Share Market Highlights: Sensex jumps 617 points to end at record high, Nifty at 15,115; auto stocks lead

Sensex, Nifty LIVE Updates on February 8: Share market indices Sensex and Nifty continued scaling new highs on Monday, amid positive global equities. Gaining for the sixth straight session, BSE 30 share barometer Sensex ended 617 points higher at 51,348 by the closing bell. Similarly, the 50-share index NSE Nifty gained by 191 points to end at 14,924.Both benchmarks hit fresh lifetime highs of 51,523 and 15,159 earlier today. Mahindra and Mahindra, Axis Bank, ICICI Bank, IndusInd Bank, SBI, Bajaj Finance were trading among top gainers. Britannia, Bajaj Auto, NTPC, UPL and Divi Labs were among the top losers on BSE and NSE today. Meanwhile, Q3 earnings announcements by BPCL, Aditya Birla Fashion, Astrazeneca Pharma, Balkrishna Industries, Bombay Dyeing, Godrej Consumer Products will also set the tone for the stock market today. On Friday, Sensex ended 117 points higher at 50,723 and Nifty gained 28 points to 14,924

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

3. 59 PM: Closing session on Monday

Share market indices Sensex and Nifty continued scaling new highs on Monday, amid positive global equities. Gaining for the sixth straight session, BSE 30 share barometer Sensex ended 617 points higher at 51,348 by the closing bell. Similarly, the 50-share index NSE Nifty gained by 191 points to end at 14,924.Both benchmarks hit fresh lifetime highs of 51,523 and 15,159 earlier today.

3. 47 PM: Adani Enterprises share price hits new 52-week high

Adani Enterprises share price soared over 7% on Monday to hit a new 52-week high of Rs 638.05, after the company's arm Adani Airports bought 23.5% stake in Mumbai international airport for Rs 1700 crore. Revenue of the firm also grew 11% YoY to Rs 21,625.95 crore from Rs 19,430 crore in the corresponding quarter last year. The stock of the multinational conglomerate company headquartered in Ahmedabad, opened higher at Rs 606, against its previous close of Rs 595.55. The stock gained 7.14% to hit a new 52- week high at Rs 638.05.

3. 30 PM: Divis Labs Q3 outlook

Yash Gupta Equity Research Associate, Angel Broking said,"Divis labs reported numbers inline expectation, Divis Laboratories Limited reported revenue from operations for Q3FY21 at Rs 1701 crores up by 22% YoY from Rs 1396 crores in Q3FY20. Profit before tax for the quarter up by 31.8% at Rs 642 crores in Q3FY21 as compared to Rs 487 crores in Q3FY20. Profit after tax for the quarter at Rs 470 crores in Q3FY21 as compared to Rs 359 crores up by 31% in Q3FY20. Divis labs reported the numbers in line with expectations, the company has shown a steady growth in top line as well as on bottom line. Company margins are better than the expectations. We have a Neutral outlook towards Divis Labs."

3. 20 PM: Gujarat Gas Q3 outlook

Centrum Broking said in its note," This quarter's beat, coupled with recent price actions and the sharp rise in alternate fuel prices implies that both volumes and margins are running well ahead of expectations. Resultant, FY21/22/23E EPS raised to Rs16.9/Rs21.8/Rs24 per share . Our volume estimates are at 9.3/12.2/13.3 mmscmd (8.9/11.6/12.8mmscmd earlier) for FY21/22/23E and EBITDA margins of Rs5.8/Rs5.4/Rs5.3 per scm respectively (Rs5.4 earlier). Given the better visibility on margins, higher volume growth prospects and lower opex, we revise TP to Rs475/sh, 25% upside. Stock currently trades at a very attractive 16x FY23 E EPS/ 9.9x EV/E. Reiterate BUY."

