Closing Bell: Sensex, Nifty end flat on expiry day; mid, smallcaps drag

Indian equity indices ended on a flat note with Nifty at 22,550 on February 27. At close, the Sensex was up 10.31 points or 0.01 percent at 74,612.43, and the Nifty was down 2.50 points or 0.01 percent at 22,545.05.

Domestic equity main indices remained largely unchanged due to optimism in the financial sector supported by the RBI’s decision to ease lending norms for microfinance institutions and NBFCs.

Global market swayed negatively, and domestic broader market sentiment remained weak due to fresh uncertainty surrounding US tariff policies. Amid ongoing trade tensions, investors are also keeping a close watch on US and domestic GDP data for further indications of economic strength.

Nifty remained range bound during the day before closing flat. Sellers continued to dominate the market at higher levels. On the lower end, 22,500 continues to act as support, similar to how 22,800 did a few days ago.

We expect Nifty to decline towards 22,200 and lower if it falls below 22,500. On the higher end, 22,650 might act as immediate resistance. In the short term, the index is likely to remain a "sell on rise" as long as it stays below the 22,750-22,800 range.

Markets ended flat with a mixed bias as traders preferred to exercise caution on the expiry day after witnessing sell-offs over the past few weeks. While India's expensive valuations have been driving foreign fund outflows over the past 3-5 months, the ongoing tariff-related concerns coupled with falling currency have made investors jittery.

Markets traded dull on the monthly expiry day, closing nearly unchanged for the second straight session. After an initial uptick, Nifty quickly flattened, trading within a narrow range before settling at 22,545.05. Sectorally, a mixed trend persisted, with metals, banking, and financials performing well, while realty and auto remained under pressure. The broader indices underperformed, declining between 1% and 1.7%, further dampening sentiment.

The past two sessions reflect indecision, likely due to oversold conditions. However, rotational selling across key sectors is not only limiting the rebound but also gradually dragging the index lower. As the new derivatives series begins, we maintain our view of using rebounds to initiate shorts in the index until a decisive trend reversal emerges. Meanwhile, stock-specific opportunities continue on both sides, so trades should be aligned accordingly.

Indian equities started the monthly expiry trade with a positive momentum but struggled to maintain gains as the day progressed. The Index remained rangebound due to lack of follow-through momentum, ultimately closing at 22,545.05 with a marginal loss of 2.50 points.

On the sectoral front, Metal and BankNifty stocks stood out as the best performers, while Media and Realty sectors lagged. Midcap and Smallcap indices underperformed by correcting 1.14% and 1.64%, respectively, compared to the frontline indices.

From a technical perspective, the levels for Nifty50 remained unchanged, with support at 22,400 and resistance at 22,720. The overall trend continues to be bearish.

Indian rupee ended flat at 87.19 per dollar on Thursday versus Tuesday's close of 87.20.

Indian equity indices ended on a flat note with Nifty at 22,550 on February 27.

At close, the Sensex was up 10.31 points or 0.01 percent at 74,612.43, and the Nifty was down 2.50 points or 0.01 percent at 22,545.05. About 892 shares advanced, 2925 shares declined, and 97 shares unchanged.

Shriram Finance, Bajaj Finance, Bajaj Finserv, Sun Pharma, Hindalco Industries were among major gainers on the Nifty, while losers were UltraTech Cement, Trent, Jio Financial, Bajaj Auto and Tata Motors.

Except bank and metal, all other sectoral indices ended in the red auto, media, energy, capital goods, realty, power down 1-2 percent.

BSE Midcap index shed 1 percent, and smallcap index fell 2 percent.

#1 Company confirms that it is in bilateral discussions to combine Tata Group's DTH business & its own DTH business

#2 Such events have binary outcomes & could swing in either direction

#3 It would imply consolidation & will strengthen Bharti's industry positioning

Indian Rupee declined against the US Dollar amid mixed to weak domestic markets and selling pressure from FIIs. A strong dollar and demand from importers towards the end of the month also weighed on the Rupee.

We expect Rupee to trade with negative bias on account of weakness in the domestic markets and sustained outflows by FIIs. Any further pullback in the US Dollar may also pressurise the Rupee. However, any intervention by the RBI and weakness in crude oil prices may support the Rupee at lower levels.

