Share Market HIGHLIGHTS: Sensex ends above 52,150, Nifty tops 15,300, indices post record closing

Brookfield India’s Real Estate Investment Trust (REIT) will make its stock market debut on Tuesday, 15 February 2021. The REIT was subscribed 7.94 times by investors during the three-day bidding period earlier this month. Of this, qualified institutional buyers (QIB) bid for 4.78 times their portion while non-institutional investors (NII) had bid for 11.52 times their quota. Seeing the current market sentiment, analysts expect Brookfield India REIT to open at a premium to its issue price of Rs 274-275 per share. This will make it the third REIT to successfully list on Dalal Street, after Embassy Office Parks REIT and Mindspace Business Parks REIT.

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BSE Sensex surged 610 points or 1.18 per cent to end at 52,154.13, while Nifty 50 index jumped 151.40 points or 1 per cent to close at 15,315.

Commodity prices traded higher during the week passed by with bullion prices reported first weekly gain after losing for two weeks. Crude oil prices pared weekly losses on geopolitical tensions on Iran while base metals gained on demand growth optimism. 

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One of the largest neutral telecom infrastructure providers in India with PAN India optic fiber network with sustainable revenue, and profit growth. Considering all these aspects we see good future prospects in this company. Considering FY20 adjusted EPS of 4.4, the upper price band implies a P/E ratio of 21.36X. However, seeing the future prospects of ICT and sustainable financial numbers of the company, we give a subscribe rating to this IPO.: Marwadi Shares and Finance Ltd

Indian share markets have seen a sharp run-up in the last few sessions on the back of improved macros and positive global sentiments. With financial sector shares contributing big, BSE Sensex notched 52,000-mark, while Nifty 50 logged a fresh record high, topping 15,300. Headline indices have zoomed 9 per cent on a year-to-date (YTD) basis. 

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Embassy Office Parks Real Estate Investment Trust (REIT) posted a 3% increase in revenue from operation over the previous year, but the net profit of the firm slipped 15% during the same period. Despite this, global brokerage and research Credit Suisse has upgraded Embassy REIT to an ‘Outperform’ rating from the ‘Neutral’ rating earlier. In a note, Credit Suisse said that the REIT is trading at a 5% discount to its NAV in September 2020 while terming it as a play on the tech growth in India and the country’s talent pool. Embassy Office Parks is the first REIT to be listed on the domestic bourses.

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"At the higher end of the price band, Nureca IPO is priced at a PE ratio of 58 times FY20 earnings per share (on a post-issue diluted basis). However, if we take into account the company's stellar performance in Apr-Sep 20 period, the issue is attractively priced at a PE ratio of around ~5.5 times EPS. Given strong topline growth in the last few years, robust return ratios, favourable outlook and reasonable valuations, we remain positive on the prospects of the issue," INDmoney said in a report.

The Sensex / Nifty started the week on a front foot and set new highs above the level of 15260/51835. However, it should not be forgotten that the recent rally has been without any meaningful correction. In the past, whenever the market increased by 1700 to 2000 points, it had retreated by 500 to 1000 points. Given the strength of the global markets and the CPI inflation figures, Nifty/Sensex can rise to the level of 15500/52500 levels. However, that could be the time to shift the portfolio from weak stocks to strong large-cap companies. We also advise our clients to keep lowering the cost value of the portfolio by making a profit on investments that are yielding windfall gains. On the downside, support would be at the 15100/51200 and 14800/50300 level.: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

Marwadi Shares and Finance Ltd recommends to 'subscribe' to Nureca Ltd. IPO. One of the players in the business of healthcare and wellness products. Considering FY20 adjusted EPS of 6.40 on a post-issue basis, the company is going to list at a P/E of 62.5X. There are no listed entities in India that are engaged in a similar line of business and whose business is comparable with that of this business. 

