LiveNow
Closing Bell: Nifty above 22,000, Sensex up 376 pts; auto, IT, pharma top contributors
Indian benchmark indices ended higher for the fourth consecutive session on February 16 with Nifty above 22,000. At close, the Sensex was up 376.26 points or 0.52 percent at 72,426.64, and the Nifty was up 129.90 points or 0.59 percent at 22,040.70.
We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices/ for all the global market action.
Vinod Nair, Head of Research, Geojit Financial Services
The Indian market continued its broad-based recovery, aided by positive global cues. Further, narrowing India’s trade deficit, led by softening commodity prices and a manufacturing push by the government, attracted investors to capital goods, metals, and industrial stocks. On the global front, an expectation of a pickup in consumption demand in China after the New Year holidays supported the global market sentiment.
Prashanth Tapse, Senior VP (Research), Mehta Equities
Stock markets remained optimistic for the 4th straight session as Nifty once again reclaimed the crucial 22000 mark helped by buying in banking, IT, auto and realty shares.
While positive global cues boosted investors' sentiment, the recent weakness has allowed investors to take exposure to beaten-down stocks. There would be bouts of intra-day volatility going ahead, while investors would be closely watching the US Fed's move on interest rates going ahead.
Ajit Mishra, SVP - Technical Research, Religare Broking
Markets extended rebound for the fourth successive session and gained over half a percent. After the gap-up start, Nifty edged gradually higher and managed to reclaim the 22,000 mark. The majority of sectors were aligned to the move wherein auto, realty and pharma were among the top gainers. The market breadth was also inclined towards the advancing side, thanks to continued buying in midcap and smallcap space.
We suggest maintaining a positive yet cautious stance as Nifty is set to retest its record high. Needless to say, we need sustainability above 22,150 to end the consolidation and march towards the 22,500+ zone else profit taking may resume. Traders should keep a close watch on the banking index for cues while others may continue to play a supportive role on a rotational basis. Besides, the performance of the global indices, especially the US, will remain on their radar.
Jateen Trivedi, VP Research Analyst, LKP Securities
Gold witnessed a weak closing amidst volatility during the week, primarily driven by higher-than-expected Consumer Price Index (CPI) data in the United States. This pressure caused gold prices to decline from 62,250 INR in MCX to 61,200 INR. Similarly, Comex Gold experienced a drop from $2,030 to $1,985, where it found support as the market adjusted to the increased probability of interest rate adjustments being postponed from March to June-July 2024. Looking ahead, gold's volatility is expected to persist within the range of $1,980 to $2,040, with $2,010 serving as a key median level.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
The bulls maintained their dominance, leading to positive momentum throughout the day. Despite facing minor rejections at the immediate hurdle of 46700 for the Nifty Bank, the overall undertone remains bullish.
Any dips are seen as buying opportunities, especially with strong support identified in the 46000-45800 zone. The index, once it surpasses the hurdle of 46700 on a closing basis, is anticipated to open up further room for an upward move towards the 48000 mark.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
The outlook for steel prices is not very positive given low global growth expected this year. The UK and Japan slipping into recession indicates that global growth will be subdued this year.
Indian steel companies have been doing well aided by good demand. Construction sector continues to do well and this augurs well for steel stocks. Investors may remain invested.
Jateen Trivedi, VP Research Analyst, LKP Securities:
The rupee experienced volatile sideways trading in the range of 82.92-83.14 throughout the week. The release of US CPI data prompted some reaction in the rupee, pushing it towards the higher end of the range at 83.14. However, strength in domestic markets provided positive support for the rupee. Overall, the rupee has been trading within the range of 82.80-83.25 for over two months now. With the RBI focused on maintaining rupee stability and India demonstrating strength compared to its peers, this trend is expected to continue.
Rupak De, Senior Technical Analyst, LKP Securities
A surge in buying interest for large-cap stocks propelled the Nifty back above the recent consolidation level, leading to highest ever closing on the weekly timeframe. The Nifty has consistently closed above the 21EMA for the last few days, indicating a positive trend.