Traders may take cues from US GDP data. Investors may remain cautious ahead of the core PCE price index data. USDINR spot price is expected to trade in a range of Rs 87 to Rs 87.60.

#1 Recent underperformance can be attributed to slower revenue growth

#2 Slower revenue growth both in its domestic & international segments

#3 Investments in new segments of biologic CDMO & medtech

#4 Negative impact to EBITDA margin and limited visibility on upside

#5 Market concerns around potential tariff imposition by US on generic pharmaceuticals

#6 Stake sale by one of promoters

#7 Stock currently trading at 21.2x 1-year-forward EPS & concerns are in the price

#1 Q3: EBITDAR flattish YoY on low base; yields jump 18 percent YoY

#2 Lack of transparency in sharing key operational data stays a major concern

#3 Q3 yields jumped 18 percent YoY on better route mix while Q2 yields fell 4 percent YoY

#4 ASKM crashed 41 percent YoY in Q3 & 30 percent in Q2 on AoG rise

#5 Revival likely to be gradual post-QIP with turnaround a key monitorable

#6 Cutting FY25E/26 EPS by 14 percent/13 percent on operational softness

The Government of Assam has initiated the development of a ropeway project and entered into a Memorandum of Understanding (MoU) with G R Infraprojects for the development of a ropeway from Sonaram field to Bhubaneshwari temple, Kamakhya, in Guwahati. The proposed investment in the project is Rs 270 crore.

A First Information Report (FIR) has been registered by the Central Bureau of Investigation (CBI), Chandigarh, against Godrej Estate Developers.

The CBI alleged that the clearance from the National Board of Wildlife was not obtained because the project, Godrej Eternia, falls within 10 km of Sukhna Wildlife Sanctuary, which constitutes a violation of the Environmental Clearance for the project.

European stocks dropped after US President Donald Trump said he would impose 25% tariffs on imports from the European Union.

The Sensex was up 58.93 points or 0.08 percent at 74,661.05, and the Nifty was down 2.30 points or 0.01 percent at 22,545.25. About 763 shares advanced, 2751 shares declined, and 93 shares unchanged.

The company has commenced the commercial operations of a new specialized multi-brand store, The Charcoal Project, in Hyderabad, Telangana.

The company has received an order from the Government of West Bengal, Directorate of Commercial Taxes, demanding tax along with interest and penalty of Rs 5.89 crore for the FY 2020-21.

#1 Announces a surprise entry into cables/wire segment with target capex of Rs 18 billion

#2 No specific inputs are available on product profile/target segments

#3 Company expects to leverage its manufacturing expertise & end-customers connects to scale up new segment

#4 Capex is relatively small & appears more like deployment of burgeoning EBITDA/CF profile of company

#5 Any knee-jerk negative reaction should be used as buying opportunity

The digital engineering and cloud transformation company has secured multiple contracts worth USD 85 million from a UK public service department, spread over a period of 2 years.

The company has announced a strategic corporate agency tie-up with Aditya Birla Health Insurance Company to expand the reach of health insurance solutions across the Vakrangee Kendra network, particularly in underserved and remote regions.

The company plans to execute a Business Transfer Agreement with Geojit Investments on March 21 for the transfer of the securities broking business (including clearing and settlement), margin financing business, depository participant services, and business research analyst business. It has received all required approvals from the regulator, exchanges, and depositories for the business transfer.

The company has extended the acquisition of SBC Beverages Ghana, up to March 31, from the previously intimated February 28. The company signed a Share Purchase Agreement on November 12, 2024, with Ghana Bottling Company to acquire 100% of the shares in SBC Beverages Ghana for Rs 127.1 crore.

The company has commenced operations of a new branch in Mirzapur, Uttar Pradesh, with effect from February 27, 2025.

The Board will be meeting on March 5 to consider the declaration of an interim dividend for the financial year 2024-25.

The United States Food and Drug Administration (US FDA) had conducted a current Good Manufacturing Practices (cGMP) inspection of the company’s API manufacturing facility at Pune, Maharashtra, during February 19 to February 25. After the inspection, the company received two observations in Form 483.

Jupiter Tatravagonka Railwheel Factory, the specialized wheelset manufacturing arm of Jupiter Wagons has been awarded a prestigious contract worth RS 255 crore from Braithwait & Co. for the supply of 9,140 wheelsets of 840 mm diameter for 25-ton

axle load applications.

