Stock Market Today: All You Need To Know Going Into Trade On Feb. 22

Stocks in the news, big brokerage calls of the day, complete trade setup and much more!

<div class="paragraphs"><p>(Source: Unsplash)</p></div>
(Source: Unsplash)

Most markets in Asia-Pacific region rose in early trade on Thursday buoyed by gains on Wall Street after Nvidia Corp forecasted better-than-expected sales forecast.

The Nikkei 225 was trading 411.30 points or 1.07% higher as of 06:33 a.m. The S&P ASX 200 was trading 4.70 points or 0.06% lower.

The Bank of Korea kept its benchmark seven-day repurchase repo rate unchanged at 3.5% today in line with Bloomberg Survey's forecast. The central bank also maintained growth and inflation forecasts.

The giant chipmaker, Nvidia Corp forecasted $24 billion sales for the ongoing quarter, while analysts predicted $21.9 billion on an average. Further, the largest Nasdaq 100 company has posted higher-than-estimated results in fourth quarter, Bloomberg reported.

The S&P 500 edged 0.13% lower and Nasdaq 100 declined 0.38% as of Wednesday. The Dow Jones Industrial Average traded 0.13% higher.

Brent crude was up 0.84% at $83.03 a barrel. Gold was up 0.08% at $2,027.71 an ounce.

India’s benchmark stock indices erased early gains and declined sharply to snap a six-session rally on Wednesday, ahead of the announcement of minutes of the U.S. Federal Reserve meeting.

The S&P BSE Sensex closed 434.31 points, or 0.59%, lower at 72,623.09, while the NSE Nifty 50 declined 141.90 points, or 0.64%, to end at 22,055.05.

During the day, the Sensex fell as much as 0.83% to 72,450.56, while the Nifty declined 0.90% to 21,997.95

Overseas investors turned net buyers of Indian equities on Wednesday after two consecutive days of selling. Foreign portfolio investors mopped up stocks worth Rs 284.7 crore, while domestic institutional investors turned net sellers and offloaded equities worth Rs 411.6 crore, the NSE data showed.

The Indian currency strengthened 6 paise to open at Rs 82.91 against the U.S. dollar.

Markets Look Nervous, Expect Valuation Correction Soon, Say Analysts
Stock Market Today: All You Need To Know Going Into Trade On Feb. 22

Stocks To Watch

  • Sugar stocks: The government announced hiking the sugarcane Fair and Remunerative Price by Rs 25 to Rs 340 per quintal for the 2024-25 season starting October. FRP is the minimum price that mills have to pay to sugarcane growers.

  • Eureka Forbes: Promoter Lunolux plans to divest up to 12% stake in the company for Rs 1,148.7 crore via block deals.

  • Zee Entertainment Enterprise: SEBI might issue a show cause notice to company next month in a fund diversion case.

  • Axis Bank: Moody's affirmed the lender's Baa3 long-term deposit ratings at 'Baa3' with a stable outlook saying India's favourable operating environment offers the bank an opportunity to further strengthen its market position.

  • NBCC: The company received in-principal approval from Greater Noida Authority for the development of unused and purchasable Floor Area Ratio in furtherance of existing projects of Amrapali valued Rs 10,000 crores.

  • Brigade Enterprises, PVP Ventures: The companies signed joint development agreement to develop a 2.5 million square feet, high-rise residential project in Chennai with a revenue potential of about Rs 2,000 crore. The company unit signed a 45-year lease agreement with the landowners to build a 250-room resort on East Coast Road in Chennai.

  • Home First Finance: The company received corporate agent license from Insurance Regulatory Development Authority of India for soliciting life, general and health insurance.

  • Grasim Industries: The company will launch Birla Opus Paints Business and will inaugurate three plants.

  • UPL: The company incorporated step-down subsidiary Advanta Seeds Hungary for seeds business.

  • South Indian Bank: The lender announced Rs 1,151 crore rights issue. It will offer 52 crore shares at Rs 22 per share. The issue opens March 6 and closes on March 20 and the record date is set as Feb. 27. The rights ratio set at 1 share for every 4 shares held.

  • Salasar Techno Engineering: The company said it is confident of getting firm orders to manufacture and supply monopoles amounting to Rs 200 crores within the next 12 months.

  • SG Mart: The company incorporated a unit in Dubai in the name of SG Mart FZE.

  • Sula Vineyards: The company announced that Maharashtra government has issued a GR for the continuation of the Wine Industrial Promotion Scheme for a period of eight years.

  • J. Kumar Infraprojects: Madan Biyani has resigned from the position of Chief Financial Officer.

  • LTIMindtree: The company signed an MoU with Eurolife FFH, to establish Gen Al and Digital hubs in Europe and Mumbai.

  • Grauer and Weil: The board will consider bonus issue on Feb 26.

SEBI Likely To Issue Show Cause Notice To Zee Next Month In Fund Diversion Case

IPO Offering

  • Juniper Hotels: The public issue was subscribed to 0.11 times on day 1. The bids were led by retail investors (0.52 times), non-institutional investors (0.06 times), and no bids by institutional investors.

