Closing Bell: Sensex Rises 1198 Points, Nifty Above 22,323; Tata Steel Shares Up 6.7%

Indian stock market traded in green during the opening bell on Friday. Sensex touched an intraday high of 72,918.07, while Nifty 50 clocked an high of 22,125.65. Stocks like Tata Steel, M&M, JSW Steel, Tata Motors, and SBI were top gainers, while Sun Pharma, Hindustan Unilever, Infosys, and Asian Paints were top losers.

BSE Midcap and Smallcaps rallied by 226.96 points or 410.34 points.

In the early trade, Gift Nifty traded positive, while Asian cues saw a steady performance with Japan's Nikkei hitting new record highs. Overnight, Wall Street climbed robustly with S&P and Nasdaq claiming fresh all-time highs after US inflation data came in line with expectations, staying around the Fed's forecasts.

Also, India's GDP data will influence markets mood too.Indian economy continues to dominate world economies by remaining resilient and above 7%. Beating estimates, India's GDP grows to a whopping 8.4% in Q3FY24, while its full year growth rate stood at 7.4%. The econony has even performed better-than RBI's forecast of 7% in FY24. The latest GDP growth was driven by robust performance in manufacturing and construction sectors.

On the previous day, the Indian stock market live witnessed a strong resurgence in the final trading hour, propelled by MSCI flows, ultimately ending the day at its highest point. The rebound managed to recover half of Thursday's losses, providing a sigh of relief for investors.

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Mar 01, 2024, 2:54 pm IST

US New Jersey District Court Complaint Names Dr. Reddy as Defendant.

In a case filed in the US New Jersey District Court, Dr. Reddy is included as a defendant. The complaint claims that Dr. Reddy unfairly restricted competition and maintained a monopoly in the sale of Revlimid. The complaint requests equitable remedy as well as damages for alleged overpayments.

Mar 01, 2024, 2:46 pm IST

Markets on Thin Ice as Nifty Closes Above 22,300? What Analysts State

Barring a phenomenal outperformance in fiscal year 2021 (FY21), primarily because to Covid-19-related market irregularity, the Nifty is expected to register its best-ever fiscal year increase in more over a decade. In the first eleven months of FY24, the Nifty 50 index has increased by 26.6%. The highest fiscal year returns, excluding the nearly 71% spike in FY21, were 26.7% in FY15.

Mar 01, 2024, 2:30 pm IST

Google Warns Against Removing Matrimony and Info Edge from the Play Store

The global internet giant Google may withdraw Matrimony.com and Info Edge's (Naukri.com) apps from the Google Playstore if they fail to pay the platform's service fees, according to a Reuters report that brought attention to their stocks on Friday. Following the news, Matrimony.com's stock dropped 2% to the day's low of Rs 522 on the BSE. Info Edge experienced a 1.5% decline. Nonetheless, both stocks reduced their losses to become positive. Matrimony was up 2% at 1:40 pm, while Info Edge was hovering just above the zero line.

Mar 01, 2024, 2:21 pm IST

Iron and Steel Product Company's Stock Has Increased by More Than 100% in last two months.

A robust business outlook and significant volume trading on Friday helped shares of Kalyani Steels (KSL) rise by 20% to a record high of Rs 1,077.65 on the BSE. The iron and steel products company's stock price has had a significant increase over the last two months, rising by 122%, following the release of its robust Q3FY24 results report. In contrast to the S&P BSE Sensex's 1.4% increase, KSL was up 18% at Rs 1,058.30 at 01:18 PM.

Mar 01, 2024, 2:16 pm IST

The Indian Air Force Has Awarded Contracts To L&T For The Provision Of Equipment Worth Rs 13,368 Crore

A "major" contract for the delivery of High Power Radars (HPR) to the Indian Air Force has been granted to the infrastructure, engineering, and defence company Larsen & Toubro Ltd., it announced in an exchange filing. The contract is worth more than ₹13,000 crore in total. The corporation has also inked a contract for the delivery of Close-In weapon systems (CIWS)—another "major" order—to the nation's Air Force, which will be produced domestically.

Mar 01, 2024, 2:14 pm IST

Tata Motors and Maruti are in the Fast Lane as Nifty Auto Outpaces February Sales Numbers.

