Closing Bell: Sensex down 112 pts, Nifty flat; metal, realty shine, media, PSU Bank drag

Indian equity indices ended on a negative note in the volatile session on March 3. At close, the Sensex was down 112.16 points or 0.15 percent at 73,085.94, and the Nifty was down 5.40 points or 0.02 percent at 22,119.30.

Markets began the week on a volatile note but ended nearly flat amid mixed cues. The Nifty index saw a brief uptick before slipping lower in the first half, almost testing the 22,000-support level, and eventually settled at 22,119.30. Sectoral performance was mixed, with realty, metal, and IT showing a rebound, while weakness in banking and financials capped gains. Broader indices also remained choppy and closed largely unchanged.

Global uncertainties and sustained foreign fund outflows continue to keep market participants cautious. With the 21,800-22,000-support zone in focus, a cautious approach to the Nifty index is advisable until further clarity emerges.

Banking sector performance will be crucial in the coming sessions, making it an important area to monitor for market cues. Meanwhile, with stock-specific opportunities on both sides, traders should emphasize strategic selection and effective trade management.

After showing sharp weakness on Friday, Nifty consolidated with weak bias on Monday and closed the day lower by 05 points. After opening with a negative note, the market slipped into further weakness soon after the opening, However, upside recovery was seen from the lows towards mid to later part of the session and Nifty finally closed the day off the lows.

A small negative candle was formed on the daily chart with upper and long lower shadow. Technically, this market action indicates volatile movement with minor upside recovery attempt from near 20K mark.

Though, Nifty showed minor upside recovery from the lows, the underlying trend remains negative. Any upside bounces from here could encounter resistance around 22300 levels. A decisive move above 22500 levels could confirm short term bottom reversal in the Nifty. On the other side, further fall below 20,000 levels could find next support around 21800-21700 band.

The market experienced a gradual recovery from its intraday low, driven by improving economic growth, a rebound in consumption expenditure, and healthy expansion in the agricultural sector, which influenced investor sentiment.

With valuations approaching oversold levels, domestic indicators suggest potential for a rebound. However, the longevity of this recovery remains uncertain, contingent on easing global trade uncertainties, which currently show limited signs of improvement.

On Monday, Nifty found support around 22,000 and managed to close above the crucial 38.2% Fibonacci retracement level of 22,043, derived from the 2022 low of 15,213 to its all-time high of 26,277.

The RSI remains in a highly oversold zone at 22 on the daily chart, indicating a possible short-term rebound towards the 400-day EMA at 22,475. However, the broader trend remains bearish, favoring a sell-on-rise approach unless Nifty decisively closes above 22,600.

Immediate resistance is at 22,300, while key support stands at 22,000. If this support is breached on a closing basis, the next support lies at 21,800.

The Indian rupee strengthened as the market stabilized following the RBI's USDINR swap. The rise in foreign exchange reserves and the weakening of the US dollar against major currencies further supported the rupee’s performance today. Additionally, foreign investments in the debt market via FAR and an increased allocation in bond indices have contributed to the rupee’s gains.

In the short term, the spot USDINR is anticipated to trade within a range of 87.96 to 86.42, indicating a period of consolidation.

Indian rupee ended 15 paise higher at 87.36 per dollar on Monday versus Friday's close of 87.51.

Indian equity indices ended on a negative note in the volatile session on March 3.

At close, the Sensex was down 112.16 points or 0.15 percent at 73,085.94, and the Nifty was down 5.40 points or 0.02 percent at 22,119.30. About 1170 shares advanced, 2752 shares declined, and 142 shares unchanged.

Bharat Electronics, Eicher Motors, Grasim Industries, BPCL and JSW Steel were among major gainers on the Nifty, while losers were Coal India, Reliance Industries, Bajaj Finserv, HDFC Bank, Bajaj Auto.

BSE Midcap up 0.25 percent and smallcap index down 0.7 percent.

On the sectoral front, media, PSU Bank and oil & gas down 0.3-1 percent, while consumer durables, IT, metal, realty up 0.5-1 percent.

Tips Music and Sony Music Publishing today announced an expansion of their successful global publishing partnership by adding YouTube (worldwide, excluding India) as a key platform, for international publishing exploitation of Tips Music's vast catalogue.