  • GPT Healthcare: The company will offer its shares for bidding on Thursday. The price band is set from Rs 177 to Rs 186 per share apiece. The Rs 525.14 crore-IPO is combination of fresh issue of Rs 40 crore and offer of sale of Rs 485.14 crores. The company has raised 157.5 crore from anchor investors.

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Block Deals

  • Devyani International: Yum Restaurants India sold 5.3 crore shares (4.4%), while Nippon India Mutual Fund bought 80 lakh shares (0.66%), Societe Generale bought 50.75 lakh shares (0.42%), Franklin Templeton Mutual Fund bought 50 lakh shares (0.41%), Sundaram Mutual Fund bought 48 lakh shares (0.39%), Government of Singapore bought 44.43 lakh shares (0.36%), Employees Provident Fund bought 38 lakh shares (0.31%), and among others at Rs 164.1 apiece.

  • Campus Activewear: QRG Investments and Holdings sold 40.65 lakh shares (1.33%), while SBI Mutual Fund bought 40.65 lakh shares (1.33%) at Rs 245 apiece.

Bulk Deals

  • Poly Medicure: Lighthouse India III Equity Investors sold 12.9 lakh shares (1.34%) at Rs 1,550.06 apiece.

Devyani International: Nippon India MF Among Buyers After Yum Restaurants Exit For Rs 871 Crore

Insider Trades

  • Sasken Technologies: Promoter Shirish Bhagwanlal Mody sold 1,335 shares on Feb 20.

Pledge Share Details 

  • Steel Strips Wheels: Promoter Dheeraj Garg released a pledge of 29.08 lakh shares on Feb 21.

  • Sterling and Wilson Renewable Energy: Promoter Khurshed Yazdi Daruvala created a pledge of 4.5 lakh shares on Feb 15.

  • Gensol Engineering: Promoter Gensol Ventures created a pledge of 7.5 lakh shares on Feb 14.

Brigade Enterprises Signs Pact To Develop High-Rise Residential Project In Chennai

Who’s Meeting Whom

  • Narayan Hrudalaya: To meet analysts and investors on Feb 27.

  • Jupiter Lifeline Hospitals: To meet analysts and investors on Feb 28, 29.

  • Jindal Saw: To meet analysts and investors on Feb 26.

  • Pidilite Industries: To meet analysts and investors on Feb 27.

  • State Bank of India: To meet analysts and investors on Feb 26.

  • Voltas: To meet analysts and investors on Feb 26, 27, and 29.

  • Brigade Enterprise: To meet analysts and investors on Feb 23.

  • Patel Engineering: To meet analysts and investors on Feb 26.

  • Global Health: To meet analysts and investors on Feb 26,27 and 28.

  • Tega Industries: To meet analysts and investors on Feb 26.

  • RPG Life Sciences: To meet analysts and investors on Feb 29.

  • RR Kabel: To meet analysts and investors on Feb 29.

  • Mahindra Holidays: To meet analysts and investors on Feb 27.

NBCC Gets Nod To Develop Rs 10,000-Crore Amrapali Projects In Noida

Trading Tweaks

  • Price band revised from 10% to 5%: Jubilant Industries, Sandur Manganese & Iron Ores.

  • Ex/record Dividend: Tide Water Oil, NHPC.

  • Ex/record Bonus issue: Mas Financial Services.

  • Moved into short-term ASM framework: Automotive Stampings and Assemblies, BLS E-ServicesCentum Electronics, Entertainment Network (India).

  • Moved out of short-term ASM framework: IRB Infrastructure Developers, Oracle Financial Services Software, Parag Milk Foods, Trent.

Orient Technologies Files IPO Draft Papers With SEBI

F&O Cues

  • Nifty February futures down by 0.82% to 22,070.15 at a premium of 15.1 points.

  • Nifty February futures open interest down by 1.4%.

  • Nifty Bank February futures down by 0.53% to 47,024.85 at a premium of 5.15 points.

  • Nifty Bank February futures open interest down by 0.4%.

  • Nifty Options Feb 22 Expiry: Maximum Call open interest at 22,500 and Maximum Put open interest at 21,500.

  • Bank Nifty Options Feb 29 Expiry: Maximum Call Open Interest at 47,000 and Maximum Put open interest at 45,000.

  • Securities in ban period: Ashok Leyland, Balrampur Chini Mills, Bandhan Bank, Biocon, Canara Bank, GMR Infra, GNFC, Hindustan Copper, India Cement, Indus Tower, National Aluminium, Piramal enterprise, PVR Inox, RBL Bank, Zee Entertainment Enterprise.

Moody's Affirms Axis Bank Deposit Rating Citing Opportunity To Strengthen Market Position
Stock Market Today: All You Need To Know Going Into Trade On Feb. 22

Money Market Update

The Indian currency strengthened 6 paise to open at 82.91 against the U.S. dollar.

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