In the afternoon of March 1, the Nifty Auto index increased by 1.7% to 20,744, surpassing February sales figures. The market is feeling optimistic as a strong economy indicates higher spending power, which benefits the auto industry. The strong GDP number of 8.4 percent for the third quarter of current fiscal year has contributed to this optimism. As of 1:40 PM, Tata Motors was up almost 3% from the previous NSE close, trading at Rs 976. In addition, Maruti Suzuki and Mahindra & Mahindra saw increases in trading of 2.2 and 1.2 percent, respectively.

Mar 01, 2024, 2:11 pm IST

The US FDA Inspection of Shilpa Medicare Concludes.

The US FDA has granted a favorable outcome for Shilpa Medicare's Bio Analytical Laboratory, Unit 7 in Hyderabad. Following an inspection conducted from February 26 to March 1, 2024, the laboratory received a "no observation" status from the US FDA. This signifies that the facility demonstrated compliance with the regulatory standards set forth by the FDA. Such recognition reinforces Shilpa Medicare's commitment to maintaining high-quality standards in its operations. This achievement not only enhances the reputation of the laboratory but also instils confidence among stakeholders regarding the reliability and integrity of its bio analytical services.

Mar 01, 2024, 1:54 pm IST

Mukka Proteins IPO Witnesses Robust Demand, Oversubscribed 4.55 Times On Day 2

On March 1, the second day of the bidding process, Mukka Proteins' Rs 224-crore initial public offering (IPO) experienced an overwhelming response, recording a subscription rate of 4.55 times the total offer size. Retail investors took the lead, exhibiting substantial enthusiasm by subscribing 7.1 times the allocated quota of shares reserved for them. High net-worth individuals demonstrated a keen interest as well, oversubscribing by 3.33 times their allotted quota, while qualified institutional buyers followed suit with 1.02 times their reserved portion. The price band for the offering, which is set to conclude on March 4, has been established at Rs 26-28 per share. The company has earmarked Rs 120 crore from the proceeds to address its working capital requirements. Additionally, a sum of Rs 10 crore will be allocated to the associate, Ento Proteins, with the remainder earmarked for general corporate purposes. As the Mukka Proteins IPO continues to garner significant investor interest, the company's strategic allocation of funds and the enthusiastic response from various investor segments underscore the positive sentiment surrounding this particular public offering. Investors now await the final subscription figures and subsequent developments as the IPO journey progresses.

Mar 01, 2024, 1:39 pm IST

Bharat Highways InvIT IPO Achieves Full Subscription As Bidding Concludes

On the closing day of bidding, March 1, the public offering of Bharat Highways Infrastructure Investment Trust (InvIT) successfully attained 100% subscription. Investors demonstrated substantial interest, acquiring 10.57 crore units, surpassing the offer size of 10.3 crore units. Among the subscribed units, institutional investors secured 2% of the allotted quota, accounting for 5.6 crore shares. Notably, individual investors and domestic institutional investors are yet to participate in the subscription process. The infrastructure investment trust boasts a portfolio featuring seven road assets and aspires to generate Rs 2,500 crore through the public offer. It's important to note that the public offering solely consists of a fresh issue, with a fixed price band of Rs 98-100 per unit. As the subscription period concludes with full participation, the Bharat Highways InvIT IPO is poised for an eventful journey ahead. Investors are now keenly awaiting further developments in this strategic investment opportunity.

Mar 01, 2024, 1:05 pm IST

Pidilite Appoints Sudhanshu Vats As Managing Director Designate

Pidilite Industries has announced the appointment of Sudhanshu Vats as the Managing Director designate. The board of the company has given its approval for this key decision, also appointing Kavinder Singh as the Executive Director and Joint Managing Director designate. The transition into their respective roles as Managing Director and Joint Managing Director is scheduled for April 2025, marking the completion of the term of the current Managing Director, Bharat Puri.

Mar 01, 2024, 12:09 pm IST

Sensex And Nifty Hit Record High

The Sensex and Nifty, key stock market indicators, displayed robust movements on March 1 following the release of Q3 GDP data. The data revealed a substantial 8.4% growth in the Indian economy, buoyed by strong performances in the manufacturing and construction sectors. Additionally, the gross value added (GVA) matched expectations, registering a growth of 6.5%.

