Market Commentary - End-Session
Indices end with small gains, Nifty ends near 22,000 As on : 29-Feb-24  17:59

The equity benchmarks ended with modest gains on Thursday. Traders remained cautious with important economic data releases coming up this week. These include India's Q3 GDP, expected to show moderate growth, the US PCE price index, which can influence the Federal Reserve's interest rate decision, and China's PMI, a key indicator of its manufacturing sector health. The Nifty closed above the 21,950 mark after initially dipping to 21,860.65 during morning trade. Market volatility was notable due to the expiry of the February F&O series today. Banking and metal shares saw increased demand, while media, healthcare, and IT stocks faced selling pressure.

The barometer index, the S&P BSE Sensex up 195.42 points or 0.27% to 72,500.30. The Nifty 50 index added 31.65 points or 0.14% to 21,982.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.84% and the S&P BSE Small-Cap index added 0.50%.

The market breadth was positive. On the BSE, 1,947 shares rose and 1,841 shares fell. A total of 121 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, dropped 4.63% to 15.57.

Economy:

India's economic growth for the third quarter (October-December 2023) is set to release today by the National Statistical Office (NSO). The media reports suggest a moderation in growth, potentially falling to 6-6.8%, compared to the previous quarter's 7.6% expansion.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.23% to 7.081 as compared with previous close 7.065.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.9225, compared with its close of 82.9125 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement added 0.05% to Rs 62,278.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.19% to 103.78.

The United States 10-year bond yield gained 0.95% to 4.317.

In the commodities market, Brent crude for April 2024 settlement lost 18 cents or 0.22% to $83.50 a barrel.

Global Markets:

The Dow Jones index futures were down 123 points, indicating a weak opening in the US stocks today.

Shares in Europe and Asia were mixed on Thursday as investors awaited U.S. personal consumption expenditures price index data for clues on the Federal Reserve's interest rate path.

The U.S. personal consumption expenditures price index is due later in the day, while China?s manufacturing purchasing managers? index reading is scheduled to be released Friday.

US stocks closed lower on Wednesday as investors awaited the Fed?s preferred inflation report. The US economy grew at a solid clip in the fourth quarter amid strong consumer spending, the government confirmed on Wednesday. Gross domestic product increased at a 3.2% annualised rate last quarter, revised slightly down from the previously reported 3.3% pace, the Commerce Department's Bureau of Economic Analysis said in its second estimate of fourth-quarter GDP growth.

Stocks in Spotlight:

Shares of hospital companies fell sharply after the Supreme Court directed the Indian government to establish standardized hospital charges across the country.

Max Healthcare Institute, Rainbow Children?s Medicare, Global Health, Apollo Hospitals Enterprise, Shalby, Fortis Healthcare, Artemis Medicare Services, Kovai Medical centre Hospital and Aster DM Healthcare fell by between 2.5% to 7%.

Reliance Industries (RIL) rose 0.54%. The company, Viacom 18 Media and The Walt Disney Company announced the signing of binding definitive agreements to form a joint venture (JV) that will combine the businesses of Viacom18 and Star

NTPC advanced 0.74%. The company's wholly owned subsidiary, NTPC Green Energy (NGEL) has signed a joint venture agreement with Maharashtra State Power Generation Company (MAHAGENCO), for development of renewable energy parks in Maharashtra.

Coal India rose 0.92%. The company has signed a joint venture agreement (JVA) with BHEL to form a joint venture company to undertake coal to chemicals business by initially setting up a coal to 2000 TPD ammonium nitrate plant using BHEL'S in-house developed PFBG (Pressurized Fluidized Bed Gasification) technology.

PB Fintech (PolicyBazaar) fell 0.63%. The company said that the Insurance Regulatory and Development Authority of India (IRDAI), has granted certificate of registration to the company?s wholly owned subsidiary Policybazaar Insurance Brokers to act as composite insurance broker.

Oil India dropped 3.64%. The meeting of the board of directors of the company is scheduled on 08 March 2024 to consider and approve second interim dividend for Financial Year 2023-24.

JSW Steel added 0.24%. The company has incorporated a new wholly-owned subsidiary JSW Green Steel for manufacture of hot-rolled and coldrolled products of steel which is in line with the main line of business of the company.

Venus Pipes & Tubes surged 5% following its expansion into fittings business and a planned capex of Rs 175 crore for seamless & welded pipes & tubes.

KSB tumbled 6.85%. The company?s consolidated net profit declined 1.78% to Rs 54.9 crore in Q4 CY23 as against with Rs 55.9 crore posted in Q4 CY22. Revenue from operations grew by 14.87% year on year to Rs 602.60 crore in the quarter ended 31 December 2023.

NBCC (India) advanced 2.08% after the company announced that it has successfully sale of commercial built up space at Ayurvigyan Nagar, New Delhi. Through an e-auction, approximately 61,000 sq ft of commercial Built up area was sold, with grid controller of India securing the deal valued at Rs 272.68 crore. The basic sale price was Rs 36,000 per sqft, and the space is part of NBCC's redevelopment project for AIIMS Delhi, it added.

Suzlon Energy rallied 4.61% after the firm said that it has received an order from EDF renewables for the development of a 30 MW wind power project.

Emami shed 0.25%. The company said that it has entered into an agreement for investing Rs 1.95 crore, by way of subscription to the compulsorily convertible preference shares of Cannis Lupus Services India, its associate company.

New Listing:

Shares of GPT Healthcare were ended at Rs 200.25 on the BSE, representing a premium of 7.66% as compared with the issue price of Rs 186.

The scrip was listed at Rs 216.15, exhibiting a premium of 16.21% to the issue price.

The stock has hit a high of 219.70 and a low of 196.10. On the BSE, over 11.58 lakh shares of the company were traded in the counter.

IPO Update:

The initial public offer (IPO) of Mukka Proteins received 13,81,99,060 bids for shares as against 5,60,00,435 shares on offer, according to stock exchange data at 17:00 IST on Thursday (29 February 2024). The issue was subscribed 2.47 times.

The issue opened for bidding on Thursday (29 February 2024) and it will close on Monday (04 March 2024). The price band of the IPO is fixed at Rs 26 to 28 per share. An investor can bid for a minimum of 535 equity shares and in multiples thereof.

The IPO of Bharat Highways InvIT received 10,57,27,500 bids for shares as against 10,30,12,800 shares on offer, according to stock exchange data at 17:00 IST on Thursday (29 February 2024). The issue was subscribed 1.03 times.

The issue opened for bidding on Wednesday (28 February 2024) and it will close on Friday (01 March 2024). The price band of the IPO is fixed at Rs 98 to 100 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.

The IPO of Exicom Telesystems received 2,36,03,61,600 bids for shares as against 1,82,23,540 shares on offer, according to stock exchange data at 17:00 IST on Thursday (29 February 2024). The issue was subscribed 129.52 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.

The IPO of Platinum Industries received 95,35,37,922 bids for shares as against 96,32,988 shares on offer, according to stock exchange data at 17:00 IST on Thursday (29 February 2024). The issue was subscribed 98.99 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.

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