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Sensex, Nifty end volatile session on flat note; metals, realty stocks gain

Stock Market Today: .Investor wealth slumped by  ₹3.7 lakh crore on Monday, as the equity market recorded its biggest single-day fall in two months. Photo:MintPremium
Stock Market Today: .Investor wealth slumped by 3.7 lakh crore on Monday, as the equity market recorded its biggest single-day fall in two months. Photo:Mint

  • Share Market LIVE Updates: Indian benchmark equity indices closed marginally higher on Tuesday after five sessions of falls, boosted by RIL and L&T.

Asian markets mostly rose Tuesday, fuelled by growing hope that vaccine rollouts will allow the global economy to get back on track, but the optimism was tempered by niggling worries that the recovery will fan inflation and interest rate hikes.

23 Feb 2021, 03:39:35 PM IST

Market closing

Indian benchmark equity indices closed marginally higher on Tuesday after five sessions of falls, boosted by RIL and L&T.

Sensex settled at 49,751.41, up 7.09 points or 0.01%, while Nifty ended 32.10 points or 0.22% higher at 14,707.80.

ONGC, closing over 5% higher was the top Sensex gainer, followed by L&T, IndusInd Bank and Ultratech Cement. Kotak Bank, Maruti, Bajaj Auto were among the laggards. Of 30 Sensex shares, 19 closed higher.

BSE Sensex
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BSE Sensex
23 Feb 2021, 03:16:57 PM IST

Moody's on RIL's O2C business spinoff

"Separation of O2C business will facilitate a potential stake sale to Aramco, possibly enabling a further reduction in RIL's net debt," said Sweta Patodia, Analyst, Corporate Finance Group, Moody's Investors Service.

"Until the stake sale is completed, there will be no subordination risk for RIL's lenders, as the company will continue to have full access to the O2C business' cash flows, given its full ownership of and no external debt at the new subsidiary," Patodia said.

23 Feb 2021, 03:15:32 PM IST

Zuari Agro Chemicals surge 20%

The board of directors of the company has approved the sale of fertilizer plant at Goa and associated businesses of the Company to Paradeep Phosphates Limited (PPL) for an agreed enterprise value of $280 million.

23 Feb 2021, 03:08:19 PM IST

Indiabulls Housing Finance stock declines

The company has set the floor price at 227.09 per bond for its foreign currency convertible bond issue. It plans to raise up to $200 million via convertible bonds.

23 Feb 2021, 03:04:31 PM IST

CCI approves stake purchase by Panatone Finvest in Tata Communications

The Competition Commission of India (CCI) has approved acquisition of shares of Tata Communications Ltd (TCL) by Panatone Finvest Ltd.

The proposed deal envisages acquisition of shareholding not exceeding 26.12% by Panatone Finvest Ltd in Tata Communications Ltd (erstwhile VSNL).

Panatone Finvest Ltd is a non-deposit taking core investment arm of Tata Sons.

The Government of India looks to divest its 26.12% equity stake in TCL. The Cabinet Committee on Economic Affairs (CCEA) on 30 December 2020 approved sale of stake in TCL.

After the acquisition of shares, Panatone Finvest would increase its shareholding from 48.87% to such shareholding not exceeding 74.99%.

23 Feb 2021, 02:29:58 PM IST

Info Edge shares gain

Info Edge on Monday said its investee company Zomato has raised USD 250 million (over 1,800 crore) in funding from Tiger Global, Kora and others, valuing the online food ordering platform at USD 5.4 billion.

"Zomato Pvt Ltd has closed a primary fundraise of USD 250 million from five different investors...The transactions valued Zomato at a post-money valuation of USD 5.4 billion (exchange rate of 73.5 per US dollar)," Info Edge said in a regulatory filing.

23 Feb 2021, 02:09:37 PM IST

Hindalco stock gains on company's plans to cut debt

Shares of Aditya Birla group company Hindalco Ltd. rose 4.3% on Tuesday after it announced plans to trim its debt by a massive $2.9 billion by the end of 2022.

At 1225 pm, the stock traded 4% higher at Rs328.60 apiece on the BSE, while the benchmark Sensex was up 0.3% at 49921.71.

