The domestic stock market hit new high during a special trading session on Saturday. Both Sensex and Nifty reached record levels, with Nifty closing above 22,370. Sectors like media, metals, and consumer durables saw gains, while banking and financial services stocks struggled.
This special session was conducted by the NSE and BSE to test their disaster recovery preparedness. It was divided into two parts, with trading switching between the main site and a backup site to ensure smooth operations in case of emergencies.
In the barometer index, the barometer index, the S&P BSE Sensex up 60.80 points or 0.08% to 73,806.15. The Nifty 50 index added 39.65 points or 0.18% to 22,378.40.
The Sensex clocked an all-time high of 73,994.70 while the Nifty hit record high of 22,419.55 in today's special trading session.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.67% and the S&P BSE Small-Cap index added 0.70%.
The market breadth was strong. On the BSE, 2,466 shares rose and 965 shares fell. A total of 126 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 1.59% to 14.99.
Economy:
India's Goods and Services Tax (GST) collection continued to show strong growth. February 2024 saw a 12.5% increase in total GST revenue compared to February 2023, reaching Rs 1.68 lakh crore. This growth is fueled by both domestic transactions (up 13.9%) and imports (up 8.5%). After accounting for refunds, the net GST revenue for February 2024 is Rs 1.51 lakh crore, reflecting a 13.6% year-over-year increase.
Looking at the broader picture, the total GST collection for the current fiscal year (up to February 2024) stands at Rs 18.40 lakh crore, exceeding the previous year by 11.7%. The average monthly collection so far is Rs 1.67 lakh crore, surpassing the previous year's average of Rs 1.5 lakh crore.
Global Markets:
US stocks rose on Friday, with the S&P 500 and Nasdaq closing at record highs, as technology stocks rallied on continued enthusiasm for artificial intelligence, with further support from declining Treasury yields.
Stocks in Spotlight:
Info Edge (India) declined 1.23% after the Google removed the company's mobile apps, including Naukri, 99acres, and Shiksha, from the Play Store. The company claims they were surprised by the removal and didn't receive proper notice. They're working with Google to get the apps back on the store as soon as possible. Existing users can still use the apps they already downloaded. This removal only affects the Google Play Store, users on other app stores or web platforms are unaffected.
Maruti Suzuki India shed 0.41%. The company's total production rose to 1,78,261 units in February 2024, as compared to 1,59,873 units in February 2023.
Hero MotoCorp advanced 1.52% after the company's sales rose to 468,410 units in February 2024 as compared to sales of 394,460 units in February 2023.
Asian Paints added 0.62%. The company has received the letter allotting the land admeasuring 166 acres (approximately) situated at Pithampur, Madhya Pradesh, for setting up the paint manufacturing facility, subject to such other approvals and clearances, as may be required.
Aurobindo Pharma rallied 4.83% after the drug maker received USFDA approval to manufacture and sell Fingolimod capsules. This drug is a generic equivalent to Novartis's Gilenya, used to treat relapsing forms of multiple sclerosis by reducing flare-ups and slowing disability progression.
Cipla rose 0.85%. The US Food & Drug Administration (USFDA) conducted a pre-approval inspection at the manufacturing facility of Cipla (Jiangsu) Pharmaceutical Co., located in Qidong, Jiangsu Province, China from 26 February 2024 to 1 March 2024. Cipla (Jiangsu) Pharmaceutical Co. is a subsidiary of the company. The inspection has been concluded with zero Form 483 observations, stated the drug maker.
Infosys added 0.01%. The company and PROG Holdings, Inc. announced an agreement that is expected to evolve and scale PROG Holdings technology operations as an integral part of the companys ongoing cloud- and AI-focused technology modernization and innovation efforts. The collaboration will enable PROG Holdings to take advantage of Infosys digital services, including cutting-edge technologies, which PROG Holdings believes will help it realize operational efficiencies, accelerate technology enhancements, and improve speed to market.
Axis Bank fell 0.27%. The bank proposes to raise funds by issuing fully paid, senior, rated, listed, unsecured, taxable, redeemable, long term non-convertible debentures (Series-7). Base issue size of Rs. 1000 crore and green shoe option to retain over subscription of Rs 3000 crore, thereby aggregating upto Rs 4000 crore.
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