Indian stock market opened in red with Sensex slipping below 72,200 levels and Nifty 50 struggling to hold 21,900 mark. The market will be heavily influenced by Q3 GDP numbers, US inflation data, and global trends. Smallcap stocks index was down marginally, while midcap although in green lacked enthusiam.
IT, pharma, auto, capital goods and consumer durables saw massive selling, dragging over market accordingly. Stocks like TCS, HCL Tech, Infosys, Ultratech Cement, Nestle, Tata Motors and Tech Mahindra were top bears. While stocks like Reliance, NTPC, SBI, IndusInd Bank, and Bajaj Finserv were top gainers.
Market sentiments will revolve around GDP numbers for Q3FY24 that is scheduled to be released today. Further, Asian shares saw flat to narrow range ahead of US inflation data that will give further clarity on Fed rates ahead. That being said, US market closed lower with tech-heavy Nasdaq taking major hits Stock Market Live.
India's GDP in Q3 is expected to record slight moderation.
In the previous session, the Indian stock market ended on a sombre note as key indices tumbled, led by a broad-based fall across sectors. Investors faced a challenging session ahead of the monthly expiry, with frontliners witnessing a 1-2% decline.
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Feb 29, 2024, 2:53 pm IST
Amid a Regulatory Issue, SoftBank Sells a 2% Share in Paytm.
Even though a regulatory issue had a negative impact on the fintech major's stock price, SoftBank sold more than 13.7 million shares, or roughly 2.17 percent, of Paytm on the open market during the previous month.
After the most recent transaction, the Japanese investor owns just 2.83 percent of One97 Communications, the company that owns Paytm.
Feb 29, 2024, 2:34 pm IST
Rico Auto Breaks a Three-Day Loss Run
After rising by almost 10% today, Rico Auto shares are booming in trading.
After three days, the stock is up.
The last year has seen a 44% increase.
Feb 29, 2024, 2:22 pm IST
Zee's merger application is officially withdrawn by Sony from NCLT.
According to media sources, Sony Pictures Networks India withdrew its merger application with Zed Entertainment Enterprises Ltd (ZEEL) that it had submitted to the National Company Law Tribunal (NCLT) on Thursday.
On January 22, Sony and Zed ended their two-year merger negotiations, ending the process that would have resulted in the creation of a billion media conglomerate.
Feb 29, 2024, 2:16 pm IST
The Maharashtra Government has Placed an Order Worth Around Rs 460 Crore with NBCC Subsidiary.
The stock of state-owned NBCC (India) Ltd increased on Thursday, February 29, following a number of announcements from the business.
NBCC informed the stock exchanges that its wholly-owned subsidiary HSCC (India) Ltd has received an order for 459.7 crore from the Maharashtra government for a 600-bed general hospital, a 250-bed cancer hospital, and a 250-bed super specialty hospital in Kolhapur.
BEML's shares surged 10% on the BSE during intraday trading on Tuesday, setting a new high of Rs 2,424.95 due to a strong order book position of over Rs 10,000 crore. The stock has soared 94% over the last five months, while the S&P BSE Sensex has increased by only 12%.
BEML's order book position as of June 30, 2023, was Rs 9,800 crore. The business stated that Rs 3,026 crore of that amount would be performed in the present year and the remaining Rs 6,774 crore in subsequent years.
Feb 29, 2024, 2:03 pm IST
Exicom Tele Systems IPO: Subscribed 40 Times On Day 3, GMP Hints Bumper Listing; Check Allotment Status
Gurugram-based Exicom Tele Systems Limited's Initial Public Offering (IPO) has garnered overwhelming investor interest, recording a subscription of 27.78 times in just two days. The grey market remains bullish, with the IPO Grey Market Premium (GMP) soaring to Rs 179, reflecting a 126% increase over the IPO price range of Rs 135 to Rs 142 per equity share.
Bondada Engineering Limited Gains Orders From NLC India Limited
NLC India Limited has granted a work order to Bondada Engineering Limited for Balance of System (BOS) work for a 50 MW Solar Power Project including the O&M for three years. The total valuation is amounting to Rs. 81,34,02,405/-Including GST with a tenure of 15 months from the date of LOA.
Feb 29, 2024, 1:18 pm IST
NBCC India Ltd Gains Orders From Maharashtra Government
HSCC India Ltd, a wholly owned subsidiary of NBCC India Ltd. has received orders for 600 Bedded General Hospital, 250 Cancer Hospital, 250 Bedded Super Specialty Hospital at Kolhapur, DMER, Maharashtra from the government Maharashtra.
