Sensex Today Ends Flat | SpiceJet, HAL & Bharat Dynamics Rally 10% | Adani Group Stocks Surge as MSCI Delays Index Weightage Decision

Thu, 16 Feb Closing

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After opening the day on a positive note tracking strong global cues, Indian share markets pared gains during closing hours and ended flat.

Benchmark indices remained in the green for most of the day but gave up all the gains in the final hour to close in the flat territory.

At the closing bell, the BSE Sensex stood higher by 44 points (up 0.1%).

Meanwhile, the NSE Nifty closed flat at 18,016 levels.

ONGC, Tech Mahindra, and Apollo Hospital were among the top gainers today.

BPCL, HDFC Life Insurance, and Bajaj Finance on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,052.5, up by 32 points, at the time writing.

Broader markets ended on a positive note. The BSE Midcap index and the BSE SmallCap index ended 0.9% higher.

Sectoral indices ended on a mixed note with stocks in the IT sector, realty sector, and metal sector witnessing most of the buying.

On the other hand, stocks from the banking sector, and finance sector witnessed selling pressure.

Shares of Supreme Industries, Cummins India, and Sonata Software hit their 52-week high today.

To get the latest news and which stocks will move the market, check out the stocks to watch today section on our website.

Outside the home ground, Asian share markets ended on a mixed note.

At the close in Tokyo, the Nikkei ended higher by 0.7%, while the Hang Seng rose 0.8%. The Shanghai Composite ended lower by 0.9%.

The rupee is trading at 82.73 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 56,126 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading flat at Rs 65,442 per kg.

Speaking of stock markets, Vetri Subramaniam shares his thoughts on how to pick stocks and build a portfolio, in the latest episode of Investor Hour podcast.

In the podcast, he discusses about position sizing in length. And a bit more about how to detect fraud in a company.

Tune in to the below video to find out more:

Adani stocks bounce back

After weeks of getting hammered by bears, Adani stocks had their best day in a month on Thursday as investors showed buying interest at lower levels.

Out of the ten Adani stocks, eight companies traded in the green zone, with NDTV and Adani Power locked in their 5% upper circuit limits. Adani Group's flagship entity Adani Enterprises was up 2.4%

Earlier in the day, index provider MSCI said it will postpone the implementation of updates to weightings for Adani Total Gas and Adani Transmission to the May benchmark review. Both the stocks were, however, trading in the red zone today.

A reduction in weightage in MSCI indices not only leads to outflow from passive funds but is also seen as sentimentally negative by the investors.

MSCI had earlier announced a reduction in weightings of four Adani Group companies - Adani Total Gas, Adani Transmission, Adani Enterprises and ACC from 1 March 2023.

The four companies had a combined 0.4% weighting in the MSCI emerging markets index as of 30 January 2023.

To know whether it is time to buy the dip in the Adani Group stocks, check our editorial: Adani Group stocks: should you catch this falling knives?

Why Bharat Dynamics share price is rising

Moving on to news from the defence sector, shares of Bharat Dynamics jumped 10% today.

This rally was after the company announced signing ten agreements with foreign and Indian companies.

It signed agreements with renowned companies like Thales, AI Tariq and Bultexpro in addition to its collaboration with the Indian Institute of Technology-Madras and Tamil Nadu Industrial Development Corporation.

The company has been showcasing its largest-ever display of products at the Aero India-2023 event in Bengaluru, during which it signed these agreements.

Its agreement with Thales will establish manufacturing facilities in India for Laser Guided Rocket and its key components.

Bharat Dynamics has also signed a deal with Al Tariq to produce long-range precision-guided munition kits in India.

Additionally, the company has agreed to set up manufacturing facilities for rockets with Bultexpro under the Make in India initiative.

Moreover, the collaboration with the Indian Institute of Technology Madras will work on the design and development of propellant grains for various missiles and futuristic weapon systems.

Furthermore, the company has signed an agreement with Tamil Nadu Industrial Development Corporation Limited to work on new programs for the latter.

Bharat Dynamics is a public sector undertaking under the Ministry of Defense.

It is among the 6 defense stocks with big growth stories having leading position in India's missile manufacturing.

Speaking of the defense sector, note that the government's Atmanirbhar Bharat Abhiyan has emphasized the need of self-reliance in security space.

We believe the defence sector could produce the next set of multibagger stocks over the long run.

Nestle India declares dividend

Moving on to news from the FMCG sector, the share price of Nestle India gained 1.9% today.

The stock gained after December 2022 quarter results were released.

Maggi and KitKat maker Nestle India posted a 13.8% YoY rise in revenue to Rs 42.6 billion (bn).

It reported a 62% YoY rise in net profit to Rs 6.3 bn. This is the highest double-digit growth in the decade recorded by the company.

The growth was led by sustained volume and sales mix, leading to robust value growth.

Along with the December 2022 quarter result, Nestle India's board has declared a final dividend of Rs 75 per equity share of Rs 10 each for 2022.

For the calendar year 2022, the company reported sales of Rs 167.9 bn and a profit of Rs 23.9 bn.

During the quarter, the company also strengthened its RURBAN approach by increasing distribution points and going deeper into smaller towns and cities.

Its R&D center has signed an MOU (memorandum of understanding) with Nutrihub, ICAR-Institute of Millet Research, to collaborate in areas such as millet processing.

Nestle is a debt-free company.

Nestle being a market leader (96.5% market share) in the baby food segment, is a classic example of a good monopoly stock. Nestle's shares have grown over 600% since 2010.

Nestle and its peer Britannia are in a tough race to capture the growing demand for packaged foods. To know which company will outperform, check out Nestle vs Britannia: which FMCG stock is better?

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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