Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

The market has continued being sluggish! We have not been successful in getting past the 15,300 which is the upper end of Nifty's current trading range. Neither have we broken down. This is a classic case of range-bound movement where the index is taking time to decide on its next course of direction. Until one end of the range is taken out, patience would be the best virtue to exercise as any hasty decision could result in stops being triggered.

Market At Close

- Last-hour Recovery Helps Sensex & Nifty Close Near Day’s High

- Sensex Rises 629 Points & Nifty 173 Points From Lows

- HDFC Bank, ICICI & Kotak Bank Help Nifty Bank Register A Gain Of 1.7%

- Midcap Index Underperforms; Market Breadth In Favour Of Declines

- Nifty Gains 142 Points To 15,098 & Sensex 584 Points To 51,025

- Nifty Bank Rises 590 Pts To 35,866 While Midcap Index Slips 125 Pts To 24,024

- Positive Insurance Data For Feb Helps SBI Life Gain 5% & HDFC Life 2%

- Financials Top Contributor To Nifty With 123 Pts; Kotak, HDFC & HDFC Bk Top Gainers

- OMCs Slip As Petrol & Diesel Prices Kept Unchanged For 9th Straight Day

- Fall In Global Commodity Prices Pulls Metals Stocks Lower; Tata Steel Falls 4%

- MTNL, Can Fin, JM Fin, Steel Strips Amongst Top Midcap Gainers

- NMDC, FACT, Equitas, Rain Ind, CSB Bank Top Midcap Losers

Closing Bell | The Indian benchmark equity indices ended Tuesday's volatile session higher led by gains in private banks, IT and financial services stocks. The Sensex ended 584.41 points, or 1.16 percent higher at 51,025.48, while the Nifty gained 142.20 points, or 0.95 percent to close at 15,098.40. Selling was seen in metals, pharma and auto indices, while broader markets, smallcap and midcap indices underperformed the benchmarks.

On the Nifty50, SBI Life Insurance, Kotak Mahindra Bank, HDFC Bank, Tech Mahindra and HDFC were the top gainers, while BPCL, Tata Steel, GAIL India, IOC and PowerGrid Corporation were the top index losers.

India’s GDP growth estimates at 11% in FY22: Crisil

India’s gross domestic product (GDP) is expected to grow by 11 percent in 2021-22 (FY22), rating agency Crisil said. GDP may contract by 8 percent in FY21, it added. Crisil expects GDP growth to average 6.3 percent between fiscals 2023-25.

Global stocks recover on firmer futures, retreat in US yields

Global stocks steadied on Tuesday, supported by stronger US equity futures and a decline in US and European bond yields. In Europe, the Euro STOXX 600 was up 0.1 percent after gains on Monday that lifted Germany’s index to a record high, a Reuters report said.

In volatile trading in Asia, the Shanghai Composite index fell 1.8 percent and was close to a correction from a multi-year high on February 18 amid fears of policy tightening. Japan’s Nikkei finished 1 percent higher as consumer goods companies and property developers gained on expectations they would benefit from an economic recovery.

Axis Securities initiates coverage on L&T Technology Services with a Buy rating and TP of Rs 3,200

Axis Securities has initiated coverage on L&T Technology Services (LTTS) with a Buy rating and a Target Price of Rs 3,200, implying an upside of 22 percent from the current levels. We believe LTTS is well placed to bounce back post the COVID-19 pandemic. The recovery will be led by significant growth opportunities in cloud transformation and other digital services; sustainable operating margins led by better services mix and operational efficiencies; healthy balance sheet, strong return ratios, and free cash flow generation; superior execution capabilities, and ramp-up in new deal wins and strong client additions. These factors are expected to help LTTS in attaining sustainable growth in the long term, the brokerage said,

Steel Strips Wheels aims to increase EBITDA margin to 15%, says MD

Steel Strips Wheels, a leading wheel manufacturing company, is targeting an EBITDA margin of over 15 percent and revenue up to Rs 3,000 crore next year.