3.06PM: PNC Infratech Q3 outlook

Centrum Broking said in its note," We estimate a robust 22%/25% revenue/ EPS CAGR over FY21-23 led by a strong order backlog. Our FY22/FY23 estimates factor slightly lower EBITDA margins due to higher input prices and execution of water orders with higher share of bought out components (2/3rd of the order value). The recent Union Budget demonstrates a renewed thrust for the infrastructure sector with sustained capital expenditure levels even in a Covid year and a robust growth budgeted in FY22. With improved growth visibility, resilient execution and comfortable liquidity, we now value PNC's EPC business at 14x FY23 EPS (earlier 13x) and value equity invested in road assets at Rs45/share. Maintain Buy with PT of Rs340."

2. 55PM: Nifty technical outlook

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking): said," Who would have thought during the previous weekend (especially after having a terrible week of trade), Nifty and other major indices would have such a mesmerizing rally to reach record highs so soon. Many would be claiming now but practically, there would be hardly anyone who could have anticipated this. Honestly, we expected Nifty to move towards 14000 -14200 but not beyond considering the previous week's price action. But the way it conquered 14200 with some authority, there was no doubt left after Monday's session, we are heading towards record highs. The real charioteer of this spellbinding move was the financial space. Some of the banking giants took off during the week as if there is no tomorrow. Now, markets have hastened towards their near term targets with this fast and furious rally so soon. Hence, it would be interesting to see how it behaves in this week. As far as levels are concerned, 15050 -15200 -15400 are the important Fibonacci levels in the upward direction; whereas on the lower side, 14700 - 14500 are to be seen as key supports."

2. 43 PM:Mrs Bectors Food Specialitiesgains over 2%

Mrs Bectors Food Specialities rose 2.43% and touched an intraday high of Rs 420.95 on BSE, after the company reported 85.38% jump in consolidated net profit to Rs 20.67 crore on 11.29% increase in total income to Rs 226.97 crore in Q3 December 2020 over Q3 December 2019.

2. 37 PM: PNB shares decline over 5%

Punjab National Bank shares erased early gains and traded as only losers in Nifty PSU Bsnking index, falling 5.86% intraday. The bank reported net profit of Rs 506.03 crore in Q3 December 2020 as compared to net profit of Rs 492.28 crore in Q3 December 2019. Total income rose 45.91% to Rs 23,298.53 crore in Q3 December 2020 over Q3 December 2019.

2. 20 PM: SBI Q3 outlook-buy rating with TP of Rs 422

LKP Securities said in its report today," State Bank of India (SBI) has delivered a strong result on operating and assets quality front. Moreover, reported gross slippages stood minuscule at Rs 2.8bn v/s Rs 30.8bn in the previous quarter. We expect the bank to post a ROA/ROE of 0.5%/9.1% by FY22E led by healthy balance sheet growth along with higher PCR and stable asset quality. We rerate the stock with strong BUY and increased target price of Rs 422 (potential upside of 19%). We value the standalone bank with PBV of 1.2xFY22E Adj. BVPS of Rs 258 and value of subsidiaries per share of Rs 112."

2. 15 PM: Zee Ent Q3 outlook

LKP Securities said in its report today," Zee's Q3 FY21 numbers were broadly in line with expectations in the festive third quarter of FY21. Zee's Q3 witnessed a solid sequential as well as yoy recovery. Loss of viewership share in some key markets is a cause of concern as competition is getting aggressive, however launch of new channels and content should take care of this in the ensuing quarter. Ad business witnessed a sharp recovery in Q3 as well which would reduce the intensity of fall in FY21E. Positive FCF during pandemic times in challenging operational environment is creditable. With 35-40 new movie pipeline per year, margins and cash are expected to get impacted. However, with operating leverage coming into picture, we believe this impact to be negligible. Probable opening up of multiplexes will surely support Zee's movie initiative. On valuations, the stock is looking quite attractive at 18x FY 23E earnings. Based on FY 23E we maintain our BUY rating on Zee with a target of Rs 288 based on rolled over estimates of FY 23E.

2. 07 PM: Top 10 IPOs to watch out for in 2021

The Indian market is set to witness a flurry of initial public offers (IPOs)  in 2021 as equity markets are zooming on prospects of Covid-19 vaccines pulling the global economy out of recession. In 2020, a majority of IPOs were launched in the second half after market sentiment improved after the historic March crash. This led to companies raising a mammoth Rs 31,000 crore in the year gone by.