Feb 29, 2024, 1:04 pm IST
Thomas Cook Set To Begin With itineraries Focused On Spiritual Locales
Thomas Cook India & SOTC Travel focus on the growing segment of customers seeking to combine pilgrimages with local cultural & soft adventure experiences across India. Darshans and Pilgrimage Plus Holidays cover destinations like Rishikesh, Dwarka, Varanasi, and Rameshwaram with hand-picked local experiences, food, and sightseeing. Mr. Rajeev Kale, President & Country Head – Holidays, MICE, Visa, Thomas Cook (India) Limited said “Indians are increasingly drawn to spiritual journeys, more so with the pandemic increasing appreciation for life, in gratitude and to invoke blessings. Spiritual locales are attracting interest from not only seniors and families but also from the younger segment - millennials and groups of friends. With the government’s strong focus on connectivity and infrastructural development, we have seen an uptick of 100% YoY. To tap into this high-growth segment, we have expanded our spiritual plus tours to feature a range of popular sites coupled with unique local experiences – across culture, cuisine, and outdoor adventure. Customers can book a hassle-free darshan with us as we seamlessly handle their end-to-end comfort while they focus on their spiritual experience. To offer customers ease and convenience, we also offer them the choice of Travel Now Pay Later and zero interest EMIs”.
Feb 29, 2024, 12:42 pm IST
Ashok Leyland Allocates Shares Towards Employee Plans
The Nomination and Remuneration Committee of Ashok Leyland has, by way of Circular Resolution passed on February 28, 2024, approved the allotment of 2,00,000 equity shares of face value Re. 1/- each upon exercise of stock options granted under Ashok Leyland Employees Stock Option Plan 2016. Upon allotment, the paid-up equity share capital of the Company stands increased from Rs.293,61,27,276/- divided into 293,61,27,276 equity shares of Re.1/- each to Rs.293,63,27,276/- divided into 293,63,27,276 equity shares of Re.1/- each.
Feb 29, 2024, 12:11 pm IST
Happiest Minds partners with Secureworks To Deliver Next-gen XDR Services
Happiest Minds’ expertise in delivering tailored cybersecurity solutions across industries, combined with Taegis XDR platform’s capabilities in future-proofing the security operations, to provide unparalleled, cutting-edge Managed Detection and Response (MDR) services. Based on its early analysis, Happiest Minds anticipates that its customers will benefit from a 90% reduction in the meantime to detect and mean time to respond with the integration of next-gen SOAR capabilities as well as a 60% reduction in a remediation team effort with customized workflow-based automation. Ram Mohan, President & CEO, of Infrastructure Management & Security Services (IMSS), Happiest Minds, said, “The need for robust cybersecurity measures in today’s digital landscape is more critical than ever. Along with Secureworks, we are poised to anticipate, mitigate, and combat evolving cyber threats with unparalleled precision and resilience.”
Feb 29, 2024, 11:46 am IST
Man Industries (India) Shares In Focus
The company has received new orders of approximately Rs.555 Crores for the supply of various of types of pipes from Domestic/International Customer. The total unexecuted order book as of today stands at approximately Rs.2000 Crores to be executed in the next 6 months, as per a regulatory filing.
Feb 29, 2024, 11:41 am IST
NBCC Shares In Focus
On February 28, 2024, NBCC (India) Limited and IFCI Limited signed a Memorandum of Understandings for the planning, designing, and execution of infrastructure projects as well as for the renovation and repair of IFCI's properties throughout India. The estimated cost of the work that has to be undertaken under this MoU is 150 crores.
Feb 29, 2024, 11:06 am IST
Top 5 Gainers and Losers Today
Stock Market Live Updates
Feb 29, 2024, 11:06 am IST
Suzlon Shares In Focus
Today, Suzlon Group announced that it has secured a fresh order victory for the development of a 30 MW wind power project for EDF Renewables. Suzlon will build 10 wind turbine generators (WTGs), each having a rated capacity of 3 MW and a hybrid lattice tubular (HLT) tower. The project is located in Gujarat.
Feb 29, 2024, 11:02 am IST
EaseMyTrip Wins the Prestigious VETA 2024 Award for Best Online Travel Agency
The Versatile Excellence Travel Award (VETA) 2024 for Best Online Travel Agency has been given to EaseMyTrip. The company's leadership in the travel sector is bolstered by the VETA 2024 award, which also acknowledges its contribution to the expansion of the tourism industry. The Imperial in New Delhi hosted the 6th Versatile Excellence Travel Awards (VETA 2024) organised by TravelScapes on February 21, 2024.
