Stock Market Live: Sensex wins over 200 points, Nifty around 15,400 led by metals, PSU banks

Yash Gupta Equity Research Associate, Angel Broking

Nureca classifies their product portfolio under the 5 categories, such as products for chronic equipment, orthopedic products, mother and child, nutritional supplements and lifestyle products. Under Covid-19, the company’s products such as oximeter, glucose meter, nebulizer and BP monitor were categorized under the essential goods and their operation was not closed during this pandemic.

On the valuation front, the company comes with an IPO at a price of 400 crores with PE levels of 43.7 on FY2020 basis, even the company has performed very well in the first half of FY2021 also due to COVID-19. We have positive prospects for the IPO.

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking

Although the overall trend has been strongly bullish and the markets are not willing to correct at all, it would be very difficult to provide greater upward levels from here. We can observe a resistance cluster in the zone 15,380 – 15,500, which is 161% ‘Golden Ratio’ throughout the fall from Jan’20 highs to March ’20 lows. Therefore, we advise momentum traders to keep booking profits in the ongoing rally and keep an eye on positions. On the back, 15,250 – 15,150 should be seen as immediate supports. The largest support is at 15,000 and any crucial step below this level will lead to a decent profit booking in the market.

Yes, we agree with the fact that the bulls are completely in jail, but we do not want to be complacent at all. One must constantly keep track of all important levels and one should avoid aggressive games in the market.

Buzzing | BOI, IOB, Bank of Maharashtra, Central Bank of India shares accumulate over 10% each on privatization report

Share prices in Bank of India, Bank of Maharashtra, Indian Overseas Bank and Central Bank of India totaled more than 10 per cent each in early trading on Tuesday on reports that the government may privatize these banks. Nifty PSU Bank Index rose over 2 percent. The shares of Bank of Maharashtra were at 20 per cent upper circulation, Bank of India jumped over 10 per cent to reach 52 weeks high, the Indian overseas bank totaled 20 per cent and Central Bank of India rose above 15 per cent.

According to a Reuters report, the government has put together a list of these four medium-sized state-run banks for privatization under a new push to sell government assets and end public revenues.

However, government sources told CNBC-TV18 that the media report on the government shortlist of four medium-sized state-run banks for privatization was not correct and that the government has not yet identified PSBs for privatization. The process will take some time, the sources informed.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The index continued its upward momentum with yet another opening. We are constantly heading towards 15,500, which should be the next goal and resistance level for Nifty. While good support stands at 15,100, traders should lock in profits on a regular basis and update stops as well. As we are at market heights, any decline or correction can make markets volatile. Therefore, extreme caution must always be exercised.

India’s recovery wins steam, estimates recovery at 10% in FY22: S&P Global

S&P Global Ratings said on Tuesday that they estimate India’s economic recovery to be 10 percent in FY22. The flattening of the COVID-19 curve, the increase in public spending and better results from the agricultural sector have set the country on track for economic recovery in the financial year 2021-2022, it said. Consistently good agricultural performance, flattening of the COVID-19 infection curve and increase in public spending support the economy, it said. The Global Assessment Bureau also noted that India needs many things to be right for its recovery to continue. This includes the need to quickly and thoroughly vaccinate most of its 1.4 billion people. “The emergence of more contagious COVID-19 variants with the potential to avoid vaccine-derived immunity poses a major risk to the country’s recovery,” the agency said. More here

Edelweiss proposes an increased stake in medium and smallcap companies

Indian equities have been among the best possible markets globally. This is reflected in the doubling of frontline indices over the last 10 months. However, this has also led to large capsules becoming expensive in terms of history, valuations and width. Small and Midcap stocks have also risen and not only outperformed benchmarks, but continue to see more opportunities as the domestic economy fully recovers from COVID shocks. Recent policy decisions on economic revival may be more positive for midcap and smallcap stocks compared to large cap stocks, brokerage firm Edelweiss said in a recent note. Edelweiss believes that most of the foam has built-in large capital, with valuations pointing to depressed returns and consolidation, while there is more steam left in the wider market – especially medium and small capital. The brokerage firm recommends increasing the efforts of such firms. More here

Brookfield India REIT lists with 2% premium to Rs 281.70 per. Unit on NSE

Brookfield India Real Estate Trust was listed at Rs 281.70 per share. Unit, a premium of 2.44 percent at the issue price of Rs 275.00 per. Unit on the National Stock Exchange. The initial IPO of Rs 3,800 crore (Brookfield India Real Estate Trust) was subscribed 7.9 times by investors during the three-day bidding period ending on 5 February. The offer received bids of 60.5 crore units against the IPO size of 7.62 crore units. The portion allocated to institutional investors witnessed 4.8 times subscription, and the share of other investors was subscribed 11.7 times.

