Share Market HIGHLIGHTS: Sensex ends 790 pts lower, Nifty slides below 22,000 dragged by financial stocks; all sectors in the red
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty50 and Sensex took heavy losses on Wednesday, February 28, amid weakness across sectors. Catch all the highlights of the February 28 session on Dalal Street, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock recommendations, and much more only on Zeebiz.coms blog.
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty50 and Sensex took losses to the tune of around one per cent on Wednesday, amid across-the-board selling on Dalal Street. Globally, investors awaited a key GDP reading from the world's largest economy, due later in the day, that may determine the course of benchmark interest rates.
Back home, official data on India's GDP in the quarter ended December 31, 2023, is due post-market hours on Thursday.
Catch all the highlights of the February 28 session on Dalal Street, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock recommendations, and much more only on Zeebiz.com's blog:
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Share Market Today: Broader indices Nifty Midcap 100, Nifty Smallcap 100 tank nearly 2%
Index Feb 28 close Change (%) NIFTY 500 20,020.40 -1.34 NIFTY MIDCAP 100 48,089.10 -1.94 NIFTY SMALLCAP 100 15,875.15 -1.87 The Nifty 500, the broadest index on NSE, finishes the day with a loss of 1.3 per cent.
Share Market Today: Barring HUL, Bharti Airtel, TCS, Infosys, all Nifty50 stocks in the red
Top Nifty losers
Index Feb 28 close Change (%) POWERGRID 280.15 -4.22 BAJAJ-AUTO 8,140.00 -3.82 APOLLOHOSP 6,370.80 -3.77 EICHERMOT 3,860.00 -3.57 INDUSINDBK 1,446.05 -3.15 MARUTI 11,160.00 -2.96 WIPRO 515.8 -2.94 BPCL 607.1 -2.87 JSWSTEEL 797.2 -2.66 ADANIENT 3,218.90 -2.53 ADANIPORTS 1,296.00 -2.52 ASIANPAINT 2,789.50 -2.45 Nifty gainers
Index Feb 28 close Change (%) HINDUNILVR 2,423.85 0.77 BHARTIARTL 1,129.25 0.16 INFY 1,666.00 0.14 TCS 4,109.90 0.13 Share Market Today: All sectoral indices in the red
NSE
Index Feb 28 close Change (%) NIFTY MEDIA 2,068.75 -3.46 NIFTY PSU BANK 6,840.60 -2.3 NIFTY REALTY 909.5 -2.11 NIFTY OIL & GAS 11,441.60 -2.08 NIFTY AUTO 20,372.35 -2 NIFTY METAL 7,850.35 -1.88 NIFTY PRIVATE BANK 23,019.00 -1.51 NIFTY BANK 45,963.15 -1.34 NIFTY FINANCIAL SERVICES 20,340.40 -1.03 NIFTY HEALTHCARE INDEX 12,025.60 -0.92 NIFTY FMCG 53,824.90 -0.89 NIFTY PHARMA 18,942.55 -0.64 NIFTY IT 37,741.75 -0.34 NIFTY CONSUMER DURABLES 31,983.90 -0.33 BSE
Index Feb 28 close Change (%) S&P BSE Utilities 5,396.83 -2.82 S&P BSE POWER 6,523.84 -2.35 S&P BSE OIL & GAS 27,634.75 -2.19 S&P BSE REALTY 7,181.63 -2.12 S&P BSE Energy 11,967.80 -2.06 S&P BSE AUTO 46,732.43 -1.96 S&P BSE Telecommunication 2,440.05 -1.92 S&P BSE Services 1,370.45 -1.89 S&P BSE Commodities 6,495.74 -1.85 S&P BSE METAL 26,667.06 -1.76 S&P BSE Consumer Discretionary 8,420.98 -1.69 S&P BSE Financial Services 10,119.44 -1.4 S&P BSE Industrials 12,159.23 -1.39 S&P BSE BANKEX 52,222.50 -1.27 S&P BSE CAPITAL GOODS 57,046.15 -1.07 S&P BSE Healthcare 35,318.19 -0.99 S&P BSE Fast Moving Consumer Goods 19,396.30 -0.94 S&P BSE CONSUMER DURABLES 51,017.48 -0.57 S&P BSE Information Technology 38,345.31 -0.42 S&P BSE TECK 16,951.93 -0.3 Share Market Today: Sensex ends 790 pts lower at 72,305, Nifty slides to 21,951; all sectors in the red
Both headline indices finish the session 1.1 per cent lower.
The Sensex sheds 790.3 points for the day to end at 72,304.9 and the Nifty settles at 21,951.2, down 247.2 points from its previous close.
