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Indices end with decent gains; Nifty settles above 22,150
(15:46, 27 Feb 2024)
Key equity indices ended with modest gains on Tuesday, snapping two day?s losing streak. The Nifty closed above 22,150 mark after hitting the day?s low of 22,085.65 in early trade. Realty, consumer durables and healthcare stocks advanced while oil & gas, media and PSU bank shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex up 305.09 points or 0.42% to 73,095.22. The Nifty 50 index lost 76.30 points or 0.34% to 22,198.35.

In the broader market, The S&P BSE Mid-Cap index declined 0.10% and the S&P BSE Small-Cap index shed 0.25%.

The market breadth was negative. On the BSE, 1,536 shares rose and 2,301 shares fell. A total of 92 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 0.81% to 15.73.

Economy:

All-India House Price Index (HPI) increased by 3.8% YoY in Q3:2023-24 compared to 3.5% growth in the previous quarter and 2.8% a year ago, the Reserve Bank of India reported. Annual HPI growth varied widely across the cities - ranging from a high of 8.4% (Chennai) to a low of 0.6% (Kochi).

On a sequential basis, all-India HPI increased by 1.6% in Q3:2023-24; among the ten cities, six (viz., Delhi, Mumbai, Chennai, Bengaluru, Ahmedabad and Kochi) recorded rise in house prices during the latest quarter. The Reserve Bank released its quarterly house price index (HPI) 1 (base: 2010-11=100) for Q3:2023-24, based on transaction-level data received from the registration authorities in ten major cities.

IPO Update:

The initial public offer (IPO) of Platinum Industries received bids for 6,30,27,063 shares as against 96,32,988 shares on offer, according to stock exchange data at 15:45 IST on Tuesday (27 February 2024). The issue was subscribed 6.54 times.

The issue opened for bidding on Tuesday (27 February 2024) and it will close on Thursday (29 February 2024). The price band of the IPO is fixed at Rs 162 to 171 per share. An investor can bid for a minimum of 87 equity shares and in multiples thereof.

The initial public offer (IPO) of Exicom Telesystems received bids for 15,00,59,600 shares as against 1,82,23,540 shares on offer, according to stock exchange data at 15:45 IST on Tuesday (27 February 2024). The issue was subscribed 8.23 times.

The issue opened for bidding on Tuesday (27 February 2024) and it will close on Thursday (29 February 2024). The price band of the IPO is fixed at Rs 135 to 142 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index advanced 1.07% to 929.15. The index rallied 5.97% in the six trading sessions.

Swan Energy (up 3.24%), Macrotech Developers (up 3.1%), Brigade Enterprises (up 2.55%), Sobha (up 2.36%), DLF (up 1.45%), Godrej Properties (up 1.24%) and Oberoi Realty (up 0.35%) advanced.

On the other hand, Phoenix Mills (down 1.26%), Prestige Estates Projects (down 1.06%) and Mahindra Lifespace Developers (down 0.38%) edged lower.

Stocks in Spotlight:

One 97 Communications fell 0.39%. The company said that it has withdrawn its nominee from the board of Paytm Payments Bank and Vijay Shekhar Sharma will step down as part-time non-executive chairman and board member.

Canara Bank shed 0.18%. The public lender?s board has approved the sub-division of one equity share having a face value of Rs 10 each fully paid-up, into five equity shares of Rs 2 each, fully paid-up, subject to approval of the Reserve Bank of India.

Multi Commodity Exchange of India (MCX) advanced 1.40%. the company said that it has entered into a memorandum of understanding (MoU) with Jakarta Futures Exchange (JFX) for knowledge sharing and regional development.

JSW Energy shed 0.19%. The JSW Neo Energy, a wholly owned subsidiary of JSW Energy has received a letter of award (LoA) for ISTS-connected solar capacity of 700 MW from SJVN.

AVG Logistics fell 0.20% The company said that it has secured a 6-year long term contract, valued at Rs 105 crore, for lease of parcel cargo express train (PCET) from the Indian Railways

HFCL declined 1.66%. The telecom company on Monday announced that it has received purchase orders worth approximately Rs 40.36 crore for supply of optical fiber cables to one of the leading private telecom operators of the country.

Route Mobile shed 0.07%. The company said that it has partnered with Billeasy E Solutions (Billeasy) for introducing rich communication services-based (RCS) business messaging for enhancing metro ticket purchasing process at Maha Metro Pune.

Borosil Renewables rose 0.82%. The company announced that its board has gears up to discuss fund raising on 1st March 2024.

Power Mech Projects lost 0.24% after the company announced that it has bagged an order worth Rs 396.25 crore for execution of civil construction and electrical works from South East Central Railway.

Mahanagar Gas rose 0.49%. The company said that it has entered into shareholders? agreement with 3EV Industries Founders, Promoters and other Shareholders to acquire 30.97% shareholding in 3EV Industries.

Global Markets:

European and Asian stocks advanced on Tuesday as markets await events due later this week for a better gauge of the global interest-rate outlook.

US stocks ended with modest losses on Monday, as the focus shifted after last week's AI-fuelled rally to upcoming economic data that could affect the timing of the Federal Reserve's expected interest rate cut.

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