Mar 01, 2024, 11:59 am IST

NCC Shares In Focus

Two fresh orders totalling Rs. 1476.01 crores (excl. GST) were received by NCC Limited today for the month of February 2024. Two orders totalling Rs 172.31 crores and Rs 1303.70 crores, respectively, are linked to the building division and transportation division.

Mar 01, 2024, 11:12 am IST

NBCC (India) Shares In Focus

On February 29, 2024, as PMC & Marketing Consultant, NBCC held the 24th auction for the sale of commercial space at the World Trade Centre, Nauroji Nagar, New Delhi, on behalf of the Ministry of Housing and Urban Affairs, Govt. of India. The company has sold 2.05 lakh square feet (approximately) of unsold commercial inventory, with a sale value of Rs. 827.78 crore. Of that amount, 0.53 lakh square feet, with a sale value of Rs. 222.35 crore, have been sold to private parties. Additionally, as of date, the company has sold a total of 26.45 lakh square feet of unsold commercial inventory through open e-auction, with a transaction value of Rs. 10,675.6 crore.

Mar 01, 2024, 11:10 am IST

Chalet Hotels Shares In Focus

Today, Chalet Hotels Limited (CHL) declared the completion of final arrangements to purchase the 158-room "COURTYARD BY MARRIOTT ARAVALI RESORT, NCR (CYMA)". On February 29, 2024, CHL signed the final agreement to become a partner in "Ayushi and Poonam Estates LLP," the company that owns CYMA. The deal has an enterprise value of Rs 3,150 MN (to be adjusted for cash on books). CHL will soon wrap up the formalities. The sellers' transaction advisor was Hotelivate. The property reported an ADR of Rs ~13,500 for the YTD December FY24 with an occupancy of 44%. Sanjay Sethi, MD & CEO at Chalet Hotels Limited said, “Courtyard by Marriott Aravali Resort aligns seamlessly with our stated growth strategy to expand into the leisure space at a drivable distance from the National Capital Region. This strategic acquisition accentuates the company’s adaptability and growth prospects to capitalize on emerging opportunities and solidify its position as an industry leader.”

Mar 01, 2024, 11:03 am IST

Mahindra & Mahindra Monthly Sale Updates

One of India's top automobile manufacturers, Mahindra & Mahindra Ltd. (M&M Ltd.), officially revealed that its total auto sales for the month of February 2024 were 72,923 vehicles, a rise of 24% when exports were taken into account. Mahindra accounted for 40% of the total sales of the utility vehicles sector, with 42,401 vehicles sold domestically and 42,941 vehicles sold altogether, including exports. Commercial vehicles were sold 22,825 units domestically. Veejay Nakra, President, Automotive Division, M&M Ltd said, “We sold a total of 42,401 SUVs in February, with a growth of 40% and 72,923 total vehicles, a 24% growth over last year. In our endeavour to make some of our SUVs available faster to consumers, we launched the Scorpio N Z8S variant and the Thar Earth edition this month.”

Mar 01, 2024, 10:55 am IST

Welspun Enterprises Shares In Focus

Today, the company obtained a Letter of Acceptance (LoA) for a Design Build and Operate (DBO) contract that covers the civil, mechanical, electrical, and instrumentation components of developing a new 2,000 MLD water treatment plant at the Bhandup Complex in Mumbai, from the Brihanmumbai Municipal Corporation (BMC). The total contract value is Rs. 4,123.88 Crores. As of December 31, 2023, the company has an outstanding order book worth Rs. 8,500 Crores. After this order is added, the company's outstanding order book will total around Rs. 12,650 crores (with the exception of the execution completed in January and February of 2024). Of this amount, approximately Rs. 9,750 crores comes from the water sector, while the remaining approximately Rs. 2,900 crores comes from the road sector. This order book includes asset replacement and O&M totalling Rs. 3,677 Crore.

Mar 01, 2024, 10:28 am IST

USD-INR Outlook From Anand James, Chief Market Strategist, Geojit Financial Services

Continue to expect 82.94, despite the lack of momentum. For directional breakout, watch out for penetration of 82.78- 83.1 range.

