Share Market Highlights: Sensex ends 257 points higher, Nifty at 15,097; NTPC, Axis Bank, ONGC top gainers

Sensex, Nifty Updates on February 25 : Share market indices ended on a bullish note on F&O expiry day, amid positive global equities. Traders expected high volatility today on F&O expiry day, as positions roll over from the near month February series to March series. Rising for the third straight session, Sensex ended 257 points higher at 50,039 and Nifty gained by 115 points to 15,097. Sectorally, all the other indices were trading with decent gains. The market breadth, indicating the overall health of the market, is strong on the BSE, with 1488 shares rising, 489 shares falling and a total of 77 shares were unchanged. Metal index was up 2.5%, while private, PSU Bank and financial indices rose 1.5% to 2% today. Yesterday, Sensex rose 1,030 points to end at 50,781 and Nifty zoomed 274.20 points to close at 14,982. Last Tuesday, Sensex hit a record high of 52,516 and Nifty hit a lifetime high of 15,431.

Here's a look at the updates of the market action on BSE and NSE today

Sensex ends 257 points higher, Nifty at 15,097; NTPC, Axis Bank, ONGC top gainers

3. 55 PM: Market at close

Share market indices ended on a bullish note on F&O expiry day, amid positive global equities. Traders expected high volatility today on F&O expiry day, as positions roll over from the near month February series to March series. Rising for the third straight session, Sensex ended 257 points higher at 50,039 and Nifty gained by 115 points to 15,097.

Top gainers today: 5 shares rise up to 5%; ONGC, NTPC, RIL, Axis Bank and IndusInd Bank

3. 40 PM: Bharti Airtel share climbs 2%

Bharti Airtel share rose 2 percent intraday after the telco said it had raised $1.25 billion through debt instruments.  The large cap stock rose up to 1.98% to Rs 584.45 against previous close of Rs 573.05 on BSE.

Airtel share has risen 2.95% in two days. Market cap of the telco rose to Rs 3.16 lakh crore. The share trades higher than 5 day, 50 day, 100 day and 200 day moving averages but lower than 20 day moving averages.

Bharti Airtel share climbs 2% after telco raises $1.25 billion via debt instruments

3. 30 PM: Cement sector review

Centrum Broking said,"We have introduced FY23 earnings and rolled over our valuations accordingly to FY23 in 3QFY21. We continue to assign 'BUY' rating to ACEM/ORCMNT/STRCEM/UTCEM. We have assigned ADD rating to ACC/JKCEM/TRCL. We have downgraded Heidelberg Cement to Reduce rating and upgraded SRCM and TRCL to ADD rating. We have suspended our coverage on ICEM."

3. 20 PM: Market update

Trading was volatile as the February 2021 F&O contracts expire today, 25 February 2021.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 1.12%. The S&P BSE Small-Cap index gained 1.25%.

3. 13 PM: IGL outlook

Reliance Research said in its report," The management expects volume to grow by ~10-15% YoY in 4QFY21E on the back of volume recovery and further expansion in the margin (even from the record levels) in 3QFY21. IGL's volume declined by 40% in 1QFY21, which eventually recovered to 65%, ~94% and ~97% in 2QFY21, 3QFY21 and Jan'21, respectively. We believe IGL offers an attractive combination of strong earnings visibility over the next 2 to 3 years, and a strong cash-rich balance sheet." 

3.03 PM: Indiabulls Real Estate share price gains almost 10%

Indiabulls Real Estate share price opened with a gain of 3.25% today. Later the stock touched an intraday high of Rs 91.3 (9.87%) on BSE and trded 2.29% away from 52 week high of Rs 91.7. The Competition Commission of India approved the proposed merger of NAM Estates Pvt Ltd and Embassy One Commercial Property Developments Pvt Ltd into Indiabulls Real Estate.