#1 IGI reports consolidated revenue, EBITDA & PAT growth of +6 percent, +18 percent & +45 percent YoY

#2 EBITDA margin at 57.4 percent up 604 bps aided by lower employee costs and other expense

#3 Standalone revenue, EBITDA & PAT grows +3 percent, +10 percent & +27 percent, respectively

#4 Standalone EBITDA margin at 74.6 percent up 422 bps YoY

#5 LGD & natural diamond volume share at 30 percent & 14 percent vs 20 percent & 10 percent in 4Q 2023

#1 Stock down 20 percent in past two days on UltraTech's planned foray in C&W

#2 It now trades at 27x fy26, lower than its highest average

#3 Over FY25-27, see no impact, & estIMATE strong sales/PAT CAGR at +22 percent & +28 percent

#4 Driven by C&W, new orders and FMEG improvement

#5 Exports is a budding opportunity (China 1+).

#6 Medium-term outlook is healthy

#7 Factoring present market correction & rising competition beyond 2027

#8 Cut target PE by 15 percent to 32x

#1 Expansion plan in Maharashtra and Karnataka announced

#2 Limited details around dalmia's expansion plan roadmap to reach 75 mnt by FY28 incrementally positive

#3 Investors are likely to wait for detailed plans around this management anticipate being able to share by July

The Sensex was down 125.97 points or 0.17 percent at 73,072.13, and the Nifty was down 12.10 points or 0.05 percent at 22,112.60. About 1067 shares advanced, 2623 shares declined, and 126 shares unchanged.

Indian Rupee gained today on a weak tone in the US Dollar index and soft crude oil prices. Domestic markets remained mixed. There are reports of selling of dollars by exporters which also supported the rupee. However, disappointing macroeconomic data and selling pressure from FIIs capped sharp gains. India’s manufacturing PMI fell to a 14-month low to 56.3 in February vs 57.1 in January.

We expect Rupee to trade with negative bias on account of overall strength in the US Dollar and weakness in the domestic markets. Persistent FII outflows may also weigh on the domestic currency. However, any intervention by the RBI and weakness in crude oil prices may support the Rupee at lower levels. Traders may take cues from ISM manufacturing PMI data from the US. USDINR spot price is expected to trade in a range of Rs 87.20 to Rs 87.65.

#1 We model a steady 17 percent revenue CAGR over FY25-28

#2 Driven by SSSG of 9-13 percent & a retail area CAGR of 12.6 percent.

#3 VMM’s best-in-class, efficient cost structure supports an EBITDA CAGR of 18 percent

#4 PAT CAGR of 24 percent over the same period

#5 Low-cost, good-quality apparel & private label merchandise ensure steady margin

#6 The asset-light model sustains healthy return ratios

The company has commenced operations of a new branch in Jaunpur, Uttar Pradesh, with effect from March 03, 2025.

The company has completed the sale of its entire stake in its wholly-owned subsidiary, Tata Communications Payment Solutions. As a result, Tata Communications Payment Solutions has ceased to be a subsidiary of the company.

The Sensex was down 142.23 points or 0.19 percent at 73,055.87, and the Nifty was down 20.95 points or 0.09 percent at 22,103.75. About 904 shares advanced, 2762 shares declined, and 124 shares unchanged.

The company has completed the acquisition of an 80% stake in its step-down subsidiary, Tergene Biotech, from Auro Vaccines for Rs 10.76 crore. Auro Vaccines is a wholly-owned step-down subsidiary of Aurobindo Pharma, and with this acquisition, Tergene Biotech has now become a direct subsidiary.

The company has received an income tax demand order of Rs 105.55 crore for the Assessment Year 2019-20 from the Income Tax Department.

Biju George has been given additional charge as Chairman & Managing Director of the company for one month, effective March 1. He currently serves as the Director (Shipbuilding) of the company.

#1 Offtake moderated by 5 percent YoY, a key negative

#2 Relatively slow pick-up in power demand, continued to drag on production

#3 Inventory digestion further impacting offtakes

#4 Sharp moderation in offtake was negative, should weigh on 4QFY25 & FY26 earnings estimate unless we see sharp improvement in economic activities

The company has received a tax demand order from the GST Department, Maharashtra, for the tax period 2020-21, amounting to Rs 1,502 crore, including interest and penalties. The demand primarily pertains to the slump sale of its pharma business to Piramal Pharma in FY21, along with the transfer of its subsidiary companies for Rs 4,487 crore.