Nifty50
Sensex
Images: BSEIndia.com, NSEIndia.com
Share Market Today LIVE | Sensex falls over 850 pts, Nifty cracks below 21,950 dragged by financial stocks
Share Market Tips LIVE | Buy D Link (India), KNR Constructions shares, says Vikas Sethi
Vikas Sethi of Sethi Finmart recommends buying D Link (India) shares for a target of Rs 325 with a stop loss at Rs 290. Besides, recommends buying KNR Constructions shares for a target of Rs 295 with a stop loss at Rs 270.
Share Market Today LIVE | Is S&P 500 in a bubble zone? JP Morgan says the index's rally is at risk
In the past four months, there has been an impressive rally in the US benchmark index, the S&P BSE 500. The index, which is widely regarded as the best single gauge of large-cap US equities, has jumped over 20 per cent since November 2023 (from 4,200 to 5,111), according to Zee Business Research.
The index includes 500 leading companies in the US and covers approximately 80 per cent of the available market capitalisation. The benchmark index hit a new high of 5,111 on February 23, thanks to the continuous good performance of S&P 500 companies and their encouraging guidance. The index's one-year return stands at 5 per cent while the three-month return is 11 per cent.
However, global brokerages are divided on the S&P 500's outlook. Barclays, for instance, is positive on the index and has increased its target for 2024 to 5,300 levels from the previous 4,800 mark. JP Morgan, on the other hand, says that the rally is at risk. Read more
Nifty Today LIVE | SBI, Bajaj Finance, Axis Bank, HDFC bank among top drags
SBI, Bajaj Finance, Axis Bank, HDFC bank, and RIL are among the top drags in the Nifty baskets at this hour. On the contrary, TCS, Tata Motors, Bharti Airtel, L&T, and ICICI Bank are the top movers in the Nifty baskets at this hour.
Here's a look at the heatmap in the 50-scrip universe by weight:
Source: NSE
Share Market Tips LIVE | This infrastructure firm bags Rs 200 crore order for supply of solar structures - details
Steel structural manufacturer and EPC infrastructure company Salasar has won an order worth Rs 200 crore from ZETWERK Business Private Limited. The order pertains to the supply of 25,000 MT of solar structures, according to an exchange filing by the company. The project is expected to be completed within 12 months.
Earlier, a joint venture of state-owned RVNL and Salasar emerged as the lowest bidder for a transmission project worth Rs 174 crore in Madhya Pradesh. In a BSE filing, Rail Vikas Nigam Ltd (RVNL) said it holds a 51 per cent stake in the JV while STEL has the remaining 49 per cent stake.
"RVNL-Salasar JV emerges as the lowest bidder (L1) from Madhya Pradesh Power Transmission Company Ltd for construction of 132 KV and 220 KV transmission lines and associated feeder bays on a total turnkey basis in eastern MP," RVNL said in the filing. Read more
Share Market Today LIVE: Motilal Oswal Financial Services initiates coverage on newly-listed Cello World
Cello World shares are down 3.4 per cent at Rs 846.3 apiece on BSE, having declined as much as 3.5 per cent to Rs 845.2 apiece earlier in the day.
Motilal Oswal Financial Services has initiated coverage on the recently-listed stock with a 'buy' rating and a target of Rs 1,100 apiece.
The brokerage's target indicates a 25.6 per cent upside in the stock from Tuesday's close.
Share Market Tips LIVE | This smallcap cement company falls 9% as OFS opens for retail investors; 1-year return at 1738%
Andhra Cements shares dropped as the company’s offer for sale (OFS) opened today for the retail investor class. Shares of the company trade with a gap down of nearly 8 per cent at Rs 103.8 per share on the BSE, while at the day’s low the stock plunged 9 per cent to Rs 102.4.
The stake sale was initiated on February 27 and the release by the company said that the divestment process will be completed onwards till February 28, 2024 or the actual date of completion of sale of all Equity Shares, in a single or multiple trenches.
“The aggregate promoter shareholding as on February 26, 2024 is 95% of the total paid-up equity share capital of the company. Post completion of the aforesaid sale, the aggregate promoter shareholding in the Company would be reduced to 90% of the total paid-up equity share capital of the company,” noted the company’s filing. Read more
Share Market Today LIVE | Tanla Platforms extends partnership with Truercaller; stock rises
Tanla Platforms shares trade 1.28 per cent or Rs 12.75 higher at Rs 1,010 on BSE after the Cloud communication provider announced it had extended its partnership with Truecaller for business messaging. The two companies have been in partnership since 2002.
