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Share Market LIVE: Sensex begins trading above 51,500, Nifty just shy of 15,200; broader markets outperform – The Financial Express

Sensex, Nifty were trading with gains
(image: Reuters)
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices began Tuesday’s trading session with gains. S&P BSE Sensex was above 51,500 reaching fresh all-time highs. Nifty 50 was just shy of 15,200. Among top gainers on Sensex were Infosys, ONGC, and IndusInd Bank. On the other hand, State Bank of India, Kotak Mahindra Bank, and Mahindra & Mahindra were the top drags. Future Retail surged nearly 10% after Delhi HC’s allowed Future Group to proceed with the RIL deal. India VIX was inching higher. In what can be seen as a breather for Kishore Biyani’s Future Group, a division bench of The Delhi High Court stayed the order passed by a single judge earlier this month. The earlier order had directed Future Group to maintain the status quo till further order in the Reliance Retail and Future Group deal. The move will help Future Group go ahead with the transaction and seek necessary approvals. The deal between Kishore Biyani and Mukesh Ambani will now look for approval from the NCLT. Hearings in the matter by the division bench would now commence from February 26.
“It is important to appreciate the fact that even in 2021 the Bull run continues to be global. But in February India has outperformed most markets and this can be attributed to the optimism generated by the excellent budget. Bank Nifty’s outperformance stems from the better than expected Q3 numbers from banks. A large number of retail investors are recklessly day-trading in the market. This is not a healthy trend. Trading is for professional traders, not for retail investors. In the stock market, wealth is generated by remaining invested in quality stocks for long period. Timing the market is difficult, almost impossible, as proved by the current rally,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Sensex began the day’s trade above 51,500 for the first time ever. Nifty 50 was just shy of the 15,200 mark. India VIX was seen gaining 0.55%.

Sensex was back in green, surging more than 100 points. Nifty too was in the positive territory. 

Nifty AUTO, METALS and INFRA indices helped the market to close higher. From the basket of defensive sectors, we saw solid gains for the IT index. FMCG and PSU Banks marginally closed in the negative territory. 

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Minutes into the opening session, Sensex was trading flat with a negative bias while Nifty was still in green.

Sensex and Nifty began the pre-open session on Tuesday with gains. Nifty was above 15,200 while Sensex zoomed past 51,500.

Among companies reporting their quarterly earnings today will be, Adani Ports, Tata Steel, Burger King, Abbot India, AkzoNobel, Aster DM, BASF India, Berger Paints, Future Retail, Lemon Tree, J&K Bank, Central Bank, Torrent Power, TCI Express, etc.

Domestic equity market benchmarks BSE Sensex and Nifty 50 have been rallying for six consecutive sessions now, driven by Union Budget optimism. Indian share markets are likely to open flat to positive in Tuesday’s session. S&P BSE Sensex reached a fresh all-time high on Monday and closed above the 51,300-mark for the first time ever. While the broader 50-stock NSE Nifty too claimed fresh highs and closed above 15,100. The broad-based rally was supported by positive global cues, progress in US fiscal stimulus talks and continued buying by foreign portfolio investors (FPIs). 

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Rating agency Icra expects the uptick in securitisation volumes to continue in the coming quarters. It witnessed 61% sequential growth during the December quarter (Q3FY21). Ever since the sharp fall in domestic volumes in Q1FY21, the securitisation market has been on a path of revival on a sequential basis, the credit rating agency said. The number of originators that undertook securitisation has also improved to 50 in Q3 FY2021 as against 45 and 18 in Q2 and Q1 FY21, respectively.

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“Brent surged though $60/barrel like a hot knife through butter – continuing the positive momentum from last week. Progress on US stimulus and optimism around the rollout and effect of vaccines across the remainder of 2021 and a slightly weaker US dollar helps the view albeit there was mixed news on the impact of the current vaccines formulated on the emerging South African variant,” said Stephen Innes, Chief Global Market Strategist at Axi.

A total of 219 BSE-listed companies including Adani Ports, Tata Steel, Berger Paints, Muthoot Finance, Max Financial India, Indian Overseas Bank, Endurance Technologies and Torrent Power, among others, are scheduled to announce their October-December quarter earnings today.

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The industry base for FY22F/23F is ~14%/4% below FY19 levels and we expect a recovery as the economy improves, although we expect it to be slow due to ~20% price increase in the past 12 months. Near-term concerns are weak industry retail trends perhaps impacted by shift in marriage season and margin pressures due to ~300bp cost increases. Execution on market share gains in scooters/ premium and exports are key upsides to watch. We do not expect any significant contribution from the HD deal over the next three years (2.5K sales in FY20), until new products are developed.

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“Though Nifty placed at the all-time high, there is no indication of any reversal pattern forming at the highs. The market has completely negated bearish reversal pattern of previous week on the weekly chart and closed higher. As happened in the past, one may expect a formation of another reasonable bull candle in this week (weekly chart). The underlying trend of Nifty continues to be positive and one may expect further upside in the short term,” said Nagaraj Shetti, Technical Research  Analyst, HDFC Securities.

So far, the Competition Commission (CCI) and the Securities and Exchange Board of India (Sebi) have given their approval for the deal. The deal now requires the approval of the National Company Law Tribunal (NCLT), which was effectively stalled by the single judge’s February 2 order.

The Delhi High Court’s division bench on Monday stayed the single judge’s order passed on February 2, which had directed Future Group to maintain status quo till further orders with regard to its `24,713-crore deal with Reliance Retail wherein it has sold certain retail assets to the latter.

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