The IPO market is likely to see a number of big-ticket launches due to positive market sentiment which has led the Sensex and Nifty to record highs  in 2021.

LIC, PolicyBazaar, Flipkart and more: Top 10 IPOs to watch out for in 2021

1. 52 PM: BHEL share slips 8.5%

BHEL share fell over 8% in early trade today after the state-run energy firm reported a net loss of Rs 218 crore in Q3 against Rs 161.81 crore profit for the quarter ended on December 31, 2019. BHEL share lost 8.5% to Rs 39.85 against previous close of Rs 43.55 on BSE.

The stock has fallen after 5 days of consecutive gain. It opened with a loss of 5.74% today. BHEL share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

BHEL share slips 8.5% on Rs 218-cr loss in Q3

1. 43 PM: Hero MotoCorp Q3 outlook

LKP Securities said,"In line with the economy opening up, Hero has excelled very well through a superb market share win in Q3. Demand levers post pandemic are intact with new drivers such as restarting of college, re-migration of construction workers expected to come in to play. Profitability would improve on price hikes, cost saving programs, capex reduction and operating leverage stemming from improving volumes. HD agreement would provide a fillip to Hero's ambitions to win a respectable position in the premium range of motorcycles, although in mid to long term. We therefore maintain our BUY rating on the stock with a target price ofRs Rs 3,934."

1. 22PM: GSK Pharma - 3QFY21 outlook

Yash Gupta Equity Research Associate, Angel Broking said," GSK Pharma reported numbers inline expectation, GlaxoSmithKline Pharmaceuticals Limited revenue from operations for Q3FY21 stood at Rs 857 crores up by 10% YoY from Rs 778 crores in Q3FY20. Profit before tax and exceptional items for the quarter up by 68% at Rs 200.8 crores in Q3FY21 as compared to Rs 119.5 crores in Q3FY20. Profit after tax for the quarter at Rs 156.5 crores in Q3FY21 as compared to loss of Rs 661 crores in Q3FY20. The losses in Q3FY20 are due to one time exceptional item of 753 crores.

He added,"GSK Pharma reported the numbers in line with expectations, the company has shown a steady growth in top line as well as on bottom line. Company margins are better then the expectations. We have a Neutral outlook towards GSK Pharma."

1. 18 PM: Maruti rises over 1%

Maruti Suzuki shares were trading among the top gainer on BSE today, rising 1.8% after the company said it's total production declined by 10.12% to 160,975 units in January 2021 from 179,103 units produced in January 2020.

1.05 PM: Aptech insider trading case

Ace investor Rakesh Jhunjhunwala has filed a consent appeal with the SEBI (Securities and Exchange Board of India) to settle an alleged insider trading case concerning the shares of education company Aptech Ltd. The case dates back to 2016.

Besides, the billionaire investor, Aptech board members Madhu Jayakumar, Utpal Sheth, and Ramesh S Damani have also filed consent applications with the markets regulator, the Economic Times reported.

Aptech insider trading case: Rakesh jhunjhunwala files consent appeal with SEBI

1.02 PM: Market mid day outlook

Likhita Chepa, Senior Analyst at CapitalVia Global Research Limited-Investment Advisor said," Market opened on a positive note following the positive global cues and rallied to make a high of 15133.00, maintaining the important level of 15000. 15200 can be the next resistance on the Nifty 50 Index. US stocks closed on high because of stimulus talks, quarterly earnings, and development over stock roll outs. Indian government is confident of reducing the fiscal deficit by FY26 which is good indication for the market. India forex reserves has jumped 4.85 billion$ to record 590.18 billion. FPIs and FIIs continue to buy in the Indian market. M&M, Hindalco are the top gainers while Britannia and Divislab being the top losers on the Nifty."

