Manav Chopra, CMT, Head Research - Equity, Indiabulls Securities:
Counter-trend rally can see Nifty scale towards the near term resistance zone of 11,550. Traders should avoid chasing the markets in such a scenario as the trend continues to remain on the downside and counter-trend rallies have a higher probability of trapping on the long side.
Ajit Mishra, VP - Research, Religare Broking:
In the near term, we expect volatility to remain high as globally as well as domestically, market sentiments would be driven by updates on spread of Coronavirus cases. Therefore, we continue to remain cautious on Indian market due to increased volatility, lacklustre earnings and weak macro data.
Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities:
News of the Coronavirus continued to maintain buzz across the world markets, but amidst all this the benchmark Nifty eventually closed at the day's high. The G7 meeting and its outcome would be a keenly watched event. If the result is good then it will be good for the equity markets.
The Nifty is ready for a healthy pullback, whereas the 11500/11550 levels would be hurdles.
Rohit Singre, Senior Technical Analyst at LKP Securities:
Index closed a day on positive note at 11303 with good gains of 171 points forming a bullish candle after eight consecutive red candles on daily chart. Nifty Bank closed a day at 29,177 with gains of 309 points forming a hammer candle pattern on daily chart which is reversal candle by nature, support for Nifty Bank is coming near 28,900-28,600 zone and resistance is coming near 29,400-29,700 zone.
Vinod Nair, Head of Research at Geojit Financial Services:
Comments by central bank officials over possible policy initiatives to curtail economic impact held markets positive across the globe. Broad-based momentum was witnessed in metals and pharma while the strong dollar held IT stocks higher. With nations across the globe taking precautions over the virus, further long-term economic impact looks minimal.
RBI to take appropriate action to ensure orderly functioning of financial markets:
Market Close:
After seven consecutive day of fall the Indian indices bounced and ended higher on March 3 amid concern over Coronavirus.
At close, the Sensex was up 479.68 points or 1.26% at 38,623.70, and the Nifty was up 170.55 points or 1.53% at 11,303.30.
Vedanta, Hindalco, Sun Pharma, Tata Steel and Zee Entertainment were among major gainers on the Nifty, while losers include Bajaj Auto, Yes Bank and ITC.
All the sectoral indices ended higher. The BSE Midcap and Smallcap indices ended with a percent gain.
Rupee at day's low
The Indian rupee erased all its early gains and slipped further to trade at day's low level at 73.11per dollar amidbuying seen in thedomestic equity market.
SBI Card IPO update
The Rs 10,335-crore public offer ofSBICards and Payment Services, the country's second largest credit card issuer, has seen subscription of71.57 percent on March 3, the second day of bidding.
Intense Technologies bags order
The company has bagged a large deal for digitalizing mission critical citizen services in India in partnership with a large System Integrator.
Buzzing
: Infosys share price gained over 1 percent on March 3 after company with IBM announced a global alliance to help enterprises accelerate their digital transformation journey using the IBM public cloud.
Vodafone Idea gains 11%
Vodafone Idea pays around Rs 3,043 crore to the government towards deferred spectrum dues, Sources told to PTI.
PM Narendra Modi on Coronavirus
The Prime Minister Narendra Modi said the there is no need to panic and reviewed preparedness for Coronavirus.
PNB Housing Finance approves raising Rs 1,700 crore
The company board has approved to raise equity capital aggregating upto Rs1 ,700 crore through a qualified institutions placement.
Brooks Lab extends rights issue period
Brooks Laboratories at its meeting held on March 03 has decided to extend the rights issue period from March 4, 2020 to March 12, 2020 in order to provide an opportunity to shareholders to exercise their rights in the right issue of the company.
According to government, the six new cases of Coronavirus detected with high viral load during sample testing in Agra. These 6 cases had come in contact with COVID-19 patient from New Delhi. These people kept in isolation and samples sent for confirmation of COVID-19, reported CNBC-TV18.
Rupee crosses 73 mark
The Indian rupee erased all its early gains and trading at day's low level73.01per dollar amid volatile trade witnessed in the domestic equity market after it opened higher by 28 paise at72.46per dollar versus previous close 72.74.
Sensex is up 155.38 points or 0.41 percent at 38299.40, and the Nifty added 76.20 points at 11209.
Home First Finance Company receives SEBI nod for IPO:
Home First Finance Company (HFFC), the affordable housing finance company, on March 3 received approval from capital market regulator Securities and Exchange Board of India (SEBI) for its initial public offering. The company is expected to raise Rs 1,500 crore through its public offer. It had filed DRHP with SEBI on November 28, 2019. The IPO consists a fresh issue of Rs 400 crore and an offer for sale of Rs 1,100 crore by promoters and investors - True North Fund V LLP, Aether (Mauritius), Bessemer India Capital Holdings II, P S Jayakumar, Manoj Vishwanathan and Bhaskar Chaudhry.
