Closing Bell: Sensex ends flat, Nifty below 22,250; PSU banks bleed, media stocks shine

After Nifty hit an all-time high of 22,297 in early trade, weakness in banking stocks weighed on the benchmark as it closed at 22,212 on February 23. Sensex also closed flat at 73,142, while broader indices Nifty Midcap 100 and Nifty Smallcap 100 gained 0.3 percent each, outperforming benchmarks.

We wrap up today's edition of the Moneycontrol live market blog, and will be back Monday morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices/ for all the global market action.

The domestic market paused momentarily today after reaching another record high earlier in the day, driven by positive signals from global markets. Notably, the capital goods and industrial sectors showed strength, supported by advancements in manufacturing and services. As the earnings season winds down, the market is eagerly awaiting new catalysts however rallying on the pre-election momentum. Concerns linger over rising crude oil prices, surging US bond yields, and stretched valuations, likely prompting continued selling by FIIs.

The Nifty opened with gains and consolidated for the day to close marginally in the red down ~4 points. On the daily charts we can observe that after a sharp rise in the previous trading sessions the Nifty consolidated today around all-time highs. In case of a dip towards the support zone 22,130 – 22,090 it should be used as a buying opportunity as the overall trend remains positive and this is just a brief pause in the overall upmove. In terms of levels, 22,300 - 22,350 shall act as an immediate hurdle zone while 22,130 – 22,090 is the crucial support zone.

Nifty opened higher but failed to sustain the morning momentum, leading to a closing at the day's low due to profit booking. However, the sentiment remained positive for the short term as the index closed above the crucial resistance level of 22,200, with the next resistance seen at 22,400. Short-term support is positioned at 21,900. As long as Nifty maintains levels above 21,900, the index may continue to be considered a buy on dips.

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"Amid recent reports about the removal of 'Cheese' from our menu at McDonald's locations in Maharashtra, we want to assure our valued customers that only genuine, high-quality cheese is used in all our cheese-containing products," the management said.

Seeing an opportunity in the pickle Paytm Payments Bank (PPBL) finds itself in following action by the Reserve Bank of India (RBI), some banks are moving in to corner a larger share of the QR code and sound box business. READ MORE

These funds are a good place to start one’s investment journey. However, do note that multi-asset funds entail a higher level of risk compared to traditional high quality debt products. READ MORE

The public issue of GPT Healthcare was subscribed nearly 61 percent so far on February 23, the second day of bidding. Several analysts have assigned a ‘subscribe’ rating to the issue in view of its reasonable valuation, strong presence in Eastern India, and decent return ratios. READ MORE

Oil prices continued to hold higher despite weaker demand fundamentals due to geo-politics surround Red Sea, with Iran-aligned Houthis stepping up attacks near Yemen to show support for Palestinians in the Gaza war. The talks of ceasefire in UN council and de-escalation of tension could see sharp selloff, on the macro front US Manufacturing PMI looked promising in February along with 3.1% jump in existing home sales. But on the flip side commercial inventories rose for 4th straight week and US daily production stayed unchanged at 13.3mbpd. We expect crude oil prices to trade range bound but demand side remain soft, which can drag prices back support of $74-$72. We advise trade to short the rally as $80.50 holds strong resistance.

Nvidia shares closed 16 percent higher in the US trading last night after a stellar earning show, topping analyst estimates by a healthy margin. Not only that, the stock price hit a record high of $785 and added a massive $277 billion in value, lifting the chip giant's market cap to $1.96 trillion. With this, Nvidia has become the third largest company in the US by market cap, overtaking Jeff Bezos' Amazon.

The U.S. tech giant posted revenue of $22.1 billion for its fiscal fourth quarter, indicating a remarkable 265 percent year-on-year increase. Concurrently, net income experienced a substantial surge of 769 percent. This impressive performance is attributed to the ongoing enthusiasm and interest surrounding artificial intelligence.

Nvidia's single-day surge in stock market value has set a new record on Wall Street, surpassing the previous milestone achieved by Meta Platforms. It achieved this feat following the announcement of its first dividend and strong financial results by the parent company of Facebook.

The Indian mutual fund (MF) industry doubled its assets under management (AUM) in four years to hit Rs 50 lakh crore in December. The number could double by 2030, if an Axis Capital report is anything to go by. The India Asset Management AUM on the double: Closing in on 100 trillion report, which was released on February 23, said the industry AUM is expected to double to Rs 100 lakh crore by 2030, which implies a compound annual growth rate (CAGR) of 14 percent. READ MORE

Over the past year, stock prices have soared, leaving few bargains for investors. That is causing investors to bank on pedigree while having to buy expensive stocks. This could explain why shares sold by foreign multinationals in their Indian arms are being snapped up even if growth prospects do not look compelling. Take consumer durables company Whirlpool India. Parent Whirlpool Corporation sold its 24 percent stake in the company on February 20. Indian investors like SBI Mutual Fund, Nippon India Mutual Fund and Aditya Birla Sun Life Mutual Fund were among those scrambling to buy the stock. READ MORE

The order includes construction of core and shell works for five towers having 62 floors, and allied parking area comprising basements+ground+5 podiums.

