Rupak De, Senior Technical Analyst at LKP Securities:
The formation of bullish ABCD pattern helped a recovery in Nifty as the benchmark index ended at 410 points above the previous closing.
However, the Friday’s recovery has found initial resistance at the zone 16700-16750. Going forward, the recovery may continue as long as 16550 is held decisively.
Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities:
Sharp recovery in the markets came on the back of a rally in global equity indices. The relief rally was expected as the markets world over, including in India, had been falling continuously for the past seven sessions and hence recovery was on the cards. If the war between Russia and Ukraine continues, the upmove could be short-lived and once again market sentiment could turn weak with bouts of volatility going ahead.
It would be interesting to see whether the index holds the level of 16500 or not. However, if the index manages to trade above 16500, a pullback formation is likely to continue till 16900-17000. However, a strong possibility of one more short term correction is not ruled out, if the index closes below 16500. Below the same, there are chances that the Nifty could hit 16300-16100 levels.
Rahul Sharma of Equity 99:
Today we witnessed good bounce back in market after yesterday`s mayhem, Nifty was up 2.5% at close with good momentum seen in small and mid-cap space. However volatility still persists in the market considering the weak global clues.
Investors are advised to maintain adequate liquidity to take advantage of any big fall in market and buy quality stocks on major falls.
For Nifty50 16580 will act as very strong support level. If this level is breached intraday than next support will be around 16430 levels, post which markets might take support at 16350 levels.
On upper side 16740 will act as strong hurdle rate, if this level is breached than next resistance will be around 16850 levels post which we might see 17000 levels.
Vinod Nair, Head of Research at Geojit Financial Services:
Domestic indices staged a firm recovery tracking positive cues from global markets and took advantage of lower valuations following the massive sell-off in the previous session.
Global markets took a breather as the fresh US sanctions did not target Russia's oil exports nor their access to the Swift global payment network. However, the market will continue to remain volatile tracking new developments in the Russia-Ukraine war.
Market Close:
Benchmark indices snapped seven days losing streak and gained over 2 percent amid supportive global markets and buying across the sectors.
At close, the Sensex was up 1,328.61 points or 2.44% at 55,858.52, and the Nifty was up 410.40 points or 2.53% at 16,658.40. About 2567 shares have advanced, 724 shares declined, and 89 shares are unchanged.
Coal India, Tata Motors, Tata Steel, Adani Ports and IndusInd Bank were among gainers on the Nifty, while losers included Britannia Industries, Nestle India and HUL.
All the sectoral indices ended in the green with PSU Bank, power, metal and realty indices up 4-6 percent. BSE midcap and smallcap indices rose 4 percent each.
Morgan Stanley said on Bharat Forge
Morgan Stanley has kept overweight rating on Bharat Forge with a target at Rs 1,051 per share.
JS autocast acquisition will be EPS accretive from day 1, as per company, while said acquisition has expanded its non-auto portfolio.
The company aims to double its non-auto revenue over next three years.
JS Autocast gives company an entry into the high-growth renewable space, said Morgan Stanley.
Bharat Forge was quoting at Rs 671.70, up Rs 3.70, or 0.55 percent on the BSE.
BSE Healthcare index rose 3 percent supported by the Kopran, Ind-Swift Laboratories, Alembic
Jefferies view on Indraprastha Gas
:Research house Jefferies has maintained buy rating on Indraprastha Gas with a target at Rs 620 per share.
After a 38% underperformance since September 2021, it is seeing interest. Apart from ECs, sharp rise in gas costs is a key concern.
The strong pricing power, staggered nature of price hikes keep us comfortable, said Jefferies.
The higher crude & headroom in CNG economics keep us comfortable, broking firm added.
Indraprastha Gas was quoting at Rs 343.35, up Rs 10.20, or 3.06 percent on the BSE.
Market at 3 PM
Indian benchmark indices continued to trade higher with Nifty above 16600 and Sensex gained more than 1300 points led by buying across the sectors.
The Sensex was up 1,355.20 points or 2.49% at 55885.11, and the Nifty was up 413.50 points or 2.54% at 16661.50. About 2446 shares have advanced, 709 shares declined, and 77 shares are unchanged.
