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Market Highlights

Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

March 01, 2024

  • *FPIs await meaningful correction in Indian markets*
  • *Foreign investors, including sovereign wealth funds, hedge funds and long-only funds are interested in the Indian stock markets, but they are unwilling to enter or invest in the market at current inflated valuations and are waiting for a meaningful correction.*
  • India is receiving more attention than ever before from global investors, partly because its weightage in the MSCI Index has risen while that of China has gone down, and partly because the growth in the Indian economy is seen as sustaining in the long term with consistent economic policies due to the political stability of the current administration. “FPIs are convinced about the long-term story of India,” said Pratik Gupta, CEO and co-head, Kotak Institutional Equities.
  • Gupta was summarising the mood and all-round optimism seen at the recent conference held by the broker which saw over 1,000 institutions participating, including over 250 foreign investors.
  • *Many of the foreign investors, who had come with large teams, were in India for the first time, said Gupta adding that while they had no intention of investing right away they were here to learn more about the Indian economy and the markets. They also scout around for good companies that they could invest in when the markets and the stocks had corrected from the current levels.*
  • *_Eye on mid-caps_*
  • A major change that was seen this year at the conference was that FPIs were not only looking at large-cap stocks, but at mid-caps too. Earlier it was the large caps, banking, consumer, and IT sectors that held the attention of FPIs.
  • The steady interest from domestic institutions that were providing support to the stock markets were also reassuring for FPIs. Gupta said that around $30-35 billion were flowing into the stock markets annually from the Employees Provident Fund Organisation (through exchange traded funds) and deployment of funds coming in through systematic investment plans of mutual funds.
  • *_Cause for concern_*
  • *The high stock valuations are also a source of concern for domestic institutions as steady inflows from investors mean that they have to keep investing, even at the current high prices.*
  • *In the midst of all this optimism among foreign and domestic institutional investors, the mood among the corporates appeared to be more tempered, neither bullish nor bearish, Gupta said.*
  • *There is a slowdown in the consumer sector, and this was reflected in the caution expressed by the companies about the near-term outlook. While the rural demand has not recovered there is weakness in urban demand.* At the higher-end of the purchase spectrum such as luxury goods, premium properties, and top-end hotels, there was optimism since the spending there is still sustaining.
  • Gupta said that Kotak Institutional Equities expected the market to be range-bound this year, trading at 20.5 times of the March 2025 price to earnings multiple. “We don’t expect meaningful upside to the market in the short term.”
  • Its preferred sectors are large banks, life insurance companies, residential real estate, and the hospital sectors while it is cautious on many of the consumer staples and discretionary stocks.
  • Agro Tech Foods In Focus
  • Existing Promoters exiting @ steep discount
  • Selling shares to PE @ Rs 515 - 48% disc. to CMP
  • PE investors make open offer @ Rs 578 – 42% disc. to CMP, but 12% premium to promoter offer
  • Late Rakesh Jhunjunwala and wife own 8.14% stake
  • #AgroTechFoods
  • 50% off
  • Jpa
  • 4.43% block deal on buy side −3.67% Block deal on sell side....total 0.76% stakes acquired buy big players through todays game.....