Dheeraj Garg, MD of Steel Strips Wheels on Tuesday said this year the company expects to make 19 percent of sales for alloy wheels, aiming to increase the number to 26 percent next year. "For this year we will have the highest EBITDA margins ending in March 2021 around 13 percent. Next year we are targeting close to 15 percent EBITDA margins. Next year we are targeting Rs 2,600-3,000 crore revenue target on a net basis,” he said in an interview with CNBC-TV18. Read here.

Like HDFC, SBI Life in insurance; constructive on capital goods space: Renaissance Investment

Pankaj Murarka, founder of Renaissance Investment Managers, on Tuesday, said that some of the leading insurance players are a great play for investors. Speaking in an interview to CNBC-TV18, he said, “I think some of the leading private sector insurance companies are a great play on savings and protection in India over medium to long-term. Therefore, we like some larger names like HDFC Life Insurance Company Limited and SBI Life Insurance Company in that space.”

“We are very constructive on capital goods names across the board, be it some of the larger player like Larsen & Toubro (L&T) which intersects across all segments of capital goods and infrastructure and niche players like Cummins, Thermax, ABB and Siemens which are big players in automation in India,” said Murarka. Watch here.

Yash Gupta Equity Research Associate, Angel Broking on Ease Trip Planners IPO

We are expecting a very good listing for this IPO, we suggest retail investors to apply for this IPO for long term as well as for listing gains also. Retail investors can expect a listing gain of 50 percent - 75 percent. Based on FY2020 the IPO is priced at a PE of 58x at the upper end of the price band along with a very good ROE of 34 percent and ROCE of 35 percent. The company has the potential to grow exponentially in near future. Looking at the company performance in FY 2020 and strong balance sheet is given that we have certain concerns regarding competition in this business we are assigning a “Subscribe” recommendation to the issue.

Vodafone seeks to raise up to 2.8 billion euros from Vantage Towers IPO

Vodafone Group said on Tuesday it would seek to raise up to 2.8 billion euros ($3.32 billion) in proceeds by floating infrastructure unit Vantage Towers in Europe's largest initial public offering of 2021, a Reuters report said.

The UK-based operator set the price range for the flotation of Vantage Towers on the Frankfurt Stock Exchange at 22.50 to 29 euros per share, implying a total market capitalisation of up to 14.7 billion euros.

Akhil Chaturvedi, Head of Sales & Distribution, Motilal Oswal Asset Management Company on AMFI data

The trend is similar to January 2021, pure equity net negative by 10,000 crore led by profit booking or get re-allocation to alternate investment avenues like real estate / direct equity or IPO’s. It is good to see positive flows in the dynamic / BAF category, this is a good category in current times where the asset allocation model rebalance portfolios between equities and cash using valuation models.

Some meaningful consolidation of markets could lead investors to come back and make fresh allocations at some stage, there is general worry on valuations and the current rally possibly unreal and therefore investors seem to be trying to time in some way. First few days March look slightly better with the redemption velocity coming down, but need to wait for how it plays through the month

Mutual funds witness equity outflow of Rs 12,822 crore in February, shows AMFI data

The equity outflows rose to Rs 12,822 crore in February while liquid fund witnessed an inflow against an outflow last month, data from the Association of Mutual Funds in India (AMFI) showed on Tuesday. ETF inflow stood at Rs 1,949 crore versus Rs 6,133 crore inflow. Total debt scheme inflow came in at Rs 1,735 crore versus Rs 33,409 crore outflow last month, the data showed.

Credit risk outflow stood at Rs 830 crore against Rs 366.4 crore inflow (MoM), while the corporate bond fund outflow came in at Rs 6,752 crore against Rs 5,428.5 crore inflow (MoM). Hybrid fund inflow stood at Rs 4,703 crore against Rs 2,141.7 crore inflow (MoM). Total assets under management came in at Rs 31.64 lakh crore against Rs 30.50 lakh crore (MoM), the data further showed.

US FDA inspection at Jubilant Pharmova plant to focus on remediation of warning letter

The US FDA inspection at the Jubilant Pharmova's Roorkee plant is focused on remediation undertaken by the company on account of the warning letter issued to it in March 2019. This particular plant was inspected in August 2018 after which they received an official action indicated in December 2018 and then a warning letter in March 2019. Watch here.

