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PremiumSensex Today | Market Close Highlights : European stocks paused back as investors awaited fresh catalysts after last week’s push close to a record high. US markets are shut for the Presidents’ Day holiday.
The Stoxx Europe 600 was little changed following the previous week’s 1.4% surge.
Shares were mostly higher in Asia after Chinese markets reopened Monday from a long Lunar New Year holiday.
U.S. futures rose slightly while oil prices declined. Markets will be closed Monday in the United States for President's Day.
Hong Kong's Hang Seng fell 0.8% to 16,212.05 on heavy selling of technology and property shares despite a flurry of announcements by Chinese state banks of plans for billions of dollars' worth of loans for property projects.
The Shanghai Composite index gained 1.4% to 2,906.39.
Tokyo's Nikkei 225 fell less than 0.1% to 38,470.38.
Elsewhere in Asia, Australia's S&P/ASX 200 edged 0.1% higher to 7,665.10 and the Kospi in Seoul picked up 1.2%, to 2,680.26. Bangkok's SET added 0.2% and the Sensex in India was up 0.5%.
Friday on Wall Street, the S&P 500 fell 0.5% from its all-time high set a day earlier. It closed at 5,005.57. The Dow Jones Industrial Average dropped 0.4% to 38,627.99 and the Nasdaq composite sank 0.8% to 15,775.65.
Indian benchmark indices pulled ahead during the day, with the Nifty climbing to its all-time high.
Sensex touched a day's high of 72,881.93, but pared some gains to close at 72,708.16, up 281.52 points, or 0.39% higher than the day's open.
Meanwhile, the Nifty climbed to its all time of 22,186 during the day's trade, and closed at 22,122.25, up 81.55, or 0.37% higher than the day's open.
The broader market was showed strength, with most indices ending in the green, barring the Nifty Midcap.
Across sectors, Nifty Consumer Durables was the biggest gainer, closing 1.87% ahead, while Realty, PSU Bank and IT indices ended the day in red.
Manish Goel, Founder & MD, Research & Ranking believes Nifty EPS (earnings per share) growth may maintain a compound annual growth rate (CAGR) of 12-13 per cent between FY24 and FY26. In an interview with Mint, Goel shared his views on mid and small-cap spaces and what could be the next major triggers for the market. (Read edited excerpts here.)
Across sectors, Oil & Gas, Pharma and FMCG stocks were leading the charts, while Realty and PSU Bank lost ground.
The broader market largely maintained its lead, with most of the indices trading in the green.
Grasim Industries was the biggest gainer on Nifty at 3.4%, followed by Bajaj Finserv and Bajaj Auto.
Bajaj Finserv, ICICI Bank and Bharti Airtel were leading the gains on Sensex.
Indian benchmark indices pulled ahead during the day, with Nifty climbing to its all-time high of 22,171 during the day's trade.
At 3 pm, Sensex was up 288.40 points, or 0.40%, at 72,715.04, and Nifty was up 93.50 points, or 0.42%, at 22,134.20.
Manish Goel, Founder & MD, Research & Ranking believes Nifty EPS (earnings per share) growth may maintain a compound annual growth rate (CAGR) of 12-13 per cent between FY24 and FY26. In an interview with Mint, Goel shared his views on mid and small-cap spaces and what could be the next major triggers for the market. (Read edited excerpts here.)
Extending its winning streak for the fifth straight session, the Nifty 50, representing India's top 50 companies, soared to yet another all-time high of 22,157.90 points in today's session, surpassing its previous high of 22,124 touched on January 16.
Today's market rally propelled the combined market capitalization of NSE-listed companies past the $4.65 trillion milestone. Over the last four trading sessions, the index has recorded a nearly 2% increase. (Read the full story here.)
The automobile stocks have seen a decent uptick in 2024 so far with the Nifty Auto hitting a 52-week high on Monday. Among stocks, Bajaj Auto, Maruti Suzuki, Mahindra & Mahindra (M&M), Tube Investments of India, MRF, Eicher Motors, among others led gains among the index constituents.
The Nifty Auto index has significantly outperformed the benchmark Nifty 50, exhibiting a year-to-date (YTD) surge of over 10%, compared to the Nifty 50's more modest 2% gain during the same period. (Read the full story here.)
Indian benchmark indices pulled ahead during the day, with Nifty climbing to its all-time high of 22,171 during the day's trade.
