Share Market Highlights: Sensex ends 1,145 points lower, Nifty at 14,675; M&M, TCS, L&T, Dr Reddy top losers

Sensex, Nifty Highlights on February 22: Share market indices turned volatile and ended majorly lower on Monday, amid mixed global equities. Extending fall for the fifth consecutive session, the Sensex ended 1,145 points lower at 49,744 and NSE Nifty 50 index lost 306 points to 14,675. Traders said markets are experiencing correction after significant gains made post the Union Budget and positive quarterly results. Further, fresh concerns over the increase in the number of infected COVID-19 cases contributed to investing fears. Last Friday, the S&P BSE Sensex ended 434 points lower at 50,889 and NSE Nifty 50 index fell by 137 points to 14,981.

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

3. 59 PM: Closing session on Monday

Share market indices turned volatile and ended majorly lower on Monday, amid mixed global equities. Extending fall for the fifth consecutive session, the Sensex ended 1,145 points lower at 49,744 and NSE Nifty 50 index lost 306 points to 14,675.

Top losers today: Eicher Motors, M&M, Axis Bank, IndusInd Bank, Dr Reddy's fall up to 5%

3. 50 PM: Market outlook

On markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The markets have cracked the support of 14800 with utmost ease and on the back of good volumes. We should slide to 14500 which should be the next level of support failing which 14300 would be the next target for the Nifty. The resistance on the upside now stands at 15100 and until we do not cross that, a rally up can be utilized to short the Nifty for lower targets.

Sensex crashes 1,145 points, ends below 50,000 mark; M&M, TCS, L&T top losers

3. 42PM: Inox Leisure share price drops 5%

Inox Leisure share price dropped 5% to Rs 306, after the company said it has commenced the commercial operations of a Multiplex Cinema Theatre at Kolkata with effect from February 20, 2021.

3. 35PM: Wanbury share price gains over 4.5%

Wanbury share price gained over 4.5% today after the company board approved issue and allotment of equity shares through preferential issue.

3. 30 PM: Amara Raja share price gains over 3%

Amara Raja share price gained over 3% today to Rs 912 after the company said it has opened the country's maiden technology hub to develop lithium-ion cells, at its Tirupati facility in Andhra Pradesh.

3. 20 PM: Heranba Industries IPO view

Reliance Research in its note said," The IPO is valued at 25.7x and 18.9x EPS for FY20 and annualized FY21, respectively, which looks to be reasonable. Given huge opportunity in domestic and international space in Agri and Chemical space along with growing importance of domestic manufacturer globally, growth trajectory of HIL is expected to sustain, in our view. Additionally, HIL already has built sufficient resources in terms of land and other resources to set-up additional manufacturing unit, which bodes well. Notably, its peer like Rallis India and Sumitomo Chemicals are trading at significant premium to HIL despite HIL has displayed superior earnings growth compared to peers. Hence, we recommend SUBSCRIBE to this issue."

3. 11PM: Karnataka Bank share price drops 3.5%

Karnataka Bank share price dropped over 3.5% to Rs 66.10 after the bank reported to the RBI a fraud of about Rs 34.16 crore in credit facilities extended to IL&FS Transportation Networks, which is a dud account now.

3.00 PM: Sun Pharma outlook

Reliance Research said,"Sun Pharma has sustained the intermediate support of Rs480.It is now poised to surpass the intermediate resistance of Rs560 as well, following which the stock could march towards Rs700 level. Weekly chart indicates breakout of the trend line and a similar break on daily RSI (inset) could help the stock to oscillate higher. Long positions can be initiated in the range Rs540-Rs550 for a target of Rs700. This view will be negated at Rs475 (stop loss) on closing basis."

2.53 AM: European decline at opening bell

European stocks declined at opening bell on Monday amid cautious trade in global markets as investors focussed on the developments surrounding the pandemic and vaccine rollout

2. 44 PM: Endurance Technologies Outlook

LKP Securities said in its note today," The company reported very strong numbers in Q3 and is expected to follow suit in the ensuing quarters. In domestic markets the story will be driven by increasing business with existing clients and new business wins particularly at the higher end of the spectrum. Increasing capacities for client specific supplies at low capex, and entry into new products shall boost the numbers. Increasing orders from existing clients, new businesses in both India and Europe, higher content per vehicle is increasing the market share consistently and will continue to rise hereon. Profitability lift up, improvement in return ratios will be the result of higher product mix and higher electrification & hybridization in Europe. Endurance derives about 66% of its consol topline from 2Ws and considering the rising importance of social distancing and personal mobility in domestic markets, we believe 2W industry to be preferred medium of transport and therefore Endurance is an attractive investment case. We maintain our BUY rating on the stock with increased target price of ?1,577 valued at 25x FY23E earnings. "

2. 34 PM: Muthoot Finance share rises over 2%

Muthoot Finance share rose over 2% in trade today after the firm said its board has approved a proposal to raise up to Rs 6,000 crore by issuing non convertible debentures (NCDs).Muthoot Finance stock touched an intraday high of Rs 1,323.2, rising 2.01% on BSE.

