The domestic equity benchmarks ended with decent gains on Monday. After hitting the day's high at 17,799.95 in morning trade, the Nifty pared some gains and ended tad above the 17,700 mark. Oil & gas, IT and auto shares advanced while PSU bank and realty stocks declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex, advanced 415.49 points or 0.69% to 60,224.46. The Nifty 50 index added 117.10 points or 0.67% to 17,711.45.
In the broader market, the S&P BSE Mid-Cap index rose 0.72% while the S&P BSE Small-Cap index advanced 0.90%.
The market breadth was strong. On the BSE, 2,102 shares rose and 1,471 shares fell. A total of 199 shares were unchanged.
Meanwhile, oil prices retreated on Monday as a weaker-than-expected GDP forecast from China dented some optimism over a recovery in crude demand this year.
Focus this week is also squarely on a testimony by Federal Reserve Chair Jerome Powell on Tuesday, which is expected to shed more light on where U.S. interest rates could go this year.
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Both the exchanges, the NSE and the BSE will be shut on 7 March 2023 on account of Holi.
Economy:
The government, in the latest review, has hiked the windfall profit tax levied on crude petroleum to Rs 4,400 per tonne from Rs 4,350. The special additional excise duty on diesel has been reduced to Rs 0.5 a litre from Rs 2.5, while it has been slashed to 'nil' on Aviation Turbine Fuel. The new tax rates come into effect from 4 March 2023.
Meanwhile, the Nifty Oil & Gas index rose 1.92% to 7,247.75, The index has added 4.41% in four sessions.
Gujarat State Petronet (up 5.5%), Adani Total Gas (up 5%), GAIL (India) (up 3.61%) and Indraprastha Gas (up 3.4%) were the top gainers.
Among the other gainers were Oil & Natural Gas Corpn (up 2.56%), Oil India (up 2.44%), Aegis Logistics (up 1.4%), Indian Oil Corporation (up 1.34%) and Bharat Petroleum Corporation (up 0.98%).
Stocks in Spotlight:
Housing Development Finance Corporation (HDFC) rose 1.08%. The National Company Law Tribunal (NCLT) has given approval for the amalgamation of HDFC Property Ventures and HDFC Venture Capital with HDFC Capital Advisors, a subsidiary of HDFC.
Hindustan Aeronautics added 0.63%. The company has received Income Tax Refund Order from the Office of Joint Commissioner of Income Tax (OSD) for the Assessment Yeas 2012-13. The order has allowed R&D expenditure of Rs 725.98 crore as capital expenditure, resulting in refund of Rs 570.05 crore. The above refund of Rs 570.05 crore includes of interest Rs 163.68 crore.
Mahanagar Gas jumped 8.80%. The company will acquire 100% stake in Unison Enviro ('UEPL') for 531 crore. This acquisition will enable MGL to expand to newer geographical areas in Maharashtra (Ratnagiri, Latur & Osmanabad) and Karnataka (Chitradurga & Davanagere) thereby providing new avenues for long term growth.
Computer Age Management Services (CAMS) shed 0.43%. The company announced the acquisition of a 55.42% stake in Think Analytics India (Think360 AI), a full-stack AI and data sciences firm, which provides innovative solutions using digital technologies like advanced analytics, AI/ML and mobile & cloud computing. The acquisition is aimed to strengthen its account aggregator framework and enhance AI & Analytics services.
Krsnaa Diagnostics gained 1.96%. The company announced that it has operationalized diagnostics center at Fazilka, Punjab. This is part of the agreement with the Government of Punjab for procurement, operation and maintenance of 25 CT scanners, 6 new MRI machines, 30 pathological laboratories, 1 referral laboratory and 95 collection centers across the State of Punjab.
Alembic Pharmaceuticals surged 4.63%. The pharma company announced that it has received final approval from the US drug regulator for its abbreviated new drug application (ANDA) Fluorouracil injection USP, pharmacy bulk vial. Fluorouracil Injection is indicated for the treatment of patients with adenocarcinoma of colon and rectum, adenocarcinoma of the breast, gastric adenocarcinoma and pancreatic adenocarcinoma. According to IQVIA, Fluorouracil Injection USP had an estimated market size of $5 million for twelve months ended December 2022.
Zydus Lifesciences added 0.68%. The drug maker said that it has received final approval from US Food and Drug Administration (USFDA) for Vigabatrin for Oral Solution USP, 500 mg. Vigabatrin for oral solution is indicated for the treatment of refractory complex partial seizures as adjunctive therapy in patients 2 years of age and older. It is also used to treat infantile spasms in babies and children between the ages of 1 month and 2 years. As on 31 December 2022, the Zydus group now has 349 approvals and has so far filed over 440 ANDAs since the commencement of the filing process in FY 2003-04.
Olectra Greentech advanced 2.98%. The company said that Evey Trans (EVEY) has received two letter of awards (LoAs) from Telangana State Road Transport Corporation (TSRTC) for 550 electric buses. The value of these 550 bus supply would be approximately Rs 1,000 crore for Olectra.
Global Markets:
Shares in Europe and Asia mostly advanced on Monday as investors further digested China's growth target set in its parliamentary sessions and looked ahead to a week of economic data.
China's National People's Congress (NPC) has kicked off its annual parliamentary session, announcing a modest target for economic growth of about 5%. The session, which began in Beijing on Sunday, is also set to hand President Xi Jinping a third term in office and implement the biggest government shake-up in a decade.
US stocks ended higher Friday as Treasury yields eased from their recent highs and investors weighed the cumulative impact from Fed hikes already implemented and digested this week's comments from the central bank.
The Dow Jones Industrial Average rose 1.17%, the S&P 500 climbed 1.61%, and the Nasdaq Composite gained 1.97%. The yield on benchmark 10-year Treasury note dipped below the 4% threshold.
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