Sensex Today | Share Market Live Updates: Sensex up 400pts, Nifty at 22,060; Auto, Pharma, PSU Bank stocks lead gains

Wipro, SBI Life, Mahindra & Mahindra, Adani Ports and SEZ, and Maruti were the top gainers on Nifty.

Wipro, Mahindra & Mahindra, Maruti Suzuki, L&T and Tata Motors were the top gainers on Sensex, while Power Grid Corp., SBI Bank, Reliance Industries, NTPC and Axis Bank were the top losers.   

Indian benchmark indices climbed higher on Friday, led by a rally in auto stocks.

At 3 pm, Sensex was up 444.14 points, or 0.62%, at 72,494.52 and Nifty was up 147.65 points, or 0.67%, at 22,058.40.

The broader market was green, while all the sector indices were also higher, barring Oil & Gas and PSU Bank, which were in the red.

Auto was up more than 2%, while Realty, Pharma, IT and Healthcare indices were up over 1%.

The Indian aviation industry took a sharp turn this week as SpiceJet, led by its passionate chairman Ajay Singh, threw its hat into the ring for GoFirst. This audacious move, if successful, could reshape the landscape, leaving both airlines and passengers with much to ponder. (Read the full story here.)

JSW Steel, part of the $23 billion JSW Group, on Friday, announced that the company has laid the foundation stone for its ₹65,000 crore greenfield integrated steel manufacturing complex at Paradip in Odisha.

The company in an exchange filing disclosed that the complex will include a 13.2 million tonnes per annum (MTPA) capacity steel plant, a captive power plant, captive jetties with cargo-handling capacity, a cement manufacturing unit, and a modern township. (Read the full story here.)

Shares of Lorenzini Apparels Ltd are one of the multibagger stocks that Indian stock market has delivered in the last one year. In this time, this small-cap stock has surged from around ₹86 to ₹452 apiece level on BSE, delivering over 425 percent returns to its positional investors. However, the company board has announced one more news for its shareholders.

The board of directors of the small-cap multibagger stock has declared bonus shares and stock subdivision. In its board meeting held earlier this week, the small-cap company declared issuance of bonus shares in 6:11 ratio. This means six bonus shares to every eligible shareholders for holding 11 shares of the company. (Read the full story here.)

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) have been on a downward in February (so far) after jumping over 10 percent in January. The stock has already surged over 47 percent in the last 1 year and with the general elections coming up as well as the robust outlook for Indian Railways, most experts see a strong potential for this rail stock.

However, domestic brokerage house Prabhudas Lilladher sees the stock declining in the next 1 year. The brokerage has a hold call on the stock with a target price of ₹825, indicating a downside of over 13 percent. (Read the full story here.)

On 13 February, when base metals major Hindalco announced its results for the December quarter (Q3FY24), its stock plummeted by 12% due to heavy selling. Despite this, analysts remained optimistic about the company’s future. On Bloomberg, out of 19 analyst reviews, 15 recommended buying or adding the stock, one was neutral, and three suggested reducing or selling, all with valuations significantly above the current stock price.

What explains this dichotomy between market movement and analyst opinion? The results were actually good with encouraging projections about demand in its key aluminium and copper segments. In addition, the company’s overseas subsidiary Novelis, maker of downstream aluminium products, indicated business was recovering in its crucial beverage cans segment. (Read the full story here.)

Indian benchmark indices climbed higher on Friday, led by a rally in auto stocks.

At 2 pm, Sensex was up 394.63 points, or 0.55%, at 72,445.01 and Nifty was up 144.65 points, or 0.66%, at 22,055.40.

The broader market was green, while all the sector indices were also higher, barring Oil & Gas, which was in the red.

Pharma, Realty, and Private Bank indices were up.