12. 54 PM: VRL Logistics share jumps pver 14%

VRL Logistics surged 14% to Rs 234 on Monday, after the company reported 54% jump in net profit to Rs 39.74 crore. VRL Logistics also recorded 1.1% rise in net sales to Rs 563.42 crore in Q3 FY21 over Q3 FY20.

Company's board approved a proposal to buyback shares at maximum price of Rs 300 each. The aggregate consideration of the buyback shall not exceed Rs 60 crore.

12. 40 PM: Market update

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1473 shares rose and 571 shares fell. A total of 101 shares were unchanged. The S&P BSE Mid-Cap index was up 1.27%. The S&P BSE Small-Cap index was up 1.05%.

12. 33PM: Gold and silver outlook

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said," Last week gold prices corrected sharply by 4.22% and closed at 47256 levels. Silver prices were also corrected sharply by 1.39% and closed at 68738 levels. Announcement of lower custom duty in gold and silver was the main reason for correction in gold and silver, however weakness in dollar supported the gold and silver prices.

He added," Weakness in dollar due to disappointing US Jobs data last week and lower US bond yield also increase the safe haven demand of Gold. Expectation of Relief package for US economy may also give support to the gold and silver prices. As of today traders can go for buy in gold at 47000 levels with the stop loss of 46600 levels for the target of 47600 levels and also buy in silver at 68000 levels with the stop loss of 67400 levels and for the target of 69500 levels."

12. 22 PM: YES Bank jumps over 2%

In line with broader barometers like priavte banking index, Sensex and Nifty, shares of YES Bank were trading 2% higher Monday's early session, ranking among the most active banking scrips in terms of volumes on both BSE and NSE.

The stock of private lender opened higher at Rs 17.20 against its previous close of Rs 16.90. The stock gained 2.3% to the day's high at Rs 17.30 and also hit an intraday low of Rs 16.95. It has gained 5.2% in the last 2 days of consecutive rise.

YES Bank stock trades higher than 5, 20 and 100-day moving averages but lower than 50 and 200-day moving averages.

YES Bank share rises 2%, gains for second session

12. 10 PM: M&M share price jumps 10%

Mahindra & Mahindra's (M&M) share price soared 10% to hit the upper circuit on Monday, after the company reported a 42% YoY jump in its consolidated net profit at Rs 1,268 crore for the December quarter of 2020-21 (Q3FY21) as against Rs 891.5 crore in the year-ago quarter. Revenue of the firm also grew 11% YoY to Rs 21,625.95 crore from Rs 19,430 crore in the corresponding quarter last year.

Mahindra & Mahindra stock rises 10% post Q3 earnings; here's what brokerages say

12.01 PM: Adani Enterprises stock jumps 5%

Adani Enterprises jumped 5.31% to Rs 627.2 after the company said its arm has completed acquisition of 23.5% equity stake in Mumbai International Airport (MIAL) from ACSA Global and Bid Services Division (Mauritius) for Rs 1,685.25 crore.

11. 52 AM: Global markets today

Asian markets are trading mostly positive with Nikkei gaining over 2%. Investors will watch out for Chinese tech stocks after the new anti-monopoly guidelines were released.

US markets closed positively on expectation of more stimuli after jobs in US were added at a slower pace than expected. Energy and financial stocks gained. European markets closed on a mixed note as investors searched for normalcy post vaccine rollouts while earnings release pushed individual stock price. Banking stocks gained.

Oil prices continued its upside on Friday as well backed by hopes of economic revival and supply curbs promised by OPEC and its allies.

11. 41 AM: Britannia Industries shares decline over 1%

Britannia Industries shares traded as the top loser on NSE, falling over 1% after the company reported a 22.4% rise in consolidated net profit at Rs 452.6 crore for the third quarter ended December 2020. Its total revenue from operations rose 6.13 per cent to Rs 3,165.61 crore during the quarter under review against Rs 2,982.68 crore in the year-ago period.

11. 31AM: Gujarat Gas share price jumps 11%

Shares of Gujarat Gas Ltd. were trading 11% higher at Rs 423 on Monday after the company reported that its net profit nearly doubled to Rs 392.1 crore. Revenue rose 13% over the year to Rs 2,829.4 crore in the three months ended December.

