Share Market HIGHLIGHTS: Sensex ends 790 pts lower, Nifty slides below 22,000 dragged by financial stocks; all sectors in the red
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty50 and Sensex took losses to the tune of around one per cent on Wednesday, amid across-the-board selling on Dalal Street. Globally, investors awaited a key GDP reading from the world's largest economy, due later in the day, that may determine the course of benchmark interest rates.
Back home, official data on India's GDP in the quarter ended December 31, 2023, is due post-market hours on Thursday.
Catch all the highlights of the February 28 session on Dalal Street, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock recommendations, and much more only on Zeebiz.com's blog:
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty50 and Sensex took losses to the tune of around one per cent on Wednesday, amid across-the-board selling on Dalal Street. Globally, investors awaited a key GDP reading from the world's largest economy, due later in the day, that may determine the course of benchmark interest rates.
Back home, official data on India's GDP in the quarter ended December 31, 2023, is due post-market hours on Thursday.
Catch all the highlights of the February 28 session on Dalal Street, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock recommendations, and much more only on Zeebiz.com's blog:
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Share Market Today: Broader indices Nifty Midcap 100, Nifty Smallcap 100 tank nearly 2%
| Index | Feb 28 close | Change (%) |
| NIFTY 500 | 20,020.40 | -1.34 |
| NIFTY MIDCAP 100 | 48,089.10 | -1.94 |
| NIFTY SMALLCAP 100 | 15,875.15 | -1.87 |
The Nifty 500, the broadest index on NSE, finishes the day with a loss of 1.3 per cent.
Share Market Today: Barring HUL, Bharti Airtel, TCS, Infosys, all Nifty50 stocks in the red
Top Nifty losers
| Index | Feb 28 close | Change (%) |
| POWERGRID | 280.15 | -4.22 |
| BAJAJ-AUTO | 8,140.00 | -3.82 |
| APOLLOHOSP | 6,370.80 | -3.77 |
| EICHERMOT | 3,860.00 | -3.57 |
| INDUSINDBK | 1,446.05 | -3.15 |
| MARUTI | 11,160.00 | -2.96 |
| WIPRO | 515.8 | -2.94 |
| BPCL | 607.1 | -2.87 |
| JSWSTEEL | 797.2 | -2.66 |
| ADANIENT | 3,218.90 | -2.53 |
| ADANIPORTS | 1,296.00 | -2.52 |
| ASIANPAINT | 2,789.50 | -2.45 |
Nifty gainers
| Index | Feb 28 close | Change (%) |
| HINDUNILVR | 2,423.85 | 0.77 |
| BHARTIARTL | 1,129.25 | 0.16 |
| INFY | 1,666.00 | 0.14 |
| TCS | 4,109.90 | 0.13 |
Share Market Today: All sectoral indices in the red
NSE
| Index | Feb 28 close | Change (%) |
| NIFTY MEDIA | 2,068.75 | -3.46 |
| NIFTY PSU BANK | 6,840.60 | -2.3 |
| NIFTY REALTY | 909.5 | -2.11 |
| NIFTY OIL & GAS | 11,441.60 | -2.08 |
| NIFTY AUTO | 20,372.35 | -2 |
| NIFTY METAL | 7,850.35 | -1.88 |
| NIFTY PRIVATE BANK | 23,019.00 | -1.51 |
| NIFTY BANK | 45,963.15 | -1.34 |
| NIFTY FINANCIAL SERVICES | 20,340.40 | -1.03 |
| NIFTY HEALTHCARE INDEX | 12,025.60 | -0.92 |
| NIFTY FMCG | 53,824.90 | -0.89 |
| NIFTY PHARMA | 18,942.55 | -0.64 |
| NIFTY IT | 37,741.75 | -0.34 |
| NIFTY CONSUMER DURABLES | 31,983.90 | -0.33 |
BSE
| Index | Feb 28 close | Change (%) |
| S&P BSE Utilities | 5,396.83 | -2.82 |
| S&P BSE POWER | 6,523.84 | -2.35 |
| S&P BSE OIL & GAS | 27,634.75 | -2.19 |
| S&P BSE REALTY | 7,181.63 | -2.12 |
| S&P BSE Energy | 11,967.80 | -2.06 |
| S&P BSE AUTO | 46,732.43 | -1.96 |
| S&P BSE Telecommunication | 2,440.05 | -1.92 |
| S&P BSE Services | 1,370.45 | -1.89 |
| S&P BSE Commodities | 6,495.74 | -1.85 |
| S&P BSE METAL | 26,667.06 | -1.76 |
| S&P BSE Consumer Discretionary | 8,420.98 | -1.69 |
| S&P BSE Financial Services | 10,119.44 | -1.4 |
| S&P BSE Industrials | 12,159.23 | -1.39 |
| S&P BSE BANKEX | 52,222.50 | -1.27 |
| S&P BSE CAPITAL GOODS | 57,046.15 | -1.07 |
| S&P BSE Healthcare | 35,318.19 | -0.99 |
| S&P BSE Fast Moving Consumer Goods | 19,396.30 | -0.94 |
| S&P BSE CONSUMER DURABLES | 51,017.48 | -0.57 |
| S&P BSE Information Technology | 38,345.31 | -0.42 |
| S&P BSE TECK | 16,951.93 | -0.3 |
Share Market Today: Sensex ends 790 pts lower at 72,305, Nifty slides to 21,951; all sectors in the red
Both headline indices finish the session 1.1 per cent lower.