Feb 29, 2024, 10:27 am IST
Mahindra Logistics Shares In Focus
West Bengal will see a growth in the operations of Mahindra Logistics Limited. Mahindra Logistics is set to construct a 1.1 lakh square foot fulfilment centre in Malda, West Bengal, specifically for last-mile deliveries and fulfilment, as part of this development. With its comprehensive fulfilment and distribution capabilities, this centre is an essential component of Mahindra Logistics' supply chain network, enabling prompt and effective delivery of products. A total of 14 last-mile delivery terminals are being added by Mahindra Logistics, reaching over 15,000 residences per day. The centre is ideally situated to service Northern West Bengal, Eastern Bihar, and regions of the Northeast as part of the Eastern region's development. With a daily processing capacity of 10,000 orders and an inventory capacity surpassing 15 lakh units, the facility is a shining example of optimised delivery; it has been established to meet and surpass the region's expanding demands. More than 750 employment will be created by the facility, including 350 dedicated personnel for the last-mile network. In keeping with its commitment to diversity, Mahindra Logistics aims to hire women and members of the PwD and LGBTQIA+ groups to occupy 25% of the positions in fulfilment centres. This development boosts Mahindra Logistics's warehouse footprint in West Bengal to 3.3 lakh sq. ft. and is essential to the company's objective of spreading its presence throughout the nation. Mahindra Logistics provides integrated services, half truck load services, and full truck load services to about 2000 pin codes in the region.
Feb 29, 2024, 9:21 am IST
Gainers And Losers
IT, pharma, auto, capital goods and consumer durables saw massive selling, dragging over market accordingly. Stocks like TCS, HCL Tech, Infosys, Ultratech Cement, Nestle, Tata Motors and Tech Mahindra were top bears. While stocks like Reliance, NTPC, SBI, IndusInd Bank, and Bajaj Finserv were top gainers.
Feb 29, 2024, 9:21 am IST
Market Open In Red
Indian stock market opened in red with Sensex slipping below 72,200 levels and Nifty 50 struggling to hold 21,900 mark. Although, broadly market was down, the losses were limited due to strong buying in heavyweight Reliance Industries.
Feb 29, 2024, 9:15 am IST
2 Stocks To Buy Today
Anand James, Chief Market Strategist, Geojit Financial Services recommended buying on PCBL share for Target: 283 - 277 with Stoploss: 293; and ITDC for Target: 738 - 752 with Stoploss: 704.
Feb 29, 2024, 9:14 am IST
USD-INR outlook
Expect 82.94, as long as above 82.87, but for directional breakout, watch out for penetration of 82.78-83.1 range, as per Anand James, Chief Market Strategist, Geojit Financial Services.
Feb 29, 2024, 9:14 am IST
Derivative Outlook
Anand James, Chief Market Strategist, Geojit Financial Services: Nifty weekly contract has highest open interest at 22200 for Calls and 21500 for Puts while monthly contracts have highest open interest at 22200 for Calls and 21500 for Puts. Highest new OI addition was seen at 22200 for Calls and 18650 for Puts in weekly and at 22200 for Calls and 18650 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 0.33%, increased future index shorts by 1.45% and in index options by 28.48% increase in Call longs, 8.29% increase in Call short, 49.14% increase in Put longs and 23.82% increase in Put shorts.
Feb 29, 2024, 9:14 am IST
Technical Analysis On Nifty Today:
Anand James, Chief Market Strategist, Geojit Financial Services said, "As prices gravitate towards 21800, expect recovery attempts during the day, which however are likely to be capped at 22000 initialy. It would require a direct rise above 22070 to signal reversal. Else expect downsides to resume."
Feb 29, 2024, 9:10 am IST
How Market May Trade Today?
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: The market has suddenly turned unpredictable amidst high volatility. Resistance has become strong at Nifty 22200 level. The cut in Nifty by more than 1% yesterday despite the FII selling getting neutralised by DII buying is significant. This is due to rebalancing of the positions a day ahead of the monthly expiry. The volatility will continue today, too, being the last day of the monthly expiry. Investors may wait for the volatility to subside. A significant development is the communication from SEBI to AMFI suggesting that mutual funds set up a framework for protecting investors in mid and small cap funds. Sustained flows of retail money into these funds have made their valuations excessive and difficult to sustain. More mid and small cap funds are likely to impose restrictions on lump sum investments into the mid and small cap schemes. This will benefit the large caps which are relatively fairly valued now. The correction in the broader market is likely to continue."
