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Market hits record high, rallies for 3rd day; media shares advance
(12:54, 02 Mar 2024)
The domestic equity barometers ended with minor gains on Saturday, rising for the third consecutive trading session. The Nifty settled above the 22,350 mark. Barring the Nifty Private Bank index, all the sectoral indices on the NSE ended in green.

As per provisional closing data, the barometer index, the S&P BSE Sensex up 60.80 points or 0.08% to 73,806.15. The Nifty 50 index added 39.65 points or 0.18% to 22,378.40.

The Sensex clocked an all-time high of 73,994.70 while the Nifty hit record high of 22,419.55 in mid- morning trade.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.67% and the S&P BSE Small-Cap index added 0.70%.

The market breadth was strong. On the BSE, 2,460 shares rose and 971 shares fell. A total of 126 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 1.59% to 14.99.

The National Stock Exchange and Bombay Stock Exchange had a special live trading session today, 2 March 2024 in the equity and F&O segments with an intra-day switchover from the Primary site to the Disaster Recovery site. There were two sessions ? the first from 9:15 am to 10 am and the second from 11:30 am to 12:30 pm.

Economy:

India's Gross Goods and Services Tax (GST) revenue collected for February 2024 is Rs 1,68,337 crore, marking a robust 12.5% increase compared to that in the same month in 2023. This growth was driven by a 13.9% rise in GST from domestic transactions and 8.5% increase in GST from import of goods. GST revenue net of refunds for February 2024 is Rs 1.51 lakh crore which is a growth of 13.6% over that for the same period last year.

As of February 2024, the total gross GST collection for the current fiscal year stands at Rs 18.40 lakh crore, which is 11.7% higher than the collection for the same period in FY 2022-23. The average monthly gross collection for FY 2023-24 is Rs 1.67 lakh crore, exceeding the Rs 1.5 lakh crore collected in the previous year's corresponding period. GST revenue net of refunds as of February 2024 for the current fiscal year is Rs 16.36 lakh crore which is a growth of 13.0% over that for the same period last year.

Buzzing Index:

The Nifty Media index rose 1.81% to 2,056.45. The index tumbled 6.67% in the past five trading sessions.

Network 18 Media & Investments (up 3.86%), TV18 Broadcast (up 3.51%), Sun TV Network (up 2.36%), Dish TV India (up 2.14%) and Zee Entertainment Enterprises (up 2.12%) advanced. Among the other gainers were Nazara Technologies (up 1.96%), Saregama India (up 1.11%), PVR Inox (up 0.47%), Hathway Cable & Datacom (up 0.22%).

Stocks in Spotlight:

Maruti Suzuki India shed 0.41%. The company's total production rose to 1,78,261 units in February 2024, as compared to 1,59,873 units in February 2023.

Asian Paints added 0.56%. The company has received the letter allotting the land admeasuring 166 acres (approximately) situated at Pithampur, Madhya Pradesh, for setting up the paint manufacturing facility, subject to such other approvals and clearances, as may be required.

Cipla rose 0.85%. The US Food & Drug Administration (USFDA) conducted a pre-approval inspection at the manufacturing facility of Cipla (Jiangsu) Pharmaceutical Co., located in Qidong, Jiangsu Province, China from 26 February 2024 to 1 March 2024. Cipla (Jiangsu) Pharmaceutical Co. is a subsidiary of the company. The inspection has been concluded with zero Form 483 observations, stated the drug maker.

Hero MotoCorp advanced 1.52% after the company's sales rose to 468,410 units in February 2024 as compared to sales of 394,460 units in February 2023.

Infosys added 0.06%. The company and PROG Holdings, Inc. announced an agreement that is expected to evolve and scale PROG Holdings? technology operations as an integral part of the company?s ongoing cloud- and AI-focused technology modernization and innovation efforts. The collaboration will enable PROG Holdings to take advantage of Infosys? digital services, including cutting-edge technologies, which PROG Holdings believes will help it realize operational efficiencies, accelerate technology enhancements, and improve speed to market.

Axis Bank fell 0.40%. The bank proposes to raise funds by issuing fully paid, senior, rated, listed, unsecured, taxable, redeemable, long term non-convertible debentures (Series-7). Base issue size of Rs. 1000 crore and green shoe option to retain over subscription of Rs 3000 crore, thereby aggregating upto Rs 4000 crore.

Lemon Tree Hotels ended flat. The company said that it has signed franchise agreement for hotel in Udaipur, Rajasthan Under the company?s brand name, Keys Lite.

Info Edge (India) declined 1.23% after the Google removed the company's mobile apps, including Naukri, 99acres, and Shiksha, from the Play Store.

Global Markets:

U.S. stocks rose on Friday, with the S&P 500 and Nasdaq closing at record highs, as technology stocks rallied on continued enthusiasm for artificial intelligence, with further support from declining Treasury yields.

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