Most active securities on NSE with respect to volumes
Equitas Small Finance Bank gets SEBI nod to float IPO
: Equitas Small Finance Bank, the subsidiary of Equitas Holdings, has received approval from capital market regulator SEBI on March 3 to launch initial public offering. The issue consists a fresh issue of Rs 550 crore and an offer for sale of 8 crore equity shares. Equitas SFB had filed the draft red herring prospectus with the SEBI on December 16 last year.
Morgan Stanley maintains overweight on Sun Pharma
Sun Pharmaceutical Industries share price jumped more than 3 percent intraday on March 3 after Morgan Stanley maintained overweight stance on the stock, with a target of Rs 530 per share.
Buzzing
: Reliance Capital share price fell for the seventh consecutive session, as the stock declined 4 percent to hit an all-time low of Rs 6.20 on BSE on March 3.
A day earlier, the company told the BSE that it defaulted on the interest payment of Rs 5.47 crore on a term loan on January 31, 2020 due to HDFC (Rs 4.76 crore) and Axis Bank (Rs 0.71 crore).
Market Update
Benchmark indices erased most of its morning gains with Nifty slipped below 11,200 level.
The Sensex is up 92.27 points or 0.24% at 38236.29, and the Nifty up 48.20 points or 0.43% at 11181. About 867 shares have advanced, 1150 shares declined, and 115 shares are unchanged.
WABCO will work 4 days in week
In the view of weak demand the company will work for four days in a week during March 2020 with Fridays being considered as leave in 4 plants including Ambattur plant, Panthnagar plant, Lucknow plant and Jamshedpur plant.
Dow Futures slip
After gaining 278 points Dow Futures has slipped again as it is down by more than 100 points at 26,304 level.
Zydus gets phase-I clinical trial permission
Zydus Cadila has received an approval from the Drug Controller General of India (DCGI) to initiate Phase I clinical trials for its Investigational New Drug (IND) ZYBK2, a new chemical entity (NCE) intended to treat Rheumatoid Arthritis (RA).
L&T bags order
The power transmission & distribution business of L&T Construction has bagged orders in India and overseas.
Long Buildup and Short Buildup Data:
Rupee trades flat
The Indian rupee erased all its early gains and trading flat at 72.71 per dollar versus previous close 72.74.
Newgen Software bags patent
Newgen Software Technologies share price advanced 8 percent after the company secured the patent for system and method for automatic quality assessment of digital documents.
Buzzing Stock
Shares of pharmaceutical firm Pfizer surged almost 16 percent to hit their all-time high level of Rs 4,929.85 in morning trade on March 3. As per a Reuters report, Pfizer Inc said that "it identified certain antiviral compounds it had in development that have the potential to inhibit coronaviruses and is engaging with a third party to screen the compounds."
Buzzing Stock
Share price of motorcycles and commercial vehicles manufacturer Eicher Motors jumped almost 5 percent intraday on March 3 after the company’s total 2-wheeler (Royal Enfield) sales rose 1 percent to 63,536 units in February 2020 as against 62,630 units in February 2019. Motilal Oswal gave a buy recommendation with a target of Rs 25,350 per share, indicating a rise of 53 percent.
Buzzing Stock
The share price of gas distribution companies including Mahanagar Gas (MGL), Gujarat Gas and Indraprastha Gas (IGL) rose 3-7 percent in early trade on March 3 after foreign research house Jefferies maintained its bullish view on the stocks. The research house maintained a hold call on IGL as valuations are rich and kept target at Rs 470 per share. Meanwhile, both MGL and Gujarat Gas got buy ratings from the brokerage with target price of Rs 1,410 and Rs 360, respectively.
Credit Suisse maintains outperform on Lupin
Lupin share price gained nearly 3 percent on March 3 as brokerages expect an upside of up to 50 percent in the stock. Credit Suisse has maintained outperform rating on the stock with a target of Rs 810 per share, while Morgan Stanley has maintained overweight call with a target at Rs 948 per share.
Hero Moto reports weak Feb sales nos
The share price jumped 2.5 percent on March 3 despite weak sales number for the month of February.The company's February 2020 sales fell 19.3 percent to 4,98,242 units against 6,17,215 units in the year ago period.
Citi maintains buy on Voltas
Voltas share price added 4 percent on March 3 after broking house Citi maintained buy with a target of Rs 794 per share.
Market Opens:
It is a positive start for the Indian indices with Nifty above 11,200.
At 09:16 hrs IST, the Sensex is up 489.93 points or 1.28% at 38,633.95, and the Nifty up 158.30 points or 1.42% at 11,291.10. About 562 shares have advanced, 102 shares declined, and 19 shares are unchanged.
Tata Steel, JSW Steel, Eicher Motors, IOC, Bharti Airtel, UPL and ONGC are among major gainers on the Indices, while losers are Bajaj Auto and HDFC Bank.
