Sensex, Nifty Halt Longest Losing Streak In Nearly 10 Months

Indian equities halted their seven-day losing streak, their longest losing streak since May 13, 2019.

The S&P BSE Sensex advanced 1.26 percent or 480 points to end at 38,623.70 and the NSE Nifty 50 rallied 1.53 percent to close at 11,303.30. Both the indices registered their best one-day rally in a month.

The broader markets represented by the NSE Nifty 500 Index advanced 1.59 percent.

The market breadth was tilted in favour of buyers. About 1,015 stocks advanced and 757 shares declined on National Stock Exchange.

All the 11 sectoral gauges compiled by the NSE ended higher, led by the NSE Nifty Metal Index’s 5.6 percent advance.

Cera Sanitaryware

• Stock rose as much as 3.2 percent to Rs 2,520.
• Trading volume was more than 40 times its 20-day average.

Orient Refractories

• Stock swung from a fall of as much as 2.9 percent to gain as much as 2.6 percent.
• Trading volume was more nine times its 20-day average.

Solar Industries India

• Stock swung from a gain of as much as 1.9 percent to fall as much as 1.5 percent.
• Trading volume was more than eight times its 20-day average.

Voltas

• Stock rose as much as 3.9 percent to Rs 690.
• Citi-Maintained ‘Buy’ with a price target at Rs 794.
• Hotter than usual summer bodes well for the AC demand.
• Large manufacturers have taken a 3-5 percent price hike.
• Component prices have increased on lower production in China, higher shipment cost.

Newgen Software Technologies

• Stock rose as much as 6.5 percent to Rs 207.
• Secures a patent for a system and method for automatic quality assessment of digital documents.
• The patent is valid until March 2030.

Bliss GVS Pharma

• Stock rose as much as 14.5 percent, the most since October 2019, to Rs 113.65.
• Shares halted their seven-day losing streak.

Divi’s Labs

• Stock rose as much as 4.8 percent to Rs 2,210.
• Fresh longs seen with high open interest of 18 percent.

Indian equities regained momentum and traded at day’s high.

The S&P BSE Sensex rose as much as 1.6 percent to 38,754.24 and the NSE Nifty 50 rose as much as 1.9 percent to 11,342.25. The broader markets represented by the NSE Nifty 500 Index rose as much as 1.8 percent.

The yield on the 10-year note fell 6.34 percent from 6.38 percent earlier.

Indian equities regained momentum to trade near day’s high.

The S&P BSE Sensex rose 1.18 percent to 38,594 and the NSE Nifty 50 rose 1.4 percent to 12,288.80. The broader markets represented by the NSE Nifty 500 Index rose 1.37 percent.

Shares of the drugmaker jumped 16 percent intraday to Rs 4,925 each.

The trading volume on the stock was more than 20 times its 20-day average for this time of the day, Bloomberg data showed. The stock advanced 35 percent in the past 12 month compared with a 6.3 percent fall in the Sensex.

Shares of the Shree Renuka Sugars declined 7 percent to hit a lifetime low of Rs 5.95 each.

The stock fell for the fourth day in a row. The relative strength index on the stock was below 30, indicating it may be oversold.

Shares of Bliss GVS Pharma halted their seven-day losing streak. The stock rose as much as 14.5 percent, the most since October 2019, to Rs 113.65.

Trading volume was almost three times its 20-day average, Bloomberg data showed. The stock declined 18 percent in the past five days and fell 20 percent in the past 30 days.

The Indian rupee weakened to below 73 against the U.S. dollar for the first time since November 2018.

U.S. and European equity futures rose ahead of a teleconference with Group of Seven finance chiefs, as expectations build for Federal Reserve easing.

• S&P 500 futures were up 0.1 percent as of 4:07 p.m. in Tokyo.
• The S&P 500 Index jumped 4.6 percent.
• Topix index dropped 1.4 percent at the close after rising as much as 1.7 percent earlier. Euro Stoxx 50 futures rose 0.8 percent.
• MSCI Asia Pacific Index rose 0.1 percent.

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Source: Bloomberg

Shares of Prestige Estates Projects extended gains for the second consecutive trading session. The stock rose as much as 9.7 percent, the most since Jan. 20, to 332.

Trading volume was more than three times its 20-day average, Bloomberg data showed. Prestige Estate traded at 24 times its estimated earnings per share for the coming year.

About 83 percent of the analysts tracked by Bloomberg have a ‘Buy’ rating on the stock, while 11 percent have a ‘Hold’ rating and the remaining have a ‘Sell’ call.

Shares of Future Consumer extended gains for the second consecutive trading session.