At 2 pm, Sensex was up 354.79 points, or 0.49%, at 72,781.43, and Nifty was up 120.55 points, or 0.55%, at 22,161.25.
Trivesh D, COO, Tradejini expects a small correction in the range of 3-5% ahead of the elections. He believes that large and midcaps are significantly overvalued with a potential bubble that needs to burst before it grows too big. For a model portfolio, he advises 30% Stocks, 30% Mutual Funds, 15% Real Estate, 15% Debt Instruments, and 10% in Gold. (Edited excerpts here.)
The Adani Group, an Indian conglomerate, is reportedly in advanced talks with sovereign funds in West Asia to raise up to $2.6 billion for its airport expansion and green hydrogen projects.
The Adani Group is aiming for an EBITDA (earnings before interest, tax, depreciation, and amortisation) of ₹80,000 crore by March 2024, has conducted roadshows in London, Dubai, and Singapore to attract potential investors. (Read the full story here.)
Gujarat Gas share prices rose 3.5% in the intraday trades on Monday. The stock had corrected more than 6% post Q3 results on friday , however rebounded well.
There was some disappointment in Q3 Earnings performance largely related to weakness in margins. The same is being led by some weakness volumes and margins for Gujarat Gas's supplies to Morbi industrial cluster. (Read the full story here.)
The government is finalizing a carrot-and-stick approach to ensure that mining companies move swiftly towards production at mineral blocks awarded to them at auctions, and to make delays unpalatable.
The stick first: delays in work at every milestone within an overall timeline will attract penalties. And the carrot: if delays in meeting milestones are overcome in the full course of the project development, the penalties paid will be adjusted, two people aware of the development said. (Read the full story here.)
Japan has unexpectedly slipped into a recession after shrinking for a second quarter due to sluggish domestic demand and has lost its position as the world’s largest economy to Germany. This comes after the United Kingdom (UK) also dipped into a recession at the end of last year, undercutting Prime Minister Rishi Sunak’s claim to be growing the economy in the run-up to a general election.
On the other hand, the world's largest democracy still shines as a ‘bright spot’ on the global map, despite geopolitical conflicts and economic headwinds. India retains its position as the fastest growing nation in the world. The International Monetary Fund (IMF) said in its latest World Economic Outlook update the economic growth in India was projected to remain strong at 6.5 per cent in both 2024 and 2025. (Read the full story here.)
Indian benchmark indices recovered spectacularly after slipping into the red earlier in the day, with the Nifty index its all-time high of 22,167 during the day's trade.
At 1 pm, Sensex was up 342.91 points, or 0.47%, at 72,769.55, and Nifty was up 122.40 points, or 0.56%, at 22,163.10.
Overall inflows from foreign investors have hit a record high of ₹2.74 trillion this fiscal year, chiefly due to front-loading of government bond purchases by global banks and traders.
This follows JP Morgan’s decision to include Indian government bonds in its government bond index-emerging markets (GBI-EM) from June. Market experts say the move could attract $25 billion in inflows from passive trackers such as debt exchange-traded funds (ETFs) and index funds. (Read the full story here.)
Investors in NMDC have had a fruitful year, with the stock climbing over 70% in 2023 and a nearly 17% increase so far in 2024. The state-owned iron ore miner's performance has been buoyed by two price hikes in January, consistent progress towards its FY24 volume goals, and a better-than-expected profitability in the December quarter (Q3FY24), bringing cheer to its investors. (Read the full story here.)
The revival hopes for the information technology (IT) sector hinge significantly on the rate of deal acquisitions, yet the December quarter (Q3FY24) witnessed a lukewarm performance in this arena. Following an exceptional second quarter, top-tier IT firms experienced a slowdown in deal wins during Q3. (Read the full story here.)
Siemens, with its diverse range of product offerings, is poised to benefit significantly from the increased spending on infrastructure in the energy and railway sectors. This optimism is mirrored in its stock price, hovering near the 52-week high of ₹4,499.80 apiece seen last week. Analysts suggest that power transmission and distribution, data centres, railways, metros, and locomotives will remain growth areas for the heavy electrical equipment manufacturer. (Read the full story here.)
Across sectors, the Consumer Durables and FMCG indices were the top gainers.
Larsen & Toubro was the biggest loser on Nifty at noon, down 1.15%.
Twin stocks Bajaj Finserv and Bajaj Finance were the top gainers on Sensex, with both up more than 2% at noon.
