Market Opens:
Benchmark indices opened on higher note on Wednesday with Nifty hovering around 10,900 level.
The Sensex is up 216.17 points at 36189.88, while Nifty is up 52.20 points at 10887.50. About 510 shares have advanced, 98 shares declined, and 21 shares are unchanged.
Yes Bank, Adani Ports, UltraTech, HOCL, ICICI Bank, RIL, JSW Steel are among major gainers, while Wipro, HCL Tech, TCS, Tech Mahindra are trading lower.
Among the sectors, except IT, all other indices are trading in green. Midcap and smallcap also trading with 0.5 percent gain.
Rupee Opens:
The Indian rupee opened marginally lower at 71.11 per dollar on Wednesday versus previous close 71.06.
On Tuesday, rupee came under pressure in the first half of the session following tension arising between India and Pakistan border. On the domestic front, data showed India’ fiscal deficit stood at 121.5% of the budgeted estimate of Rs 6.24 lakh crore for 2018-19. The gap was 112.4% in December and 113.7% in January 2018.
On the other hand, crude rebounded following a surprise draw in crude oil inventory of 4.2 million barrels for the week ending 22nd February. Today, USD-INR pair is expected to quote in the range of 71.05 and 71.70
Global Markets :
Asian shares trade firm:
Asian shares edged higher on Wednesday and the dollar fell to a three-week low after Federal Reserve Chairman Jerome Powell reinforced the US central bank's recent shift towards a more "patient" approach on policy in the face of a slowing economy.
Wall Street ends lower:
Wall Street's three major indexes fell slightly after a choppy session on Tuesday as investors eyed mixed U.S. economic data and corporate news and waited for clarity on issues such as the U.S.-China trade talks.
SGX Nifty:
Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 37 points or 0.34 percent. Nifty futures were trading around 10,860-level on the Singaporean Exchange.
Crude Update:
Oil prices rose on Wednesday after a report of declining crude inventories in the country and as producer club OPEC seemed to stick to its supply cuts despite pressure from US President Donald Trump.
Domestic Markets :
A morning walk down Dalal Street | Nifty may hit 11,000 if crucial level of 10,900 is crossed
considering the recovery from day's low amid volatility, the 10,900 is crucial levels for bulls which if Nifty crosses then 11,000 could be a possible target.
Big News:
Anecdotal evidence suggests that markets have always taken geopolitical events in their stride and investors have not lost money, on the contrary, the period created wealth for investors.
Not all terrorist attacks or military actions lead to losses in the equity market. Last two decade’s data suggests many-a-times, the market is unaffected by the news of terrorist attacks or military actions, at least immediately.
During the Kargil conflict in 1999, the benchmark indices — Sensex and Nifty — gained 33 percent each. During the 3-month conflict, the Sensex rallied 1,115 points and Nifty surged 319 points.
Similarly, even during the attacks in Mumbai in 2008, the market reaction was surprising. The Sensex surged about 400 points in two-day trade during the attack. The Nifty rallied 100 points even as Mumbai was burning. Reaction to such events is mostly knee-jerk, but the long-term trend is not affected.
Technical View:
The Nifty snapped four-day winning streak to close in the red, but formed bullish candle intraday as the closing price is higher than the opening price.
Considering the recovery from day's low amid volatility, the 10,900 is crucial levels for bulls which if Nifty crosses then 11,000 could be a possible target, experts said.
Three levels: 10729, 10888, 10950
Max Call OI: 11000, 10900
Max Put OI: 10400, 10500
Results on February 27: Metalyst Forgings, Nitin Fire Protection, Rain Industries, Vesuvius India, KSB, Merck.
Stocks in news:
Drug firm Lupin on February 26 said it has launched in the US Minocycline Hydrochloride extended-release tablets, used for the treatment of inflammatory lesions of acne.
Tata Steel on Tuesday said its board has approved plans to raise Rs 4,000 crore through issuance of non-convertible debentures on a private placement basis.
Luxury hospitality chain Hotel Leelaventure on February 26 said that its debt owner JM Financial Asset Reconstruction Company (JMFARC) has filed an application with the National Company Law Tribunal (NCLT) against it.
Max India: Board approves selling 51 percent stake in Max Bupa Health Insurance for Rs 510 crore to True North. Enterprise value Rs 1,001 crore and company to complete Max Bupa stake sale in FY20.
BSE Limited: SP Kothari resigns as shareholder director to join Securities Exchange Commission, Washington.
PSU Banks: RBI removes Allahabad Bank, Corporation Bank and Dhanlaxmi Bank from Prompt Corrective Action framework.
Greycells Education: American University of Ras Al-Khaimah (AURAK) has entered into a partnership with EMDI - Dubai, a wholly owned subsidiary of the company.
Future Retail: CARE reaffirmed A1+ rating for company's commercial paper.
MCX: Board of directors recommended the name of P S Reddy as the MD & CEO and a KMP of the Exchange to SEBI for seeking its approval.
Central Bank of India: Capital Raising Committee of the bank approved raising of equity capital by issuance and allotment of, upto 68,72,48,322 equity shares at the issue price of Rs 37.25 per share, aggregating to Rs 2,560 crore to government on preferential basis.