Mar 01, 2024, 10:28 am IST

Nifty Derivative Outlook From Anand James, Chief Market Strategist, Geojit Financial Services

Nifty weekly contract has highest open interest at 22000 for Calls and 22000 for Puts while monthly contracts have highest open interest at 22000 for Calls and 22000 for Puts. Highest new OI addition was seen at 22000 for Calls and 21950 for Puts in weekly and at 22000 for Calls and 21950 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 51.53%, decreased future index shorts by 25.67% and in index options by 60.30% decrease in Call longs, 49.26% decrease in Call short, 69.81% decrease in Put longs and 63.32% decrease in Put shorts.

Mar 01, 2024, 10:25 am IST

Nifty Outlook From Anand James, Chief Market Strategist, Geojit Financial Services

Yesterday’s initial recovery attempts stalled near 22000, there was enough positivity bubbling to stage another couple of upwsings that would finally stretch above 22000. While all these were along expected lines, we had also noted that inability to close above 22070, would allow the slippage to 21800 to continue. We are encouraged to modify this view and look for more upsides today, with downside marker placed near 21943. However, inability to float above 22070-100 after initial positivity, would have to be taken as a weakening signal.

Mar 01, 2024, 10:22 am IST

Rupee Opens Higher Against US Dollar

In contrast to Thursday's wrap-up of 82.91 per dollar, the Indian rupee began higher on Friday at 82.86.

Mar 01, 2024, 9:06 am IST

Technical Indicators For Market

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd: The market analysis for the first trading day of March reveals a positive outlook, highlighted by India's robust 8.4% GDP growth in Q4 2023 and a stabilizing US PCE inflation gauge, both fostering investor optimism. Technical indicators for NIFTY and BANK NIFTY suggest a bullish trend, with specific support and resistance levels indicating potential buying opportunities. Corporate news from the Adani Group showing significant EBITDA growth and NSE's index rebalancing further influence market dynamics. Investment strategies focus on buying recommendations for NIFTY, BANK NIFTY, and specific stocks like TATA MOTORS, considering market technicals and corporate performance, aiming for value buying and momentum play in a market poised for growth.

Mar 01, 2024, 9:04 am IST

How Markets May Trade Today:

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: The main factor influencing the market today is likely to be the better-than-expected Q3 GDP growth number which has come at an impressive 8.4 %. However, it is important to note that the GVA has come on expected lines at 6.5%. The difference between GDP growth and GVA is due to the excellent 32 % growth in net indirect taxes. Significant internals from the GDP numbers are the 11.6 % growth in manufacturing, the 9.5% growth in construction and 10.6 % growth in capital formation. The impressive GDP numbers provide the fundamental support to the bull market. Large caps like RIL, Bharti Airtel, L&T and ICICI Bank have the potential to lead the rally. Tepid private consumption numbers will be a drag on consumer staples stocks like HUL. The broad trend of the market, going forward, will be the outperformance of large caps over the broader market."

Mar 01, 2024, 8:30 am IST

Stocks to buy today

Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher has recommended buying three stocks on March 1, 2024. They are - 1) BUY REC LTD cmp 442 Stop Loss 432 Target 464; 2) BUY ITDC cmp 753.35 Stop Loss 738 Target 786; and 3) BUY NMDC cmp 225.90 Stop Loss 220 Target 238

Mar 01, 2024, 8:30 am IST

Bank Nifty Today

Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher said Bank Nifty to have support of 45,700 and resistance around 46,600.

Mar 01, 2024, 8:29 am IST

Nifty Support Today

Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects support level of 21,850 for Nifty on March 1, 2024, while its resistance is seen at 22,100.

Mar 01, 2024, 8:29 am IST

Market Previous Session

The broader market indices, Sensex and Nifty, reflected the positive sentiment. Sensex rose by 195 points, settling at 72,500, while Nifty gained 32 points to close at 21,983. Notably, Nifty Bank outperformed, securing a substantial gain of 158 points and closing at 46,121. The Midcap Index also joined the rally, finishing 247 points higher at 48,336.