Global growth optimism has peaked since February 2022 as fund managers anticipate the global economy to avoid a recession, showed the latest BofA Global Fund Manager Survey. However, global fund managers are increasingly worried about elevated inflation playing party pooper for investor sentiment. According to the survey report, higher inflation is seen as the biggest tail risk to portfolios as a scenario of increased inflation could dampen rate cut hopes of equity investors. Geopolitics and a systemic credit event are considered as the next biggest risks. The following chart has more details. (Read the full story here.)

Rating: BUY

Target Price : INR 610

Upside : 28%

CMP : INR 476 (as on 15 February 2024)

Double-digit volume growth impressive

Consecutive volume growth across segments drives topline

Gaining market share across segments led by all-round growth

EUREKAFO gained market share in both water purifier and vacuum cleaner segments in Q3FY24. Per management, volume growth was broad-based across categories, channels and geography. Demand from new customers was robust in mid-/premium-range of water purifiers.

Valuations: Reiterate Buy with lower TP of INR 610

We pare FY24E/25E EPS estimates 26%/7% due to lower margins given higher-than-expected advertisement expenses. We lower our TP due to continued ad expenses impacting margins. We reiterate Buy with a lower TP of INR 610 (from INR 630), on 36x (unchanged) December 2025E earnings as we are optimistic on EUREKAFO scripting a turnaround, led by growth and sharp margin uptick on various cost measures. Expect an earnings CAGR of 74% in FY23-26E, with FY24E-26E ROE/ROCE at 11%/8%, respectively.

After a flat January, Indian markets have surged almost 1.5 percent in the month of February following positive global cues after an uneventful Interim Budget and RBI policy. Benchmarks are trading less than one percent away from their record highs. Furthermore, a massive decline in foreign outflows in February also kept the sentiment positive. (Read the full report here.)

Rating: BUY

Target Price : INR 745

Upside : 28%

CMP : INR 581 (as on 15 February 2024)

Play on impending global LNG surplus

PAT down 41% YoY as industrial sales volume up

Lower realization YoY to focus on market share gain

FY25E-26E EPS estimates raised

We raise FY25E/26E EPS estimates 13%/32% on higher gas sales volume to 11.5mmscmd (from 10.6mmscmd)/13.2mmscmd (from 11.8msmcmd), respectively, as we expect higher CNG volume growth and rebound in industrial volume due to massive LNG capacity addition globally, in the next four years, which may lead to muted gas prices. Starting H2FY25, globally, expect 40mn tonnes/annum LNG export capacity to be added in the next four years.

Valuations: Upgrade to Buy; TP revised to INR 745

We upgrade GUJGA to Buy from Accumulate and raise TP to INR 745 (from INR 491), led by increase in FY24E-26E volume and EBITDA/scm estimates amid decline in LNG prices. Our DCF-TP factors in an 8.9% WACC (unchanged), a 16% FY23-26E volume CAGR (from 12%) and long-term EBITDA/scm at INR 6.0/scm (from INR 5.3/scm) from FY26E.

Indian benchmark indices were higher on Friday, led by a surge in auto stocks that was up over 2.5%.

At 1 pm, Sensex was up 407.71 points, or 0.57%, at 72,458.09 and Nifty was up 149 points, or 0.68%, at 22,059.75.

The broader market was green, while all the sector indices were also higher. Pharma, Realty, Healthcare, and PSU Bank indices were all up over 1%.

The consumer staple companies ended the third quarter of FY24 with muted revenue growth on the back of weak consumer sentiments weighing on mass demand, mild winter, sticky food inflation, increased competitive intensity, and uneven economic recovery.

Though inventory loading was done in September and October expecting a strong festival and winter season ahead, however anticipated demand belied industry expectation, Centrum Broking said in a report. (Read the full report here.)

Amid emerging trends for both merchandise and services exports and imports, we revise FY24E CAD to 1.1% from 1.3% earlier.

Key risk to our call is from supply chain dislocation due to geopolitical crisis, which may hit merchandise exports.

Services exports have shown surprising resilience amid gradually improving GCC exports. For FY25E we retain CAD estimate at 1.4% of GDP and USDINR FY25E projection at 81.5.