GMR Infrastructure: GMR Airports emerges as the highest bidder for greenfield airport at Bhogapuram in Andhra Pradesh.
ONGC: Its arm, Mozambique partners in LNG pact with Tokyo Gas & others.
IFCI: CARE cuts company's long term rating to BBB and downgraded NCD ratings to A- from ABBB+.
MRF: Workers call off strike at Chennai’s Tiruvottiyur plant.
Unichem Labs: Company filed plea with European Union court of justice versus general court order which upheld fine on company in Perindropil case.
Tata Steel: Board approves raising fund up to Rs 5,000 crore via NCDs.
Majesco: Company completed its previously announced rights offering pursuant to which 6,123,463 shares of Majesco's common stock will be issued, resulting in gross proceeds to Majesco of approximately $43.5 million.
United Bank of India: CRISIL has downgraded its ratings from A to A- / Stable for Rs 300 crore Tier I perpetual bonds (under BASELII), from AA- to
A+ / Stable for Rs 209 crore lower Tier II bonds (under BASELII) and from AA- to A+ / Stable for Rs 1,490 crore Tier II Bonds (under BASELIII).
Bank of Maharashtra: Board approved the proposal of raising of equity capital upto Rs 205 crore by way of issue of equity shares to Government on preferential basis.
Panacea Biotec: Board approved one time settlement with the consortium of lenders of the company; raising of funds through issue of listed/unlisted, secured/unsecured redeemable non-convertible debentures, aggregating upto Rs 864 crore; demerger of real estate business; raising of funds through issue of warrants by issuing up to 71,11,111 warrants of Rs 180 each, exercisable into equal number of equity shares of face value of Re 1 each of the company on a preferential basis amounting upto Rs 128 crore; and transfer of the pharmaceutical formulations business to a wholly owned subsidiary (to be incorporated), as a going concern.
Time Technoplast: Company and Confidence Petroleum India joined hands to give new thrust for making LPG available across India in blast proof composite cylinders.
Bharat Financial Inclusion: Company assigned a pool of receivables of an aggregate value of Rs 1,217.80 crore to one of the largest private sector banks on a direct assignment basis. With this transaction, the company has completed Direct Assignment transactions worth Rs 6,666.20 crore in FY19.
Share India Securities: Board approved the migration of the company from BSE SME platform to Main Board of BSE Ltd.
Sanofi India December Quarter: Profit rises to Rs 79.3 crore versus Rs 76 crore; revenue jumps to Rs 726.4 crore versus Rs 670.4 crore YoY. Board of Directors approved recommendation for payment of final dividend of Rs 66 per share for the year ended December 2018.
Maruti Suzuki: Company and Delhi Police joined hands for launch of automated red light violation detection and speed violation detection system.
HDFC Asset Management Company: Board approved payment of interim dividend of Rs 12 per share of Rs 5 each for the financial year ending March 2019.
Elantas Beck India Q3: Profit increases to Rs 14.35 crore versus Rs 14.15 crore; revenue rises to Rs 111 crore versus Rs 98.83 crore YoY. Board recommended payment of dividend of Rs 4.50 per share of Rs 10 each for the year 2018.
Action Construction Equipment: National Company Law Tribunal approved the Scheme of Amalgamation.
Indian Overseas Bank: Board approved the issue of equity shares on preferential basis to government for the capital infusion of Rs 3,806 crore received for financial year 2018-19.
Monte Carlo Fashions: Special resolution passed by the shareholders through postal ballot approving the buy-back of equity shares.
S Chand and Company: Company along with subsidiary Eurasia Publishing House acquired the remaining stake of 26 percent in Chhaya Prakashani and Chhaya has become the wholly owned subsidiary of the company.
Union Bank of India: Board of Directors approved the issue of 52,15,62,658 new equity shares on preferential basis to the government for an amount aggregating upto Rs 4,112 crore.
Wipro: NSE said on account of bonus issue in the ratio of 1:3, the adjustment factor for the corporate action shall be 1.3333 and the ex-date for the
corporate action shall be March 6.
Out of F&O ban: Allahabad Bank.
Bulk Deals on February 26
Gujarat Raffia-Roll: Virtue Ceramics Private Limited bought 25,000 shares of the company at Rs 14.45 per share on the NSE.
Sintercom India: Bellwether Capital Private Limited purchased 1,34,000 shares of the company at Rs 59.34 per share.
Analyst or Board Meet/Briefings
Allcargo Logistics: Analyst/Institutional investor meeting is scheduled to be held on February 27.
Voltas: Company's officials will meet Alquity Funds on February 27.
Cummins India: Company's officials will meet analysts/investors on February 28.
Union Bank of India: Extraordinary general meeting of the shareholders to be held on March 26.
Cera Sanitaryware: Extra-ordinary general meeting is scheduled to be held on May 15.
Ambuja Cements: Company's officials will meet GIC (P) Singapore on February 27.
Andhra Bank: Extraordinary General Meeting of the bank is scheduled to be held on March 22.
Mayur Floorings: Board meeting is scheduled on March 7 to consider the approval of bank loan and disposal of fixed assets of erstwhile marble and granite processing machinery due to discontinuation of business.
Tide Water Oil (India): Board meeting is scheduled on March 14 to consider payment of 2nd interim dividend for the year 2018-19.
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