The momentum indicator RSI has experienced a bullish crossover following a base formation. In the short term, the index might move towards 22,200; furthermore, a move above 22,200 could potentially take the Nifty towards 22,600. Support on the lower end is placed at 22,750.
Market This Week
Sensex & Nifty regain losses of last week, gain more than 1%
Midcap Index rises for 3rd straight week, up 0.5% this week
Nifty Bank gains the most amongst frontliners, moves 2% higher
Auto index climbs 4% with most constituents hitting record highs
Rupee Close:
Indian rupee ended flat at 83.01 per dollar on Friday against Thursday's close of 83.04.
Market Close: Indian benchmark indices ended higher for the fourth consecutive session on February 16 with Nifty above 22,000.
At close, the Sensex was up 376.26 points or 0.52 percent at 72,426.64, and the Nifty was up 129.90 points or 0.59 percent at 22,040.70. About 1950 shares advanced, 1367 shares declined, and 56 shares unchanged.
Biggest gainers on the Nifty included Wipro, M&M, SBI Life Insurance, Adani Ports and Maruti Suzuki, while top losers were Power Grid Corporation, ONGC, SBI, Britannia Industries and Reliance Industries.
Among sectors, except PSU Bank, oil & gas and power, all other indices are trading in the green with auto, capital goods, pharma, IT and realty up 1-2 percent.
BSE Midcap and Smallcap indices up nearly 1 percent each.
Sensex Today | BSE Smallcap index up nearly 1 percent led by Natco Pharma, Rain Industries, Confidence Petroleum
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Natco Pharma | 1,038.65 | 17.12 | 329.44k |
| ConfidencePetro | 106.00 | 15.94 | 2.81m |
| Skipper | 321.00 | 11.32 | 129.76k |
| Rain Industries | 200.70 | 11.16 | 2.20m |
| Sasken Tech | 1,775.85 | 10.93 | 14.45k |
| SpiceJet | 70.17 | 10.28 | 11.45m |
| HPL Electric & | 379.15 | 9.99 | 175.49k |
| Sandhar Technol | 538.40 | 9.94 | 56.00k |
| Wockhardt | 485.00 | 9.35 | 186.66k |
| Dish TV | 23.55 | 9.33 | 32.65m |
Sensex Today | Oberoi Realty signs deal with Marriott International for developing hotels in Mumbai, Thane
Oberoi Realty on February 16 announced that it has entered into an agreement with Marriott International for development of two Marriott properties, JW Marriott Hotel Thane Garden City and Mumbai Marriott Hotel Sky City in Borivali, to be completed by 2027-28.
“The JW Marriott Hotel Thane Garden City will be set in Oberoi Garden City, Thane, our integrated development spread across 75 acres which will also consist of luxury residences and world class amenities," said Vikas Oberoi, chairman and managing director of Oberoi Realty Limited.
Oberoi added that the Mumbai Marriott Hotel Sky City will be part of Sky City, an integrated living development across 25 acres in Borivali East which also consists of eight luxury residential towers and the premium Sky City Mall spanning over 1.5 million square feet.