PNC Infratech declared lowest bidder for NHAI project worth Rs 885 crore:
PNC Infratech has been declared the L1 (lowest) bidder for a NHAI Project of 32.98 km long, four laning of Mathura Bypass to Gaju Village section of NH 530B in the State of Uttar Pradesh, to be executed on Hybrid Annuity Mode for a Bid Project Cost of Rs 885 crore, company said in its release.
The project is to be constructed in 24 months and operated for 15 years post construction, it added.
PNC Infratech was quoting at Rs 266.50, up Rs 5.65, or 2.17 percent on the BSE.
Nifty FMCG index rose nearly 2 percent supported by the Radico Khaitan, Varun Beverages, Tata Consumer Products
Tapan Patel, Senior Analyst (Commodities), HDFC Securities
Crude oil prices traded higher with benchmark NYMEX WTI crude oil rose by 2% to $94.77 per barrel on Friday. Crude Oil prices rose with Russia's invasion of Ukraine driving global supply concerns. Traders and investors are also bracing for NATO to react and the potential impact of trade sanctions on Russia, the third-largest crude exporter globally. However, crude oil prices may cap upside with a rise in US inventories and energy supply assurance from Russia.
US EIA data showed a build of 4.515 million barrels in the week to February 18. We expect crude oil prices to trade sideways to up with resistance at $98 per barrel and support at $92 per barrel. MCX Crude oil March contract has important support at Rs 7050 and resistance at Rs 7250 per barrel.
EU wants to cut 'all links' between Russia and global financial system: France
The European Union wants to cut all links between Russia and the global financial system, France's finance minister said on Friday, after the bloc agreed new sanctions against Moscow over its attack on Ukraine. The EU "wants to cut all the links between Russia and the global financial system," Bruno Le Maire said at the start of a meeting of European finance ministers. "We want to isolate Russia financially... We want to dry up the financing," he added.
Gaurav Garg, Head of Research, Capitalvia Global Research
:
Benchmark equity indices maintained their upward momentum in noon dealings during the rock-solid session of trade, owing to purchasing in front-line counters and adopting cues from overseas peers. Investors were relieved by a series of strong sanctions imposed by the US and other countries against Russia. The Indian economy is now prepared for recovery, according to Chief Economic Advisor (CEA) V Anantha Nageswaran, but the high crude oil price is a matter for concern. He said that the country's banking industry is stable, that capital is plentiful, and that credit demand is on the rise. On the global front, Asian markets were mainly higher, owing to a bounce in US equities following the announcement of new penalties against Russia.
European stocks rebound from Ukraine selloff
Europe's major stock markets rebounded more than one percent in opening deals on Friday, one day after slumping as Russia invaded Ukraine. In initial deals, Frankfurt stocks rallied 1.3 percent, London gained 1.3 percent and Paris won 1.1 percent in value.
Market Update at 2 PM: Sensex is up 1,302.20 points or 2.39% at 55832.11, and the Nifty added 398.50 points or 2.45% at 16646.50.
Market Alert:
US Futures extend losses, Dow Futures down more than 300 points
BSE Power index gained nearly 4 percent supported by the Adani Power, BHEL, Tata Power
Gold climbs as investors assess impact of Ukraine crisis
Gold rose on Friday, stabilising after big swings in the previous session when prices jumped as much as 3% before closing lower, as investors reassessed the fallout of the Ukraine crisis and fresh sanctions imposed by the West against Russia.
Palladium resumed its rally, with traders cued in for signals on potential supply shortfalls from Russia.
Spot gold rose 0.7% to $1,916.10 per ounce by 0645 GMT, after hitting its highest since September 2020 at $1,973.96 on Thursday. The contract was set for a fourth straight weekly gain. U.S. gold futures GCv1, however, shed 0.5% to $1,917.60.
Morgan Stanley view on ONGC
Research house Morgan Stanley has kept overweight rating on Oil and Natural Gas Corporation (ONGC) with a target at Rs 263 per share.
Research house expect domestic gas ASPs to double by April 2022 as the gas accounts for 50% of company’s domestic hydrocarbon production.
Every $1/mmbtu change in gas prices affects its earnings by 5-8%, said Morgan Stanley.
Oil and Natural Gas Corporation was quoting at Rs 159.55, up Rs 2.90, or 1.85 percent on the BSE.