23 Feb 2021, 01:53:40 PM IST

Cochin Shipyard declared L1 bidder in tender by Indian Navy

Cochin Shipyard Limited (CSL) has been declared as L1 in the tender floated by the Indian Navy for construction of 6 nos. of Next Generation Missile Vessels (NGMV) and the estimated total order value is around 10,000 crore.

23 Feb 2021, 01:22:53 PM IST

NGT directs NTPC to pay ₹58 lakh for damaging environment in Uttarakhand

The National Green Tribunal has junked a plea by NTPC seeking review of an order passed by Uttarakhand Pollution Control Board (PCB) imposing a penalty of 57.96 lakh for damaging the environment.

The state-owned power major was found to have violated muck disposal site maintenance norms, resulting in damage to the environment.

A bench headed by NGT Chairperson Justice Adarsh Kumar Goel noted that slope of the muck dumped at its Tapovan Vishnugad hydro power project in Chamoli was hazardously double the standards with potential for erosion and dismissed the NTPC Ltd's plea against the state PCB order.

23 Feb 2021, 01:00:53 PM IST

Airtel partners with Qualcomm for accelerating 5G services in India

Telco major Bharti Airtel has partnered with Qualcomm Technologies for accelerating 5G services in India, the company said in a regulatory filing on Tuesday. "Through Airtel's network vendors and device partners, Airtel will utilize the Qualcomm SG RAN Platforms to roll-out virtualized and Open RAN-based 5G networks. The flexible and scalable architecture of 0-RAN will create new opportunities for small and medium-sized businesses to become viable players in the deployment of 5G networks," the company said in a statement.

23 Feb 2021, 12:30:08 PM IST

As Heranba Industries’ IPO opens today, here are few factors to take note of

Agrochemical company, Heranba Industries Ltd’s initial public offering (IPO) opens today and here are some things that investors can take note of. Now, the issue is expected to be lapped up with ease, but will there be a listing pop is the moot question.

Arun Kejriwal, founder of Kejriwal Research and Investment Services Pvt. Ltd said, “Like most recent IPOs, Heranba’s issue too is likely to be lapped up without hassles. Although, note that the stock markets have been on a weak footing lately and if this trend sustains then the chances of a listing pop will reduce as the robinhood investors will run away." (Full report)

23 Feb 2021, 11:59:37 AM IST

Bharat Forge receives ₹178 cr order from the Indian Army

Bharat Forge Limited has received an order worth 177.95 Crores from the Indian Ministry of Defence for supply of Kalyani M4 vehicles.

23 Feb 2021, 11:37:06 AM IST

Adani Enterprises, EdgeConneX form JV to develop data centers in India

Adani Enterprises on Tuesday said it has signed a joint venture (JV) agreement with US' EdgeConneX to form an equal partnership company to develop and operate data centers throughout India.

In a regulatory filing, Adani Enterprises said it has signed a JV agreement with EdgeConneX through its affiliate EdgeConneX Europe and DC Development Chennai (DCDCPL), a wholly-owned subsidiary of Adani Enterprises, for strategic partnership for data center business in India... and 50 per cent equity stake dilution of DCDCPL by the company to ECX Europe BV on fulfillment of certain terms and conditions.

23 Feb 2021, 11:08:25 AM IST

Reliance to spinoff oil-to-chemicals unit with $25 billion loan

Reliance Industries Ltd. has started carving out its new oil-to-chemicals operation into an independent unit with a $25 billion loan from the parent, as billionaire Mukesh Ambani steps up efforts to unlock the value of his businesses.

The wholly owned unit’s assets will be funded by the interest-bearing loan, which will be an “efficient mechanism to upstream cash, including any potential capital receipts," in the unit, according to stock exchange filing.

Oil-to-chemicals contributed more than 60% in the last financial year to the group’s revenue that’s been lately pivoting toward consumer businesses such as technology and retail. Splitting the business will make it easier for Ambani to bring in investors and help expedite a proposed stake sale to Saudi Arabian Oil Co.

23 Feb 2021, 10:49:25 AM IST

SAT stays Sebi's order against HDFC Bank in BRH Wealth Kreators case

The Securities Appellate Tribunal (SAT) has stayed a Sebi order which imposed a fine of 1 crore on HDFC Bank for invoking securities pledged by stock broker BRH Wealth Kreators, till further orders.