The company has announced a strategic investment of Rs 3,520 crore in Maharashtra and Karnataka. This includes the establishment of a 3.6 MnTPA (million tonnes per annum) clinker unit and a 3 MnTPA grinding unit at the Belgaum plant, Karnataka, along with a new greenfield split grinding unit with a capacity of 3 MnTPA in Pune, Maharashtra.

The Navratna company has received a Letter of Award for a 200 MW wind power project from SJVN at a tariff of Rs 3.74 per kWh.

The bank has completed the sale of a stressed loan portfolio, including a written-off loans pool with an outstanding value of Rs 364.51 crore, to an Asset Reconstruction Company (ARC) for Rs 34.26 crore.

Metropolis Healthcare today announced that its wholly owned subsidiary, Metropolis Clinical Pathology, will acquire Agra-based Scientific

Pathology, founded by Dr Ashok Kumar Sharma, through a Business Transfer Agreement (BTA).

A Special Court designated under the Prevention of Corruption Act, 1988 has directed the Anti-Corruption Bureau (ACB), Mumbai, to register a First Information Report (FIR) against some individuals including Mr. Pramod Agrawal, who is currently serving as an Independent Director on the Board of Century Plyboards (India). This is based on a complaint alleging stock market fraud and regulatory violations.

The Income Tax Authority has raised an additional tax demand (including interest) of Rs 111.68 crore for the Assessment Year 2021-22.

The Sensex was up 25.43 points or 0.03 percent at 73,223.53, and the Nifty was up 26.60 points or 0.12 percent at 22,151.30. About 888 shares advanced, 2760 shares declined, and 128 shares unchanged.

The company has completed the transfer of its direct investment (92% stake) in Saudi Ensas Company for Engineering Services WLL, Kingdom of Saudi Arabia, to Universal MEP Projects Pte, Singapore (UMPPL), for Rs 61.84 crore.

As UMPPL is a step-down wholly-owned subsidiary, Voltas’ economic interest in Saudi Ensas Company for Engineering Services WLL remains intact, and the entity continues to be a wholly-owned subsidiary.

The bank has received a demand from the Deputy Commissioner, Large Taxpayers Unit, Chennai, for a GST liability of Rs 699.52 crore, inclusive of interest and penalties, for the Annual Scrutiny Assessment Year 2020-21. The penalty imposed by the authority amounts to Rs 35.26 crore.

The company received an order worth Rs 218.82 crore in February. The order pertains to the transportation division and has been awarded by a state government.

#1 UltraTech Cement remains committed to growing their cement business at a faster pace than the industry

#2 This is a strategic extension to their building products division

#3 Further, they will not invest in any other product lines

#4 ROCE, IRR & asset turns are high

#5 UltraTech Cement has a head start, existing building solutions outlets, brand name, customer access

#6 60 percent revenues are expected from wires; management believes there is place for another player

#7 Industry margin are unlikely to be impacted

#8 Management reiterating that they won’t invest elsewhere

The bank has received a demand from the Deputy Commissioner, Large Taxpayers Unit, Chennai, for a GST liability of Rs 699.52 crore, inclusive of interest and penalties, for the Annual Scrutiny Assessment Year 2020-21. The penalty imposed by the authority amounts to Rs 35.26 crore.

The company has received a tax demand order amounting to Rs 138.53 crore for FY21 from the Deputy Commissioner of State Tax, Pune. The demand primarily relates to a differential tax liability between the specific HSN classification adopted by the company (GST rate of 18%) and the general HSN classification of auto parts as determined by tax authorities (GST rate of 28%).

The company's subsidiary, Birla Estates, has secured bookings worth approximately Rs 500 crore through the sale of over 300 units of Birla Trimaya Phase III – The Park in Bengaluru.

TVS Motor Company has begun dispatching its range of OBD-2B compliant vehicles starting with the TVS Jupiter 110. It will be available across dealerships in India at Rs 76,691 (ex-showroom, New Delhi) for the base variant.