Comfortable external sector dynamics lend additional support to USDINR, which has seen appreciation bias in CY24. Expect this to continue till end FY24E and see it trade in a narrow range of 82.9-83.1 for the rest of FY24.

Benign oil price, robust flows and relative macro stability versus other EM peers add to the positive outlook for the pair. However, resilience of the DXY on the back of repricing of rate cut expectations towards higher for longer narrative is a key headwind.

External ratios comfortable; flows mixed

Demand for Indian debt is intact with CYTD inflows at USD 4.3bn versus USD 4.7bn in Q4CY23.

Across sectors, all the indices were in the green, barring Oil & Gas. Pharma, PSU bank, Metal and Healthcare indices were up over 1%, each.

The market was witnessing broad-based strength, with all the indices in the green.

Across sectors, the Auto index was up more than 2.5% at noon.

The broader market indices were in the green at noon. 

Power Grip Corp., Apollo Hospital Enterprises, Axis Bank, Britannia and Reliance were the top losers on the Nifty index.

Auto stocks were pushing the index higher, with M&M leading the charts on the back of an equipment deal it signed with Volkswagon Group.

Indian benchmark indices were higher on Friday, driven by a surge in auto stocks.

At 12 pm, Sensex was up 370.71 points, or 0.51%, at 72,421.09 and Nifty was up 129.25 points, or 0.59%, at 22,040.

The broader market was green, while all the sector indices were also higher. Pharma, Metal and PSU Bank indices were all up over 1%.

Lok Sabha elections act as one of the key triggers which significantly impacts the market volatility based on corporate announcements, sentiment changes and results of pre-poll surveys. This year’s general election has gained heightened prominence due to India’s importance in geopolitics, position in emerging markets, and a contest for PM Modi to form government for the third consecutive term.

According to domestic brokerage firm Shriram Way2Wealth, the reason behind equity markets following the elections, is the fact that investors anticipate a strong capex momentum to continue with PM Modi-led government. ‘’This would bolster investor sentiments and may result in continued rally in PSU sector on the back of rerating seen previously and policy continuation,” said the brokerage in its report. (Read the full story here.)

Stock market investors typically fall into one of two categories. The vast majority employ a basic, surface-level analysis in their investment decisions, which lacks depth.

For example, when tasked with selecting five stocks poised to benefit from the upcoming 2024 elections, many would opt for a straightforward approach. They might predict Prime Minister Narendra Modi’s re-election and focus on five stocks that could gain from the Bharatiya Janata Party’s return to power, often choosing those aligned with the Modi government’s popular initiatives like ‘Aatmanirbhar Bharat’, ‘Make in India’, and similar themes. These stocks are selected with some consideration of their fundamentals. (Read the full story here.)

Volkswagen Group and Mahindra & Mahindra have signed the first supply agreement on components of Volkswagen´s MEB for Mahindra’s purpose-built electric platform INGLO,taking a definitive step further on their joint vision for e-mobility collaboration.

Mahindra will equip a certain range of its electric platform INGLO with electric components of Volkswagen’s MEB and unified cells.

The supply agreement will run over several years and will have total volume of about 50 GWh over lifetime.

Mahindra plans to launch five all-electric SUVs in India based on its new, purpose-built electric platform INGLO, starting December 2024.

Mutual fund managers continued their robust equity purchases for the fifth consecutive month in December 2023, pushing their total net equity investments over ₹1.7 trillion in the calendar year.

Fund managers bought equities worth ₹230 billion (bn) until 28 December compared to ₹180 bn in November 2023, data from the Securities and Exchange Board of India (Sebi) showed.

With inflows into equity MF schemes remaining positive for the past 34 months, domestic MFs have emerged as a pillar of support for the stock market.

In this article, we look at the top five stocks that have seen an increase in mutual fund holdings in the December 2023 quarter. (Read it here.)

Indian benchmark indices were higher on Friday, driven by a surge in auto stocks.

