Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed in positive territory. The NSE Nifty 50 closed 74.70 points or 0.34% higher to settle at 22,196.95, while the BSE Sensex gained 350 points or 0.48% to settle at 73,057.40. The broader indices closed in the green, with largecap and midcap stocks gaining the most. Bank Nifty index gained 558.70 points or 1.20% to settle at 47,094.20.
The NSE Nifty 50 closed 0.39% higher at 22,209.20, while the BSE Sensex closed 0.53% higher at 73,093.54.
The NSE Nifty 50 touched a new all-time high of 22,212.20. The index is above 22,200 for the first time.
THE NSE NIFTY 50 HITS AN ALL-TIME HIGH OF 22,204.50
Power Grid Corp, HDFC Bank, Axis Bank, NTPC, and SBI Life Insurance were the top gainers in the Nifty 50. On the flip side, Hero MotoCorp, Bajaj Auto, TCS, Coal India, and Eicher Motor were the key laggards in the Nifty 50 on February 20 during later hours.
The stock of Zee Entertainment Enterprises rose 15% to Rs 205.25 after the news reports said that the company has re-engaged with Sony to revive the $10 billion merger deal, which was called off on January 22.
The Rupee is expected to trade with a marginally negative bias due to the strong US Dollar and risk aversion in global markets. However, foreign inflows and positive domestic markets may support the Rupee at lower levels, said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.
market participants should watch out for the federal bank’s minutes of the meeting to be released on February 21. “USDINR spot price is expected to trade in a range of Rs 82.75 to Rs 83.20,” he said.
Shares of Federal Bank extended losses and fell 8.5% to Rs 149.15 after the company’s top management saw a rejig.
Power Grid Corp, HDFC Bank, Axis Bank, NTPC, and Apollo Hospital were the top gainers in the Nifty 50. Hero MotCorp, Bajaj Auto, Coal India, TCS, and Eicher Motor were the major laggards in the Nifty 50.
Commenting on USD-INR outlook Anand James, Chief Market Strategist, Geojit Financial Services said that, the 83 region appears sticky giving away no signs of directional moves. We would like to persist with a “buy on dips” approach while below 83, but slippage past 82.9 could change the bias.
The shares of BLS-e-services traded higher by almost 3% to Rs 405 in intra-day trade on Tuesday following the news that Renault India and BLS-e-services sign MOU to boost mobility in Rural India.
“Three dojis in as many days along with tentativeness in the 22175-22250 region pencilled in yesterday to offer resistance, suggest that there is adequate caution. This provides a platform for large upsides aiming 22450-550 initially. Alternatively, inability to float above 22118, which would be our downside marker for the day, could delay upsides, but with several congestion supports not far below, chances of a collapse is very low” said Anand James, Chief Market Strategist, Geojit Financial Services.
The sectoral-index Nifty Midcap 50 trades lowest among its peers. The stocks dragging the index are:
Shares of Hero MotoCorp fell almost 4% to Rs 4,662. The stock was the key loser in the Nifty 50. The stock has hit a 52-week high of Rs 4,949.05 on February 12.
NBCC (India) Limited has been awarded a contract valued at Rs 560.00 crore for the construction of the Permanent campus of NIT Sikkim at Dung dung Khamdong, Gangtok, Sikkim, by the National Institute of Technology, Sikkim. In intra-day trade on Tuesday, shares rose by 2.41% to Rs 144.70 on the BSE.
Commenting on the Derivatives strategy, Anand James of Geojit Financial Services states that the Nifty weekly contract has the highest open interest at 23,000 for Calls and 22,000 for Puts, while monthly contracts show the highest open interest at 23,000 for Calls and 21,000 for Puts. The highest new Open Interest addition was observed at 22,200 for Calls and 22,100 for Puts in weekly contracts and at 22,200 for Calls and 22,000 for Puts in monthly contracts.
“FIIs increased their future index long position holdings by 4.15%, decreased future index shorts by -0.18%, and in index options, there was a 5.32% increase in Call longs, 6.65% increase in Call shorts, 10.89% increase in Put longs, and a 14.07% increase in Put shorts,” James added.
The sectoral index Nifty IT was trading lowest among its peers. The index was down 0.76% at 38,072.50 points.
Power Grid Corp, HDFC Bank, Grasim Industries, NTPC, and Axis Bank were the top gainers in the Nifty 50. On the other side, Hero MotoCorp, Bajaj Auto, Coal India, BPCL, and Cipla were the major laggards in the Nifty 50 on February 20.
The NSE Nifty 50 was trading higher by 21.90 points or 0.10% at 22,144, whereas the BSE Sensex gained over 180 points to 72,888.
Tech Mahindra announced to acquire 100% stake in Orchid Cybertech Services Inc. The target company is based out of the Philippines and is a customer experience firm. Tech Mahindra acquired it via its wholly-owned subsidiary.
Torrent Power plans to invest Rs 25,000 crore in developing four projects related to pumped storage hydro, green hydrogen, and solar energy generation in Uttar Pradesh. The Share of Torrent Power traded down by almost 2% to Rs 1,153.20 in the intra-day trade on Tuesday.
Power Grid Corp, HDFC Bank, Kotak Bank, Apollo Hospital, and Grasim Industries were the top gainers in the Nifty. On the flip side, Hero MotoCorp, Coal India, BPCL, Cipla, and Eicher Motor were the key losers in the Nifty 50 on February 20.
Vibhor Steel Tubes made a remarkable debut on the stock exchanges on February 20, opening at Rs 425 with an impressive 181% premium. The bidding for retail investors commenced on February 13 and concluded on February 15, resulting in the company raising Rs 72.17 crore by offering a total of 4.8 million shares.
Interestingly, the company’s shares had already been commanding a premium of 93% in the grey market, an unofficial platform where shares are traded before their official listing on the stock exchanges.
CIE Automotive reported a 0.29% decline in revenue at Rs 2,240.39 crore YoY in the third quarter, with a 9.12% decrease in net profit at Rs 177.05 crore. The company’s board has approved a final dividend of Rs 5 per share.
LTIMindtree has introduced Navisource.AI, a GenAI-powered autonomous sourcing platform. The platform aims to reduce overall procurement costs by 10-15%. The shares of LTIMindtree gains over 1% to the intra-day high of Rs 5,590 on Tuesday.
During the early trading hours on Tuesday, Federal Bank Ltd. witnessed a 6% decline in its shares, prompted by a notable top-level reshuffling at its private counterpart, Kotak Mahindra Bank, the previous evening.
Kotak Mahindra Bank made a formal announcement to the exchanges, disclosing the elevation of KVS Manian, the current Whole-time Director at the bank, to the role of Joint Managing Director. Additionally, Shanti Ekambaram, also holding the position of Whole-time Director, has been promoted to Deputy MD within the bank.