#1 M&M may need 15 percent EV penetration in its portfolio by FY28 to meet CAFE-3 norms

#2 Policy pertaining to reduction of the import tariff on EVs is a negative sentiment

#3 Reduction of the import tariff on EVs may induce margin pressure for M&M

#4 Any major deviation from capital allocation policy is a key downside risk

#5 Lack of EV traction is also a key downside risk

One97 Communications (OCL), which owns Paytm brand, informed BSE that it has received FEMA violation notice from the Enforcement Directorate on February 28 for its subsidiaries, Little Internet Private Limited(LIPL) and Nearbuy India Private Limited(NIPL).

The notice relates to violations relating to the acquisition of two subsidiaries – Little Internet Private Limited and Nearbuy India Private Limited for the years 2015 to 2019, the company said in a regulatory filing.

The notice has been issued to One97 Communications Limited, two of its acquired subsidiaries, LIPL and NIPL, and certain current and past Directors and officers of the company and its two subsidiaries, the filing stated.

Dr Agarwal's Health Care will be in focus on March 3 as the lock-in period for 50% of the shares in the company's IPO anchor book opens today.

The company has received a work order worth Rs 26.37 crore from the Cuttack Development Authority.

The exploratory core drilling up 43% YoY at 11,455 meters

COMEX Gold's impressive eight-week winning streak came to an abrupt end as it sharply retreated after reaching a record high of $2,956. The metal dropped over 2.6% in the last session, affected by a rebound in the U.S. dollar, which ended its three-week losing streak with nearly a 1% gain.

Investors adjusted their positions following the latest Core PCE Price Index report, which indicated a 0.3% month-over-month increase in January, aligning with expectations.

In the MCX, gold prices corrected by more than 2%, decreasing by over 1,800 points last week. We anticipate that prices will remain volatile, given that it is a data-heavy week ahead.

Zuari Infraworld India has expanded its presence in the Hyderabad market by joining with Gangothri Developers for premium residential project, Zuari Gangothri Tribhuja, in Kollur micro market.

Spanning across 9.4 acres, this upscale development is being executed by Gangothri Group, with Zuari Infraworld serving as a Development Manager.

#1 Total sales fall 21.8% to 3,260 units Vs 4,170 units, YoY

#2 Power Tillers sales drop 21.8% to 2,952 units Vs 3,773 units, YoY

#3 Tractors sales down 22.4% at 308 units Vs 397 units, YoY

#1 Total sales increase 26% to 2,900 units Vs 2,300 units, YoY

#2 Domestic sales up 11.3% at 2,360 units Vs 2,120 units, YoY

#1 Sales zoom 27.5% to 1,288 units Vs 1,010 units, YoY

#2 Cargo vehicles sales up 15.3% at 468 units Vs 406 units, YoY

#3 Passenger vehicles sales grow 35.8% to 820 units Vs 604 units, YoY

#1 Profit jumps 19.8% to Rs 19.5 crore Vs Rs 16.3 crore, YoY

#2 Revenue rises 11.6% to Rs 136.5 crore Vs Rs 122.3 crore, YoY

#3 Company recommends a final dividend of Rs 25 per share, YoY

#1 Profit zooms 158.2% to Rs 14.2 crore Vs Rs 5.5 crore, YoY

#2 Revenue increases 15.8% to Rs 390.3 crore Vs Rs 337.2 crore, YoY

Coal India’s production in February declined 0.8 percent on year to 74.1 MT, bringing its full-year output to 695.3 MT, up 1.5 percent on year.

However, the full-year output as yet reflects just 83 percent of Coal's India's FY25 target of 838 MT target. This means that to meet its annual guidance, the company must produce 142 MT in March, the final month of the financial year, a feat the Street remains skeptical about.

#1 Profit grows 45% to Rs 113.8 crore Vs Rs 78.4 crore, YoY

#2 Revenue increases 6% to Rs 265 crore Vs Rs 249.9 crore, YoY

The company has received the no objection from both the stock exchanges i.e. BSE Ltd. and National Stock Exchange of India Limited (NSE), for reclassification of Singapore VII Topco III Pte. Ltd. from promoter to public category.