Stock Market Live: Sensex, Nifty & Bank Nifty trading flat amid volatility
Stock Market Live Updates Today 28 Feb 2023: Indian stock markets made a cautious start ahead of India’s Q3 GDP number for the current fiscal year 2022-23, which is due later in the day. The Nifty index today opened at 17383.25 levels down by 9.45 points while Sensex made a slightly higher opening of 58.26 points at 59346.61 levels. Soon after opening markets turned volatile and are currently trading with minor cuts.
Markets sentiments were hit as ICRA Ratings said India Inc`s operating profit margin narrowed by a sharp 2.37% in the December quarter to 16.3% on an annual basis due to high inflation and rising energy costs. Some cautiousness was also seen as FIIs are continuously selling in the Indian stock markets.
However, markets gained some traction and were trading higher with notable gains in early deals as traders bet on recent beaten-down but fundamentally strong stocks. Also, the Indian rupee strengthened against the U.S. dollar in early deals on the back of a possible RBI intervention in the foreign exchange market helped to pause the greenback`s rally.
Stock Market Live Today
Stock Market Live at 12 pm IST, the Indian stock market indices, Sensex and Nifty are trading marginally lower by 0.11 percent and 0.08 percent respectively. The Bank Nifty is also slightly down by 0.10 percent at 12 pm IST. The broader markets are trading higher now, as Nifty midcap and smallcap indexes are trading up by 0.61 percent and 0.42 respectively.
Among the sectors, Nifty Media, Auto, and Realty are trading higher whereas Energy, FMCG, and Metals are trading in the red. The top three gaining stocks in the Nifty50 index are Adani Enterprise, Adani Port, and Asian Paints and the losing stocks are Cipla, Hindalco, and Coal India
Stocks in News Today
The shares price of Triveni Glass hit a 5 percent upper circuit at Rs 22.60 on February 28 after news that the company will invest Rs 1,000 crore to set up an 840-tonne-a-day solar glass manufacturing plant in Andhra Pradesh. The plant will be set up at Pangidi in the East Godavari district, which will create 2,000 jobs according to the news
Mastek has signed a strategic partnership with Netail, to help e-commerce and omnichannel retailers optimize their retail value chain and thereby attract, convert, and retain digital consumers. The share price of Mastak is trading higher by 2.55% at Rs 1677 per share
The research house Morgan Stanley has given an ‘Overweight’ rating on the stock of Dr. Reddy’s Labs with a share price target of Rs 5,099 per share. The acquisition of Mayne Pharma’s US generic business is expected to be value accretive, as it should bolster the company’s US portfolio with few high-valuation, low-competition products, the foreign research house said. The share price of Dr. Reddy’s Labs is trading lower by 0.40% at Rs 4403 per share
Also, read Best Stock Market Books You Must Read-2023
Trade Setup for Tuesday 28 Feb: Stock Market News
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