Rupee At Close
The Indian rupee ended at 72.73 against the US dollar, down 55 paise from Friday's close.
Rohit Singre, Senior Technical Analyst at LKP Securities:
Index opened a day with strong gains but unable to sustain on highs and again showed strong sell off in second half and closed a day at 11,133 with loss of 69 points forming a bearish candle on daily chart. Index has stiff support of 11k mark if managed to breach said level can see more drag down on the other hand index has resistance near 11,210-11,300 zone.
Santosh Meena, Senior Analyst, TradingBells:
Technically, Nifty bounced back from major support zone of 11,200-11,100 but failed to sustain at higher levels while Nifty manages to hold 11,100 on a closing basis. Tomorrow would be important day post today's panic sell-off because generally market tries to bounce back after a panic sell-off where FIIs net long position in F&O market at historic low which may cause a short-covering rally but there is a need for smart pullback in global market otherwise psychological level of 11,000 is under threat where 10,700 would be the next important support level. In the upside 11,450/11,700 are important resistance levels.
Vinod Nair, Head of Research at Geojit Financial Services:
The hope that central banks across the globe may come up with stimulus measures to revive global growth held markets higher. However, domestic manufacturing growth for February indicated weakness due to supply concerns indicating that short term concerns could keep market volatile.
Amit Shah, Technical Research Analyst with Indiabulls Securities:
Markets witnessed strong gap up for the first half of the session however, index lost ground and corrected sharply closing in the negative. We continue to maintain the recovery is likely to be shaky and fragile. Index is likely to face stiff resistance near the 11,550 zone. It’s a classical sell on rise market and bottom fishing should be avoided for any longs. 10,900-11,000 is the next support zone on the downside. Severe damage has been done and repair will take considerable time.
Market Close:
Indian indices ended lower for the seventh consecutive session on March 2 as they wiped out all the intraday gains after fresh Coronavirus cases reported in India.
The BSE Sensex closed 939 points lower from its day's high of 39,083.17, while Nifty50 fell 300 points from its day's high level of 11,433.
At close, the Sensex was down 153.27 points or 0.40% at 38144.02, while Nifty was down 69 points or 0.62% at 11132.80. About 944 shares have advanced, 1469 shares declined, and 153 shares are unchanged.
Yes Bank, SBI, Tata Steel, GAIL and Hindalco were among major losers on the Nifty, while gainers include HCL Tech, Eicher Motors, Nestle, ICICI Bank and Infosys.
Among sectors, except IT, all other indices ended in the red, while BSE Midcap and Smallcap down 0.3 to 0.7 percent respectively
NCC bags order
The company has received one new order for Rs 85 crore (exclusive of GST) in the month of February, 2020.
Prism Johnson closes manufacturing plant
Spectrum Johnson Tiles, a JV of the company, has decided to permanently close its wall manufacturing plant with capacity of 5 MSM per annum with effect from March 1, 2020 due to an aging unviable plant.
Market Update
Sensex and Nifty erased all its intraday gains and trading in the red with Nifty below 11,150 level.
The Sensex is down 151.32 points or 0.40% at 38145.97, and the Nifty down 58.10 points or 0.52% at 11143.70. About 1012 shares have advanced, 1294 shares declined, and 121 shares are unchanged.
MAN Industries bags export order
The company has received new export orders of approximately Rs 450 crore. With this the total unexecuted order book of the company at approximately Rs 2,000 crore to be executed in 8 to 9 months.
Market Update
Benchmark indices erased more of its early gains as fresh Coronavirus cases reported in Delhi and Telangana.
At 14:53 hrs IST, the Sensex is up 370.45 points or 0.97% at 38667.74, and the Nifty up 96.90 points or 0.87% at 11298.70. About 1278 shares have advanced, 1007 shares declined, and 118 shares are unchanged.
2 Coronavirus cases in India
One Coronavirus Case reported in Delhi and one in Telangana. This os a first of Coronavirus confirmed in Delhi.
NTPC gained nearly 4 percent on March 2 after company's 800 MW Unit#1 of Darlipalli Super Thermal Power Station Stage-1 (2 x 800 MW) declared commercial operation w.e.f 01.03.2020.
SML Isuzu in the month of February 2020 sales 879 units against 1,282 units, de-growth of 31.4 percent, YoY.
NMDC Feb sales down 17%
Company's February Production was down 3% at 3.24 mt versus 3.34 mt and sales fell 17.8% at 2.91 mt against 3.54 mt, YoY.