Feb 29, 2024, 9:09 am IST
Crude OIl Outlook
Rahul Kalantri, VP Commodities, Mehta Equities said: Crude oil exhibited significant volatility, retracting from its recent highs following a surge in U.S. crude oil inventories. According to the U.S. EIA, crude oil inventories in the United States increased by 4.2 million barrels, surpassing the expected build of 3.1 million barrels for the week ending on February 25. However, the decrease in gasoline and distillate stocks provided some support to prices at lower levels. The mixed U.S. economic data released on Wednesday failed to bolster crude oil prices. Expectations are for crude oil prices to maintain volatility in today's trading session. Support levels for crude oil are anticipated to be in the range of .50–76.90, with resistance expected at .90–79.60. In terms of the INR, crude oil is forecasted to find support between Rs 6,440-6,350, while resistance is seen at Rs 6,590-6,500 for today's session.
Feb 29, 2024, 9:09 am IST
Rupee Stays Below 83 Against Dollar In Early Trade
Indian rupee has continued to trade below 83 mark against US dollar so far this week. In the early trade of Thursday, rupee performed at 82.9 per dollar, appreciating by 0.64%. Rahul Kalantri, VP Commodities, Mehta Equities said, the USD-INR 26 March futures contract traded in a tight range. According to the daily technical chart, the pair has found support between 82.82-82.74, while resistance is positioned at 83.22-83.45. Currently, the pair is trading above its support level of 82.95 and is anticipated to continue trading within the range of 82.50-83.45 for the remainder of this week.
Feb 29, 2024, 9:09 am IST
Pre-Market Opening
Prashanth Tapse, Senior VP (Research), Mehta Equities said: In yesterday's tumultuous session on Dalal Street, Nifty took a significant hit, closing well below the crucial 22000 mark, while small-cap and mid-cap indices experienced a 2% decline following SEBI's guidance to safeguard investor interests. The looming release of the January PCE index adds anxiety, as it could shape the narrative around potential Federal Reserve interest rate cuts. Until the inflation challenge is addressed, volatility is expected to persist. Technicals indicate a negative bias for Nifty and Bank Nifty, with today's trading session anticipated to be marked by volatility due to the monthly expiry of February F&O contracts. Attention is also on India’s GDP figures for Q4 2023 and the upcoming auto sales data for February. The recommended trades involve selling on Nifty and Bank Nifty, while value buying and bargain hunting are expected themes. TATA MOTORS and INFY are viewed bullishly from an inter-month perspective, with TATA MOTORS identified as a top pick for immediate purchase, emphasizing a momentum play strategy.
Feb 29, 2024, 8:33 am IST
Q3 GDP Numbers Today
Jahnavi Prabhakar, Economist at Bank of Baroda said: Global growth continues to witness the risk of slowdown amidst growing challenges such as restrictive financial and tight monetary conditions. Furthermore, downside risk emanate from escalated geopolitical tensions especially in Middle East and the higher cost due to Red sea attack and the mounting geo-economic fragmentation. These run the risks of imping on global growth. Indian economy is relatively better off than its global counterparts on the back of resilience reflected through domestic demand and sustained government thrust on capex. However, exports are likely to be impacted due to global headwinds. For Q3FY24, the economy is projected to grow at a slower pace by 6.4% against a growth of 7.6% in Q2FY24 led by subdued growth in agriculture and industry sector. Service sector is expected to lift up growth. For the full year our estimate if 6.8%. Going ahead for FY25 growth will be at a similar level of 6.75-6.8%
Feb 29, 2024, 8:26 am IST
Stocks To Buy Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher has recommended buying three stocks on Thursday. They are - 1) BUY ABFRL cmp 230.90 Stop Loss 224 Target 243; 2) BUY LAURUS LABS cmp 405 Stop Loss 396 Target 422; and 3) BUY SCHNEIDER ELECT cmp 576.50 Stop Loss 565 Target 600.
Feb 29, 2024, 8:26 am IST
Bank Nifty Outlook
The banking stocks benchmark Bank Nifty is expected to have support level at 45,300 on February 20, while its resistance is seen around 46,400, as per Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher.
Feb 29, 2024, 8:25 am IST
Nifty Support Levels Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Nifty to find support at 21,800 on Thursday and resistance is expected to be around 22,100.
Feb 29, 2024, 8:19 am IST
Market Previous Session
The Sensex plunged by a significant 790 points to close at 72,305, while the Nifty shed 247 points, settling at 21,951. The Nifty Bank and Midcap Index also bore the brunt, slipping 625 points to 45,963 and 952 points to 48,089, respectively. This downward spiral reflected the broader market underperformance, with 80% of Midcap Index stocks closing lower.
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