The company has received the Establishment Inspection Report (EIR) from the US FDA for its API manufacturing facility (CTO-2) in Bollaram, Hyderabad. The USFDA has classified the inspection as Voluntary Action Indicated (VAI) and concluded that the inspection is closed. The US FDA had conducted the inspection of the facility from November 13 to November 19, 2024.

The company has signed a Memorandum of Understanding (MoU) with Creative Channel Advertising and Marketing for the proposed sale of FM radio broadcasting operations (comprising three FM radio stations in Mumbai, Delhi, and Kolkata under the frequency 104.8 FM) as a going concern, for Rs 20 crore. The sale is expected to be completed on or before January 2026.

The Sensex was up 33.08 points or 0.04 percent at 74,635.20, and the Nifty was down 11.30 points or 0.05 percent at 22,536.25. About 801 shares advanced, 2671 shares declined, and 95 shares unchanged.

#1 Specialty chemical segment is expected to remain flat to positive in FY25

#2 Capacity in place to double the business

#3 Strong traction in new products has partly offset pricing pressure on older ones

#4 Active ingredients are set to ramp up over the next 2-3 years

#5 Pharma business is poised for significant growth

#6 Ref gas prices remain firm in both domestic and export market

#7 Newly announced R32 capacities are unlikely to cater to domestic markets

The company has received a purchase order from the Medical Stores Department, Tanzania, for the supply of male condoms worth Rs 42 crore.

The company has received contracts worth Rs 11.79 crore for the supply of micro-irrigation systems from the Community Micro Irrigation Project.

The company has commenced manufacturing activities at its greenfield Active Pharmaceutical Ingredient plant in Mehsana, Gujarat.

The technology services and consulting company will be committing $200 million to its venture arm, Wipro Ventures, in its latest round of funding. This is the fourth round of funding raised by Wipro Ventures since its inception 10 years ago and is aimed at accelerating the company’s investments in early- to mid-stage startups.

The Board has approved raising funds up to Rs 750 crore via Qualified Institutions Placements (QIP), preferential issue, private placements, or other modes.

Gold prices have remained buoyant over the past week as uncertainty, while reduced to some extent, has not disappeared. Growing concerns about US President Donald Trump's tariff plans have continued to provide some support to the precious metal apart from softish US yields and DXY.

The US retail sales data on Friday is a key trigger. Technically, the gold price maintains a strong uptrend on the daily timeframe as the price holds above the key 100-day Exponential Moving Average (EMA). However, the 14-day Relative Strength Index (RSI) remains in the overbought territory and therefore some bit of a pullback may be there after a sharp rally right upto 2940 levels.

The next logical level for the prices remain the sentimental level of USD 3000 which we believe is coming soon after a short pullback.

The company has subscribed to 2,640 Equity shares (26.40%) of newly incorporated entity viz. 'Trident Agro Terminals and Logistic'.

Shakti Pumps has invested Rs 6,00,00,000 in its wholly owned subsidiary i.e. Shakti EV Mobility (formerly known as Shakti Green Industries) by subscribing to 60,00,000 equity shares of face value of Rs 10.

The consolidated investment is Rs 45,00,00,000 after subscribing aforesaid equity shares.

#1 Management expects specialty chemical to grow YoY in FY26

#2 As new Agrochem AIs & pharma products move to commercialisation

#3 Domestic ref gas prices should remain firm on strong demand

#4 Export prices come down as contracts are renegotiated

#5 Expect a gradual recovery & are 16-17 percent below consensus on FY26/27 EPS

#6 Valuation at 47x forward PE is > +2 SD on historical, making risk-reward unfavorable

The company has executed a Preferred Financier Agreement with Bgauss Auto. Bgauss Auto will provide retail financing to its customers on a non-exclusive basis, and Manba Finance has agreed to associate with Bgauss Auto for providing financing facilities to its customers.

The company has commissioned its MDF plant in Tirupati, Andhra Pradesh, with an installed capacity of 2,31,000 CBM per annum.

The Sensex was up 24.59 points or 0.03 percent at 74,626.71, and the Nifty was up 0.65 points at 22,548.20. About 990 shares advanced, 2309 shares declined, and 129 shares unchanged.