2. 54 PM: HG Infra Engineering share price gains over 2%

HG Infra Engineering share price opened with a gain of 2.24% and touched an intraday high of Rs 298.45 (2.74%) on BSE. The company has been declared as L-1 bidder by NTPC for a road construction project.

2. 38 PM: Cadila outlook

Reliance Research said in its report," We believe that CDH's long-term fundamentals continue to remain intact on the back of rich pending product pipeline (including high-value products in the US). The company remains focused on its key geographies i.e. domestic and US (75% of the sales). Looking ahead, we expect ramp-up in CDH's US business (key catalyst for the stock) led by new product launches (including transdermal products)."

2.21PM: Godawari Power Ispat share price gains 3.43%

Godawari Power Ispat share price opened with a gain of 2.22% and later touched an intraday high of Rs 600 (3.43%), also its new 52 week high  today. The company has started booking export orders of high-grade iron ore pellets to China and other countries. The first export order of 50,000 MTs has already been booked and the delivery will take place in the month of April, 2021.

2. 15 PM: Oil prices reach 13-month high

Oil prices rose for a fourth straight session on Thursday to the highest levels in more than 13 months, underpinned by monetary easing policies and lower crude production in the United States. Brent crude futures for April gained 19 cents, 0.3 per cent, to $67.23 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude for April was at $63.30 a barrel, up 8 cents, 0.1 per cent.

Oil prices reach 13-month high on lower production in US; Brent jumps to $67.23 per barrel

2.08 PM: European markets open higher

European stocks opened higher while Asian stocks were trading higher on Thursday, as global markets jumped following reassuring comments from Federal Reserve Chairman Jerome Powell on the inflation outlook.

1. 53 PM: Max Financial Services share price gains 10%

Max Financial Services share price opened with a gain of 5.38% and touched an intraday high of Rs 938.65 (10%), also its new 52 week and all time high today. IRDAI has given its formal approval for the acquisition of up to 12 percent stake in Max Life Insurance Company by Axis Bank and its subsidiaries.

1. 40 PM: Gujarat Gas Q3 outlook

Reliance Research said in its note,"In 3QFY21, Record break volume of ~11.4mmscmd is attributable to higher-than-expected growth in industrial volume. Morbi volume increased by ~1.5mmscmd to ~7mmscmd in 3QFY21 (average of FY20 ~5.5mmscmd) owing to seasonal up-tick and rising exports. As CNG is proving to be an economical fuel for automobiles, (with the petrol/diesel prices are at a near all-time high currently driven by excise and value-added tax) we expect increased conversions to CNG. Recently Spot LNG prices slipped to US$6/mmbtu from a high of ~US$30/mmbtu, which is likely to relieve cost pressure and improve margin. Lower spot LNG prices is expected to aid in maintaining long-term EBITDA margin at Rs 5.5/scm. On the back of healthy earnings visibility, sectoral tailwinds and strong financials, we recommend BUY for a time horizon of 15 days with a Target Price of Rs540 and Stop Loss of Rs465."

1. 30 PM: Wipro share price rises 2%

Wipro share price touched an intraday high of Rs 429 (2.09%) on BE and rose 2.66% in last 2 days. The IT services major has appointed Ren Mulder as Country Head and Managing Director of its Switzerland operations.

1. 20 PM: Cadila Healthcare share price rises 2.5%

Cadila Healthcare share price touched an intraday high of Rs 444.7 (2.49%) on BSE. The company's subsidiary Sentynl Therapeutics will buy Cyprium Therapeutics' Copper Histidinate product candidate to treat Menkes disease for $20 million.

1.09 PM: Manappuram Finance outlook

Reliance Research said in its note today,"Manappuram Finance at the current levels of 179 is gearing up for initial leg of up move until Rs200 and could witness extended moves tillRs220. Weekly chart indicates stock is poised for a triangle breakout which is expected to act as continuation pattern. Weekly RSI is poised for a trendline breakout which could prove supportive for the triangle to break on the higher side. Monthly chart indicates stock is at the resistance level of the upward accelerating channel with intermediate supports at Rs160. Long positions can be initiated in the range of Rs176-Rs179 for a target of Rs220. This view will be negated at Rs162 (stop loss) on closing basis."