The stock rose as much as 9.9 percent to Rs 13.90. Prior to March 2, the scrip had declined for 10 consecutive trading sessions.

Future Consumer declined 71 percent in the past 12 months compared to a 5.9 percent gain in the Sensex.

About 10 lakh shares of Yes Bank changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Six out of 11 sectoral gauges compiled by the NSE traded higher, led by the NSE Nifty Pharma Index’s 2.6 percent gain. On the flipside, the NSE Nifty PSU Bank Index was the top sectoral loser, down 0.4 percent.

Nifty’s 11,000 put option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the contract, which is set to expire on March 5, dropped 21.17 percent to Rs 94. About 6.28 lakh shares were added to the open interest which stood at over 21.15 lakh shares.

The NSE Nifty 50 slumped nearly 8 percent from its record high that it clocked on Jan. 20, 2020.

But five stocks in the index—Bajaj Finance Ltd. Bharti Airtel Ltd. Hindustan Unilever Ltd. Nestle India Ltd. and Titan company Ltd.—rose between 3-7 percent during the period. The remaining companies in the Nifty fell between 1-36 percent so far since the 50-share gauge hit the all-time high.

Indian equities erased some of its opening gains and traded off day’s high.

The S&P BSE Sensex rose 0.7 percent to 38,418 and the NSE Nifty 50 rose 0.9 percent to 11,234. The broader markets represented by the NSE Nifty 500 Index rose 0.9 percent.

About 20 lakh shares of Hindalco Industries changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Shares of Future Lifestyle Fashions fell for the tenth consecutive trading session. The stock fell as much as 12 percent, the most since August 2015, to Rs 299.80, the lowest since July 2017.

Trading volume was more than four times its 20-day average, Bloomberg data showed. The scrip traded at 48 times its estimated earnings per share for the coming year.

Shares of Power Finance Corporation rose as much as 2.7 percent to Rs 114.60.

About 27.1 lakh shares of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Of the shares traded, 10 percent were at the ask price and 85 percent were at the bid, according to Bloomberg data.

Shares of Parag Milk Foods rose as much as 6.8 percent, the most since Feb. 19, 2020, to Rs 82.40.

The company clarified that promoters have pledged 1.87 crore shares with Kotak Mahindra Investments as on date. The promoters have repaid Rs 31 crore out of the original loan amount taken from Kotak Mahindra Investments and the outstanding loan stands at Rs 33 crore only as of March.

The company said in a media statement that they would pay the entire outstanding amount of Rs 33 crore within 90 days and release the entire share pledge from Kotak Mahindra Investments.

The stock declined 16 percent in the past five days and fell 35 percent in the past 30 days, according to Bloomberg data.

Shares of Hero MotoCorp rose as much as 2.6 percent to Rs 2,027.45.

The company’s February sales fell 19 percent on a yearly basis to 498,242 units. Motorcycles sales fell 14 percent to 479,310 units. Scooter sales declined 68 percent to 18,392 units.

The Relative Strength Index was below 30, indicating that the stock may be oversold, according to Bloomberg data. The scrip traded at 13 times its estimated earnings per share for the coming year, according to Bloomberg data.

Indian equities opened higher after falling for seven consecutive trading sessions.

The S&P BSE Sensex rose as much as 1.34 percent to 38,654.91 and the NSE Nifty 50 rose as much as 1.5 percent to 11,299.85. The broader markets represented by the NSE Nifty 500 Index rose 1.56 percent.

The market breadth was tilted in favour of buyers. About 1,075 stocks advanced and 386 shares declined on National Stock Exchange.

All the 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Metal Index’s 2.8 percent advance.

Index Futures

• Nifty March futures closed at 11,123.7, a discount of 9 points versus 52.5 points.
• Nifty March futures open interest fell 10 percent, shed 15.7 lakh shares in open interest
• Nifty Bank March futures closed at 28.885, a premium of 16.7 points versus a discount of 93.2 points.
• Nifty Bank March futures open interest fell 7 percent, sheds 93,000 shares in open interest.

Options

Nifty PCR at 1.13 versus 1.10 (across all series)

Nifty weekly Expiry: March 5

• Max open interest on call side at 11,500 (18 lakh shares)
• Max open interest on put side at 11,000 (14.8 lakh shares)
• Open interest addition seen in 11,400C (+5 lakh shares), 11,300C (+4.7 lakh shares)

Nifty Monthly Expiry: March 26

• Max open interest on call side at 12,000 (24.8 lakh shares)
• Max open interest on put side at 11,000 (21.7 lakh shares)