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Nifty ends above 22,400 level; oil & gas stocks advance
(15:45, 04 Mar 2024)
The domestic equity indices ended with small gains on Monday. The Nifty settled above the 22,400 level. Oil & gas, private bank and financial services stocks advanced while media, IT and auto shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 66.14 points or 0.09% to 73,872.29. The Nifty 50 index added 27.20 points or 0.12% to 22,405.60.

The benchmark Nifty50 hit a record high of 22,440.90 in the mid-morning trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.31% and the S&P BSE Small-Cap index fell 0.62%.

The market breadth was weak. On the BSE, 1,405 shares rose and 2,491 shares fell. A total of 148 shares were unchanged.

Economy:

India?s forex reserves jumped $2.975 billion to $619.072 billion for the week ended February 23, according to the latest RBI data. In the previous reporting week, the overall reserves had dropped $1.132 billion to $616.097 billion.

For the week ending February 23, the foreign currency assets, a major component of the reserves, increased by $2.405 billion to $548.188 billion.

Gold reserves increased by $472 million to $47.848 billion during the week, the RBI said.

India?s reserve position with the IMF was up by $9 million to $4.839 billion in the reporting week, the apex bank data showed.

IPO Update:

The initial public offer (IPO) of Mukka Proteins received 7,36,20,47,795 bids for shares as against 5,60,00,435 shares on offer, according to stock exchange data at 15:30 IST on Monday (4 March 2024). The issue was subscribed 131.46 times.

The issue opened for bidding on Thursday (29 February 2024) and it will close on Monday (04 March 2024). The price band of the IPO is fixed at Rs 26 to 28 per share. An investor can bid for a minimum of 535 equity shares and in multiples thereof.

The initial public offer (IPO) of R K Swamy received 1,23,96,650 bids for shares as against 82,32,946 shares on offer, according to stock exchange data at 15:30 IST on Monday (4 March 2024). The issue was subscribed 1.51 times.

The issue opened for bidding on Monday (4 March 2024) and it will close on Wednesday (6 March 2024). The price band of the IPO is fixed at Rs 270 to 288 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Oil & Gas index gained 1.87% to 11,972. The index jumped 4.63% in four trading sessions.

Oil India (up 5.79%), GAIL (India) (up 3.58%), Petronet LNG(up 3.34%), Indraprastha Gas (up 2.63%) and Oil & Natural Gas Corporation (up 2.57%), Mahanagar Gas (up 2.53%), Bharat Petroleum Corporation (up 2.52%), Gujarat Gas (up 2.28%), Indian Oil Corporation (up 1.6%) and Gujarat State Petronet (up 1.4%) advanced.

On the other hand, Aegis Logistics (down 1.92%), Adani Total Gas (down 1.46%) and Castrol India (down 1.33%) edged lower.

Stocks in Spotlight:

Zaggle Prepaid Ocean Services jumped 6.38% after the company has entered into an agreement with Axis Bank to carry sales and distribution, marketing activities bundled with Zaggle expense management.

RailTel Corporation of India slipped 4.15%. The public sector enterprise announced that it has received a work order from State Transport Authority, Odisha, aggregating to Rs 87.85 crore.

PSP Projects declined 3.05%. The civil construction company has announced that it has received two work orders aggregating up to Rs 386.24 crore.

Adani Ports and Special Economic Zone rose 0.24%. The company had handled 35.4 MMT of total cargo in February 2024, implying a healthy 33% YoY growth.

MOIL soared 7.33% after the company recorded 15% year on year (YoY) increase in production of manganese ore in February 2024 to 1.51 lakh MT.

Angel One advanced 1.47% after the brokerage company?s client base jumped 60.8% to 21.43 million in February 2024 as against 13.33 million recorded in February 2023.

Patel Engineering gained 1.28% after the company along with its joint venture partner has received a letter of award (LoA) from Irrigation & CAD Department of the Government of Telangana, worth Rs Rs 525.36 crore.

Dr. Lal PathLabs declined 2.37%.The company has announced that Bharath Uppilliappan has resigned from the position of chief executive officer (CEO) and key management personnel (KMP) of the company on 3 March 2024.

Biocon rose 0.78% The Biocon Biologics announced the signing of a settlement agreement with Bayer and Regeneron Pharma for introduction of Yesafili, a proposed biosimilar to EYLEA (aflibercept) injection, into the Canadian market.

Kesar India hit an upper limit of 5% after the company said it has fixed Tuesday, 19 March 2024, as the record date for the proposed bonus issue of equity shares.

Global Markets:

European shares traded mixed on Monday as investors looked ahead to the upcoming interest rate decision from the European Central Bank on 7 March 2024.

Most of the Asian stocks ended higher as traders were cautious ahead of China?s National People?s Congress 2024.

Japan?s Nikkei-225 stock average surpassed 40,000 for the first time as the government discusses officially stating that the country?s economy has overcome deflation, as per reports. Chinese equities will be in focus ahead of the 14th National People?s Congress, an annual parliamentary gathering in Beijing, that will begin Tuesday as markets await more stimulus measures to aid a soft economy.

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. All eyes will be on Federal Reserve Chair Jerome Powell when he testifies before lawmakers on Wednesday and Thursday.

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