Sensex Today | BSE Midcap index up nearly 1 percent led by Glenmark Pharma, UNO Minda, New India Assurance Company
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| New India Assur | 287.85 | 16.42 | 552.56k |
| Glenmark | 877.45 | 8.38 | 189.11k |
| UNO Minda | 657.50 | 8.14 | 71.24k |
| Gland | 1,999.75 | 5.42 | 15.68k |
| Castrol | 208.95 | 5.16 | 677.22k |
| Federal Bank | 164.45 | 5.01 | 3.47m |
| Biocon | 288.00 | 4.99 | 669.64k |
| Tube Investment | 3,637.80 | 4.43 | 4.88k |
| Supreme Ind | 3,958.55 | 4.08 | 1.79k |
| Jubilant Food | 496.50 | 3.74 | 49.58k |
Stock Market LIVE Updates | Morgan Stanley View On Crompton Greaves Consumer
-Equal-weight call, target Rs 281 per share
-Con call takeaways showed Crompton 2.0 is transpiring as planned
-Crompton 2.0 is reflected by market share gain across categories
-Management expects industry leading growth in topline
-A case for margin improvement in near-term with rising preimmunisation
| Company | CMP | High Low | Fall from Day's High |
|---|---|---|---|
| Berger Paints | 561.95 | 562.00 554.00 | -0.01% |
2,651.65
814.05
2,449.30
2,581.55
3,781.75
2,358.50
628.00
2,686.70
3,921.55
Sensex Today | Suman Chowdhury, Chief Economist and Head – Research at Acuité Ratings & Research
India’s external trade and current account position is unlikely to witness any significant improvement in FY25. Oil prices are unlikely to weaken materially from the current levels given the continuing geo-political risks, the persistent production cuts by OPEC+, and the expectation of an improving global growth outlook in the second half of the year due to the expected rate cuts.
In the short term, trade-related uncertainties have worsened with the ongoing disturbance in the Red Sea region potentially impeding trade, global supply chains, and escalating costs. We expect India's CAD to remain in the range of 1.3%-1.8% over the next few quarters.
Nevertheless, factors are favourable for a mild near-term appreciation in INR with the expectation of higher FPI flows in both debt and equity. While USD-INR is likely to attempt a move lower towards 82.50 levels by Mar'24, we believe it is unlikely to result in a durable trend due to RBI’s potential intervention in the FX market.
In addition, the Fed’s rate easing cycle in 2024 would soon be followed by key central banks over the medium term, thereby mitigating the weakness in the USD. As such, we expect INR to post a moderate weakness towards 84.0-84.5 levels by Mar-25.
Sensex Tdoay | Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas
Indian Rupee appreciated slightly by 0.02% on Friday on positive domestic markets. However, a recovery in US Dollar index and surge in crude oil prices capped sharp gains. US Dollar index recovered on declining expectations of a rate cut by Fed in March and May 2024. Economic data from US was slightly disappointing for the greenback.
We expect Rupee to trade with a slight positive bias on rise in risk appetite in global markets. However, positive tone in US Dollar and concerns over FII outflows may cap sharp upside. Traders may take cues from PPI, building permits, housing starts, UoM consumer sentiment and inflation expectations data from US. USDINR spot price is expected to trade in a range of Rs 82.80 to Rs 83.20.
SBI Cards & Payment Services shares trade near day's high
Stock Market LIVE Updates | HSBC View On Ipca Laboratories
-Hold call, target Rs 1,125 per share
-Q3 was a steady quarter led by India & generics exports segments
-Company’s branded markets should recover
-Outlook remains steady for company’s India business
-Export markets should also sustain growth barring some near-term volatility
-Supply to export markets and input cost trends key to watch in the near-term
Sensex Today | Market at 3 PM
The Sensex was up 441.16 points or 0.61 percent at 72,491.54, and the Nifty was up 145.00 points or 0.66 percent at 22,055.80. About 1963 shares advanced, 1279 shares declined, and 53 shares unchanged.
