Sensex, Nifty were sitting in the green on Monday morning. (image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets began the day’s trade at fresh all-time highs. Sensex reached 51,326 for the first time ever while Nifty 50 was trading above 15,000. Mahindra & Mahindra was the top Sensex gainer, surging 7%, followed by SBI, Axis Bank, and ICICI Bank. NTPC and Bajaj Auto were the only two Sensex stocks in the red. Volatility was up 2,69% even though stock markets were surging higher. Broader markets followed.
To boost the pandemic-hit economy, the government of India is committed to higher capital expenditure not just in the coming fiscal year but over the next three years, principal economic advisor Sanjeev Sanyal said. He added that a sharp hike in capex in the recently announced Union Budget reflects the government’s economic strategy of rebuilding battered demand while ensuring that the supply side is expanded enough to move in tandem. The government has budgeted capital expenditure at Rs 5.45 lakh crore for FY22, which is 26.2% higher than the revised estimates of this fiscal year.
Highlights
"The fundamental factor supporting India's outperformance in February ( Nifty up by 7%) is the Q3 results, which have beaten expectations by an impressive margin, across industries. There are clear indications that we are in an expansionary phase in the earnings cycle. If this momentum sustains and the FIIs continue to buy, the market can move up further. The excellent results from the banking sector saw the Bank Nifty move up by 17 % so far in Feb with SBI clocking big gains. The trading opportunities in PSU banks are not likely to last long. Investors should stick to quality. The focus on infra capex in the budget has brought renewed interest in capital goods stocks. More money is likely to flow into IT too," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
NASDAQ Composite reached fresh all-time highs in the previous week as global markets rallied. The index soared 6% during the week to close at 13,856 points. With it, the biggest technology names on Wall Street were also soaring higher. Collectively knows as the FAANG stocks, companies like Facebook, Google, Apple went higher as the volatility index stooped lower to hit its lowest in nearly two months. The rally was fuelled by a US President Joe Biden’s administration geared up to fast track the $1.9 trillion stimulus package.
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Shares of Mahindra & Mahindra surged 10% to hit the upper circuit on Monday morning. Stocks jumped from opening at Rs 888 per share to Rs 952 apiece.
Sensex continued to climb higher on Monday morning and was soon at 51,300. All Sensex constituents, except Bajaj Auto and NTPC were up in the green.
Sensex began the day's trade above 51,200 levels for the first time ever as it reached fresh all-time high. Nifty started trading above 15,100. Mahindra and Mahindra shares surged 5%.
Sensex reached 51,000 in pre-open session while Nifty was still holding above 15,100.
Nifty breached 15,100 in the pre-open session on Monday while Sensex was just below 51,000.
COMEX gold trades flat near $1810/oz after a 1.2% gain in the previous session. Gold recovered from recent lows as the US dollar index shed some of its recent gains. Also supporting price is increased expectations of US stimulus measures as well as mixed US jobs report. However, weighing on price is weaker investor interest as is evident from ETF outflows and surge in US bond yields. Gold has bounced back to trade above the $1800/oz level however a sustained rise is unlikely until the US dollar corrects.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
"Oil ended the week higher (WTI: +9% w/w, Brent: +6% w/w) with price support from supply curbs by OPEC+ and improved demand optimism due to the vaccine rollout. Oil is trading higher at Asia open getting a kick start from US stimulus effect and a slightly weaker dollar. As well, preliminary OPEC production data for January also suggests compliance with OPEC+ quotas improved in January," said Stephen Innes, Chief Global Market Strategist at Axi.
Nifty futures were trading 87 points or 0.58 per cent higher at 15,029.50 on Singaporean Exchange, indicating a positive start for BSE Sensex and Nifty 50 on the first day of the week.
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By fixing a low revenue receipt target of Rs 53,987 crore from telecommunication services for FY22, the government has signalled it does not plan to hold auctions for 5G spectrum in the 3.5 GHz band in the next fiscal. The government plans to hold auctions for 4G spectrum in March, the proceeds of which would be accounted for in the next fiscal. This auction is for 4G bands of 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2,300 MHz and 2,500 MHz.
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A total of 140 companies including BPCL, Aditya Birla Fashion, AstraZeneca Pharma, Balkrishna Industries, Bombay Dyeing, Godrej Consumer Products, NMDC, Redington India, Sun Pharma Advanced Research Company, Sun TV Network, Torrent Pharmaceuticals, Usha Martin and Vakrangee, amont others are slated to announce their quarterly earnings on February 8.
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"We need to be stock specific or buying should be done only at major large supports. In the coming week, earlier crucial resistance 14750/49750 levels, would act as a major support for the market. In the worst-case scenario, we might see the levels of 14500/49000. On the higher side, 15250 and 15350 would be major hurdles for Nifty and for the Sensex it would be at 51500 and 52000 levels. The focus should be on Metals, Insurance and Pharmaceutical companies," said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
India Inc continues to turn out encouraging numbers for the Q3FY21 earnings season with very few disappointments. The good news is that most companies have managed to notch up a very good top-line growth whether through better volumes or price increases or, in some cases, both. Even manufacturers of capital goods that were expected to see a fall in revenues have surprised the Street.
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Calibrated stimulus measures in the wake of the Covid-19 pandemic and a sharp hike in capex in the Budget for FY22reflect the government’s economic strategy of rebuilding battered demand while ensuring that the supply side is expanded enough to move in tandem, principal economic advisor Sanjeev Sanyal told FE.
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