The Nifty 50 index rose 0.25% to 17,557.05, while the S&P BSE Sensex edged 0.30% higher to 59,782.69 as of 9:38 a.m. IST.
Ten of the 13 sectoral indexes advanced with the high-weightage financials rising over 0.3%.
Media extended its fall, losing 0.7%, dragged by index heavyweight Zee Entertainment. Shares of the company tumbled nearly 4% on insolvency issues and the National Stock Exchange’s ban on derivatives trading, effective April 28.
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Check out the top losers from metals pack!
Sector Watch: Nifty Metal, Auto trades under pressure
Crypto Price Today: Bitcoin falls below $23,900; Cardano, Polygon shed up to 4%
“Bitcoin traded sideways in the past 24 hours as investors continued evaluating US monetary policy and jobs data. BTC is trading below the US$24,000 level, although it has increased by 74% since its lowest point last month. Its support level lies at US$23,800, while resistance is US$24,200,” Edul Patel, CEO and Co-founder of Mudrex said.
JUST IN | NCLAT puts on hold insolvency proceedings initiated against Zee Entertainment
India’s NSE unit launches first Municipal Bond Index
The company launched the Nifty India Municipal Bond Index at a workshop conducted by markets regulator Securities and Exchange Board of India in Bengaluru, the exchange said in a release on Friday.
The index will track the performance of municipal bonds issued by Indian civic bodies across maturities with an investment-grade credit rating. It currently has 28 municipal bonds issued by 10 issuers rated AA.
The Municipal Bond Index will act as a benchmark for passive funds, providing more investment choices to fixed income investors and creating an impetus for asset managers to consider investing in such bonds, Mukesh Agarwal, chief executive officer of NSE Indices said in the statement.
Tokyo shares close higher
Tokyo stocks closed higher on Friday after US gains, with comments from the next Bank of Japan chief in support of current policies leading to relief among traders.
The benchmark Nikkei 225 index gained 1.29 percent, or 349.16 points, to end at 27,453.48, while the broader Topix index climbed 0.67 percent, or 13.15 points, to 1,988.40.
Smallcap realty stock Mahindra Lifespace Developers tumbled 8% to Rs 348.3 in Friday’s intraday trade on BSE after the company announced the resignation of its current MD and CEO, Arvind Subramanian, with effect from May 22, 2023. Arvind Subramanian has been heading the company’s operations since May 2020.
Take a look at the top losers from auto pack
Shares of electric bus manufacturer Olectra Greentech zoomed 15% to Rs 463 in Friday’s trade on BSE after the company in a technical partnership with Reliance unveiled a hydrogen bus, which is a carbon-free alternative to traditional public transportation.
Morgan Stanley maintained an overweight on Axis Bank with a target price of Rs 1200. The proposed Citi acquisition by Axis has been progressing in line.
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Bond yields seen little changed ahead of debt supply
The 10-year benchmark 7.26% 2032 bond yield is expected to trade in the 7.37%-7.41% band till the auction, a trader with a private bank said, after closing lower at 7.3905% on Thursday.
New Delhi will raise 260 billion rupees ($3.15 billion)through the sale of bonds, and the auction includes liquid seven-year and 14-year bonds.
“After last week’s devolvement, there is some bit of caution. The market may not be very aggressive in terms of bidding today,” the trader said.
Adani Total to start operations at Indian LNG terminal by mid-June: The company will receive its first liquefied natural gas (LNG) cargo at the Dhamra terminal on India’s east coast in April and expects to start commercial operations 30 to 45 days after receiving the shipment, the Adani Group told Reuters.
Price as on 24 Feb, 2023 10:23 AM, Click on company names for their live prices.
Zee Entertainment extends fall after insolvency admission
Price as on 24 Feb, 2023 10:12 AM, Click on company names for their live prices.
RattanIndia’s Revolt Motors expands its dealership footprint – opens new dealerships in 3 new cities .
Price as on 24 Feb, 2023 10:11 AM, Click on company names for their live prices.
Strides flagship facility in Bangalore receives USFDA inspection closure.
