Nifty50: 17,594 ▲ 272 (+1.5%)
Sensex: 59,808 ▲ 899 (+1.5%)
Hey, there!
Mumbai is officially among the top 20 most expensive prime residential markets across the globe. According to an international report, Mumbai is 17th on the list which is topped by Monaco. But unlike the prices of houses in Mumbai, no one minds when markets go up. That’s what happened today !
- The markets rebounded sharply today.
- Of the Nifty50 pack, 42 stocks advanced.
- Broad-based buying was witnessed in the markets.
All the Nifty sectoral indices ended in the green with PSU Bank (+5.4%) and Metal (+3.5%) being the top gainers.
| Top gainers | Today's change |
| Adani Enterprises | 1,874 ▲ 266 (+16%) |
| Adani Ports | 683 ▲ 60 (+9.7%) |
| SBIN | 561 ▲ 27 (+5.1%) |
| Top losers | Today's change |
| Tech Mahindra | 1,086 ▼ 23 (-2.0%) |
| UltraTech Cement | 7,220 ▼ 68 (-0.9%) |
| Cipla | 878 ▼ 7.7 (-0.8%) |
What’s trending
⭐ Realty stocks bounce back
The Nifty Realty index rebounded over 8% this week. Index heavyweights like DLF, Godrej Properties and Macrotech Developers gained in the range 4% to 43%. Experts believe that the outlook for the realty sector is positive due to resilient housing demand, supply consolidation and peaking out of interest rates.
⭐ M&M Finance’s disbursements jump
The non-banking financial company (+0.6%) estimates that its loan disbursements grew 53% YoY to ₹4,185 crore in February 2023. In February, the non-performing assets were at similar levels compared to January 2023.
⭐ Moil shares gains traction
Shares of the mining company (+3.7%) inched higher after it recorded a 10% YoY rise in manganese ore production to 1.3 lakh tonnes in the previous month. Meanwhile, sales stood at 1.32 lakh tonnes, up 19% YoY.
⭐ Divgi TTS IPO fully subscribed
The public issue of Divgi TorqTransfer Systems was fully subscribed on the last day. The IPO of the auto component maker was subscribed 5.4 times. Shares of the company will be list on NSE and BSE on 14 March.
In Focus
4 reasons why Indian markets rebounded sharply
After a rough week, the Indian markets witnessed a stellar rebound today. Sensex was up around 900 points, while the Nifty50 closed near the 17,600-mark. Let’s take a look at the reasons behind this rally.
Adani Group stocks rise
Shares of Adani Group companies soared with its flagship company Adani Enterprises closing 16% higher. Out of the 10 stocks of the Adani Group companies, seven were locked in the upper circuit. This comes after US-based investment firm GQG Partners invested ₹15,446 crore in four Adani companies.
Banking on bank stocks
The fresh investment in Adani Group companies had a rub-off effect on bank stocks. Experts believe that the money raised by Adani Group companies will be used for reducing debt, which is a big positive for banks. ICYDK, Indian banks have collectively lent ₹81,200 crore to Adani Group’s top five companies. This exposure to Adani Group companies was a key concern for Indian banks over the last few days.
Key data releases
Data releases this week – from manufacturing to industrial – showed that India’s economic activities remain robust. India’s PMI Services, which is the barometer of sentiments in the sector, hit a 12-year high in February. This was supported by demand resilience and competitive pricing.
China reviving
After lifting the pandemic-triggered restrictions, China’s economy continues to revive. China’s factory activity stood at 52.6 in February – the highest since April 2012. This bodes well for metal companies as China is one of the biggest consumers of metals in the world.
So, with multiple factors favouring the Indian markets, bulls thrashed bears comprehensively today.
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Phrase of the day
Going Long
When you buy a stock, futures or an option contract with the hope that its price will rise, it is called going ‘long’. When should you go long, find out from this chapter What does going Long mean?
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