  • *India Daybook – Stocks in News*
  • *NTPC:* Unit 800 MW of Telangana STPP, Stage-I commences commercial operation (Positive)
  • *ICICI Lombard:* ICICI Bank acquires further stake in company worth Rs 431 crore. (Positive)
  • *Suven Pharma:* Company's board approves amalgamation of subsidiary Casper Pharma with company (Positive)
  • *MOIL:* Company hikes prices of ferro grades with manganese content below mn-44% by 5% (Positive)
  • *Pidilite Industries:* Company appoints Sudhanshu Vats as Managing Director Designate of the company. (Positive)
  • *Chalet Hotels:* Company said it has received approval from the Board of Directors for acquisition of partners’ share in Ayushi and Poonam Estates LLP for Rs 315 crore. (Positive)
  • *Bharti Airtel:* Chairman said that the company is looking at an ARPU of ₹300 by the end of financial year 2025. (Positive)
  • *Larsen & Toubro:* L&T has commissioned its first domestically manufactured electrolyser at the Green Hydrogen Plant in Hazira, Gujarat (Positive)
  • *Tips Industries:* Company expands agreement with Warner Media, which gives the latter access to Tips Music's full extensive catalogue globally (Positive)
  • *Kesoram Industries:* Company signs facility agreement to avail financial assistance or loan worth ₹1,850 crore from Tata Capital (Positive)
  • *Rallis India:* Company appoints Gyanendra Shukla as MD & CEO for 5 years (Positive)
  • *Rishabh:* Poland’s Material Subsidiary won a Project for Development of innovative control and protection devices for strategic areas of the energy industry (Positive)
  • *IEX:* SBI MF under various schemes acquired 98101 Shares (Positive)
  • *Lemin Tree:* Opened Lemon Tree Resort, Kumbhalgarh, the seventh property in the picturesque state of Rajasthan under Company’s umbrella (Positive)
  • *CMS Info:* Rajiv Kaul, Executive Vice Chairman, Whole Time Director and CEO has increased his stake in the company (Positive)
  • *Landmark:* Received a Letter of Intent from MG Motor India Pvt Ltd for opening a dealership in Ujjain, Madhya Pradesh (Positive)
  • *Craftsman:* Company will commence the commercial operations of its new plant at Sriperumbudur w.e.f. 1st March, 2024 (Positive)
  • *Bank India:* Received Income Tax Refund of Advance Tax, TDS, TCS and interest on Advance Tax aggregating to Rs. 1,126.50 crores for the Assessment Year 2020-21 (Positive)
  • *Adani Energy:* Company aims to raise about $400 million via private placed bond (Neutral)
  • *Power Grid:* Fitch Ratings affirms Power Grid at 'BBB-'; Outlook stable. (Neutral)
  • *HDFC Bank:* Umesh Sarangi ceases to be Independent Director of Bank. (Neutral)
  • *Five Star:* Considered and approved the issuance of Non-Convertible Debentures (NCDs) aggregating upto INR 2,500 Crores (Neutral)
  • *GPT Health:* Nomura Singapore sold 453693 shares of company. (Neutral)
  • *Biocon:* US FDA issues form 483s with 4 observations for Biocon Biologics facility (Neutral)
  • *Vedanta:* Supreme Court rejects Vedanta’s plea for reopening Sterlite Copper Smelting unit at Tuticorin (Negative)
  • *Aurobindo Pharma:* US FDA inspects injectable facility in Telangana; issues 7 observations (Negative)
  • *Very Good Morning!!!*
  • *US Markets in detail.....Indian & Asian Markets Preview*
  • *GIFTNifty: 22,172 (-20) (-0.09%)*
  • Today:
  • *Listing of Securities Tirupati Starch & Chemicals Ltd.*
  • 1497654 equity shares of Rs. 10/- each issued at a premium of Rs.26.71 to Promoters on a preferential basis .
  • *Listing of New Securities of THOMAS SCOTT (INDIA) LIMITED*
  • 6,11,000 equity shares of Rs. 10/- each issued at a premium of Rs.71/- to Non Promoters on a preferential basis pursuant to conversion of warrants.