The stock has risen 0.51% in 2 days. Muthoot Finance share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

Muthoot Finance share rises over 2% on board's nod to raise Rs 6,000 crore

2. 22 PM: Aarti Drugs share price trades tad higher

Aarti Drugs gained 1.38%. Aarti Drugs informed that Pinnacle Life Science LLC, a Wholly Owned Subsidiary of the company, incorporated at "International Free Zone Authority" (IFZA), Fujairah, UAE, has been closed / wound-up.

2. 18 PM: PNB Housing share price drops almost 2%

PNB Housing share price fell almost 2% to Rs 431.65, its day's low after the company said in its regulatory filing that Punjab National Bank (PNB) will not participate in capital raise plans of its housing finance subsidiary, PNB Housing Finance, but the company will continue to scout for raising equity from other sources.

2.00 PM: Narayana Hrudayalaya rises over 2%

Narayana Hrudayalaya rose 2.47% after the company said that Health City Cayman Islands (HCCI), the step-down subsidiary of the company is expanding to a new location in the Camana Bay Development area of Grand Cayman.

1. 53 PM: Thomas Cook India share rises over 5%

Share of travel services firm Thomas Cook India rose over 5% in early trade on plan to raise up to Rs 450 crore via issue of Optionally Convertible Cumulative Redeemable Preference shares (OCCRPS) through private placement.

Thomas Cook India stock gained 5.15% to Rs 50.25 against previous close of Rs 47.45 on BSE. The share opened at Rs 48.50.

Thomas Cook India share rises over 5% on plan to raise up to Rs 450 crore

1. 45 PM: Market falls further

The market breadth, indicating the overall health of the market was negative on the BSE, with 1,035 shares rising, 1,871 shares falling and a total of 184 unchanged shares. The S&P BSE Mid-Cap index slipped 1.11%. The S&P BSE Small-Cap index fell 0.63%.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, gained 2.44 per cent to 24.69. The BSE's market capitalisation fell at to Rs 201 lakh crore in today's session.

Sensex plunges 800 points, Nifty falls to 14,750: Five factors behind the market crash

1. 31 PM: Jubilant Foodworks share hits all-time high

Jubilant FoodWorks advanced 3.35% after food services major Jubilant FoodWorks said will it will fully acquire Fides Food Systems Cooperatief U.A., Netherlands (Fides) for an agreed investment of approximately GBP 24.80 million through its wholly owned subsidiary -Jubilant FoodWorks Netherlands B.V.

Jubilant Foodworks share hits all-time high as firm to buy Fides Food for about Rs 250 crore

1. 24PM: NTPC share price drops over 2%

NTPC share price dropped over 2% to Rs 101.60 after the company announced that on successful commissioning, 5 MW last part capacity for 20 MW Auraiya Solar PV Project at Auraiya, UP, has been declared on Commercial Operation w.e.f. 00:00 hours as of 20.02.2021.

1.12PM: Axis Bank shares drop almost 3%

Axis Bank shares dropped almost 3% today after ther rating firm ICRA reaffirmed its rating AAA (Stable) for Infrastructure Bonds/Debentures, AAA(hyb)(Stable) for Basel III Compliant Tier II Bonds and Lower Tier II Bonds and AA+(hyb)(Stable) for Basel III Compliant Tier I Bonds and A1+ for Certificates of Deposit and MAAA(Stable) for Fixed Deposit

12. 56 PM: Jubilant FoodWorks shares up 3.35%

Jubilant FoodWorks advanced 3.35% after food services major Jubilant FoodWorks said will it will fully acquire Fides Food Systems Cooperatief U.A., Netherlands (Fides) for an agreed investment of approximately GBP 24.80 million through its wholly owned subsidiary -Jubilant FoodWorks Netherlands B.V.

12. 44 PM: Thomas Cook share price gains 2%

Thomas Cookshares traded 2% higher at Rs 50. 25 after the travel services firm said it plans to raise up to Rs 450 crore via issue of Optionally Convertible Cumulative Redeemable Preference shares (OCCRPS) through private placement.

12. 32PM: RailTel IPO: Allotment of shares tomorrow

The share allocation in RailTel IPO, which closed last week, is likely to be finalised by Tuesday, February 23. RailTel shares are proposed to be listed on BSE and NSE on February 26. The initial public offering (IPO) of state-owned RailTel Corporation of India was subscribed 16.78 times on its third and last day of bidding, more retail bids than 14.74 times in RITES and 14.95 times from IRCTC's IPO.