At 11 am, Sensex was up 328.84 points, or 0.46%, at 72,379.22 and Nifty was up 119.45 points, or 0.55%, at 22,030.20.

The broader market was green, while all the sector indices were also higher. Meanwhile, India’s market volatility indicator VIX was also trending up over 1%.

Polysil Irrigation Systems share price made a tepid debut on NSE SME today. On NSE SME, Polysil Irrigation Systems share price was listed at ₹56, which is 3.7% higher than the issue price of ₹54.

Polysil Irrigation Systems IPO price band was set at ₹54 apiece. Polysil Irrigation Systems IPO opened for subscription on Thursday, February 8, and closed on Tuesday, February 13. Polysil Irrigation Systems IPO lot size consisted of 2,000 shares. Investors could bid for a minimum of 2,000 shares and in multiples thereof.

Equity benchmarks extended gains over third consecutive session tracking firm global cues. The index recouped initial losses and gradually witnessed range bound activity. As a result, daily price action formed a small bull candle, indicating follow through strength. Meanwhile, shadows on either side signifies rise in volatility

The index has resumed uptrend after undergoing slower pace of retracement above 50 days EMA, highlighting inherent strength that makes us confident to reiterate our positive stance and expect index to challenge the life highs of 22124 in the coming month. In the process, bouts of volatility owing to global development would offer incremental buying opportunity. Thereby, we advise to adopt buy on dips strategy which has been faring well.

Structurally, over past eight sessions Nifty retraced 61.8% of preceding seven sessions up move (21137–22126), indicating slower pace of retracement. The bottom up approach of Nifty 50 component highlights robust price structure that bodes well for next leg of up move.

Despite host of negative news index has managed to hold 50 days EMA and undergone base formation that makes us confident to revise support base at 21400 as it is confluence of:

50% retracement of mid Dec-Jan rally (20508-22124)

Past three week’s low is placed at 21430

50 days EMA is placed at 21385

Gujarat Gas shares saw significant profit booking in morning trade on Friday, declining as much as 6% on BSE. Gujarat Gas shares opened at ₹570.70 against the previous close of ₹580.85 and soon declined 6% to hit ₹546. Around 9:30 am the stock traded 4.27% lower at ₹556.05 on the BSE. The stock has been witnessing volatility after declaring its December quarter result on February 13. The stock fell 0.3 per cent on February 14 and jumped about 4 per cent in the next session on February 15. It is trading lower today.

Top developers are entering new markets for residential projects, as rising urbanization and an expanding middle class fuel a housing boom.

Developers are exploring opportunities particularly in cities such as Hyderabad, Pune, Bengaluru and Gurugram that have seen high sales.

Mumbai-based Godrej Properties this week acquired 12.5 acres in Hyderabad’s Rajendra Nagar locality to develop a premium residential project, marking its entry into the city. Shriram Properties, which has so far focused on South India, is entering Pune with a mid-market housing project in suburban Undri. It has signed a development management agreement with the landowner for the project. (Read the full story here.)

The consumer price index (CPI)-based inflation cooled to 5.1% in January, but still remains above the Reserve Bank of India’s (RBI’s) target of 4%. India and the United Arab Emirates concluded a bilateral agreement and signed a framework for the India-Middle East Economic Corridor during Prime Minister Narendra Modi’s two-day visit to the nation. Here’s a round-up of other developments this past week. (Read the details here.)

Indian benchmark indices openeed in the green on Friday, tracking gains in global peers.

At 10 am, Sensex was up 286.72 points, or 0.40%, at 72,337.72 and Nifty was up 98.55 points, or 0.45%, at 22,009.30.

Retail investors dabbling in derivatives often get the short end of the stick. But few know that they lose out to proprietary traders or props—brokers trading on their own account with sophisticated algorithms.

Prop traders pay hefty sums to place their server racks in the exchange data centre (called colocation), something retail investors can’t do. This enables props to access data of price movements fractions of a second quicker than retail investors, who use Internet-based trading and mobile apps. (Read the full story here.)