| Company | Price at 14:00 | Price at 14:58 | Chg(%) Hourly Vol |
|---|---|---|---|
| Viviana Power | 320.00 | 302.10 | -17.90 0 |
| Yudiz Solutions | 150.65 | 142.25 | -8.40 364 |
| Starteck Financ | 308.90 | 293.10 | -15.80 25 |
| ARHAM | 277.55 | 263.65 | -13.90 334 |
| Pansari Develop | 99.00 | 95.00 | -4.00 463 |
| Infinium Pharma | 244.50 | 235.00 | -9.50 300 |
| Indo Rama Synth | 54.55 | 52.75 | -1.80 260.53k |
| Allied Digital | 163.90 | 158.55 | -5.35 8.63k |
| Maral Overseas | 85.50 | 82.75 | -2.75 10.22k |
| Autoline Ind | 157.35 | 152.30 | -5.05 22.12k |
| Company | Price at 14:00 | Price at 14:58 | Chg(%) Hourly Vol |
|---|---|---|---|
| Sutlej Textiles | 63.50 | 68.95 | 5.45 13.97k |
| Sakuma Exports | 27.35 | 29.35 | 2.00 136.62k |
| Keynote Finance | 177.45 | 190.40 | 12.95 2.15k |
| S P Apparels | 574.05 | 609.60 | 35.55 8.70k |
| GTPL Hathway | 199.05 | 210.50 | 11.45 20.70k |
| Cell Point | 47.00 | 49.50 | 2.50 12.00k |
| Motisons Jewell | 180.60 | 189.80 | 9.20 48.26k |
| MCON Rasayan | 134.00 | 140.00 | 6.00 0 |
| SecMark Consult | 100.00 | 104.45 | 4.45 619 |
| KN Agri | 133.35 | 139.00 | 5.65 370 |
Stock Market LIVE Updates | CLSA View On Aditya Birla Fashion & Retail
-Outperform call, target Rs 266 per share
-Company reported a 3 percent contraction in lifestyle revenue in q3
-Company reported a 12 percent growth in pantaloons revenue in Q3FY24
-Improvement in gross margin & EBITDA margin as management focused on profitability during the quarter
-Demand remained sluggish, especially in smaller cities
-Management expects to shift focus back to revenue growth over coming quarters
Stock Market LIVE Updates | RBI not planning any harsher measures on fintech, RBI Vasudevan
RBI has no intention of implementing stricter measures on fintech; RBI executive director P Vasudevan states the RBI prefers a hands-off approach to fintech regulations.
Stock Market LIVE Updates | Zydus Life gets final US FDA Nod for Isosorbide Mononitrate extended-release, tablets
Stock Market LIVE Updates | Surya Roshni gets Rs 52.13 crore pipe supply order from Indian Oil
| Company | CMP Chg(%) | Volume | Value(Rs cr) |
|---|---|---|---|
| BPCL | 657.55 0.74 | 24.22m | 1,626.33 |
| SBI | 759.30 -0.32 | 20.91m | 1,599.77 |
| HDFC Bank | 1,417.95 0.28 | 10.64m | 1,507.54 |
| ITC | 404.90 0.25 | 32.48m | 1,310.71 |
| M&M | 1,824.85 3.39 | 5.92m | 1,080.10 |
| Tata Motors | 938.80 1.98 | 10.97m | 1,033.45 |
| Reliance | 2,924.20 -0.58 | 3.16m | 929.25 |
| Axis Bank | 1,063.85 -0.78 | 6.97m | 743.23 |
| Larsen | 3,384.35 2.55 | 2.00m | 672.30 |
| Bajaj Auto | 8,373.65 3.09 | 798.12k | 666.70 |
Stock Market LIVE Updates |Marine Electricals (India) has received an order amounting to Rs 104.25 crore (excluding taxes).
Stock Market LIVE Updates | Morgan Stanley View On Indiabulls Housing Finance
-Underweight call; target Rs 133 per share
-PpOP beat was 27 percent on higher total income (18 percent above estimate) & lower operating costs
-PAT was 12 percent below estimate as higher PpOP was offset by higher credit costs of 1.76 percent
-FY25-26 EPS estimates move lower by 11.5 percent each
Stock Market LIVE Updates | CLSA View On Gujarat Gas
-Sell call, target Rs 360 per share
-Q3 saw a disappointing performance & muted commentary
-Below estimate PAT due to lower margins coupled with margin miss
-Management guided for 10 percent volume growth (15 percent+ In CNG) & a unit EBITDA margin of Rs 4.5-5.5/scm
-Find Its 30x PE multiple as unsustainable & see risk of further EPS downgrades
Sensex Today | Union Bank of India plans Rs 3000 crore share sale: Bloomberg
Union Bank of India plans to offer as much as Rs 30 billion ($361m) of new shares in qualified institutional placement as early as next week, IFR reports, citing unidentified people with knowledge of the transaction.