Mutual Fund houses were seen trimming positions in some of the biggest names on Dalal Street in January. Blue-chip firms such as Mukesh Ambani’s Reliance Industries, IT giant Infosys, and telecom major Bharti Airtel were some of the most sold companies by fund houses, according to data compiled by domestic brokerage and research firm Edelweiss. Additionally, the largest addition by the mutual fund industry was the newly listed Indian Railway Railway Finance Corp (IRFC), making it the hottest stock among fund managers for the first month of the calendar year.

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Indian share markets benchmarks BSE Sensex and Nifty 50 scaled fresh lifetime highs on Monday, on the back of firm global cues, upbeat Q3 earnings and strong foreign fund inflows. BSE Sensex zoomed over 550 points to hit 52,000 for the first time ever. Similarly, the broader Nifty 50 index surged 150 points to climb above 15,300 to make new record highs. In the post Union Budget rally, the 30-share Sensex closed above the historic 50,000-mark for the first time on February 3, 2021. 

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Nifty is bullish across all time frame and forming series of higher top higher bottom formaation on weekly chart & Daily chat. We expect Nifty to continue its upmove as Nifty manages to cross its option barrier of 15200 and near term resistance of 115250 on daily chart which would lead to short covering action. We expect if nifty sustain above 15250 near term then it could scale up towards 15500-15800 levels. However if index breaks below 15100 level it would witness selling which would take the index towards 14800-14500. Overall trend is in positive one should use dips as buying opprtunity in near term.: Rajesh Palviya, Head – Technical & Derivatives Research, Axis Securities Ltd

Central Depository Services (India) Limited (CDSL) became the first depository to open three crore plus (30 million) active demat accounts. CDSL demat accounts crossed 1-crore mark in Aug 2015. It crossed 2-crore mark in Jan 2020 and 3-crore mark in January 2021.

Markets have seen a sharp run-up in the last few months led by improving macros and positive global sentiments. Some consolidation cannot be ruled out. However, if one has a 2-3 year then one can look to accumulate quality stocks in economy-facing sectors on every dip.: Ajit Mishra, VP Research, Religare Broking Ltd

The Nifty has opened the week with a gap up and is headed to its next target of 15500. We have good support for the index at 15100 and until that does not break on a closing basis, we can buy on dips or intraday corrections. Traders are advised to maintain stops and book profits at regular intervals. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

Technically,  USDINR has broken the crucial near term support of 72.80 levels successfully. The next major support for the pair is around 72.50 levels that had to remain an important resistance throughout 2019 up-till March 2020. Now 72.80 shall act as a near term resistance for the pair. As the USDINR volatility is at multi months low, we strongly recommend exporters and importers to hedge via plain vanilla option for near term exposures as premiums on options are also cheap. This will provide protection and help participate on favourable market position cover on both sides. Importers can hedge via buying at the money call option and exporters can look to buy at the money put.: Amit Pabari, managing director, CR Forex Advisors

COMEX gold trades little changed near $1824/oz after a 0.2% decline in the previous session. Gold trades in a range as support from US stimulus expectations, recent weakness in US dollar and mixed economic data from major economies is countered by continuing ETF outflows and improvement in virus situation and progress on the vaccine front. Gold may continue to witness mixed trade unless there are fresh triggers however general bias may be on the upside owing to US stimulus expectations.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

ICICI Bank, Housing Development Finance Corporation (HDFC), IRFC stocks touched new 52-week highs on the back of firm global cues.

Nifty Bank, Nifty Financial Services, Nifty Private Bank and Nifty Realty indices hit fresh 52-week highs on Monday.

BSE Sensex rally was fueled by gains in IndusInd Bank, HDFC Bank, ICICI Bank, Housing Development Finance Corporation, Bharti Airtel, Titan Company, Axis Bank.

BSE Sensex jumped over 400 points to 51,991, while the broader Nifty 50 index gained 112 points to rule above 15,250 on Monday.