ONGC shares jump 5% after CLSA upgrades the stock and raises the target price

Shares of ONGC jumped 5 percent on Tuesday after global brokerage house CLSA upgraded the stock and raised its price. CLSA upgraded the stock to “surpass” from “sell” earlier and raised its target price to Rs 105 per share. Stock from Rs 90, indicating an upward 8 percent. The stock rose as much as 5 percent to its daily high of Rs 103.25 per share. Stock on BSE. The brokerage firm said EBITDA for the firm was 13 percent ahead of estimates of higher interest costs and an earlier tax provision. It also rose FY21 EPS due to stronger crude prices in Q4 and FY22-23 EPS bt 10-18 percent as it expects the formula-based domestic gas price to settle higher after the recent rally in gas prices at global hubs.

JUST IN: SAT remains SEBI’s order excluding Kishore Biyani from markets

Opening bell: Sensex violates 52,500 for the first time, Nifty at record high led by banking, IT stocks

Indian indices open at record highs on Tuesday, tracking a rally in Asian peers as bank and IT stocks lead to the broad-based gains. All sectors contributed to the gain with Nifty Bank leading, the index jumped 0.8 percent in early trades, while Fin Services, IT and Metal also rose over half a percent each. Sensex rose as much as 362 points to its new high of 52,516, while Nifty collected 101 points to its new high of 15,416. On the Nifty50 index, IndusInd Bank, Kotak Bank, ONGC, SBI and L&T were the biggest winners, while Bajaj Finance Axis Bank, Bajaj finserv, Eicher Motors and Infosys led the losses.

Here are some more global signals to look at this morning

Asia creates global stocks for expanded bull run on economic optimism

Asian equities advanced on Tuesday, putting world equities on track to extend their bull run to a 12th session in a row as optimism about the global economic recovery and expectations of low interest rates drive investment into more risky assets. Oil prices rose to a 13-month high as a freeze due to a severe snowstorm in the US, which not only increased demand for power but also threatened oil production in Texas. MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 0.45 percent, while Japan’s Nikkei rose 0.4 percent to a 30-year high. In Hong Kong, the Hang Seng index rose 1.79 percent to reach its 32-month high in its first trading session since Thursday after the lunar New Year holiday. The mainland Chinese markets will remain closed during the holidays until Thursday, while Wall Street was also closed on Monday. More here

Arohan Financial Services files IPO securities to raise Rs 1,800 crore

Kolkata-based microfinance provider Arohan Financial Services has submitted a draft red herring prospectus (DRHP) for its IPO. The problem size, according to a source, could be around Rs 1,750-1,800 crore. The company stated in its DRHP that it may raise Rs 150 crore via placement before the IPO, a source said. The public offering includes a new issue of Rs 850 crore and an offer to sell 2,70,55,893 shares of Maj Invest Financial Inclusion Fund II K / S, Michael & Susan Dell Foundation, Tano India Private Equity Fund II, TR Capital III Mauritius and Aavishkaar Goodwell India Microfinance Development Company II. Edelweiss Financial Services Ltd, ICICI Securities Ltd, Nomura Financial Advisory and Securities (India) Private Limited and SBI Capital Markets Limited are the books running lead managers (BRLMs) for the issue.

First, here’s a quick catch up on what happened in the markets on Monday

Indian stocks settled on highs on Monday with banking and financial stocks carrying broad-based gains. The sentiment was also lifted as Asian stocks hit record highs as successful coronavirus vaccine rollout globally raised hopes of a rapid economic recovery amid new fiscal assistance from Washington. Sensex finished 610 points higher for its record closing at 52,154, while Nifty rose 151 points to settle at the closing high of 15,315. Among sectors, Nifty Bank and Nifty Fin Services totaled 3-3.5 percent and raised benchmarks. However, Nifty IT, Nifty Metal and Nifty Pharma were in the red for the day.

Welcome to CNBC-TV18’s Market Live Blog

Good morning readers! I’m Pranati Deva from the market desk on CNBC-TV18. Welcome to our market blog where we provide rolling live news coverage of the latest events in the stock market, business and the economy. We also get instant reactions and guests from our amazing array of TV guests and in-house editors, researchers and journalists. If you are an investor, you want a good trading day here. Good luck!

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