12. 58 PM: MEP Infrastructure Developers share price gains 11%

MEP Infrastructure Developers share price opened with a gain of 11.46% and touched an intraday high of Rs 18 (11.46%) on BSE. The company has been awarded user fee collection rights at Sergarh Fee Plaza for one year.

12. 37 PM: Bharat Forge Q3FY21 outlook

Geojit Financial said in its note,"Q3FY21 revenue declined by 6%YoY due to tepid market demand from the Oil & Gas sector. However, faster revival in both US & Europe truck market and strong rebound in domestic market offset further decline. Margin expanded to pre-covid levels at 16.1% owing to continuous restructuring and cost control measure. The Union budget's focus on Infrastructure development along with vehicle scrappage policy bodes well, for both commercial vehicle and industrial sector growth in the medium term. Government's initiative to enhance local manufacturing through the announcement of Production linked schemes (PLI) & mission of Atma Nirbharata in defense, has started opening new orders for BFL. Amid crisis, the demand visibility looks attractive on a medium basis for BFL, owing to the growth coming from the CV industry and defence sector and thus reiterate our Buy rating."

12. 21 PM: Just Dial share price gains 13%

Just Dial share price opened with a gain of 4.91% at Rs 671 and later touched an intraday high of Rs 724.05, rising 13% on BSE, against its previous close of Rs 639.60. The stock also hit an intraday low of Rs 666.90. The stock almost trades 5% away from 52-week high of Rs 765. The stock has touched a 52-week low of Rs 250.55.

Shares of Just Dial traded 13% higher intraday on Thursday's volatile session, after the company announced the launch of its B2B portal, Jd Mart, across various platforms for users. Jd Mart is an exclusive B2B portal for a new wholesale experience. B2B buyers can discover quality vendors offering a wide selection of products to choose from, spread across various categories to suit all their B2B needs.

Just Dial share gains 13%, here's why

12. 13 PM: Nureca share makes strong market debut

Share of Nureca Ltd listed at a premium of 58.74% to its IPO issue price on BSE today. The share made its debut at Rs 634.95 on BSE against IPO issue price of Rs 400.

On NSE, the share listed at Rs 615, a premium of 53.75% to the issue price.  IPO of the firm, which is into the business of home healthcare and wellness products, was open from February 15 to February 17 this year.

Nureca share makes strong market debut, lists at 59% premium to issue price

12.02 PM: YES Bank share price trades tad higher today

Rising for the third straight day, YES Bank shares were trading 1% higher on Thursday's volatile session.

The stock of the private lender opened at Rs 16.20 as against its previous close of Rs 16.15 and touched the day's high of Rs 16.30, rising almost 1% intraday. The stock also hit an intraday low of Rs 16.10. Yesterday the stock closed 3.1% higher from earlier closing of Rs 15.65.

11. 55 AM: Affle (India) share pricegains 2.8%

Affle (India) share price opened with a gain of 2.74% and hit an intraday high of Rs 5405.05 (2.88%) on BSE. The company's board will consider raising funds via securities on February 27.

11. 45 AM: Piramal Enterprises share price rises over 5%

Piramal Enterprises share price touched an intraday high of Rs 1963.65 (5.64%) on BSE, also its new 52 week high. The company's subsidiary Piramal Pharma Ltd has completed the acquisition of an additional stake in Convergence Chemicals Private Ltd for Rs 65.10 crore.

11. 31 AM:NSE says technical glitch affected online risk management system

India's largest bourse NSE on Thursday said the technical glitch affected the online risk management system leading to the shutdown of trading on the exchange.

NSE said the instability of all their links from both the telecom service providers did not impact their trading system. However, online risk management system was unavailable and hence market functioning could not continue normally, the bourse said in a series of tweets today.