The Nifty Auto was up nearly 1.5%, while the Nifty Bank was trending up 0.3% in early trades on Friday.

Broader market indices were in the green on the NSE in early trades Friday.

Auto & Energy indices were leading the charts across sectors, both up over 1%.

The SmallCap index was leading gains in the broader market

Auto and IT stocks were leading the charts on Nifty, while FMCG stocks were under pressure in early trading.  

Infosys was leading the charts on Sensex on news of new order wins.

Indian benchmark indices opened in the green on Friday, led by gains in global stocks.

At opening bell, Sensex was up 355.64 points, or 0.39%, at 72,406.02 and Nifty was up 91.45 points, or 0.42%, at 22,002.20

Indian benchmark indices were in the green at pre-open on Friday, tracking gains in global peers.

Sensex was up 355.64 points, or 0.49%, at 72,406.02 and Nifty was up 109.55 points, or 0.5%, at 22,020.30 during pre-open.

Bank Nifty has closed above the band of averages and crossover of the 50 day average will give a strong breakout in index pivotal.

The multiple bottoms at 44,600-44,800 would provide a good support on the downside and we expect any decline to 45,500 would be a good opportunity.

RSI has crossed its average line accelerating the up move as expected and other indicators are also moving in tandem.

Bank Nifty highest call OI is at 47,000 levels while on the downside put OI will has moved higher to 46,000 levels.

NIFTY-50 has closed in a doji candle near the higher range and we expect crossover of 22,000 levels will give a strong upward move in index pivotal.

The support levels would move higher to 21,700 with the trend moving upwards and 21,450 will be the major trend reversal levels.

RSI is trending above its average line and other key technical indicators are poised for an up move.

Highest call OI is at with 22,400 strike while on the downside the highest put OI has moved higher to 21,900 for the weekly expiry.

The domestic benchmark equity indices, the Nifty 50 and the Sensex, on Thursday’s trading session inched higher, reflecting the upbeat mood that pervaded the global market.

Nifty 50 concluded with bulls in complete control and a comfortable gain. Again, Nifty PSU Bank and Nifty PSE indexes were the top performers, rising 3% apiece. NMDC (+5%), NTPC, Bharat Petroleum Corporation Ltd (BPCL), GAIL rose 4%, and Mahindra & Mahindra (M&M) (+7%) were the prominent gainers. (Read the full story here.)

Shares of Oil and Natural Gas Corporation (ONGC), Emami, Torrent Power, Page Industries, JK Tyre & Industries, IRCON International, Sundaram Finance, Manappuram Finance, BEML, Siyaram Silk Mills, Dalmia Bharat Sugar and Industries, NLC India, JK Paper, Alkem Laboratories, Bajaj Consumer Care, Banco Products (India), Saven Technologies, Aarti Pharmalabs, Akzo Nobel India, Computer Age Management Services, Disa India, Firstsource Solutions, IOL Chemicals & Pharmaceuticals, J.B.Chemicals & Pharmaceuticals, Orient Cement, Shivalik Bimetal Controls, Triveni Turbine, Vidhi Specialty Food Ingredients, Mitsu Chem Plast, and Scanpoint Geomatics will be in focus when the stock market opens on February 16 (Friday).

The Board of Directors of these companies have declared interim dividend and rights issue for their eligible shareholders. (Read the details here.)

On account of strong global market sentiments, the Indian stock market ended higher for a third straight session on Thursday. The Nifty 50 index finished 70 points higher at the 21,910 level, the BSE Sensex surged 227 points and closed at the 72,050 mark while the Bank Nifty index shot up 310 points and ended at the 46,218 level. In the broad market, both small-cap and mid-cap indices outperformed the Nifty 50 index for the second day in a row. (Read the full story here.)

A total of 12 stocks have been put under the ban for trade on Friday, February 16, 2024, under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as it crossed 95 per cent of the market-wide position limit (MWPL), according to the NSE.

However, the stocks will be available for trading in the cash market. (Read the full story here.)