LKP Research view on Punjab National Bank:
Punjab National Bank (PNB) has one of the lowest “Price to book” among the large public sector banks. It is currently trading at 0.3x of FY23E book value.
We expect the bank’s loan book to fatten cautiously at CAGR of 7% - 8% over FY21-24E, led by retail book growth. In our opinion, the bank’s credit cost will normalise by FY23E and estimate return ratio ROA/ROE of 0.6% and 7.7% in FY23E.
We value the standalone entity at 0.4xFY23E BVPS (Rs 99) and value of associates and subsidiaries at Rs 5 to arrive at a target price of Rs 45
Punjab National Bank was quoting at Rs 35.10, up Rs 3.10, or 9.69 percent on the BSE.
Arihant Superstructures records highest sales
Arihant Superstructures (ASL) Limited has recorded highest sales in a particular month in its history of 400 Flat sales in February month till date, company said in its release.
The successful launch in silent market area palaspe enables ASL to inch up its market share in this micro market of Navi Mumbai. The new innovative design & marketing strategy make customers focus & new turn towards PalaspePanvel. ASL plans to further launches in the same region in coming months, it added.
Arihant Superstructures was quoting at Rs 163.25, up Rs 9.30, or 6.04 percent on the BSE.
Market at 1 PM
Benchmark indices were trading near the day' high level with Nifty holding above 16600.
The Sensex was up 1,387.38 points or 2.54% at 55917.29, and the Nifty was up 427.80 points or 2.63% at 16675.80. About 2431 shares have advanced, 681 shares declined, and 84 shares are unchanged.
Russian troops advance on Kyiv as Ukrainian leader pleads for help
Missiles pounded the Ukrainian capital on Friday as Russian forces pressed their advance and Ukrainian President Volodymyr Zelenskiy pleaded with the international community to do more, saying sanctions announced so far were not enough.
Air raid sirens wailed over Kyiv amid unconfirmed reports that a Russian plane had been shot down and crashed into a building a day after Russian President Vladimir Putin launched an invasion that has shocked the world.
A senior Ukrainian official said Russian forces would enter areas just outside the capital, Kyiv, later on Friday and that Ukrainian troops were defending positions on four fronts despite being outnumbered.
Russian Markets Open Sharply Higher: Russia’s RTS Index was up over 21% and MOEX was up more than 17%
BSE Midcap index added more than 3 percent led by the RBL Bank, Adani Power, Jindal Steel
Nifty Bank index surged over 3 percent led by the RBL Bank, PNB, IDFC First Bank, IndusInd Bank
Market at 12 PM
Benchmark indices were trading higher with Nifty near the 16700 level amid buying seen across the sectors.
The Sensex was up 1,406.16 points or 2.58% at 55936.07, and the Nifty was up 433 points or 2.66% at 16681. About 2492 shares have advanced, 596 shares declined, and 82 shares are unchanged.
Linde India Q3 profit jumps 19.4% to Rs 67.8 crore
Linde India clocked 19.4 percent year-on-year growth in consolidated profit at Rs 67.8 crore for the quarter ended December 2021.
Revenue during the same period grew by 35.5 percent to Rs 644.1 crore YoY due to growth 114 percent in revenues from its Project Engineering business and 13 percent growth in Gas business.
The board has declared a total dividend of Rs 13.50 per share for the year ended December 2021.
Linde India was quoting at Rs 2,758.90, up Rs 72.90, or 2.71 percent on the BSE.
NHPC signs facility agreement with HDFC Bank
NHPC has signed a Facility Agreement with HDFC Bank, to securitise the return on equity of Chamera-I power station with 540 MW capacity for a tenor of 10 years.
The amount of securitisation facility is Rs 1,016.39 crore at 5.24 percent per annum discounting rate linked with three months treasury bills.
NHPC was quoting at Rs 27.55, up Rs 0.30, or 1.10 percent on the BSE.
BSE Smallcap index rose 4 percent supported by the Orient Bell, Emami Paper Mills, Sree Rayalaseema Hi-Strength
Adani Power wins payment of compensatory tariff of Rs 4,200 crore from 3 Rajasthan discoms
. Theshare price jumped 14 percent after the company won payment of compensatory tariff of Rs 4,200 crore from 3 Rajasthan discoms. The stock was trading at Rs 124.90, up Rs 13.85, or 12.47 percent. It has touched an intraday high of Rs 127.80 and an intraday low of Rs 117.30.