Kalpataru Power bagged contracts under ~Rs 85,000 crore or $10 bn contract pertaining to Riyadh cluster, Yanbu to Rabigh Cluster, Jizan cluster.

The emergence of buying demand from 20 days EMA highlights inherent strength that bodes will for next leg of up move towards revised target of 22,700 in coming weeks. We believe, bouts of volatility from hereon owing to global development would offer incremental buying opportunity. Thereby, dips should be capitalized to accumulate quality stocks as strong support is placed at 21,600

Domestic markets continued to hold gains but traded on a flat note. Sensex was flat at 73,223, whereas NSE Nifty 50 traded around 22,231. India VIX remained in green above 15 level, while broader indices Nifty Midcap 100 and Nifty Smallcap 100 gained up to 0.4 percent. Among sectors, Nifty Media gained over a percent to top others, while Nifty PSU Bank index was the worst hit.

Analysts at Morgan Stanley said that the rising share of premium vehicles will support growth going ahead. Exports forming 22 percent of revenue will also be a key growth driver. The brokerage firm expects to see traction from sectors such as aerospace and defence.

After opening at a record high on the back of strong global cues today morning, NSE Nifty 50 fell from the day's high but was still trading mildly in green. Nifty was up 30 points or 0.15 percent at 22,250 points at 11.30 am, while BSE Sensex was up about 100 points at 73,265. The positive effect of US chipmaker Nvidia is reflected in Indian markets too. READ MORE

Ceat has been selected as an official partner by Board of Control for Cricket in India (BCCI) to sponsor certain segments of the IPL matches, with an aggregate spend of about Rs 240 crore over five years.

The benchmark indices traded higher around their record levels amid heightened volatility intraday on February 23. A bearish engulfing candlestick pattern formed in the Nifty the previous day was invalidated as the index bounced from its 20-day EMA. According to experts, the indices are likely to find support around the 22,070-22,100 zone. As long as this zone holds, the trend remains positive, and the indices could potentially move higher, reaching up to 22,350-22,400 in the coming sessions. READ MORE

Atmastco stock made a decent debut, listing at 18.2 percent premium over the IPO price on February 23. The stock opened at Rs 91 against the issue price of Rs 77 on the NSE SME platform.

Ahead of the listing, the shares were commanding a 7 percent premium in the grey market, which is an unofficial ecosystem where shares start trading before the allotment in the IPO and until the listing day. Most investors track the grey market premium (GMP) to get an idea of the listing price.

The offer was subscribed 17 times with the retail portion getting booked 18 times. The public offer opened for subscription on February 15 and closed on February 20. Through the IPO, the company raised Rs 56.25 crore. The offer comprised a fresh issue of 54.8 lakh shares worth Rs 42.2 crore and an offer-for-sale of 18.25 lakh shares worth Rs 14.06 crore.

Frontline indices Sensex was off day's high to trade flat at 73,223, while NSE Nifty 50 traded at 22,230.4. Broader indices outperformed as Nifty Midcap 100 and Nifty Smallcap 100 surged up to 0.5 percent. Barring Nifty PSU Bank, Metal, and Oil & Gas indices, all others traded in a positive territory.

The stock of Thaai Casting made an impressive debut, listing at a 141.42 percent premium over the IPO price on February 23. The stock opened at Rs 185.9 against the issue price of Rs 77 on the NSE SME platform. Ahead of the listing, the shares were commanding a 103 percent premium in the grey market, which is an unofficial ecosystem where shares start trading before the allotment in the IPO and until the listing day. Most investors track the grey market premium (GMP) to get an idea of the listing price. READ MORE

Jio Financial Services Ltd stock surged to a record on February 22. The stock rose nearly 5 percent, marking a 26 percent gain over the past month. The Reliance Industries unit stock rose 4.74 percent to end trading at Rs 303.85 on NSE. READ MORE

Nvidia shares rallied more than 16 percent to close at a life-time high of $785.38 on February 22, adding about $277 billion to its market capitalisation and bringing its total market value near $2 trillion. The addition eclipsed the $197-billion gain made by Facebook-parent Meta at the start of the month, and made Wall Street’s largest single-day gain in history at $1.96 trillion. READ MORE

The stock of Interiors and More made a decent debut with 18.9 percent premium gains over the IPO price on February 23. The shares opened at Rs 270 each against the issue price of Rs 227 on the NSE SME platform. Ahead of the listing, the shares were commanding a 15 percent premium in the grey market, which is an unofficial ecosystem where shares start trading before the allotment in the IPO and until the listing day. Most investors track the grey market premium (GMP) to get an idea of the listing price. READ MORE

Analysts believe that Sunteck has a strong project pipeline and ramp-up in launches from both new
and existing projects will drive bookings growth in the near term. Further, its sound balance sheet, strong cash flows, and recent partnership with IFC would spur project additions and drive sustainable growth.