  • *Listing of Equity Shares of Sadhav Shipping Limited (NSE)*
  • 14352618 shares @ 95/-….Market lot: 1200 cr
  • *Last heard: 28, IPO px: 95, Est Listing 123 (+29%)… Listing 1/3/24*
  • *IPO’s with gmp’s*
  • *Sadhav Shipping NSE SME : 23/2-27/2…Issue Size: 38.18 cr*
  • Last heard: 28, IPO px: 95, Est Listing 123 (+29%)… Listing 1/3/24
  • *JG Chemicals IPO: 5/3-7/3…Issue Size: 251.19 cr*
  • Last heard: 60, IPO px: 221, Est Listing 281 (+27%)… Listing 13/3/24
  • *Mukka Proteins : 29/3-4/3…Issue Size: 225 cr*
  • Last heard: 23, IPO px: 28, Est Listing 51 (+82%)… Listing 7/3/24
  • *Bharat Highways InvIT IPO: 28/2-1/3… Issue Size: 2500 cr*
  • Last heard: 0, IPO px: 100, Est Listing 100 (+%)… Listing 6/3/24
  • *M.V.K. Agro Food NSE SME: 29/3-4/3…Issue Size: 225 cr*
  • Last heard: 30, IPO px: 120, Est Listing 150 (+25%)… Listing 7/3/24
  • *Exicom Tele-Systems : 27/2-29/2 …Issue Size: 429 cr*
  • Last heard: 151, IPO px: 142, Est Listing 293 (+106%)… Listing 5/3/24
  • *Platinum Industries : 27/2-29/2…Issue Size: 235 cr*
  • Last heard: 88, IPO px: 171, Est Listing 259 (+51%)… Listing 5/3/24
  • *V R Infraspace NSE SME: 4/3-6/3…Issue Size: 20.40 cr*
  • Last heard: 7, IPO px: 85, Est Listing 92 (+8%)… Listing 12/3/24
  • *Purv Flexipack NSE SME IPO: 27/2-29/2…Issue Size: 40.21 cr*
  • Last heard: 122, IPO px: 71, Est Listing 193 (+172%)… Listing 5/3/24
  • *Pune E-Stock Broking BSE SME: 07/03-12/3…Issue Size: 38.23 cr*
  • Last heard: 83, IPO px: 83, Est Listing 166 (+100%)… Listing 15/3/24
  • *Sona Machinery NSE SME: 5/3-7/3….Issue Size: 51.82 cr*
  • Last heard: 40, IPO px: 143, Est Listing 183 (+28%)… Listing 13/3/24
  • *Owais Metal and NSE SME: 26/2-28/2…Issue Size: 42.69 cr*
  • Last heard: 126, IPO px: 87, Est Listing 213 (145%) …. Listing 4/3/24
  • *Provisional Cash Rs. In Crs. (29th Feb)*
  • FIIs +3,568 (54,592 – 51,024)
  • DIIs -230 ( 11,405– 11,635)  
  • Sensex: 72,500: +195: +0.27%
  • Nifty: 21,983: +32: +0.14%
  • BankNifty: 46,121: +158: +0.34%
  • NiftyIT: 37,742 (-129) (-0.34%)
  • MIDCAP: 49,041 (-61) (-0.12%)
  • NSE Auto: 20,412: +40: +0.20%
  • NSE FMCG: 54,016: +191: +0.35%
  • Dow: 38,996: +47: +0.12%
  • S&P: 5,096: +27: +0.52%
  • Nas: 16,092: +144: +0.90%
  • Brazil: 129,020 (-1,135) (-0.87%)
  • Ftse: 7,630: +5: +0.07%
  • Dax: 17,678: +77: +0.44%
  • Cac: 7,927 (-27) (-0.34%)
  • MOEX: 3,257: +30: +0.92%
  • WTI Oil: $78.24 (-0.38%)
  • Brnt: $83.62 (-0.07%)
  • Natural Gas: 1.85 (-2.12%)
  • Gold: $2052: +9: +0.45%
  • Gold 22 Carat/g: 5,848 (-10) (-0.17%)
  • Silver: $22.87: +1.03%
  • Copper: $385: +0.13%
  • Cotton: $101.08: +2.31%
  • Copper (LME): $8,449 (-26) (-0.3%)
  • Alluminum (LME): $2,191 (-1) (-0.05%)
  • Zinc (LME): $2,415 (-8) (-0.31%)
  • Tin (LME): $26,561: +201: +0.76%
  • Eur-$: 1.0805 (-0.30%)
  • GBP-$: 1.2624 (-0.30%)
  • Jpy-$: 149.95 (-0.49%)
  • Re: 82.9138 (-0.02%)
  • USD-RUB:  91.2001 (-0.13%)   
  • US10yr: 4.25%: -1 bps
  • GIND10YR: 7.078: +0.18%
  • $ Index: 104.13: +0.15%
  • Vix: 13.4 (-3.18%)
  • India Vix: 15.57 (-4.65%)
  • BalticDry: 2,041: +142: +7.48%
  • *ADR/GDR*
  • Cogni: +0.69%
  • Infy: +0.05%
  • Wit: +0.49%
  • IciciBk: +1.13%
  • HdfcBk: +0.67%
  • DrRdy (-0.40%)
  • TatSt (-1.18%)
  • Axis: +1.09%
  • SBI: +1.79% 
  • RIGD: +0.85%
  • INDA: +0.08% (IShares MSCI INDIA ETF)  
  • INDY (-0.14%) (IShares MSCI INDIA 50 ETF) 
  • EPI: +0.25% (Wisdom Tree India Earning)
  • PIN: +0.15% (Invesco India Exchange Traded Fund Trust)
  • *Trade setup for today*
  • Based on the Open Interest (OI) percentage, here's a summary of the market activity:
  • *Nifty Outlook*:
  • - The Nifty 50 index is expected to remain range-bound, with 21,950 likely to act as immediate support.