The company has received a letter from NHAI informing about the termination of the contract for the road project in Punjab.

The National Highways Authority of India, in May 2022, had entered into a contract agreement with Ceigall India - Krishna Constructions (joint venture) for the construction of a four-lane Greenfield Amritsar connectivity on an EPC mode under Bharatmala Pariyojana in Punjab.

NHAI has agreed to pay damages equivalent to 1% of the contract price. The said project formed part of an ongoing project under the EPC model (bid project cost of Rs 1,071 crore).

#1 UltraTech announces its foray in C&W with capex of Rs 18 bn over next 2 years

#2 Assuming 4-5x asset turnover, Ultratech's revenue potential can be estimate at 5-7 percent of C&W industry in FY29

#3 Power transmission, industrial cables generally require 2-4 year for prequalification

#4 Foresee lower competitive impact on Polycab vs housing / B2C players Finolex Cable / Havells

The share price gains most in three years.

#1 Company announces entry into the cables & wires segment with initial capex of Rs 18 billion

#2 It's a positive strategic development, given segment's strong growth & high margin

#3 Existing strong in-house distribution network and end-customer connect

The company's subsidiary, Caplin Steriles, has received final approval from the United States Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Brimonidine Tartrate and Timolol Maleate Ophthalmic Solution (eye drops).

It is a generic therapeutic equivalent version of the reference listed drug (RLD) Combigan, by AbbVie Inc. Brimonidine Tartrate and Timolol Maleate Ophthalmic Solution is used for the reduction of elevated intraocular pressure (IOP) in patients with glaucoma or ocular hypertension.

Asian equities declined Thursday as investors parsed the latest tariff announcements from US President Donald Trump and earnings from Nvidia Corp. failed to impress market participants

The company's subsidiary, Adani Saur Urja (LA), has received a Letter of Award (LOA) from Uttar Pradesh Power Corporation (UPPCL) for the procurement of 1,250 MW energy storage capacity from pumped hydro storage projects. The capacity is secured through the e-Reverse Auction conducted by UPPCL. The annual fixed cost payable under the LOA is Rs 76,53,226 per MW per annum (taxes extra) for 40 years from COD.

The company has signed a Memorandum of Understanding (MoU) with the Assam Government to tie up and support up to 5,000 MW of renewable and clean energy projects comprising solar, wind, hydro, and energy storage, with an investment of Rs 30,000 crore over the next 5 years.

Glenmark Pharmaceuticals Inc., USA announces the launch of Epinephrine Injection USP, 10 mg/10 mL (1 mg/mL) Multiple-Dose Vial.

Glenmark’s Epinephrine Injection USP, 10 mg/10 mL (1 mg/mL) Multiple-Dose Vial is bioequivalent and therapeutically equivalent to the reference listed drug, Epinephrine Injection USP, 10 mg/10 mL (1 mg/mL), of BPI Labs, LLC, NDA 205029.

This launch of Epinephrine Injection is eligible for 180 days of CGT exclusivity under section 505(j)(5)(B)(v) of the FD&C Act.

Godrej Properties has sold inventory worth over R 1,000 crores in its project, Godrej Evergreen Square, located in Hinjewadi, Pune. Launched in November 2024, within 4 months of acquiring the land.

Godrej Evergreen Square has a developable potential of ~2.41 million square feet with an estimated revenue potential of approximately INR 2045 crore.

Ramco Systems announced the successful implementation of its Aviation Software at Philippine Airlines for the domestic

PAL Express (PALEx) fleet operations.

Ramco’s on-cloud, next-gen platform has optimized and digitized the operations of the PALEx fleet of A321, A320, and Q400.

In alignment with the long-term strategy to optimize operational requirements of both Philippine Airlines (PAL) and PALEx, preparations are underway to roll out the solution for the PAL fleet of A350, A330, B777, and A321.

Paytm (One 97 Communications Limited) has partnered with Perplexity to bring the power of AI to Crores of Indian consumers.

Perplexity is the world’s first answer engine that delivers fast, clear responses with trusted sources in real time.

The Sensex was up 9.18 points or 0.01 percent at 74,611.30, and the Nifty was down 7.60 points or 0.03 percent at 22,539.95. About 996 shares advanced, 2162 shares declined, and 146 shares unchanged.