The company's total gas volume of 11.5 mmscmd is higher than the FY20 average of 9.44 mmscmd, company said in the filing.

11. 24 AM: Nifty technical outlook

Reliance Research said in ite report," NSE-NIFTY breached its prior weekly falling trend and zoomed by 9.5%. On Friday, the index remained sideways after testing psychological level-15,000. Overall market breadth turned negative and major sectors remained mix. Major technical indicators on the near-term timeframe chart tested their overbought zone and may reverse down. Due to current set-up, the index may witness near-term decline or oscillate in the narrow range before a fresh up-move starts. In case of decline, the index will find support at around 14,700-level initially and 14,400-level subsequently. A stable move above 15,000-level will strengthen the index for its next leg of up-move, which will help the index to test 15,250-level. 

As for the day, support is placed at around 14,854 and then at 14,785 levels, while resistance is observed at 15,004 and then at 15,084 levels."

11. 11 AM: Top gainers and losers

Mahindra and Mahindra, Axis Bank, ICICI Bank, IndusInd Bank, SBI, Bajaj Finance were trading among top gainers. Britannia, Bajaj Auto, NTPC, UPL and Divi Labs werea mong the top losers on BSE and NSE today.

10. 57 AM: Brent price reaches $60 a barrel

Oil prices rose on Monday, with Brent futures nearing $60 a barrel, boosted by supply cuts among key producers and hopes for further US economic stimulus measures to boost demand. Brent crude for April touched a high of $59.95 a barrel and was at $59.85 by 0041 GMT, up 51 cents, or 0.9%. Front-month prices last hit $60 on Feb. 20, 2020.

Brent price reaches $60 a barrel on supply cuts, stimulus hopes

10. 42 AM: Market outlook

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"The fundamental factor supporting India's outperformance in February ( Nifty up by 7%) is the Q3 results, which have beaten expectations by an impressive margin, across industries. There are clear indications that we are in an expansionary phase in the earnings cycle. If this momentum sustains and the FIIs continue to buy, the market can move up further. The excellent results from the banking sector saw the Bank Nifty move up by 17 % so far in Feb with SBI clocking big gains. The trading opportunities in PSU banks are not likely to last long. Investors should stick to quality. The focus on infra capex in the budget has brought renewed interest in capital goods stocks. More money is likely to flow into IT too"

10. 33 AM: Mcap of top 10 companies surge by Rs 5 lakh crore

Reflecting the optimistic broader market sentiment, the top 10 valued domestic companies together added a whopping Rs 5,13,532.5 crore to their market valuation last week, with banking stocks stealing the limelight.

In a remarkable trading week, the BSE benchmark sensex rallied 4,445.86 points, or 9.60 per cent. On Friday, the 30-share BSE benchmark briefly crossed the 51,000-level during the day.  

Mcap of top 10 companies surge by Rs 5 lakh crore; banks steal the show

10. 27 AM: Market opening outlook

On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments siad,"Just as expected last week, 15000 was merely a psychological resistance. The Nifty has flown out of that level this morning and we should be headed to 15200. If the markets can sustain at these levels, the index might surprise us by moving up all the way to 15500. 14600 has now become a good medium term support for the markets and if we can keep above that level, every dip can be utilised as a buying opportunity."

10. 10 AM: Nifty Outlook

Geojit Financial said in ite note,"While short term periodicities show a flurry of bullish continuation patterns, oscillators have lagged, suggesting that a turn lower or a consolidation could be in order. Meanwhile, the ongoing move could stretch as far as our price objective of 15200 with 14770/714 identified as the downside marker."

10.00 AM: Stocks to watch today on February 8

Adani Enterprises, Britannia, PNB, BEML, Maruti, Ashoka Buildcon, Pfizer among others are the top stocks to watch out for in Monday's trading session

Stocks in news: Adani Enterprises, Britannia, PNB, BEML, Maruti, Ashoka Buildcon, Pfizer

9. 50 AM: FPIs pump in Rs 10,793-crore into equities in first 5 sessions

Foreign portfolio investors (FPIs) remained net buyers to the tune of Rs 12,266 crore in the Indian market in the first five trading sessions of February, as positive sentiment post-Union Budget 2021 sparked a rally in investment.