BNP Paribas, HDFC Bank, IDBI Capital, IIFL Securities and JM Financial are managing the sale
| Company | Price at 13:00 | Price at 13:53 | Chg(%) Hourly Vol |
|---|---|---|---|
| Pulz Electronic | 163.80 | 155.50 | -8.30 0 |
| Prajay Engineer | 23.70 | 22.60 | -1.10 16.41k |
| KN Agri | 138.80 | 133.35 | -5.45 1.75k |
| Lexus Granito | 44.00 | 42.30 | -1.70 2.89k |
| Praxis Home Ret | 25.00 | 24.05 | -0.95 4.13k |
| ICICI Securitie | 811.00 | 781.85 | -29.15 29.39k |
| Genus Power | 285.00 | 274.85 | -10.15 209.70k |
| Kilitch Drugs | 416.65 | 403.95 | -12.70 785 |
| Global Vectra | 128.80 | 125.10 | -3.70 3.95k |
| Hb Stockhol | 102.95 | 100.00 | -2.95 2.33k |
| Company | Price at 13:00 | Price at 13:53 | Chg(%) Hourly Vol |
|---|---|---|---|
| Newjaisa Tech | 122.00 | 134.00 | 12.00 - |
| Chavda Infra | 119.00 | 129.90 | 10.90 - |
| General Insuran | 411.00 | 442.50 | 31.50 1.55m |
| Shree OSFM | 88.50 | 95.00 | 6.50 - |
| Dynamic Service | 123.00 | 132.00 | 9.00 11.51k |
| MM Forgings | 919.75 | 969.00 | 49.25 40.85k |
| Swelect Energy | 1,072.40 | 1,121.35 | 48.95 5.33k |
| PPL | 440.40 | 459.00 | 18.60 3.31k |
| Kore Digital | 926.95 | 965.00 | 38.05 175 |
| India Nippon | 715.45 | 744.45 | 29.00 6.14k |
Sensex Today | Gold prices set for second weekly dip as traders rethink rate-cut bets
Gold was headed for a second straight weekly fall on Friday after an unexpected spike in U.S. consumer prices made traders rethink their rate-cut expectations, though bullion recouped some of the losses following a drop in consumer spending.
Spot gold was little changed at $2,003.30 per ounce, as of 0717 GMT, and has lost over 1% for the week so far. U.S. gold futures were also steady at $2,015.70 per ounce.
Sensex Today | Oil flat as weaker IEA outlook weighs on US rate cut hopes
Oil prices stalled on Friday over a forecast of slowing demand by the International Energy Agency after gaining in the previous session on weak U.S. retail sales data that sparked optimism that the Fed might cut interest rates sooner than expected.
Brent crude futures were down 19 cents, or 0.2%, to $82.67 a barrel at 0745 GMT. U.S. West Texas Intermediate crude futures fell 3 cents to $78 a barrel.