Price as on 24 Feb, 2023 09:59 AM, Click on company names for their live prices.
Nikkei rebounds from one-month low on chip stocks, BOJ outlook
The Nikkei had gained 1.09% to 27,398.78 by the midday recess, after earlier rising as much as 1.33%. That followed a dip to the lowest since Jan. 23 at 27,046.08 on Wednesday. Japanese markets were closed on Thursday for a national holiday.
Friday’s gains were lopsided, with chip industry giants Tokyo Electron and Advantest contributing about half of the Nikkei’s total 294-point gain. Tokyo Electron and Advantest advanced 6.12% and 7.82%, respectively, after U.S. peer Nvidia forecast better-than-expected quarterly sales.
Of the Nikkei’s 225 components, 166 rose, 54 fell and five were flat.
Redington has 24.1% of equity change hands in a bunched trade
Price as on 24 Feb, 2023 09:51 AM, Click on company names for their live prices.
PineBridge looks past Adani saga to load up on stocks in India
While short-seller Hindenburg Research’s Jan. 24 report about the business empire of tycoon Gautam Adani has been one reason why investors have pulled billions of dollars out of Indian markets, Michael Kelly, who oversees Pinebridge’s $17.8 billion global multi-asset portfolios, is among those going the other way.
Rupee falls 5 paise to 82.69 against US dollar in early trade.
Market commentary by Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Fifth straight day of losses happening in the third consecutive monthly losing streak has made the market distinctly weak. The bearish grip on the market has been assisted by negative global cues, FII selling and the sentimental fallout of the Adani crisis. Even though there are no clear visible positive triggers for the market now, a mild reversal is possible, going forward, culminating in positive returns in March. This view has the backing of history: Nifty never had four consecutive months of negative returns during the last 20 years. The selling in Bank Nifty is overdone. The fears of the Adani crisis impacting the Indian banking system are exaggerated. Some high quality banking stocks are attractively valued now and, therefore, banking stocks have the potential to stage a turnaround. The strength in the US economy augurs well for IT stocks too even though concerns of a US recession might weigh down heavily on the IT segment. Capital goods will continue to do well. Long-term investors can accumulate high quality stocks in this weak environment.
Top movers in morning trade
Price as on 24 Feb, 2023 09:23 AM, Click on company names for their live prices.
Opening Bell: Sensex jumps 200 pts, Nifty above 17,500; Adani Ent rises 2%, ZEEL falls 3%
Pre-open session: Sensex rises 250 points; Nifty above 17,590
Asian markets breath sigh of relief amid Ueda hearing
Asian markets breathed a sigh of relief on Friday as the incoming head of Japan’s central bank soothed fears of an early end to super-easy monetary policy, nudging bond yields lower globally.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 50 points, or 0.28 per cent, higher at 17,641, signaling that Dalal Street was headed for a positive start on Friday.
Tech View: Nifty ends Feb series with a red candle
Headline index Nifty, which has been making lower-highs and lower-lows for the last five trading days, today formed a bearish candle on the daily charts on expiry of February F&O series.
Tokyo stocks open higher
Tokyo stocks opened higher on Friday after Wall Street gains, with investors watching an appearance in parliament by Bank of Japan chief nominee Kazuo Ueda.The benchmark Nikkei 225 index was up 0.22 percent, or 58.40 points, at 27,162.72 in early trade, while the broader Topix index added 0.12 percent, or 2.43 points, to 1,977.68.
Wall Street finishes topsy-turvy day higher, S&P snaps losing run
Wall Street ended a topsy-turvy Thursday in positive territory, with the S&P 500 snapping a four-session losing streak, as investors grappled with how interest rate policy might affect the U.S. economy.
Rupee gains 15 paise to close at 82.73 against US dollar
The rupee appreciated by 15 paise to close at 82.73 (provisional) against the US dollar on Thursday, tracking its regional peers and lower crude oil prices.
Sensex, Nifty on Thursday
The 30-share BSE benchmark Sensex declined 139 points or 0.23% to settle at 59,605.80. The broader NSE Nifty fell 43 points or 0.25% to end at 17,511.
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