The Sensex sheds 790.3 points for the day to end at 72,304.9 and the Nifty settles at 21,951.2, down 247.2 points from its previous close.
Nifty50
Sensex
Images: BSEIndia.com, NSEIndia.com
Share Market Today LIVE | Sensex falls over 850 pts, Nifty cracks below 21,950 dragged by financial stocks
Share Market Tips LIVE | Buy D Link (India), KNR Constructions shares, says Vikas Sethi
Vikas Sethi of Sethi Finmart recommends buying D Link (India) shares for a target of Rs 325 with a stop loss at Rs 290. Besides, recommends buying KNR Constructions shares for a target of Rs 295 with a stop loss at Rs 270.
Nifty Today LIVE | SBI, Bajaj Finance, Axis Bank, HDFC bank among top drags
SBI, Bajaj Finance, Axis Bank, HDFC bank, and RIL are among the top drags in the Nifty baskets at this hour. On the contrary, TCS, Tata Motors, Bharti Airtel, L&T, and ICICI Bank are the top movers in the Nifty baskets at this hour.
Here's a look at the heatmap in the 50-scrip universe by weight:
Source: NSE
Share Market Today LIVE | Is S&P 500 in a bubble zone? JP Morgan says the index's rally is at risk
In the past four months, there has been an impressive rally in the US benchmark index, the S&P BSE 500. The index, which is widely regarded as the best single gauge of large-cap US equities, has jumped over 20 per cent since November 2023 (from 4,200 to 5,111), according to Zee Business Research.
The index includes 500 leading companies in the US and covers approximately 80 per cent of the available market capitalisation. The benchmark index hit a new high of 5,111 on February 23, thanks to the continuous good performance of S&P 500 companies and their encouraging guidance. The index's one-year return stands at 5 per cent while the three-month return is 11 per cent.
However, global brokerages are divided on the S&P 500's outlook. Barclays, for instance, is positive on the index and has increased its target for 2024 to 5,300 levels from the previous 4,800 mark. JP Morgan, on the other hand, says that the rally is at risk. Read more
Share Market Tips LIVE | This infrastructure firm bags Rs 200 crore order for supply of solar structures - details
Steel structural manufacturer and EPC infrastructure company Salasar has won an order worth Rs 200 crore from ZETWERK Business Private Limited. The order pertains to the supply of 25,000 MT of solar structures, according to an exchange filing by the company. The project is expected to be completed within 12 months.
Earlier, a joint venture of state-owned RVNL and Salasar emerged as the lowest bidder for a transmission project worth Rs 174 crore in Madhya Pradesh. In a BSE filing, Rail Vikas Nigam Ltd (RVNL) said it holds a 51 per cent stake in the JV while STEL has the remaining 49 per cent stake.
"RVNL-Salasar JV emerges as the lowest bidder (L1) from Madhya Pradesh Power Transmission Company Ltd for construction of 132 KV and 220 KV transmission lines and associated feeder bays on a total turnkey basis in eastern MP," RVNL said in the filing. Read more
Share Market Today LIVE: Motilal Oswal Financial Services initiates coverage on newly-listed Cello World
Cello World shares are down 3.4 per cent at Rs 846.3 apiece on BSE, having declined as much as 3.5 per cent to Rs 845.2 apiece earlier in the day.
