Sensex and Nifty50 Index: Stock market snapped 7 days losing streak

 

Sensex and Nifty50 Index: The Indian stock market opened in a positive note today. The positive indication from the global market has lifted the domestic market in the morning and later it extended its early gains. In the end, the Nifty50 index closed above 11300 levels.

 

Sensex and Nifty50 Index today

The Nifty gained 170.55 points or 1.54% and at 113030.30 while Sensex was up by 479.68 points or 1.26% and at 38623.70. The Bank Nifty also gained 308.65 points and closed at 29177.05.

The Nifty midcap 100 index gained 2% while the smallcap 100 index gained 1.48% today. The midcap index gained 332.60 points and at 17004.35 whereas the smallcap index was up by 82.80 points and at 5689.90.

 

Nifty50 index stocks today

Today’s top gainers in the Nifty50 stocks are Vedanta, Zee Entertainment, Sun Pharma, Tata Steel, and Hindalco. The losers in the Nifty50 stocks are Bajaj Auto, Yes Bank, and ITC.

In the Nifty midcap space, the gainers for the day are Futures consumers, Indiabulls Venture and the losers are Tata Cons Prod, Castrol. In the Nifty smallcap the gainers are Tata Elexi, Sobha and the losers are Jain Irrigation, Jet Airways.

Among the sectors, the major gainers are Metal, Media, Automobiles, Healthcare, Construction Materials, Oil & Gas, Banks, and IT. Whereas the very few sectors are on losing side like, Aviation, Footwear, Paper, and Plastic Products are closed marginally lower today. 

FIIs are the net seller and DIIs are net buyers today in the cash market. FIIs sold Rs 2415.8 crores and DIIs bought Rs 3135.24 crores in the cash segment today.

 

Stocks in the news today

The Broking house Citi has maintained a buy rating on Voltas with a target price of Rs 794 per share. The share price of Voltas has gained 4.03% and closed at Rs 690.85 per share.

Hero Moto has reported its sales for February down by 19.3% as compared to the same period last year. The share price of Hero Moto has gained 4.02%  and closed at Rs 2054.85 per share.

Eicher Motors has reported that its 2 wheeler Royal Enfield sales rose by 1 % in February. The share price of Eicher Motors has gained 5.14% and closed at Rs 17888.45 per share.

Newgen Software Technologies has secured the patent for system and method for automatic quality assessment of digital documents. The share price of Newgen Software has gained 2.52% and closed at Rs 199.20 per share.

L&T’s power transmission and distribution business have bagged an order in Indian and abroad. The share price of L&T has gained 1.76% and closed at Rs 1181.30 per share.

Equitas Small Finance Bank has got SEBI approval to float IPO with a fresh issue of Rs 550 crores and offer for sale of 8 crore equity share. The share price of Equitas fell 1.41% and closed at Rs 105.25 per share.

Vodafone Idea pays around Rs 3043 crores to the government for spectrum dues. The share price of Vodafone Idea has gained 5.80% and closed at Rs 3.65 per share.

 

Pharma stocks in the news today

Morgan Stanley has maintained an overweight stance on Sun Pharma with a target of Rs 530 per share. The share price of Sun Pharma has gained 6.51% and closed at Rs 393.55 per share.

Zydus Cadila has received approval from DCCGI to initiate Phase I clinical trials for its Investigational New Drug (IND) ZYBK2, a new chemical entity (NSE) intended to treat Rheumatoid Arthritis (RA) The share price of Cadila has gained 4.08% and closed at Rs 260.35 per share.

As per the Reuters report, Pfizer Inc said that it has identified certain antiviral compounds it had in development that have the potential to inhibit coronavirus and is engaging with a third party to screen the compounds. The share price of Pfizer has gained 4.14% and closed at Rs 4422.85 per share.

Credit Suisse has maintained outperform on Lupin with a target price of Rs 810 per share whereas Morgan Stanley has maintained an overweight call on the stock with a target price of Rs 948 per share. The share price of Lupin has gained 3.14% and closed at Rs 649.60 per share.

 

Crude and Rupee updates:

The crude oil is trading higher today on the hopes of joint actions by G7 to fight the virus and to lift the markets. And secondly because of the OPEC meeting on March 6-7 to decide more output cuts. The Brent crude oil future is trading at $ 52.95 almost 2% up from yesterday’s close.

The Indian rupee closed at Rs 73.25 against the US dollar, the rupee has become weak by 0.57 paise today.

 

Conclusions

Indian stock market Sensex and Nifty50 index closed in the green today and snapped its 7 days losing streak. The market sentiments were positive in the morning as various Central Banks hinted stimulus package to counter an economic slowdown due to coronavirus.

In India, RBI said it is monitoring global and domestic developments closely and continuously and promised to take action in an appropriate time 

The US Federal Reserve has cut 50 bps interest rates today on March 3 in a surprise move ahead of his next policy meeting. The move is to shield the world’s largest economy from the impact of the deadly coronavirus.

At 10.30 pm, European markets closed 1% higher whereas US markets are trading down even after the announcement of the interest rate cut, Nasdaq is down 1.5%. The SGX Nifty is trading at 36.50 points higher. Tomorrow if the Asian market opens in the green then we can see another positive trading session in the Indian market.

If you like the post please share it with others

 

You may also like to read, Your Stock Broker will never say these Hidden Charges.

Nifty and Bank Nifty share price in Futures for 4th March

Indian Share Market hit by Coronavirus spread

Happy Investing!!

Editor’s desk