"Tanla India’s leading CPaaS provider is pleased to extend an exclusive partnership with Truecaller for business messaging," Hyderabad-headquartered Tanla Platforms said in a a regulatory filing post-market hours on Tuesday. Read more
Anil Singhvi decodes why Bitcoin has soared 125% in 8 months and 25% in 1.5 months
The coronavirus pandemic saw the rise and fall of the cryptocurrency Bitcoin. The cryptocoin skyrocketed around 300 per cent in 2020 and over 64 per cent in 2021. But once the World Bank and local governments across the globe denied recognising cryptocurrency, including Bitcoin, as legal tender, the rise of Bitcoin, like many other cryptocurrencies, hit a roadblock. In 2022, the Bitcoin price slumped by more than 65 per cent, and it appeared that the game was over for the cryptocurrency.
Anil Singhvi on why Bitcoin regained momentum
Market wizard Anil Singhvi said that Bitcoin gained momentum when BlackRock, one of the world's leading investment management firms, announced launching a Bitcoin Exchange Traded Fund (ETF) in June 2023.
"Bitcoin was trading at $25,000 at that time. But a proposal coming from as big a wealth management company as BlackRock sparked people's interest in Bitcoin," said Singhvi.
"Bitcoin had a problem: if you forgot the password, it was bad for you. On the other hand, there was always a danger of it being hacked. But once BlackRock announced launching an ETF, people thought that those two risks were gone," said Singhvi. Read more
Share Market Today LIVE | BGR Energy Systems locked in 10% lower circuit; here's why
Shares of BGR Energy Systems trade 9.26 per cent at Rs 55.4 on BSE. The downtrend in the stock can be attributed to the following two reasons:
1. Resignation of four independent directors with immediate effect
On Tuesday, after market hours, the company, through an exchange filing, said that its four directors—M. Gopalakrishna, S.A. Bohra, Gnana Rajasekaran, and S.R. Tagat—had tendered their resignations.
2. Promoter sells stake
Promoter Sasikala Raghupathy offloaded 50.76 lakh, which implies 3.3 per cent equity shares at Rs 64.95 per share. In February, according to Trendlyne data, Sasikala Raghupathy sold 5,076,571 shares on the NSE for Rs 64.95 per share. Read more
Share Market Today LIVE | Vodafone Idea on radar after board gives nod to Rs 20,000 crore fundraise; what should investors do?
Vodafone Idea shares decline, a day after the private sector telecom company's board gave a nod to a plan to raise funds up to Rs 20,000 crore through equity and or equity-linked instruments. The Vodafone Idea stock drops as much as 4.9 per cent to Rs 15.1 apiece in on BSE.
"The Board has also authorised the management to appoint various intermediaries, including bankers and counsels, to execute the fundraise. The Company will call for a meeting of its shareholders on April 2, 2024, and post-shareholder approval, it expects to complete the equity fund raise in the coming quarter,” said Vodafone Idea in a statement released post-market hours on Tuesday.
Vodafone Idea share price target: What should investors do with Vodafone Idea shares? Here's how brokerages view the stock
After the announcement, CLSA maintained a 'sell' call on the Vodafone Idea stock with a target of Rs 5. The company has been in talks with potential investors, but fundraising is still pending, according to the brokerage. The brokerage expects a financial crunch in FY26CL when annual spectrum and adjusted gross revenue-related payments will be due. Over 12 months, Vodafone Idea has taken a hit of 120 bps in its revenue market share, CLSA added. Read more
Image: Reuters Juniper Hotels IPO Listing | Shares make flat debut, list at premium of 1.39% - Buy, Sell or Hold?
The shares of Juniper Hotels make a flat debut on Dalal Street, list at a premium of 1.39 per cent on the National Stock Exchange (NSE). The stock debuts at Rs 365 as against an issue price of Rs 360 while it debuts at Rs 361.2, a premium of 0.33 per cent on BSE. Read more
Traders' Diary | Buy, sell or hold strategy on Titan, Hindalco, Colgate-Palmolive, Tata Chemicals, Havells, over a dozen other stocks today
Here's the complete list of investment and trading ideas for the day:
Kushal Gupta
Buy Ge T&D India shares in the cash segment for a target price of Rs 915 with a stop loss at Rs 880
Buy Titan futures for a target of Rs 3,760 with a stop loss at Rs 3,620
Buy the Rs 510 call option of Hindalco Industries at Rs 22 for a target of Rs 40 with a stop loss at Rs 15
Technical pick: Buy IndusInd Bank shares for a target price of Rs 1,545 with a stop loss at Rs 1,485
Fundamental pick: Buy Colgate-Palmolive shares for a one-year target of Rs 3,000.