NSE says technical glitch affected online risk management system

11. 22 AM: Axis Bank share price gains 4%

Axis Bank share price touched an intraday high of Rs 779.05 (4.05%) on BSE. Max Life has received the formal approval from the Insurance Regulatory and Development Authority of India (IRDAI), which vide its letter dated 24th February 2021 has granted approval to the Axis Entities, as promoters of Max Life, to collectively acquire 12.002% of the equity share capital of Max Life, by way of transfer of equity shares of Max Life from Max Financial to the Axis Entities. Axis Bank shares traded 3.1% away from 52 week high of Rs 800.

11. 12 AM: Currency Outlook

Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research said," The rupee opened on positive at 72.31 against the US dollar in opening trade on this morning, yesterday it gains a bit in morning session however traded in the narrow range due technical glitchy in the currency exchange. FII sold -1261CR into domestic equity before the monthly expiry putting pressure on the local currency, Dollar index trading flat near $90. Investor will eye on development on stimulus discussion on Friday. Technically, USDINR March Future closed at 72.64 on previous trading session, market could see Bullish momentum up to 72.70 levels in today's session."

11.00 AM: Nureca share lists 59% higher today

Nureca share price listed on exchanges today at Rs 634.95. This was a rise of 59% as against the public issue price has been fixed at Rs 396-400 per equity share at face value of Rs 10 each.

Later the shares rose 4.99% intraday to Rs 666.65, its day's high.

10. 51 AM: Cochin Shipyard share price gains 2.7%

Cochin Shipyard share price touched an intraday high of Rs 388.95 (2.77%) on BSE. The company is joining hands with Dredging Corporation of India (DCI) and IHC Holland BV to make world-class dredgers. A Memorandum of Understanding in this regard was signed on Wednesday.

10. 40 AM: Market update

The market breadth, indicating the overall health of the market, is strong on the BSE, with 1488 shares rising, 489 shares falling and a  total of 77 shares were unchanged. Sectorally, all the other indices were trading with decent gains. Metal index was up 2.5%, while private, PSU Bank and financial indices rose 1.5% to 2% today

10. 34 AM: Gold outlook

Kshitij Purohit- Lead - International & Commodity from CapitalVia Global Research said,"Gold prices consolidated on Wednesday however momentum remains sideways positive movement is making trading difficult. Downside support is $1777 - $1760 levels, Resistance is at $1815 - $1830 levels. MCX Gold April trading with negative momentum below 47000, Rising real yields and inflation concerns pushed investor to go towards gold as hedge against inflation. Downside support for the metal is 45861. Resistance for the metal is 47000.

10. 22 AM: Global markets trading higher today

Asian markets are trading higher tracking overnight gains seen in US markets. Kospi moved over 2%.

US markets bounced back sharply after Federal Reserve Chairman signaled that it is not going to alter monetary policy and reaffirmed his view that economy needs more support.

European markets closed on a mixed note as traders reacted to strong German economic growth which was better than estimate along with corporate earnings.

Oil price moved up to 13 month high after data showed a drop of 1mln barrels per day in crude output which could be due to extreme cold weather condition.

10. 15 AM: Stocks to watch today on February 25

Nureca, Wipro, Cadila, Affle, Piramal Enterprises, Just Dial among others are the top stocks to watch out for in Thursday's trading session

Stocks in news: Nureca, Wipro, Cadila, Affle, Piramal Enterprises, Just Dial

10. 09 AM: Nifty Outlook

Geojit Financial said in its note,"Having cleared 14850, the ongoing upswing has more freedom and encourages us to consider the potential of new peaks. 15030 will be the target for the opening burst, but as this also coincides with neckline of an H&S reversal pattern in 60m, initial moves may see a bit of reluctance to push ahead, and could also see distribution and subsequent drop. Towards this end, a direct rise above 15030-15123 or dips to 14934 could be the ideal entry points for those wanting to play a stronger upmove. Alternatively, inability to see past 15123 or a slippage past 14934 may be treated as bear signs."