Motilal Oswal Financial Services has initiated coverage on the recently-listed stock with a 'buy' rating and a target of Rs 1,100 apiece.
The brokerage's target indicates a 25.6 per cent upside in the stock from Tuesday's close.
Share Market Tips LIVE | This smallcap cement company falls 9% as OFS opens for retail investors; 1-year return at 1738%
Andhra Cements shares dropped as the company’s offer for sale (OFS) opened today for the retail investor class. Shares of the company trade with a gap down of nearly 8 per cent at Rs 103.8 per share on the BSE, while at the day’s low the stock plunged 9 per cent to Rs 102.4.
The stake sale was initiated on February 27 and the release by the company said that the divestment process will be completed onwards till February 28, 2024 or the actual date of completion of sale of all Equity Shares, in a single or multiple trenches.
“The aggregate promoter shareholding as on February 26, 2024 is 95% of the total paid-up equity share capital of the company. Post completion of the aforesaid sale, the aggregate promoter shareholding in the Company would be reduced to 90% of the total paid-up equity share capital of the company,” noted the company’s filing. Read more
Share Market Today LIVE | Tanla Platforms extends partnership with Truercaller; stock rises
Tanla Platforms shares trade 1.28 per cent or Rs 12.75 higher at Rs 1,010 on BSE after the Cloud communication provider announced it had extended its partnership with Truecaller for business messaging. The two companies have been in partnership since 2002.
"Tanla India’s leading CPaaS provider is pleased to extend an exclusive partnership with Truecaller for business messaging," Hyderabad-headquartered Tanla Platforms said in a a regulatory filing post-market hours on Tuesday. Read more
Anil Singhvi decodes why Bitcoin has soared 125% in 8 months and 25% in 1.5 months
The coronavirus pandemic saw the rise and fall of the cryptocurrency Bitcoin. The cryptocoin skyrocketed around 300 per cent in 2020 and over 64 per cent in 2021. But once the World Bank and local governments across the globe denied recognising cryptocurrency, including Bitcoin, as legal tender, the rise of Bitcoin, like many other cryptocurrencies, hit a roadblock. In 2022, the Bitcoin price slumped by more than 65 per cent, and it appeared that the game was over for the cryptocurrency.
Anil Singhvi on why Bitcoin regained momentum
Market wizard Anil Singhvi said that Bitcoin gained momentum when BlackRock, one of the world's leading investment management firms, announced launching a Bitcoin Exchange Traded Fund (ETF) in June 2023.
"Bitcoin was trading at $25,000 at that time. But a proposal coming from as big a wealth management company as BlackRock sparked people's interest in Bitcoin," said Singhvi.
"Bitcoin had a problem: if you forgot the password, it was bad for you. On the other hand, there was always a danger of it being hacked. But once BlackRock announced launching an ETF, people thought that those two risks were gone," said Singhvi. Read more
सिर्फ 8 महीनों में 125% रिटर्न
और 1.5 महीने में 25% रिटर्न
Bitcoin में क्यों लगी आग? #Bitcoin #CryptoCommunity #cryptocurrency pic.twitter.com/vVuw0ODm45
— CA Anil Singhvi Zee Business (@AnilSinghvi_) February 28, 2024
Share Market Today LIVE | BGR Energy Systems locked in 10% lower circuit; here's why
Shares of BGR Energy Systems trade 9.26 per cent at Rs 55.4 on BSE. The downtrend in the stock can be attributed to the following two reasons:
1. Resignation of four independent directors with immediate effect
On Tuesday, after market hours, the company, through an exchange filing, said that its four directors—M. Gopalakrishna, S.A. Bohra, Gnana Rajasekaran, and S.R. Tagat—had tendered their resignations.
2. Promoter sells stake
Promoter Sasikala Raghupathy offloaded 50.76 lakh, which implies 3.3 per cent equity shares at Rs 64.95 per share. In February, according to Trendlyne data, Sasikala Raghupathy sold 5,076,571 shares on the NSE for Rs 64.95 per share. Read more