While the broader market was holding on to its gains, India's volatility indicator, the VIX index had climbed more than 5% at noon.
Indian benchmark indices recovered spectacularly after slipping into the red earlier in the day, with the Nifty index climbing to its all-time high of 22,150 during the day.
At 12 pm, Sensex was up 315.20 points, or 0.44%, at 72,741.84 and Nifty was up 103.30 points, or 0.47%, at 22,144.
By 2030, water demand in India is projected to be twice as much as the supply. Before this becomes a major challenge, private and public sector facilities aim to set up comprehensive water and wastewater treatment and distribution infrastructure.
To add to this, various government initiatives, such as the Atal Mission for Rejuvenation and Urban Transformation, the National Mission for Clean Ganga, and the Jal Jeevan Mission, are already pushing the growth of this industry. (Read the full story here.)
Shares of Rail Vikas Nigam (RVNL), a railway infrastructure company, soared nearly 12% to ₹281.30 apiece in early trade on Monday after the company said its order book touched ₹65,000 crore, with 50% of this coming from the railway projects.
In an investor call, the company said it is looking for new projects in offshore markets, including Central Asia, UAE, and Western Asia. (Read the full story here.)
Novartis India share price surged nearly 11% to touch a 52-week high following the announcement on Friday of a strategic review of the company (Novartis India) by pharmaceutical giant Novartis AG. Novartis India share price today opened at an intraday high of ₹1,148 apiece on BSE.
Ruchit Jain, Lead Research Analyst at 5paisa, said that Novartis has seen a price upmove supported by good volumes in the last couple of sessions. This should keep the momentum intact in the stock, and it could witness buying interest on dips. Traders with existing longs should continue to ride the trend, while the buy-in-dip approach should be kept for fresh buying. (Read the full story here.)
IndiGo’s domestic passenger traffic grew 16% year-on-year in January, but market share slipped sequentially to 60.2%. The InterGlobe-run airline's market share is the lowest since the shutdown of Go First’s operations in May. “Drop in share of IndiGo likely reflects impact of its aircraft grounding in Q4, even as peer (Air India) continues to build fleet," said Jefferies India. The market share of the Air India group touched a recent high of 28.3% last month versus 27% in December. (Read the full story here.)
It’s winter in Mumbai. And it’s that time of the year when stock brokerages, investment banks and other financial firms organize their India conferences. Presentations are made to talk up Indian stocks. And between presentations, people attending like to stand around having their cups of coffee, and ask each other that favourite question—KLH—or kya lagta hai (what do you think?).
Every bull market needs a story. One of the main stories currently being sold is the premiumization of the Indian economy or that Indian consumers are buying more expensive products than in the past and how that will continue to benefit listed companies. Also, the number of such consumers is expected to go up. Let’s look at a few such data points. (Read the full story here.)
Indian benchmark indices recovered after slipping into the red after earlier in the day.
At 11 am, Sensex was up 192.08 points, or 0.27%, at 72,618.72 and Nifty was down 74.75 points, or 0.34%, at 22,115.45.
In the current leg of the up move in the broader market, NBFC stocks have largely remained laggards. Bajaj FinServ has been underperforming over the past few months. Also, despite market recovery, stock failed to pass through its supply zone of ₹1620-1640 and reverted along with increase in OI indicating short positions. Along with that, it has seen noteworthy Call writing at 1600 strike, which indicates limited upside. Hence, we expect the stock to continue its underperformance. Any rise in the stock should be used to create fresh short positions for target of ₹ 1485 levels.
Cement stocks have shown significant resilience in the recent market volatility and exhibited strong rebound with the markets. In the space, ACC is likely to perform well as it has moved above its major hurdle and significant Call base of 2700 last week. We expect stock to find further momentum on the back of incremental long additions seen in the stock. We believe stock to head towards ₹2875 levels in coming weeks.
Quess Corp share price jumped over 15% to touch its 52-week high on Monday's trading session, following the announcement that the firm will split into three distinct businesses in an effort to unlock shareholder value. During the company's board meeting on Friday, the demerger plan was approved. Quess Corp share price today opened at an intraday high of ₹580 apiece on BSE.
Indian benchmark indices but slipped into the red in the first hour of trading, after opening in the green on Monday.
At 10 am, Sensex was down 94.68 points, or 0.13%, at 72,331.96 and Nifty was down 10.90 points, or 0.05%, at 22,029.80.