According to reports, Go First lenders & IRP will open bids during the meeting

Shares of Sula Vineyards Limited traded almost a percent higher to Rs 566 in morning trade on February 23 after global brokerage firm CLSA issued a 'buy' call, citing the extension of the Maharashtra Wine Industrial Promotion Scheme (WIPS) as a positive for the company. Introduced in 2009 to promote Maharashtra's wine industry, the WIPS was paused during the Covid-19 pandemic but is now set to continue. The initial expectation was five years, however, the government announced that the scheme would be extended for eight years. READ MORE

This global bull run led by the mother market US is showing no signs of exhaustion. In the US the rally is being led by the tech stocks . Nvidia’s excellent results have sparked a rally in all AI related tech stocks. This is having its repercussions in the tech stocks in India, too. The steady climb of the Nifty setting records after records is an indication that the buy on dips strategy is working. This trend may continue. But very soon we are likely to have a days of sharp corrections when DIIs resort to some profit booking and FIIs continue to sell persuaded by the high US bond yields which are likely to remain high for sometime. Fed rate cut expectations are much lower than at the beginning of this year. That too will start exerting pressure on the market. Long-term investors should remain invested in this bull market. Partial profit booking from the overvalued mid and small caps and moving the money to high quality large cap banks and fixed income would be a safe strategy in the present context.

Stock Market LIVE Updates | Broader markets outperform benchmark; Nifty Midcap 100, Nifty Smallcap 100 gain up to 0.5%

Stock Market LIVE Updates | All sectors swim in the sea of green; Nifty Realty top sectoral performer

Stock Market LIVE Updates | Axis Bank, Bharti Airtel, Britannia top Nifty 50 losers at this hour

Stock Market LIVE Updates | Hero Moto, Titan, Grasim top Nifty 50 gainers at this hour

As per reports, Carlyle is looking to sell its data centre stake, said analysts. "Carlyle is looking at a valuation of $850-900 million against its acquisition of $235 million," the brokerage firm said.

Analysts believe that the near-term term demand for small cars would remain tepid. "The analysis of entry level passenger vehicles market share loss at Rs 40,000-70,000," the brokerage firm said.

Global brokerage firm Goldman Sachs has downgraded banking marques like State Bank of India, ICICI Bank and Yes Bank, saying that the Goldilocks period of strong growth and strong or visible profitability was over for the financial sector for the near term. It warned that the headwinds were gathering strength for the Indian financial services sector. READ MORE

Asia-Pacific markets inched higher as investors digested China property price data. The CSI 300 index was 0.4 percent higher at the open, while Hong Kong’s Hang Seng index added 0.7 percent. South Korea’s Kospi gained 0.8 percent, while the smaller-cap Kosdaq rose 0.6 percent. In Australia, the S&P/ASX 200 rose 0.5 percent.

Trends on GIFT Nifty indicate a positive start for the broader index in India, with a gain of 46 points or 0.21 percent. The Nifty futures were trading around 22,313 level.

The S&P 500 and Dow Jones Industrial Average both surged to record closing highs on Thursday, powered by investors piling into growth and technology stocks the day after artificial intelligence poster child Nvidia's bumper earnings and outlook.

The S&P 500 ended at a record high, gaining 105.23 points, or 2.11 percent, to 5,087.03, as did the Dow Jones Industrials, which closed at 39,069.11 after rising 456.87 points, or 1.18 percent. It was the first time the Dow has ever finished above 39,000 points. The Nasdaq Composite added 460.75 points, or 2.96 percent, to 16,041.62.

In the highly volatile session, the benchmark indices erased all the previous session losses, with Nifty hitting a fresh all-time high of 22,252.50 led by buying across the sectors. On the back of mixed global cues, the market started flat but extended profit booking from the previous session dragged the Nifty below 21,900, intraday. However, the last couple of hours of buying helped the index to end near the day's high. At close, the Sensex was up 535.15 points or 0.74 percent at 73,158.24, and the Nifty was up 162.50 points or 0.74 percent at 22,217.50.

Bajaj Auto, HCL Technologies, Eicher Motors, ITC and Coal India were among the top gainers on the Nifty, while the losers were IndusInd Bank, HDFC Bank, BPCL, Kotak Mahindra Bank and Hero MotoCorp

On the sectoral front, Auto, Capital Goods, Metal, Power, Information Technologies and Telecom were up 1 percent each. However, the bank index ended marginally lower.

BSE Midcap gained 1 percent and Smallcap index added 0.5 percent. Nifty Bank index also witnessed a sharp recovery of 493 points from the day's low 46,426.85, finishing at 46,919.80.