Sebi had imposed the fine and also directed the bank on January 21 to transfer 158.68 crore along with 7 per cent interest per annum into an escrow account till the issue of settlement of clients' securities is reconciled.

23 Feb 2021, 10:31:00 AM IST

Rupee update

Rupee surges 16 paise to 72.33 against US dollar in early trade.

23 Feb 2021, 10:02:36 AM IST

Ambani’s $3.4 billion Future Retail deal stalled

India’s Supreme Court stopped regulatory approval for the Future Group’s $3.4 billion asset sale to Reliance Industries Ltd., delaying the deal in a boost for Amazon.com Inc., which wants to scuttle the transaction in its bid to dominate the country’s retail sector.

Agreeing with the American e-commerce giant’s petition, the top court on Monday overturned a lower court’s ruling and said the National Company Law Tribunal can continue hearing the case but must not give a final nod till further orders. The court also sought written statements from Future Retail Ltd. and said it will hear the case after three weeks. Future’s stocks and bonds fell.

23 Feb 2021, 09:43:58 AM IST

Market outlook

"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.

23 Feb 2021, 09:30:08 AM IST

Metals, realty companies rally

NSE Sectoral
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NSE Sectoral
23 Feb 2021, 09:20:07 AM IST

Market opening

Indian benchmark share indices opened higher on Tuesday led by gains in index heavyweights RIL and HDFC Bank.

Sensex opened at 49,994.85, up 250.53 points or 0.50%, while Nifty opened 106.55 points or 0.73% higher at 14,782.25.

ONGC, rising nearly 3%, was the top Sensex gainer followed by Axis Bank, RIL, Ultratech Cement and Maruti. Sun Pharma, Asian Paints and Power Grid were among the laggards. Of 30 Sensex shares, 25 opened in the green.

BSE Sensex
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BSE Sensex
23 Feb 2021, 09:09:01 AM IST

Market pre-opening

Indian stocks traded higher in the pre-opening session on Tuesday. At 9:06am, Sensex rose 190.91 points or 0.38% at 49,935.23, while Nifty was at 14,776.65, up 100.95 points or 0.69%.

23 Feb 2021, 08:47:50 AM IST

Investors lose ₹3.7-lakh crore as markets tank

Investor wealth slumped by 3.7 lakh crore on Monday, as the equity market recorded its biggest single-day fall in two months.

At the close of trade, the total market capitalisation of BSE listed companies eroded by 3,71,883.82 crore to 2,00,26,498.14 crore.

The total market capitalisation of BSE listed companies stood at 2,03,98,381.96 crore on February 19 .

23 Feb 2021, 08:28:31 AM IST

Markets at close on Monday

Extending its losses for the fifth straight session, equity benchmark Sensex plummeted 1,145 points on Monday, tracking heavy losses in index majors RIL, HDFC and TCS amid negative cues from global markets.

The 30-share BSE index ended 1,145.44 points or 2.25% lower at 49,744.32. The broader NSE Nifty sank 306.05 points or 2.04% to finish at 14,675.70.

Dr Reddy's was the top loser in the Sensex pack, shedding around 5%, followed by M&M, Tech Mahindra, Axis Bank, IndusInd Bank and TCS.

On the other hand, ONGC, HDFC Bank and Kotak Bank were the gainers.

23 Feb 2021, 07:31:49 AM IST

Asian stocks mixed

Asian stocks were steady and U.S. equity futures fluctuated Tuesday as investors assessed expectations for faster growth and inflation that drove up commodities and bond yields.

South Korea's Kospi declined nearly 1%.

Australia's ASX200 added 0.3%.

China's Shanghai Composite and Hong Kong's Hang Seng advanced 0.2% each.

Singapore's SGX Nifty was flat.

Japanese markets are closed for a public holiday on Tuesday.

23 Feb 2021, 07:31:49 AM IST

Wall Street retreats amid inflations fears

The S&P 500 and Nasdaq closed lower on Monday as climbing Treasury yields and prospects of rising inflation triggered valuation concerns, hitting shares of high-flying growth companies.

The Dow Jones Industrial Average rose 29.08 points, or 0.09%, to 31,523.4, the S&P 500 lost 30.2 points, or 0.77%, to 3,876.51 and the Nasdaq Composite dropped 341.42 points, or 2.46%, to 13,533.05.

The S&P 500 declined for five straight sessions, its longest such streak in a year.

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