Stock Market LIVE Updates | CLSA View On IT
-CAP, CTSH, Genpact & EPAM 2024 sales growth guidance remain weak
-Reiterate cautious stance on India’s IT sector
-Infosys & HCL Tech will issue their annual growth guidance in April 2024
-Forecast Infosys & HCL Tech annual growth guidance in mid-high single digits
-See More downside risk to FY25 estimate despite growth having troughed
-Have an outperform call on Infosys & Tech Mahindra
-Have a sell call on Wipro & LTIMindtree
Stock Market LIVE Updates | UBS View On Amber Enterprises
-Downgrade to neutral, target Rs 4,200 per share
-AC struggles; electronics may add value over time
-AC business is struggling with OEM assembly moving in-house
-Electronics can add high value over time; Titagarh JV to help railways scale-up
-Weak results driven by challenges in AC segment following shift to components
-Stock trading at 48x FY25 PE, slightly higher than its long-term average
| Company | Offer Qty | CMP Chg(%) | Today Vol 20D Avg Vol |
|---|---|---|---|
| GTL Infra | 20219716.00 | 2.09 -5 | 123998204 127390054.95 |
| Salasar Techno | 4434667.00 | 23.83 -4.98 | 333067 6117937.80 |
| SBC Exports | 57800.00 | 23.54 -4.97 | 285615 834291.05 |
| GVK Power | 317474.00 | 12.49 -4.95 | 3678339 3090432.70 |
| Bartronics | 3701.00 | 27.53 -1.99 | 38318 84507.00 |
| Company | Bid Qty | CMP Chg(%) | Today Vol 20D Avg Vol |
|---|---|---|---|
| R&B Denims | 3715.00 | 61.70 19.99 | 379379 - |
| Mcleod | 268785.00 | 30.92 10 | 348835 143151.90 |
| HPL Electric & | 7133.00 | 379.15 9.99 | 173011 101612.25 |
| DB (Int) Stock | 12176.00 | 53.17 9.99 | 51097 10743.50 |
| MIC Electronics | 156794.00 | 46.79 9.99 | 70847 135194.50 |
| KPIGREEN | 64775.00 | 1479.15 5 | 6371 85115.55 |
| One 97 Paytm | 190109.00 | 341.50 5 | 2146324 1184951.45 |
| Lypsa Gems | 4126.00 | 7.57 4.99 | 44272 54958.80 |
| Media Matrix | 42696.00 | 22.08 4.99 | 107442 192295.75 |
| Sadbhav Engg | 101231.00 | 27.13 4.99 | 694236 405721.55 |
Roshan Shah, Co-founder & CEO, VoloFin
Monetary policy decisions for the year will likely be influenced by the domestic growth trajectory and potential actions by the US Federal Reserve. The RBI is anticipated to maintain a cautious stance due to the risk of food inflation translating into generalized inflation. The recent rebound in Industrial Production (IIP) growth in December, particularly in the manufacturing sector, is supported by optimistic sentiments in the industry. Overall, the RBI is expected to prioritize stability and remain vigilant amid global uncertainties.
Stock Market LIVE Updates | USFDA completes inspection of Aurobindo Pharma manufacturing unit with zero observations
The manufacturing unit of Auro Peptides Ltd, the synthetic peptides API business arm of Aurobindo Pharma, situated at Indrakaran Village, Kandi Mandal, Sangareddy District, Telangana, was audited by the US FDA from 12th to 16th February 2024. The inspection was concluded with zero observations.
| Company | CMP Chg(%) | Volume | Value(Rs cr) |
|---|---|---|---|
| M&M | 1,838.05 4.11 | 287.71k | 52.36 |
| ITC | 407.15 0.78 | 1.27m | 51.13 |
| HDFC Bank | 1,412.90 -0.06 | 386.89k | 54.75 |
| Larsen | 3,377.35 2.33 | 149.75k | 50.27 |
| SBI | 769.45 1.03 | 608.38k | 46.59 |
| Axis Bank | 1,066.60 -0.56 | 389.98k | 41.51 |
| Reliance | 2,931.35 -0.36 | 154.11k | 45.26 |
| Bajaj Finance | 6,615.10 -0.07 | 56.95k | 37.73 |
| Tata Motors | 941.95 2.36 | 392.46k | 36.95 |
| Infosys | 1,698.40 1.24 | 217.51k | 36.93 |
Defence acquisition council meeting concludes. DAC is likely to have approved proposal to buy Rs 80,000 crore defence equipment and the equipment order likely to be issued to BEL, HAL & others, Sources To CNBC-Awaaz.