  • - A decisive close above 22,200 could signal further upward movement.
  • - On February 29, the Nifty ended with a slight loss but defended key support levels.
  • *Bank Nifty Outlook*:
  • - The Bank Nifty bounced back, climbing above the 46,000 mark.
  • - Support is seen at 45,800–45,600, with potential for further recovery.
  • - Resistance levels are projected at 46,750–46,900.
  • *Options Data*:
  • - Psychological resistance is noted at the 22,000 mark for the Nifty.
  • - Call options data shows significant open interest at the 22,000 strike.
  • - Put options data indicates strong open interest at the 22,000 strike as well.
  • - There was meaningful Call writing at the 22,000 strike and Put writing at the same level.
  • *Delivery Percentage*:
  • - Stocks with high delivery percentage include SBI Life Insurance, ICICI Lombard General Insurance, Cipla, Piramal Enterprises, and Kotak Mahindra Bank.
  • *Rollovers*:
  • - Top stocks with high rollovers include Shriram Finance, Max Financial Services, Voltas, Infosys, and Abbott India, with rollovers ranging from 98% to 99%.
  • *Long Build-Up*:
  • - 21 stocks saw a long build-up, indicating an increase in open interest and price, including Berger Paints, Hindustan Copper, Petronet LNG, Axis Bank, and Kotak Mahindra Bank.
  • *Long Unwinding:*
  • - 27 stocks saw long unwinding, characterized by a decrease in open interest and price, including GMR Airports Infrastructure, ICICI Lombard General Insurance, BPCL, Page Industries, and Tata Motors.
  • *Short Build-Up*:
  • - 7 stocks showed a short build-up, with an increase in open interest and a fall in price, including Apollo Hospitals Enterprises, Zee Entertainment Enterprises, Voltas, Eicher Motors, and MRF.
  • *Short Covering:*
  • - 130 stocks witnessed short covering, marked by a decrease in open interest and a price increase, including Sun Pharmaceutical Industries, Samvardhana Motherson International, Alkem Laboratories, Zydus Lifesciences, and Bata India.
  • *PCR (Put Call Ratio)*:
  • - The Nifty PCR jumped sharply to 1.09 on February 29, indicating a likely bearish trend ahead, as Put options trading volume surpassed Call options.
  • *Stocks in the news*
  • - *ICICI Bank*: Purchased an additional 25,14,365 equity shares of ICICI Lombard General Insurance for around Rs 431 crore, making ICICI Lombard a subsidiary of the bank.
  • - *Aurobindo Pharma*: The US FDA inspected the injectable facility of Eugia SEZ, a step-down subsidiary of Aurobindo Pharma in Telangana, and issued 7 procedural observations.
  • - *Biocon*: The US FDA conducted an inspection at Biocon Biologics' facility and issued Form 483s with 4 observations.
  • - *Vedanta*: The Supreme Court dismissed Vedanta's plea seeking to reopen its Sterlite Copper smelter plant in Tamil Nadu.
  • - *Chalet Hotels*: Received approval from the Board of Directors for the acquisition of partners’ share in Ayushi and Poonam Estates LLP for Rs 315 crore.
  • - *Suven Pharmaceuticals*: Announced a scheme of amalgamation for the merger of Cohance Lifesciences with Suven Pharmaceuticals. Cohance is a leading CDMO and merchant API platform.
  • *A look at the day ahead in Asian markets*.
  • - China's latest purchasing managers index (PMI) figures dominate the market agenda in Asia on Friday, providing insight into the economy's performance in February ahead of next week's National People's Congress.
  • - The MSCI Asia ex-Japan rose 4% in February, while Japan's Nikkei hit all-time highs, but recent days have seen some correction, especially in Japan, following remarks suggesting the Bank of Japan may move away from negative rates and yield caps.
