Almost a year after its tepid listing on the stock exchanges amid a sharp global sell-off, SBI Cards and Payment Services stock price is now trading at a 49% premium to its issue price of Rs 755 per share. In just 2 months of 2021, the second-largest card player in India has seen its stock price jump 32%. Now, after rallying strong, will shares of SBI Cards and Payment Services continue to ride the bull mark or have they maxed out their limit? Domestic brokerage and research firm Motilal Oswal, initiating coverage of the stock believes there’s little leg-room for the stock left on the upside. Currently, the stock trades at Rs 1,116 apiece.
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Gold prices in India edged lower in Tuesday’s session as analysts believe that risk-on sentiment on prospects for stimulus and vaccine-fuelled economic recovery have dimmed the appeal of safe-haven assets. On MCX, gold April futures were trading Rs 208 or 0.46 per cent down at Rs 45,100 per 10 grams.
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Conventionally, the real estate sector in India has been a highly preferred asset class for a majority of Indian investors with a possible appreciation of property values. However, real estate transactions in India come with its own set of risks. Buying a property in the country requires large capital investment. Similarly, real estate investments are also illiquid assets to an extent that they cannot be immediately converted into cash at the desired price-point.
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Heranba Industries’ Rs 625-crore IPO, which was subscribed a massive 83.29 times, is likely to finalise the basis of share allotment on Tuesday, March 3, 2021. The issue was sold in the price band of Rs 626-627 per share from February 23 to 25. Equity shares of the Gujarat-based crop protection chemical manufacturer are expected to be listed on March 5 on bourses.
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Finance Minister Nirmala Sitharaman Yesterday asked civil accounts officers to have a roadmap for seamless digital payments while adding that there are lessons to be learnt from the ‘technology-driven glitch’ that happened at National Stock Exchange last week. ‘Seamlessness of payments is more important,… I will bring it here as an example to say even where complete foolproof systems are laid, you find in NSE a couple of days ago when there was a glitch, a kind of technology-driven glitch, which nobody could have anticipated, but that glitch has cost us immensely and lessons are being learnt,’ she said.
The rupee opens flat at 73.45 against the US dollar in opening trade this morning, yesterday it weakened till 73.78 levels. Markets will be eyeing Federal Reserve Chairman Jerome Powell’s comments this week on how the Fed assuages the bond market selloff. Technically, USDINR March Future closed at 73.75 on the previous trading session, the market could see bearish retracement up to 73.50 levels and took support of the same and start rebounding towards 74.10 in today’s session. It is facing the resistance of 200 days SMA at 74.04 levels and taking the support at 73.40 level which is 100 days SMA. Asian equities have opened higher as US announced $1.9 stimulus package. Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research Limited
Technically, the shift of trend is imminent. A move above 73.70-80 levels would confirm reversal in the medium term trend to bullish. On the lower side, immediate support lies at 73.20 levels. The surge in the momentum suggests returning of the volatility, which could sustain atleast for March month. Importers can target to buy on every dip till 73.20 levels until the pair is holding 73.00 mark. However, exporters can participate around 73.70-80 levels.: Amit Pabari, managing director, CR Forex Advisors
In the brief fight between equity bulls and bond bears, it appears that equity bulls have won, at least in the first round. The US 10-year yield has stabilised at around 1.4 per cent emboldening the equity bulls to come back with force pushing the US benchmark indices sharply higher on Monday. Equity bulls in India are likely to take cue from this positive global backdrop. Adding to the global positivity, there are many domestic positive economic news like Rs 1.3 lakh crore GST collections in Feb, Rs 77000 cr from the first day of spectrum auction, declining crude prices and reasonably good news from auto sales in Feb. In brief, advantage bulls! :V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
We are currently trading in the resistance zone of the Nifty. This range which is between 14850-14950 needs to be conquered if the markets want to resume the uptrend. We need to close above 14950 at the very least. On the flip side if we turn around from here, fresh shorting opportunities will emerge and take the markets south to levels closer to 14500.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
All the Nifty sectoral indices were trading in the positive territory. Nifty IT index was top sectoral gainer, up 1.64 per cent, followed by Nifty Bank and Nifty Realty indices.