The Rs 819 crore IPO of telecom infrastructure provider received bids for 2,59,42,43,370 shares against 6,11,95,923 shares on offer. However, the total subscription level for the issue at 42.42 times. This was far less than 111.95 times for IRCTC and 67.24 times for Rites. The retail individual investor's segment was subscribed 16.78 times while qualified institutional buyers (QIBs) category 65.14 times and non-institutional investors 73.25 times.

RailTel IPO: Allotment of shares on February 23, here's how to check status

12. 13PM: Jet Airways shares hit 5% upper circuit

Jet Airways shares gained 5% to hit upper circuit at Rs 114 after Jalan Kalrock Consortium, the winning bidder for Jet Airways, expects to restart operations of the defunct airline in four to six months after receiving approval from the NCLT for its resolution plan.

12.05PM: Currency Outlook

Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research said," The rupee opened on flat at 72.58 against the US dollar in opening trade on Monday morning, The US treasury yields is trading near March'20 highs as investors looking rise in Inflation. RBI persistently intervened in the markets will limit the appreciation bias. Dollar index trading strong at 90.35 in morning session. All other Asian Currencies trading flat against the dollar."

He added,"Technically, USDINR Feb Future closed at 72.6225 on Thursday and below 72.60 market could see Bearish momentum up to 72.48 levels, Dollar index resistance is $91.00 - $91.05, Strong support is $90.30."

11. 56 AM:Top gainers and losers

M&M, Axis Bank, L&T, Maruti traded among the top losers on Sensex pack. Meanwhile, ONGC, HDFC, Tech Mahindra traded among the top gainers

11. 49 AM: India Economic outlook

JM Financial said in its note,"Even as the RBI announced an operation twist worth INR 100bn to check long term yields this week, the 10-year bond yields inched up after the RBI rejected bids at the auction on 18 Feb'21 (worth INR 310bn) as traders demanded higher yields. In the coming week, we look forward to the Minutes of the RBI Monetary Policy meeting of 5Feb'21 as well as data releases on GDP (3QFY21), Centre's fiscal and Core industries index. Data released during the week for Jan'21 revealed- i) decline in YoY/MoM trade deficit with exports growth at a 22-month high, and ii) 11-month high WPI inflation. "

11. 36 AM: IPO Note on Heranba Industries Ltd.- Subscribe

Geojit Financial Services said in its note today,"Heranba to enter the highly regulated markets of USA & Europe to tap the growth opportunities with higher margins for their existing and new line of products. Revenue grew ~13% CAGR over FY18-20 led by strong volume, increase in export sales and good monsoon. PAT grew at a CAGR of 44%(FY18-20). At the upper price band of Rs.627, HIL is available at P/E of 18.9x (annualized basis on FY21E EPS of Rs.33.2) which is reasonable compared to its peers. We assign a "Subscribe" rating for the issue on a long-term basis considering the strong distribution network, increasing export opportunity with healthy margins and profitability."

11. 24 AM: Tata Consumer Products falls marginally

Tata Consumer Products fell 0.06% to Rs 685 after the company successfully completed the acquisition of 100% of the equity share capital of the Kottaram Agro Foods. Consequently, Kottaram Agro Foods has become wholly owned subsidiary of the company.

11. 18 AM: Torrent Power gains over 4%

Torrent Power gained over 4% today after the company emerged as the highest bidder for 51% stake in a power distribution company in the Union Territory of Dadra & Nagar Haveli and Daman & Diu.

11.06 AM: Nifty technical outlook

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said," For the major part of the week, the market has been experiencing some pressure at higher levels and this is what we have been alluding to in our intra-week commentaries. Technically speaking, last week's high precisely coincided around the crucial resistance zone of 15380 -15500 (which is the 161% Golden Ratio of the entire fall from Jan'20 highs to March'20 lows). Hence, some sort of pause around it was quite evident. Although, the market has come off a bit in the last three sessions, structurally there is no major damage done on the charts. It should merely be considered as a profit booking as of now. Going ahead, we need to keep a close eye on how Nifty behaves around its key support zone of 14750 -14550. Only a sustainable breach of these crucial levels should be considered as a short term trend reversal. On the flipside, 15100 -15200 would be seen as immediate hurdles and any bounce towards this is most likely to get sold into."

10. 52 AM: Morning market movement view

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments said,"15100-15150 was a short-term support that the index broke last week. We saw a quick slide of almost 200 points thereafter. Our next support is at 14800 and this would be a medium-term support for the markets. If we need to continue the bull streak, we should not break this level. If we do, the Nifty could slide to 14400."