  • - The yen rallied strongly on Thursday, pushing the dollar below 150.00 yen amid concerns over further weakness and potential intervention by Japanese authorities.
  • - Japan's unemployment rate for January is expected to hold steady at 2.4%, while PMI data may indicate continued contraction in manufacturing activity.
  • - In China, both the official NBS manufacturing PMI and the unofficial Caixin PMI are anticipated to show ongoing contraction and expansion in manufacturing, respectively.
  • - Chinese stocks ended February with significant gains, with the CSI 300 and Shanghai Composite rising nearly 2% each, marking their best months since November 2022, following measures from Beijing to boost investor confidence.
  • - China's securities regulator announced plans to tighten scrutiny of derivative businesses and punished a hedge fund company for excessive, high-frequency trading in share index futures.
  • - Investors await more aggressive and fundamental policies from China to support long-term economic growth and returns, with attention turning to next week's National People's Congress for announcements on annual growth targets and plans to achieve them.
  • *Here are key developments that could provide more direction to markets on Friday*:
  • - China PMIs (February)
  • - Australia, India, Taiwan manufacturing PMIs (February)
  • - Japan unemployment (January)
  • *US Futures*
  • - Stock futures showed minimal movement in overnight trading following the market's fourth consecutive winning month and the Nasdaq Composite's first closing record since November 2021.
  • - Futures on the Dow Jones Industrial Average dipped 12 points, while S&P 500 futures remained flat and Nasdaq 100 futures edged 0.1% lower.
  • - Regional bank New York Community Bancorp experienced a significant decline of 20% in extended trading after announcing a leadership change and revealing internal control issues. The bank's stock has already dropped more than 50% in 2024.
  • *US Markets*
  • - The S&P 500 and Nasdaq closed at record highs, driven by tech stocks linked to AI, as inflation data and comments from Federal Reserve officials shaped expectations for interest rate cuts.
  • - Treasury yields retreated from near their highest levels of the year. The move was further aided by jobless claims data indicating labor-market softening — and by anticipation of bond-buying related to the turn of the month.
  • - Data released on Thursday showed the Federal Reserve’s preferred measure of inflation was stubbornly above the central bank’s target in January, but at least didn’t exceed Wall Street forecasts. There were also signs that consumer spending remains robust.
  • - Also, positioning indicators before Thursday’s data suggested that traders had exhausted their capacity for wagers on higher yields in the absence of new information.
  • - Initial jobless claims for the week ended Feb. 24 stood at 215,000, greater than expectations of 210,000
  • - Personal income rose 1% month-over-month in January, well above the forecast for 0.3%.
  • - Personal income rose above forecasts in January, indicating robust consumer spending, but pending home sales unexpectedly dropped amid swings in mortgage rates.
  • - Meanwhile, pending home sales posted a surprise drop in January amid swings in mortgage rates. Pending sales declined 4.9% for the month, much worse than the 2% projected increase from the Dow Jones consensus.
  • - The core personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge, increased 0.4% for the month and 2.8% from a year ago. That matches Dow Jones estimates. Headline PCE, which includes food and energy categories, increased 0.3% monthly and 2.4% on a 12-month basis, compared to respective estimates for 0.3% and 2.4%.
  • - The Federal Reserve's favored price gauge, the core personal consumption expenditures price index, matched estimates in January, alleviating concerns about a significant inflation increase.
  • -While the PCE remained above the central bank’s 2% target — validating officials’ wait-and-see approach — the data helped allay concerns about a more significant inflation increase.
  • -We still need to wait until next month’s CPI data to see if the inflationary jump we saw earlier this month was just a blip, or if it is in fact the beginning of a new inflationary trend
  • - Traders increased bets on a Fed rate cut in June, as data showed U.S. prices picking up in line with expectations, while annual inflation remained the lowest in three years.
  • - For markets keenly focused on when the Fed will transition towards easing rates, this report will help restore confidence that it isn’t ‘if’ the Fed will begin to cut rates in 2024, but ‘when’
  • - Policymakers pay close attention to services inflation excluding housing and energy, which tends to be “stickier.” That metric increased 0.6% from a month ago, the most since March 2022. Costs for portfolio management — which climbed by the most in three years — and accommodation led the advance.
  • - The S&P 500 and Nasdaq closed above their prior record highs, with the S&P marking its 14th record this year, The Nasdaq Composite was on track for its first record close in more than two years, ending a 569-day streak without a record.