Investment idea: Buy SBI Cards and Payment Services shares for a one-year target of Rs 880
News-based pick: Buy Indus Towers for a target of Rs 248 with a stop loss at Rs 236. Read more
Share Market Today LIVE | Vedanta shares climb 3%; CLSA says better operational performance will likely aid re-rating
Shares of Vedanta, the diversified metal company, climb as global brokerage CLSA upgraded the counter to ‘reduce’ as against the earlier 'sell’ view with a new higher target of Rs 260. Shares of the company trade with gains of 2.82 per cent at Rs 271.2 per share, while at the day's high it climbed to 271.5 on BSE.
In its analyst meet, the company stated that it is well aligned with India’s Atmanirbhar Bharat goal. The metal giant also noted that the demerger will create pure-play companies, unlocking the value of all our businesses.
Further in its analyst meet, underscoring its progress, the Anil-Agarwal-led company said that, “We've delivered industry-leading growth, achieving a nearly 13% CAGR in production and a staggering nearly 15% CAGR in EBITDA over the past 20 years, solidifying our place as global industry leaders." Read more
Stocks to Buy | Zomato, Godrej Consumer, Havells, Tata Communications among analysts' top picks
In conversation with Zee Business Managing Editor Anil Singhvi, market experts Rakesh Bansal, Kunal Saraogi, Siddharth Sedani, Sumeet Bagadia and Jay Thakkar share their top stock recommendations in this special segment, Pick of the Day.
On the top analysts' 'buy' list are stocks such as Tata Communications, Godrej Consumer Products Limited (GCPL), Havell India, Zomato and Karur Vysya Bank. Read more
Anil Singhvi Market Strategy | Important levels to track in Nifty50, Nifty Bank today
Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty50 index emerging at 22,075-22,125 levels and a strong buy zone at 21,975-22,050 levels on Wednesday, February 28. For the Nifty Bank, he expects support to come in at 46,175-46,325 levels and a strong buy zone at 45,900-46,050 levels.
Read more on how Anil Singhvi views the Indian share market today and what he recommends
Share Market Today LIVE | Nifty above 22,200, Sensex up 50 pts in opening deals
Nifty 50
Source: NSESensex
Source: BSE
Share Market Tips LIVE | Should you buy Tata Motors, M&M, Titan, Zomato, Bharti Airtel, VI, other stocks today?
As Dalal Street enters the February 28 session, brokerages have a dozen of stocks on their radar. Here's what CLSA, Nomura, Macquarie, Goldman Sachs and Jefferies make of stocks such as Tata Motors, M&M, Titan, Zomato and Bharti Airtel:
VI share price target:
CLSA has maintained a 'sell' call on the Vodafone Idea (VI) stock with a target of Rs 5.
Nomura has maintained a 'reduce' rating on VI shares with a target of Rs 6.5.
Vedanta share price target:
CLSA has a 'reduce' rating on the Vedanta stock with a target of Rs 260.
Titan share price target:
Macquarie has maintained an 'outperform' rating on the Titan stock with a target of Rs 4,000.
Zomato share price target:
Macquarie has maintained an 'underperform' rating on the Zomato stock with a target of Rs 96, Bernstein, on the other side, has maintained an 'outperform' rating on the stock with a target of Rs 180. Read more
Currency Update | Rupee dips one paisa to 82.90 against US dollar in early trade
Stocks to Watch | Titan, Persistent Systems, Cochin Shipyard, other stocks
Here are some stocks that will be in focus on Wednesday, February 28:
Persistent Systems: Persistent Systems S.R.L, Italy, a subsidiary of the company, has been dissolved and struck off from the Business Register with effect from February 26, 2024, pursuant to the report issued by the Chamber of Commerce of Milano Monza Brianza Lodi.
Titan: The watchmaker will purchase a balance of 0.36 per cent stake held by individual shareholders of CaratLane Trading. The company currently holds 99.64 per cent of the total equity share capital of CaratLane.
Cochin Shipyard: Indian Prime Minister Narendra Modi will virtually inaugurate India's first hydrogen fuel cell ferry constructed by the company on February 28.
GE T&D India: The company received major orders from Power Grid Corporation of India Limited for the supply of 765 kV Shunt Reactors for PGCIL’s various transmission system projects in India.
Hindustan Zinc: The company's subsidiary Hindmetal Exploration Services with an authorised share capital of Rs one lakh was incorporated with Hindustan Zinc. Read more
Share Market Today LIVE | GIFT Nifty futures indicate a positive start ahead on Dalal Street
GIFT Nifty futures — an early indicator of the Nifty 50 index — are up 21.45 points or 0.1 per cent at 2,2224.5 ahead of the opening bell on Dalal Street.
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