10. 43AM: Stocks to watch today on February 22

Jet Airways, PNB Housing, Karnataka Bank, Axis Bank, Inox Leisure among others are the top stocks to watch out for in Monday's trading session

Stocks in news: Jet Airways, PNB Housing, Karnataka Bank, Axis Bank, Inox Leisure

10. 30 AM: Bitcoin surges to all-time high of $56,620

Bitcoin hit a fresh high in Asian trading on Saturday, extending a two-month rally that saw its market capitalisation cross $1 trillion a day earlier.

The world's most popular cryptocurrency rose to an record $56,620, taking its weekly gain to 18%. It has surged more than 92% this year.

Bitcoin surges to all-time high of $56,620, ether rallies to fresh peak

10. 26 AM: Market trades lower

Share market indices turned volatile and turned lower on Monday, amid mixed global equities. Sensex fell by 305 points to trade at 50,581 and Nifty fell by 98 points to 14,900.

10. 13 AM: FPIs invest Rs 24,965 crore in February so far

Foreign institutional investors (FIIs) maintained their buying spree of Indian market, investing Rs 24,965 crore so far in February amid optimism about the COVID-19 vaccine and faster-than-expected economic recovery. The Union Budget proposals also boosted investors' sentiment.

FPIs continue buying spree, invest Rs 24,965 crore in February so far

10. 05 AM: M-cap of 8 out of 10 top firms plunges by Rs 1.23 lakh crore this week

The market capitalisation of eight out of 10 most-valued firms saw an erosion of Rs 1,23,670.47 crore last week. The drop came about in line with a bearish broader market trend. The BSE benchmark fell 654.54 points, or 1.26 per cent, last week.

However, only State Bank of India (SBI) and Reliance Industries (RIL) emerged as gainers in the list of most-valued companies. Meanwhile, Tata Consultancy Services (TCS) was the biggest laggard on the list as its market valuation slumped Rs 44,672.14 crore to Rs 11,52,770.11 crore. HDFC Bank's valuation plunged by Rs 23,964.99 crore to reach Rs 8,47,754.65 crore.

M-cap of 8 out of 10 top firms plunges by Rs 1.23 lakh crore this week

9. 40 AM: Global markets today

Grojit Financial said,"Overseas, Asian stocks are trading mixed on Monday as China left its benchmark lending rate unchanged over the weekend.

China kept the one-year loan prime rate (LPR) unchanged at 3.85%, largely in line with expectations. The five-year LPR was also kept steady at 4.65%. The LPR is a lending reference rate set monthly by 18 banks.

Stocks on Wall Street closed near break-even on Friday as investors sold technology shares that have rallied through the pandemic and rotated into cyclical stocks set to benefit from pent-up demand once the coronavirus pandemic is subdued.

The House of Representatives will try to pass a $1.9 trillion coronavirus relief plan before the end of February, Speaker Nancy Pelosi said Thursday. Democratic Congressional leaders may try to pass a package without votes from Republicans."

09. 34 AM: Opening session

Share market indices opened tad bullish on Monday, amid mixed global equities. Sensex gained 25 points to trade at 50,906 and Nifty gained by 10 points to 14,992.

9. 27 AM: Nifty technical outlook

Reliance Research said in it note," NSE-NIFTY breached its prior weekly rising trend and reported fall of 1.2%. The index gained once out of five trading sessions. On Friday, continuing its prior daily falling trend, the index lost 15,000 mark and slipped to 2-week low. Major technical indicators were negatively poised and slipped below their threshold level. This could drag the index towards 14,850-level initially and 14,600-level subsequently. On the higher side, the index will face hurdle at around 15,250-level. 

As for the day, support is placed at around 15,048 and then at 14,977 levels, while resistance is observed at 15,220 and then at 15,322 levels."

9. 10 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 118.75 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,174.98 crore in the Indian equity market on 19 February, provisional data showed.

8. 55 AM: Nifty technical

Expressing views on the Nifty index falling back below 15K mark, Ashis Biswas, Head of Technical Research at CapitalVia Global Research said," The expected levels of the market are likely to be in the range of 14860 and 15250, and it's going to crucial for the short-term market scenario to sustain above the 14860 Nifty 50 Index level. Therefore, The short-term traders use the rally to exit while buying any dip towards the support level around 14860-14840. The market breadth to deteriorate, indicating a likelihood of higher volatility."

8. 45 AM: Closing on Friday

Declining for the fourth straight session, the S&P BSE Sensex ended 434 points lower at 50,889 and NSE Nifty 50 index fell by 137 points to 14,981. Last week, the indices have corrected by 1.5%. However, both are up 6% each since the beginning of the year. Most market analysts see further consolidation in markets, in absence of any major trigger.

Sensex falls 434 points, Nifty at 14,981: Five factors behind the market crash

Top losers on Friday 19 Feb: ONGC, Tata Steel, State Bank of India fall up to 5%