9. 59 AM: Market outlook

On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"After the sharp up move on the index yesterday afternoon, it is recommended to wait for a couple of days before taking a position in either direction. Since it is the monthly expiry today, traders should wait it out to see where the Nifty is likely to move. If we manage to close above 15100 and sustain above it on Monday, it is quite possible the uptrend has resumed again and we should then look forward to higher targets. If we turn from these levels and break 14900, we can reconsider opportunities to go short. It is definitely a wait and watch situation and hasty decisions should be avoided."

9. 43 AM: Global markets

Overseas, Asian stocks are trading higher on Thursday. In Wall Street, Dow Jones Industrial Average surged to a record closing high overnight as U.S. Federal Reserve Chair Jerome Powell continued to downplay the threat of inflation

9. 31 AM: Morning view on the market

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"In this volatile market, where dips & bouncebacks are sharp, the directional trend is upwards. The 'higher highs' & 'higher lows' indicate the long-term bullish trend. The fundamental reason for this trend, which is global, is the abundant liquidity available in the global financial system and the Fed's declared commitment to keep liquidity flowing and maintaining interest rates at historical lows. The takeaway from this is that markets can remain buoyant for an extended period of time. While riding this bull run investors will have to remember the fact that valuations are high and there is risk ahead. Financials, particularly banks, appear strong fundamentally"

9. 26 AM: Opening bell on Thursday

Share market indices opened on a bullish note on Thursday, amid positive global equities. Sensex was trading 500 points higher at 50,316 and Nifty gained by 170 points to 15,144.

9. 20 AM: Quote F&O expiry and NSE glitch

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said,"Due to today's technical glitch, the option buyers (especially Put option buyers) had to pay the price for this because we witnessed premiums falling drastically due to the loss of time. For call buyers (as well as Put writers), it may not have impacted much because once the market resumed trading for a short period, market had a sharp upsurge which could have definitely benefitted them. But for other counter party, prices just diminished rapidly. The coming session is to be considered a normal expiry day and today's glitch has nothing to do while creating fresh positions."

NSE yesterday received communication of instability of all their links from both the telecom service providers. While there was no impact to the trading system, this instability had an impact to the online risk management system, also configured in a High Availability mode.

- NSEIndia (@NSEIndia) February 25, 2021

SEBI seeks detailed report on NSE trading glitch

9. 15AM: Nifty technical outlook for today

Reliance Research said in its note today," NSE-NIFTY bounced after a pause and confirmed bullish reversal as the index tested the high of first candle of Bullish Harami-pattern. Overall market breadth remained in favour of the bulls and positive trend observed across the sectors barring IT. Due to further rise in the index, major technical indicators on the near-term timeframe chart managed to cross their threshold levels and remained in buy mode. As per the current set-up, we believe that undergoing short covering continues. This could take the index towards 15,250-level. On the lower side, the index will find support between 14,650-14,600-levels. As for the day, support is placed at around 14,800 and then at 14,619 levels, while resistance is observed at 15,086 and then at 15,190 levels. "

9. 10 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 28,739.17 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 230.44 crore in the Indian equity market on 25 February, provisional data showed.

9.00 AM: Rupee closing

In the forex market, the rupee gained 11 paise to settle at 72.35 against the US dollar supported by positive domestic equities and weakness of the American currency in the overseas market

8. 50 AM: Closing on Wednesday

Sensex and Nifty closed higher today after banking stocks were buoyed by government's move to lift the embargo on the grant of GOI business to private lenders. While Sensex rose 1,030 points to end at 50,781, Nifty zoomed 274.20 points to close at 14,982.

Top gainers on Feruary 24: HDFC, Axis, ICICI Bank, Bajaj Finance, Coal India, SBI, L&T rise up to 5%