European markets
European markets opened sharply higher boosted by investor sentiments by promises of a coordinated global monetary policy response to mitigate the economic impact of the coronavirus outbreak. The pan-European Stoxx 600 climbed 1.3 percent.
Most active stocks on NSE with respect to volumes
Buzzing Stock
Shares of Mahindra & Mahindra (M&M) rebounded after the auto major reported a 42 percent decline in total sales at 32,476 units in February. The company had sold 56,005 units in the same month last year. Brokerage firm Motilal Oswal Financial Services maintained a ‘buy’ recommendation on the stock with a target price of Rs 666 which is a 46 percent upside.
CRISIL has reaffirmed its CRISIL A1 + rating on the Rs 2,500 crore certificate of deposits programme of Ujjivan Small Finance Bank.
Mindtree appoints new COO
The company has appointed Dayapatra Nevatia as the Chief Operating Officer of the company effective March 2, 2020.
Govt not to cut stake in PSUs
Government drops the plan to cut the stake in NTPC, Power Grid , PFC on bond holder concern. The government was planning to cut their stake below 51 percent.
Tata Comm & SEACOM extend partnership
SEACOM and Tata Communications have joined forces to offer high-speed, reliable pathways between Africa, Europe and Asia to meet the growing demand for connectivity linking these regions.
Rupee erases gains
The Indian rupee erased all its morning gains and tradingnear the day'slow level at 72.31 per dollar versus Friday's close 72.17.
Eicher Motors February auto sales:
Total Royal Enfield sales up 1.4% at 63,536 units versus 62,630 units and Royal Enfield exports down 8% at 2,348 units versus 2,564 units, YoY.
Buzzing
The company's share price gained 4percent after company's February production jumped 14.2 percent at 66.26 mt against 58.05 mt, while its offtake was up 6.8 percent at 54.97 mt against 51.46 mt, YoY.
SPML Infra bags water project:
SPML Infra share price rose 3 percent on February 2 after company received large bulk water supply project order worth Rs 546.96 crores from the Bangalore Water Supply and Sewerage Board (BWSSB).
Hareesh V, Head of Commodity, at Geojit Financial Services:
Gold will remain positive due to increased safe haven demand amid economic fears due to the virus outbreak in China, feeble global equities and a weak US dollar. Meanwhile, higher level profit booking and concerns over physical demand from top consumer China and India likely to weigh down the sentiments.
Market Update
Benchmark indices are trading higher but off day's high with Nifty above 11,350 level.
The Sensex is up 611.49 points or 1.60% at 38908.78, and the Nifty up 170.40 points or 1.52% at 11372.20. About 1377 shares have advanced, 593 shares declined, and 94 shares are unchanged.
India February Manufacturing PMI stood at 54.5 versus 55.3, MoM. Aggregate new orders increased sharply in February, with growth little-changed from January's recent high.
ICICI Bank cuts lending rates by 5 bps across tenures effective Sunday, reported CNBC-TV18.
Ashok Leyland February auto sales
: Total sales at 11,475 units against Nomura expectation of 11,000 units. Total sales went down 37 percent at 11,475 units against 18,245 units (YoY). M&HCV sales was down 45 percent at 7,368 units against 13,291 units (YoY). Domestic sales was down 39 percent at 10,612 units against 17,352 units (YoY).
Sensex is up 609.72 points or 1.59 percent at 38907.01, and the Nifty jumped 180 points at 11381.80.
Bajaj Auto Feb sales dips
Bajaj Auto reported 10 percent fall in its February sales numbers at 3,54,913 units, from 3,93,089 units, YoY.
Affle India acquires Mediasmart
Affle India share price gained 8 percent on March 2 after company signed definitive agreement to acquire Mediasmart.
Escorts reports strong sales nos
Escorts share price rose over 6 percent on March 2 after company's Agri Machinery Segment (EAM) in February 2020 sold 8,601 tractors against 7,240 tractors sold in February 2019, growth of 18.8 percent.
Market Opens:
It is a strong start for the Indian indices on March 2 with Nifty above 11,400 level.
At 09:18 hrs IST, the Sensex is up 752.84 points or 1.97% at 39,050.13, and the Nifty up 222.50 points or 1.99% at 11,424.30. About 827 shares have advanced, 152 shares declined, and 36 shares are unchanged.
Bharti Infratel, ICICI Bank, JSW Steel, Vedanta, IOC, NTPC, Hindalco, and UPL are among major gainers on the Indices.
