Market Commentary - End-Session
Benchmarks rebounds after early dip, Nifty ends near 22,200 As on : 27-Feb-24  17:45

The domestic equity benchmarks reversed early losses and closed higher on Tuesday, snapping a two-day losing streak. The key indices, the Sensex and Nifty, were buoyed by gains in select heavyweight stocks. The Nifty 50 index, after dipping to a low of 22,085.65 in early trading, managed to close near the 22,200 level. The broader market witnessed mixed performance with sectors like realty, consumer durables, and IT experiencing gains, while oil & gas, media, and PSU banks declined.

The barometer index, the S&P BSE Sensex up 305.09 points or 0.42% to 73,095.22. The Nifty 50 index lost 76.30 points or 0.34% to 22,198.35.

Tata Motors (up 2.78%), TCS (up 2.56%) and Larsen & Toubro (up 1.05%) boosted the indices.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.10% and the S&P BSE Small-Cap index declined 0.25%.

The market breadth was negative. On the BSE, 1,493 shares rose and 2,353 shares fell. A total of 83 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 0.81% to 15.73.

Economy:

The Reserve Bank of India reported a 3.8% year-on-year increase in the All-India House Price Index (HPI) for Q3:2023-24, compared to 3.5% in the previous quarter and 2.8% a year ago. The Annual HPI growth varied widely across cities, ranging from 8.4% in Chennai to 0.6% in Kochi. On a sequential basis, the all-India HPI increased by 1.6% in Q3:2023-24. Six out of ten cities saw a rise in house prices during the latest quarter. The data is based on transaction-level data received from registration authorities in ten major cities.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.04% to 7.066 as compared with previous close 7.063.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.8900, compared with its close of 82.8850 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement added 0.24% to Rs 62,301.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 103.77.

The United States 10-year bond yield slipped 0.79% to 4.265.

In the commodities market, Brent crude for April 2024 settlement gained 11 cents or 0.13% to $82.64 a barrel.

Global Markets:

Markets in Europe and Asia advanced on Tuesday, as markets await events due later this week for a better gauge of the global interest-rate outlook.

US stocks ended with modest losses on Monday, as the focus shifted after last week's AI-fuelled rally to upcoming economic data that could affect the timing of the Federal Reserve's expected interest rate cut.

Stocks in Spotlight:

Happiest Minds Technologies rallied 4.58% after the company announced its new vertical organization structure comprising six new industry groups. The six new industries groups are Industrial, Manufacturing and Energy & Utilities, Healthcare & Life Sciences, Retail, CPG and Logistics, Banking, Financial Services, and Insurance (BFSI), Hi-Tech and Media & Entertainment, and EdTech.

Hind Rectifiers surged 10% after securing supply orders exceeding Rs 200 crore from Indian Railways, slated for execution by FY2025.

One 97 Communications (PayTM) fell 0.11%. The company said that it has withdrawn its nominee from the board of Paytm Payments Bank (PBBL) and Vijay Shekhar Sharma will step down as part-time non-executive chairman and board member.

PBBL has reconstituted its board of directors with the appointment of ex-Central Bank of India chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former executive director of Bank of Baroda Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal. They have recently joined as independent directors.

Canara Bank shed 0.12%. The public lender's board has approved the sub-division of one equity share having a face value of Rs 10 each fully paid-up, into five equity shares of Rs 2 each, fully paid-up, subject to approval of the Reserve Bank of India.

Multi Commodity Exchange of India (MCX) advanced 1.6%. the company said that it has entered into a memorandum of understanding (MoU) with Jakarta Futures Exchange (JFX) for knowledge sharing and regional development.

JSW Energy shed 0.39%. The JSW Neo Energy, a wholly owned subsidiary of JSW Energy has received a letter of award (LoA) for ISTS-connected solar capacity of 700 MW from SJVN.

AVG Logistics fell 1.42% The company said that it has secured a 6-year long term contract, valued at Rs 105 crore, for lease of parcel cargo express train (PCET) from the Indian Railways

HFCL declined 1.66%. The telecom company on Monday announced that it has received purchase orders worth approximately Rs 40.36 crore for supply of optical fiber cables to one of the leading private telecom operators of the country.

Route Mobile shed 0.15%. The company said that it has partnered with Billeasy E Solutions (Billeasy) for introducing rich communication services-based (RCS) business messaging for enhancing metro ticket purchasing process at Maha Metro Pune.

Borosil Renewables rose 1.49%. The company announced that its board has gears up to discuss fund raising on 1st March 2024.

Power Mech Projects lost 0.26% after the company announced that it has bagged an order worth Rs 396.25 crore for execution of civil construction and electrical works from South East Central Railway.

Mahanagar Gas rose 0.49%. The company said that it has entered into shareholders? agreement with 3EV Industries Founders, Promoters and other Shareholders to acquire 30.97% shareholding in 3EV Industries.

IPO Update:

The initial public offer (IPO) of Platinum Industries received bids for 7,74,20,952 shares as against 96,32,988 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (27 February 2024). The issue was subscribed 8.04 times.

The issue opened for bidding on Tuesday (27 February 2024) and it will close on Thursday (29 February 2024). The price band of the IPO is fixed at Rs 162 to 171 per share. An investor can bid for a minimum of 87 equity shares and in multiples thereof.

Exicom Telesystems's IPO received bids for 18,23,99,200 shares as against 1,82,23,540 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (27 February 2024). The issue was subscribed 10.01 times.

The issue opened for bidding on Tuesday (27 February 2024) and it will close on Thursday (29 February 2024). The price band of the IPO is fixed at Rs 135 to 142 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.

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