Sensex snaps 8-day losing streak, ends 449 pts up; Nifty reclaims 17,450

CLOSING BELL: IT, financial and metal shares led the market rally; Broader indices such as Midcaps and Smallcaps outperformed the benchmarks, while shares of Adani Group too finished on a solid note.

11:59 AM

ALERT :: Uflex clarifies on Income Tax dept raid

>> All stocks of raw materials, finished goods, work in process and other assets were found to be duly recorded and all books of accounts were found to be in order

>> The search team has not seized anything incriminating. 

>> With respect to certain media reports stating the alleged bogus transactions undertaken by the Company, seizure of evidence w.r.t irregularities running in thousands of crores, huge unaccounted income and similar other news flow pertaining to the Company, Uflex vehemently denies the authenticity of any such information and these can be best described as frivolous and baseless

Check statement here
 

11:49 AM

ALERT :: Tata Power RE receives final investment of Rs 2,000 cr from GreenForest New Energies Bidco

Check release here

11:38 AM

Feb manufacturing PMI falls to four-month low amid rising borrowing costs

The Manufacturing Purchasing Managers' Index, compiled by S&P Global dipped to 55.3 last month from January's 55.4, but it was higher than a Reuters poll expectation for 54.3 and still well above the 50-mark separating expansion from contraction for a 20th straight month. READ MORE

11:27 AM

Ahead of searing summer, analysts bet on consumer appliance stocks

Analysts expect a rise in demand for air conditioners, coolers, fans and refrigerators to help related companies clock firm sales following the post-Diwali slump due to inflationary pressures. READ MORE

11:16 AM

'Impound Rs 30.6 crore': Sebi diktat in Axis MF front-running case

Investigation into the trades of Axis MF between September 1, 2021, and March 31, 2022, showed alleged violations of the provision of the Sebi (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations. READ MORE

11:07 AM

ALERT :: US FDA issues 4 observations for Indoco Remedies' Goa plant

Indoco says:

>> The inspection was conducted from 20th February, 2023 to 28th February, 2023.

>> The US FDA has issued Form 483 with four (4) observations, which will be addressed within stipulated time.

>> We believe that this will not have an impact on the supplies and the existing revenues from these Facilities.

 

10:56 AM

Gujarat Pipavav Port nears 52-week high; stock surges 18% in one month

The stock was up 4% to Rs 108.85, and was trading close to its 52-week high level of Rs 109.35 touched on December 30, 2022. READ MORE

10:45 AM

US Federal Reserve may hike policy rates to 6%: BofA Global Research

The number is higher than a peak of 5.4 per cent by September that traders are currently pricing in. The current rate is at 4.75 per cent.

 

“Aggregate demand needs to weaken significantly for inflation to return to the Fed’s target. Further supply-chain normalization and a slowdown in the labor market will help, but only to a degree,” said BofA in a noted dated February 27. READ MORE

10:32 AM

Adani stocks add Rs 30,000-crore market cap despite selling by ETFs

AEL managed to close with 14.2 per cent gain on Tuesday, while ACC added over two per cent. With the exception of Adani Total Gas and Adani Transmission, all the eight Adani group stocks ended with gains following reports that the group plans to repay share-backed loans worth $690 million to $790 million by March-end. READ MORE

10:20 AM

Slowing GDP growth in India mirrors the trend in top global economies

Many of the major global economies are witnessing slowing economic growth. The gross domestic product (GDP) of some of the world’s largest economies — the US, Japan, Germany and the UK —grew less than 1 per cent in the fourth quarter, with China being an exception, according to the data from the Paris-based Organisation for Economic Co-operation and Development (OECD). READ MORE

10:10 AM

MCX Crude Oil range narrows; Natural Gas up 39% from lows; what next?

The Bollinger Bands suggest a likely trading range of Rs 6,070 - Rs 6,650 for the MCX Crude Oil futures; whereas, Natural Gas futures need to sustain above Rs 231 for the pullback to continue. READ

10:00 AM

Delhivery slips over 1% as 28 million shares exchange hands via block deal

At 09:15 am; around 28 million equity shares, which represented 3.8 per cent of total equity shares of Delhivery changed hands on the BSE, shows data. READ

 

9:52 AM

COMMENT: No positive triggers for markets but short covering possible

There is a tug of war going on between FIIs and DIIs now. During the last 5 sessions FIIs sold equity for Rs 10,049 crores; the DIIs matched this with buying for Rs 10,200 cores.

So, even though the institutional net buying is positive, the market has been trending down on negative sentiments and increasing short build up in the system.

Retail/HNI activity is subdued unlike in the last 2 years. There are no positive triggers to take the market higher, but short covering may happen since the market is oversold.

The only sensible investment strategy in this highly uncertain time is to slowly accumulate high quality stocks for the long-term, ignoring short-term volatility. Banks, capital goods and IT stocks can give good returns for the medium to long run.

Views by V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

9:44 AM

Escorts Kubota Feb sales rise 28% MoM to 7,811 units; stock erases gains

>> Domestic tractor sales in February 2023 grew 27.4 per cent MoM to 7,245 units.
>> Export tractor sales in February 2023 grew 32.2 per cent MoM to 566 units. 

 

9:42 AM

MOIL rises 1%; hikes price of manganese ore

It has hiked price of manganese ore (with manganese content of Mn-44% and above) by 8% from today.