  • *- Wall Street also continued to keep a close a eye on Fedspeak.*
  • *-Fed Bank of San Francisco President Mary Daly said officials are ready to lower rates as needed — but emphasized no urgent need to cut given the strength of the economy.*
  • *-Her Atlanta counterpart Raphael Bostic reiterated it will probably be appropriate to begin easing policy this summer based on his outlook for inflation.*
  • *-Cleveland Fed Chief Loretta Mester said inflation data out Thursday showed that policymakers have more work to do.*
  • - Bitcoin miners posted gains for the month despite sliding in the final trading days of February.
  • - New York Community Bancorp took a $2.4 billion hit to earnings as it identified weaknesses with its loan review process and wrote down the value of past deals. The lender named new leadership to navigate the turmoil.
  • - *Volume on U.S. exchanges was 13.88 billion shares, compared with the 11.78 billion average for the full session over the last 20 trading days.*
  • - *For the month, the S&P 500 gained 5.17%, the Nasdaq jumped 6.12 pct, and the Dow climbed 2.22%. Each of the three major indexes registered a gain for February, their fourth straight monthly advance. The Russell 2000 Small Cap index rose 5.45% for the month.*
  • - European markets closed marginally higher Thursday, as investors monitored key inflation data.
  • - German consumer price inflation also came in line with forecasts at 2.7% year-on-year, ahead of euro zone figures due out on Friday.
  • - German Economy and Climate Minister Robert Habeck last week said the government was expecting price rises to ease throughout 2024 before returning to the 2% target range in 2025.
  • *In Geo-political News*
  • -Putin warns of nuclear war if NATO sends troops into Ukraine. The comments appeared to be a direct response to French President Emmanuel Macron’s suggestion earlier this week that European heads of state and Western officials, who had met in Paris on Monday, had talked about the possibility of sending ground troops into Ukraine.
  • *Corporate Highlights*:
  • - Hewlett Packard Enterprise Co. revised its sales growth and profit outlook for the current fiscal year downwards, citing decreased demand for networking products and chip shortages.
  • - B. Riley Financial Inc. reported a wider quarterly loss, reduced its dividend, and delayed filing its annual report as it investigates transactions with a key client criticized by short sellers.
  • - Mattel Inc. disclosed deficiencies in its internal financial controls, leading to a delay in filing its annual report.
  • - Fisker Inc. announced plans to cut 15% of its workforce due to uncertainties about securing new financing, raising doubts about its continued operation.
  • - Vanguard Group Inc. announced the retirement of its CEO, Tim Buckley, by year-end, after more than thirty years with the company.
  • - Eastman Kodak Co. is considering strategies to capitalize on gains from its overfunded pension system.
  • - Snowflake Inc. experienced its largest stock decline following a disappointing sales forecast and the resignation of CEO Frank Slootman.
  • - Best Buy Co. expressed optimism about reversing a two-year decline in the face of subdued demand for electronics and appliances.
  • *Key Events This Week:*
  • • China official PMI, Caixin manufacturing PMI, Friday
  • • Eurozone S&P Global Manufacturing PMI, CPI, unemployment, Friday
  • • BOE chief economist Huw Pill speaks, Friday
  • • US construction spending, ISM Manufacturing, University of Michigan consumer sentiment, Friday
  • • Fed’s Raphael Bostic and Mary Daly speak, Friday
  • *Currencies*
  • • The Bloomberg Dollar Spot Index was little changed
  • • The euro fell 0.3% to $1.0808
  • • The British pound fell 0.3% to $1.2624
  • • The Japanese yen rose 0.5% to 149.91 per dollar
  • *Cryptocurrencies*
  • • Bitcoin rose 2.3% to $61,956.87
  • • Ether rose 2.1% to $3,391.7
  • *Bonds*
  • • The yield on 10-year Treasuries fell one basis point to 4.25%
  • • Germany’s 10-year yield declined five basis points to 2.41%
  • • Britain’s 10-year yield declined six basis points to 4.12%
  • *Commodities*
  • • West Texas Intermediate crude fell 0.5% to $78.17 a barrel
  • • Spot gold rose 0.5% to $2,043.85 an ounce
Panchkarma