Palladium hits 6-month high amid supply fears after US sanctions on Russia
As Russia-Ukraine war rages on, precious metals have gone on a swing. Palladium, a rare shiny metal, has hit a six-month high since August 2021. Palladium rose 4.5 percent on February 23 on fears of a hit to supply from top producer Russia, while gold firmed up above the key $1,900 level as Ukraine declared a state of emergency.
Russia's Nornickel is a major producer of palladium and platinum, both of which are used in catalytic converters to clean car exhaust fumes. Nornickel produced 2.6 million troy ounces of palladium last year or 40 percent of the global mine production and 641,000 ounces of platinum or about 10 percent of total mine production. Read more
Market Update at 11 AM: Sensex is up 1,595.62 points or 2.93% at 56125.53, and the Nifty jumped 484.30 points or 2.98% at 16732.30.
Life Insurance Corporation of India increases stake in Gillette India
Life Insurance Corporation of India bought 2,000 equity shares in the company via open market transactions on February 23. With this, LIC's stake in the company stands at 5 percent now, up from 4.99 percent earlier.
The past one year has seen the stock depreciate by 11 percent while it has declined 4 percent in the past one week.
Gillette India was quoting at Rs 5,082, up Rs 183.30, or 3.74 percent on the BSE.
Rupee Opens:
Indian rupee opened 35 paise higher at 75.30 per dollar on Friday against previous close of 75.65.
The dollar index surged 0.98% on Thursday after Russia launched an invasion of Ukraine, as investors moved towards safe haven assets. Further, better-than-expected GDP and initial jobless claims data from the US lifted the dollar. However, sharp gains were capped on a decline in US treasury yields.
Rupee February futures depreciated by 1.49% amid stronger dollar and pessimistic sentiments in domestic markets.
BSE Auto index rose 3 percent supported by the Tata Motors, Tube Investments of India, Ashok Leyland
GDP growth likely to be around 8.3% in FY22: Brickwork Ratings
The impact of the third wave of Covid on economic momentum may lower growth in the second half of the current fiscal (H2FY22).
With the upward revisions of the FY21 GDP growth by Mospi, we revise our GDP growth projections for FY22 to 8.3% from the earlier forecast of 8.5% to 9%.
Nifty IT index rose 1 percent led by the Coforge, Mindtree, Tech Mahindra
CRISIL Ratings upgrades long-term rating of Vedanta
CRISIL Ratings has upgraded its long-term rating of Vedanta to ‘CRISIL AA’ from ‘CRISIL AA-‘, and has revised the outlook to ‘Stable’ from ‘Positive’ on February 25, 2022.
Vedanta was quoting at Rs 353.00, up Rs 15.10, or 4.47 percent on the BSE.
Buzzing:
Apollo Hospitals Enterprise's share price rose on February 25 after the National Stock Exchange (NSE) had announced that the stock would be included in the benchmark Nifty 50 index effective from March 31.
Apollo Hospitals will become the first ever healthcare services company to become part of the benchmark index and will replace Indian Oil Corporation.
Brokerage firm Edelweiss Securities expects the inclusion of Apollo Hospitals into Nifty 50 to result in inflows of $143 million from exchange-traded funds that mirror the index.
BSE Realty index added nearly 5 percent led by the Indiabulls Real Estate, Sunteck Realty, DLF
Covid Updates
India has logged 13,166 fresh COVID-19 cases in the last 24 hours while the dip in active coronavirus cases in the country continued, too.
The new cases take the number of total confirmed coronavirus cases in the country to 4,28, 94, 295.
A total of 302 COVID-19 deaths were also registered, taking the official toll of fatalities due to the infectious disease to 5,13,226.
Market at 10 AM
Benchmark indices extended the opening gains and trading near the day's high with Nifty above 16,600.
The Sensex was up 1,333.07 points or 2.44% at 55862.98, and the Nifty was up 409.80 points or 2.52% at 16657.80. About 2371 shares have advanced, 548 shares declined, and 85 shares are unchanged.