As per FPI statistics available with depositories, overseas investors pumped in a net Rs 10,793 crore into equities and Rs 1,473 crore in the debt segment between February 1-5.

FPIs pump in Rs 10,793-crore into equities in first 5 sessions of February

9. 42 AM: Global stocks mixed today

Overseas, Asian stocks are trading mixed on Monday. China's State Administration for Market Regulation released a new set of rules that are set to put pressure on leading internet services in the country such as Alibaba's Taobao or Tencent's WeChat Pay.

In US, the Nasdaq and S&P 500 hit all-time highs on Friday on stronger-than-expected corporate results in the fourth quarter.

The Senate and House each passed a budget resolution on Friday, starting the reconciliation process that would allow President Joe Biden's $1.9 trillion rescue package to get through the Democratic-held Senate with a simple majority. The package includes $1,400 stimulus checks, supplemental jobless benefits and Covid-19 vaccine and testing funds.

9. 32 AM: Opening session

Market indices opened on a bullish note on Monday, amid positive global equities. SGX Nifty on the Singapore Exchange was rising by 90 points, indicating a positive trend in domestic grounds today.  Gaining for a sixth straight day post the Union Budget and RBI MPC policy outcome, Sensex rose 640 points higher at 51,355 and Nifty gained by 107 points to 10,098. Sensex and Nifty continued hitting new all-time highs today.

9. 20 AM: Market outlook

Vinod Nair, Head of Research at Geojit Financial Services said,"This week witnessed the market riding the budget wave with Sensex sustaining the 50,000 mark while finding volatility by the end of the week. The rally was led by PSU banks in hopes of privatisation, NPA restructuring and strong quarterly results. The market has seen a renewed focus on cyclicals & PSUs which are likely to be the most beneficiary by a revamped domestic economy. As predicted, the RBI Committee did not have a considerable change in the policy and maintained its accommodative stance. RBI's supportive measure to fund NBFC from banks under the LTRO scheme and the Committee's decision to reverse CRR cut will keep the finance sector in focus in the coming days. Due to the lack of any major upcoming economic events, the market is expected to be stock-specific based on the forthcoming quarterly results."

9. 16 AM: Earnings today

BPCL, Aditya Birla Fashion, Astrazeneca Pharma, Balkrishna Industries, Bombay Dyeing, Godrej Consumer Products, NMDC, Redington India, Sun Pharma Advanced Research Company, Sun TV Network, Torrent Pharmaceuticals, Usha Martin and Vakrangee among other will announce their December quarter results on Monday.

9. 09 AM: Nifty 50 outlook

Nirali Shah, Head of Equity Research, Samco Securities said," Nifty50, which formed a big bearish candle last week, has made an even bigger green candle in the week gone by as bulls are in no mood to give the bears control of the market trend. The overall market breadth remained positive as risk-seeking sentiment prevailed after the budget day. Other global equity indices including emerging markets like Kospi, TAIEX and DAX are all trading near all-time highs while the risk-averse asset classes like Gold and bonds are exhibiting weakness. We suggest traders maintain a bullish bias with an immediate support on the downside at 14580."

9.00 AM: Rupee closing

On the currency market, Indian Rupee gained 3 paise to settle at 72.93  against US dollar on Friday.

8. 55 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 1,461.71 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,418.65 crore in the Indian equity market on 5 February, provisional data showed.

8. 45 AM:  Closing on Friday

Market indices closed at record highs on Friday in line with positive global equities. Gaining for a fifth straight day post the Union Budget and RBI MPC policy outcome, Sensex ended 117 points higher at 50,723 and Nifty gained 28 points to 14,924. Both benchmarks hit fresh lifetime highs of 51,073 and 15,014 earlier today.