Blue Star expects growth of over 20% in Q4FY21, may hike prices again in April

The Indian Meteorological Department (IMD) has indicated that most parts of the country should brace for a hotter than usual summer this year. B Thiagarajan, MD, Blue Star told CNBC-TV 18 that he expects teh firm to grow over 20 percent in fourth quarter of FY21. "In the summer season, I think it should be around 25 percent,” he added. Thiagarajan noted that the demand recovery is primarily due to the fact that people are spending more time at home. The company also increased its price in January by 3-5 percent and expects another 3 percent hike in April. Watch here.

Laxmi Organic Industries IPO to open on March 15 at price band of Rs 129-130 per share

The initial public offering (IPO) of specialty chemical manufacturer Laxmi Organic Industries will open for subscription on March 15 and close on March 17. The company has fixed the price band for the issue at Rs 129-130 per share. The IPO comprises a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore from promoter group Yellowstone Trust. The anchor portion, if any, will open for a day on March 10.

The total issue size has been reduced to Rs 600 crore from Rs 800 crore earlier as the company has already raised up Rs 200 crore in its pre-IPO placement. Read more here.

Vehicle retail sales decline 13% in February: FADA

The total vehicle retail sales in the month of February dipped 13.43 percent on-year, according to the vehicle registration data released by the industry body Federation of Automobile Dealers Associations of India (FADA).

Passenger vehicles showed double-digit growth at 10.59 percent, YoY. This growth was majorly due to the low base of last year as India had started transitioning from BS-4 to BS-6 emission norms, FADA said in the release. On a YoY basis, two-wheeler, three-wheeler and commercial vehicle registrations continued their fall by 16.08 percent, 49.65 percent and 29.53 percent, respectively. Tractors continued their positive momentum by growing 18.89 percent, the data showed. Read more.

Easy Trip Planners IPO subscribed 3.19 times so far on day 2

The initial public offer of Easy Trip Planners has been subscribed 3.19 times so far on March 9, the second day of the bidding process. The offer has received bids for 5.03 crore equity shares against the IPO size of over 1.5 crore shares, according to the subscription data available on exchanges. The reserved portion for retail investors was subscribed 17.97 times. The portion set aside for non-institutional investors saw subscription of 24 percent and that of qualified institutional buyers saw 1 percent.

Buy insurance cos on dips; TTK Prestige great business to own for long-term: Prakash Diwan

On various other stocks like Bharat Petroleum Corporation Ltd (BPCL), IT, insurance companies, TTK Prestige, United Phosphorous Ltd (UPL) and Arvind Fashions, Diwan said, “TTK Prestige is a wonderful business to own especially for the long-term. You have to have it in the portfolio if you are looking at something which is more robust and doesn’t keep on wavering along with the market movement, the underlying business is always going to be robust as long as you have the patience to hold it for the long-term.” More here

Inox Wind shares gain over 3% on order win

The share price of Inox Wind rallied over 3 percent on Tuesday after the company announced that it signed a binding agreement for a 92 MW wind power project with Integrum Energy Infrastructure. In a regulatory filing, the company said that the binding agreement with Integrum Energy Infrastructure is to supply, erect and commission 92 MW of wind power projects comprising of 2 MW turbines with a combination of total turnkey and limited scope supply. This is a repeat order from Integrum Energy within a short period of 3 months which consisted of a 20 MW of turnkey wind project in Karnataka, it added.

Gold rate today: Yellow metal gains; likely to face resistance at Rs 44,700 per 10 grams

Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Tuesday as the international spot prices gained. Silver prices rose above Rs 66,000. At 10:35 am, gold futures for April delivery rose 0.22 percent to Rs 44,315 per 10 grams as against the previous close of Rs 44,218 and opening price of Rs 44,349 on the MCX. Silver futures traded 0.33 percent higher at Rs 66,071 per kg. The prices opened at Rs 66,177 as compared to the previous close of Rs 65,852 per kg. Going ahead, gold is expected to remain sideways, while the outlook for silver remains positive, Kedia said. “On MCX, gold may find support at Rs 43,850 level and resistance is placed at Rs 44,700 level. Silver may face resistance at Rs 67,800 level and support at Rs 65,100 level,” Kedia said. More here