While ONGC, Power Grid Corporation of India, Housing Development Finance Corporation (HDFC), Bajaj-Auto and ITC were the index laggards.
Top BSE Sensex gainers were Bajaj Finance, Tech Mahindra, M&M, HDFC Bank, Bajaj Finserv, TCS, Infosys among others.
BSE Sensex jumped 244 points or 0.49 per cent to 50,248, while the broader Nifty 50 index was ruling at 14,840, rising 79 points or 0.53per cent on Tuesday.
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COMEX gold trades about 0.9% lower near $1706/oz after a 0.3% decline yesterday. Gold remains pressurized by firmness in US dollar, higher bond yields and continuing ETF outflows. However, supporting price is progress on US stimulus, loose monetary policy stance of central banks and increased inflation expectations. Gold multiple attempts at pullback have failed indicating the strength of bears and this may not change unless the US dollar corrects sharply.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
Top BSE Sensex gainers were Bharti Airtel, M&M, TCS, HDFC Bank, Tech Mahindra and Reliance Industries Ltd (RIL) among others in pre-open on Tuesday.
BSE Sensex jumped 438 points to 50,287, while the broader Nifty 50 index crossed 14,950, rising 206 points in the pre-opening session on Tuesday.
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Nifty futures were trading 72.50 points or 0.49 per cent higher at 14,865.50 on Singaporean Exchange, indicating a positive opening for BSE Sensex and Nifty 50 on Tuesday. Indian stock market will continue to take cues from global peers, in absence of any major domestic event.
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On the first day of March, foreign institutional investors (FIIs) net bought shares worth Rs 125.15 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 194.88 crore in the Indian equity market.
State-run Power Grid Corporation (PGCIL) on Monday said its board has approved an interim dividend of Rs 4 per share for 2020-21.The interim dividend shall be paid to the members on March 30, 2021, the company said in a BSE filing.
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Equity indices reversed some of last week’s losses, starting the week and the new month on strong footing. S&P BSE Sensex now sits with 49,849 points while the stock NSE Nifty 50 is above 14,750. On Tuesday morning, SGX Nifty was trading 91 points higher, hinting at a gap-up start for markets, following the positive movement recorded on Wall Street yesterday. But, Sensex and Nifty might not be out of the woods yet. “Technically, we would consider this as a pullback move as of now as we have a ‘Lower Top Lower Bottom’ structure on Nifty and until that is violated again, we are not out of the woods yet,” said Ruchit Jain, Senior Analyst – Technical and Derivatives, Angel Broking.
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On Wall Street, the S&P 500 surged on Monday in its strongest one-day gain since June as bond markets calmed after a month-long selloff, while another COVID-19 vaccine getting US approval and fiscal stimulus bolstered expectations of a swift economic recovery. The Dow Jones Industrial Average surged 1.95 per cent, while the S&P 500 gained 2.38 per cent. The Nasdaq Composite jumped 3.01 per cent.
Stocks in Asia-Pacific markets were trading higher in Tuesday’s early trade, mirroring the strong overnight gains on Wall Street. South Korea’s Kospi jumped 1.82 per cent while Hong Kong’s Hang Seng index advanced 0.28 per cent.
Nifty futures were trading 87 points or 0.59 per cent to 14,880 on the Singaporean Exchange.
From a monthly low of just over Rs 32,000 crore in April 2020, the collections had gradually picked up; since September 2020, the mop-up has been higher than the year-ago levels and for the last five months, the revenues have been above the Rs 1-lakh-crore mark. “During the month (February), revenues from import of goods was 15% higher and the revenues from domestic transaction (including import of services) are 5% higher than the revenues from these sources during the same month last year,” the government said in a statement.
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