Sensex snaps 2-day losing run, gains 305 pts; broader indices in red

Stock market highlights on Tuesday, February 27: The Nifty50 shut shop 76 points higher at 22,198

Closing Bell on Tuesday, February 27, 2024: After staying listless for first half of the session, equity benchmark indices picked momentum and ended up to 0.4 per cent higher on Tuesday.

The S&P BSE Sensex gained 305 points to settle at 73,095 level, while the Nifty50 shut shop 76 points higher at 22,198. 

Tata Motors was the top performer on both the benchmarks, rising nearly 3 per cent. This was followed by TCS, Power Grid, IndusInd Bank, Sun Pharma, Bharti Airtel, Eicher Motors, JSW Steel, and HDFC Life. 

The broader BSE MidCap and SmallCap indices, which had started higher, erased gains later to end 0.07 per cent and 0.26 per cent lower, respectively.

Among sectors, the Nifty PSU Bank index dropped 0.56 per cent, while the Nifty Realty added 1 per cent.

3:51 PM

Comment :: What all happened in the markets today?

The domestic market rebounded from yesterday’s loss amidst volatility, despite weak global cues. The hopes for a ceasefire in the Israel-Hamas war and the drop in crude oil prices supported the sentiment. However, the mid & small caps underperformed. The market is looking ahead to key economic data, both domestic and global, with US inflation grabbing the most attention, as that will provide fresh signals on interest rate cuts.

Views by: Vinod Nair, Head of Research, Geojit Financial Services.

 

3:42 PM

Tech View :: Key levels to watch on Nifty, Bank Nifty

Nifty50
On the daily charts, we can observe that the Nifty held on to the support zone of 22,100 – 22,070 where the 40-hour average was placed. Overall, the Nifty has been consolidating in the broad range (21,900 – 22,300) since the past few trading sessions.

The Bollinger bands are contracting indicating rangebound price action. The hourly momentum indicator has triggered a positive crossover which is a buy signal and thus intraday dips are likely to be bought into. On the downside, 21,900 shall act as a crucial support while 22,300 is the immediate hurdle.

 

Bank Nifty

As far as the Bank Nifty is concerned, it has been rangebound between 46,300 – 47,400. In today’s trading session it held on to the 40-day average (46,300) and bounced back. We expect the positive momentum to continue over the next few trading sessions. On the upside immediate hurdle is placed at 47,000and above that 47,200.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:40 PM

Currency Check :: Rupee ends flat vs US dollar

3:38 PM

Broader indices :: SmallCaps underperform, MidCap index ends flat

3:37 PM

NIFTY HEATMAP :: TaMo, TCS settle higher; Hero Moto, Bajaj Fin fall

3:35 PM

CLOSING BELL :: Nifty settles near 22,200

3:34 PM

CLOSING BELL :: Sensex snaps 2-day losing run, gains 305 pts

3:27 PM

ALERT :: Voda Idea fund raising meet update

According to reports:

>> A promoter entity assured funds worth Rs 2,000 crore in case of need

>> Talks going on to bring offshore investors 

>> Debt funding from banks also likely

>> Aditya Birla promoter entities may infuse funds

Note: Board meeting underway

3:23 PM

ALERT :: Marico declares interim equity dividend of Rs 6.5/share

3:17 PM

Adani Green Energy to raise $409 million via US dollar-denominated bonds

The issuers have appointed Barclays, DBS Bank, Deutsche Bank, Emirates NBD Bank, First Abu Dhabi Bank, ING Bank, Intesa Sanpaolo, MUFG Securities Asia, SMBC Nikko Securities, Societe Generale and Standard Chartered Bank as joint bookrunners to arrange a series of fixed income investor meetings in Asia, the Middle East, Europe and the United States starting Feb. 28, it said. READ MORE

3:05 PM

Global check:: US, UK stock futures marginally up

Source: Investing.com

2:53 PM

'Foreign investors to buy India on correction, won't chase stocks at current valuation'

Foreign investors are looking to buy India on any meaningful correction, but are not willing to chase most stocks at current valuations, said Pratik Gupta, CEO & Co-Head, Kotak Institutional Equities. READ MORE

2:42 PM

UBS upgrades TCS to 'Buy', sees 18% upside in stock; here's why

Tata crown jewel, Tata Consultancy Services (TCS), could outperform peers, delivering best-in-class revenue and margins in the next financial year (FY25), said analysts at UBS, who believe the Street is not pricing-in any potential re-rating in the stock. READ MORE

2:34 PM

Zydus Lifesciences' Rs 600 crore buyback offer to open on Feb 29

Zydus Lifesciences on Tuesday said its offer to buy back 59.7 lakh shares at Rs 1,005 apiece, aggregating to Rs 600 crore, will open on February 29. READ MORE

2:22 PM

Whirlpool of India hits over 6-year low; stock dips 6% on brokerage downgrade

Jefferies has downgraded the household appliance maker to 'underperform' from 'hold', cutting the target price to Rs 1,125 from Rs 1,265. READ MORE