Titagarh Rail Systems share price rallied over 8% in the early trade on Monday after the company announced the receipt of an order from the Ministry of Defence. Titagarh Rail Systems shares jumped as much as 8.47% to ₹1,037.55 apiece on the BSE.
Titagarh Rail Systems has received an order from the Ministry of Defense for the procurement of 250 specialized wagons. The order value is ₹170 crore.
Paytm share price jumped 5 per cent to hit the upper circuit of ₹358.55 in opening deals on Monday, February 19, after its parent firm One97 Communications announced on Friday that Paytm has shifted its nodal account to Axis Bank (by opening an Escrow Account).
Moreover, on Friday, the Reserve Bank of India announced an extension of the deadline for Paytm Payments Bank until March 15, a shift from the initial date of February 29. This extension applies to certain restrictions imposed on January 31.
The economy could hit the $5-trillion mark in the next four years, but the stock market value can soar to $5 trillion within the next two months , going by the roaring rally in state-owned enterprises and the likes of Reliance, Infosys, and TCS, according to market mavens.
The stock market capitalization was $4.75 trillion as of 16 February, with the dollar-rupee at 83.02, as per BSE data. That leaves a gap of just $250 billion to reach the $5 trillion mark. Going by the pace of the rally in the PSUs and the benchmark Sensex, this figure could be achieved in the next two months, said analysts. (Read the full story here.)
Across sectors, Nifty PSU Bank and Nifty Oil & Gas were under pressure, down 0.36% and 0.61%, respectively.
Showing overall strength, the broader market indices were in the green in early trades.
Bajaj Auto, Adani Ports, Adani Enterprises, Dr. Reddy's and NTPC were the biggest gainers on the Nifty.
Shares of IT firms were under pressure at market open on Monday.
Indian benchmark indices opened in the green on Monday, shaking off mixed signals from global peers .
At opening bell, Sensex was up 200.96 points, or 0.28%, at 72,627.60 and Nifty was up 33.15 points, or 0.15%, at 22,073.85.
Indian benchmark indices were in the green at pre-open on Monday, defying mixed signals from global peers.
Sensex was up 174.86 points, or 0.24%, at 72,601.50, and Nifty was up 63.70 points, or 0.29%, at 22,104.40 during pre-open.
Bank Nifty outperformed the broader indices and gained by 1.6% w-o-w indicating strength from current levels and crossover of 46,800 will give a strong breakout.
The median average of 45,500 would be a good support for the broader positive momentum to continue and on the higher side 46,800 and 47,500 are the key resistance.
RSI has crossed its average line accelerating the up move as expected and other indicators are also moving in tandem.
Bank Nifty highest call OI is at 47,000 levels while on the downside put OI will has moved higher to 46,000 levels.
Nifty-50 has closed above 22,000 levels and we expect some resistance near to the all time high and being overbought on hourly charts.
The hourly support range is near to 21,900 levels and on the downside the trend reversal level has moved higher to 21,600 levels.
RSI is overbought on hourly charts and other key technical indicators are poised for some consolidation from current levels.
Highest call OI is at with 22,400 strike while on the downside the highest put OI has moved higher to 21,900 for the weekly expiry.
For the fourth consecutive session on Friday, the domestic benchmark indices, the Sensex and Nifty 50, ended higher. The previous week saw benchmark indices rise by more than 1% as Wipro and Mahindra & Mahindra (M&M) shares soared by about 11%. Amid an upbeat trend in global markets, the Nifty 50 finished over the 22,000 mark, tracking advances in blue chips like Larsen & Toubro (L&T), Infosys, and M&M.
With the exception of Metals, Media, and fast-moving consumer goods (FMCG), most sectoral indices indices witnessed weekly advances. (Read the full story here.)
On account of strong global cues, the Indian stock market ended higher for the fourth day in a row on Friday. The Nifty 50 index shot up 129 points and finished at 22,040 level, the BSE Sensex surged 376 points and closed at 72,426 mark while the Bank Nifty index ended 165 points up at 46,384 level.
In the broad market, both small-cap and mid-cap indices outperformed the key benchmark indices even as the advance-decline ratio remained firm at 1.56:1. Large activity was seen in bank, auto, pharma, PSU, and FMCG stocks. (Read the full story here.)
Quess Corp, Hero MotoCorp, Chalet Hotels, LIC, Paytm, RVNL, are some stocks likely to be in focus on Monday, February 19.