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Wall Street moved higher during the previous week and closed at record highs as global stock markets continued to rally. NASDAQ gained 1.73%, S&P 500 added 1.23%, and Dow Jones moved up 1%. However, the big-five technology stocks underperformed the benchmarks. Facebook, Apple, Amazon, Netflix and Google, collectively called the FAANG stocks ended the week mixed. So far in 2021, the NASDAQ index has jumped more than 11%, however, only Alphabet, the parent company of Google, has managed to outperform that.

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Top Sensex gainers in the pre-open were HCL Tech, Bharti Airtel, UltraTech Cement, Sun Pharma, IndusInd Bank, ICICI Bank and Maruti Suzuki.

BSE Sensex jumped over 300 points to 51,800, while the broader Nifty 50 index gained 150 points to rule above 15,300 in pre-opening session on Monday.

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Ashoka Buildcon’s (ASBL’s) Q3FY21 standalone EPC revenue was flat on y-o-y basis and up 12% q-o-q to Rs 9.8 bn. While ASBL’s order book of Rs 92 bn (2.2x FY20 EPC revenue) remains healthy, incremental order wins and monetisation of BOT road assets in Ashoka Concession Ltd (ACL) remain key triggers for the stock. 

ICICI Securities

The Britannia story is one of significant contrasts during COVID-19. When the crisis began, it surprised with strong Q1 sales (26% y-o-y) as the rest of the sector dealt with lockdowns. But now tailwinds have waned, and Q3 growth of 6% is below expectations at a time the economy is recovering.

HSBC

TATA’s Q3 EBITDA rose 53% q-o-q (up 2.1x y-o-y) and was 8% above JEFe. Standalone and BSL Ebitda/t rose a sharp Rs 5-7K q-o-q on higher steel prices, although TSE margins remained under pressure. Balance sheet continues to deleverage with net debt down 11% q-o-q, albeit partly due to export-related advances.

Jefferies

A total of 23 BSE-listed companies including Jet Airways, CDG Petchem, Emmsons International, Eureka Industries, Hawa Engineers, Hindustan Everest Tools, JIK Industries, Sunraj Diamond Exports, Vishvprabha Ventures and Vantage Knowledge Academy, among others are slated to announce their quarterly earnings on February 15.

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Sensex and Nifty were net gainers in the previous week even though they traded flat for most of the days. S&P BSE Sensex now sits at 51,544 points while the broader 50-stock NSE Nifty is at 15,163. The upward march could continue on Monday as SGX Nifty jumped over 75 points during the early hours of trade. “Based on the chart of large-cap companies, the weakness is increasing in the short term and it would probably lead to a quick correction to the level of 50,500 or 50,600. If the Sensex crosses 51,900 for the 52,750 levels, it would be advisable to buy. Below the level of 51300 would lead to further weakness,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

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On Friday, foreign institutional investors (FIIs) offloaded shares worth Rs 37.33 crore on a net basis, while domestic institutional investors (DIIs) too sold shares worth Rs 597.62 crore in the Indian equity market, according to the provisional data available on the NSE.

The trend on SGX Nifty was largely positive, with Nifty futures trading 81 points or 0.53 per cent up at 15,239 on Singaporean Exchange in early trade.

Stocks in the Asia Pacific were seen trading higher on Monday, while markets in China, Hong Kong, Taiwan stock markets were closed for Lunar New Year holidays. South Korea’s Kospi was up 1.35 per cent and Japan’s Nikkei 225 rose 1.09 per cent. 

The Rs 100-crore Nureca Ltd initial public offering (IPO) is scheduled to open for subscription today in the price band of Rs 396-400 apiece. The issue will be sold in the price band of Rs 396-400 apiece. The company enables its customers with tools to help them monitor chronic ailments and other diseases, to improve their lifestyle. Nureca Ltd is a B2C company engaged in the business of home healthcare and wellness products, and sells its products through online channel partners such as e-commerce players, distributors and retailers.

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