be watched around 14350-14300, which could be achieved by this or by next week. Immediate resistance is placed at 14800-14850.

~Nagaraj Shetti, Technical Research  Analyst, HDFC Securities 

08:09 (IST)23 Feb 2021
Initial Public Offerings: How to find the right IPO to invest in

The stock market’s powerful rebound from last year’s pandemic-related plunge have put investors in a buying mood. Dalal Street is full of energy as initial public offerings (IPOs) are hot again. A mixed bag of companies ranging from young ones, some of them yet to post profits, to ones with huge net worth such as LIC are selling shares to the public for the first time. Further, around 83 companies from sectors such as steel, cement, hospital, hotel, etc., have scheduled their IPO in the remaining part of the year. Let us see what investors should look for while choosing which IPO to invest in.

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08:07 (IST)23 Feb 2021
SGX Nifty trades higher

SGX Nifty was up in the green, surging 70 points during the early hours of Tuesday. The jump in SGX Nifty suggests a positive start for domestic equity markets. 

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First published on: 23-02-2021 at 08:05 IST