Sensex Today Ends 353 Points Lower | IT Stocks Worst Hit | Adani Energy Rallies 9%

Mon, 26 Feb Closing

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   10:30 am   

After opening the on negative note, Indian share markets continued the downtrend as the session progressed and ended the day lower.

Benchmark indices stayed lower on Monday amid broad-based profit booking.

At the closing bell, the BSE Sensex stood lower by 353 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 91 points (down 0.4%).

L&T, HUL and SBI were among the top gainers today.

Asian Paints, Apollo Hospitals and Hindalco on the other hand, were among the top losers today.

The GIFT Nifty ended at 22,135 down by 114 points.

Broader markets ended the day lower. The BSE Mid Cap ended 0.4% down and the BSE Small Cap index ended flat.

Sectoral indices are trading mixed, with socks power sector, oil & gas sector and capital goods sector witnessing most buying. Meanwhile, stocks in media sector, healthcare and metal sector witnessed selling pressure.

Shares of HDFC AMC, Siemens and CAMS hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 82.89 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% lower at Rs 62,240 per 10 grams.

Meanwhile, silver prices are trading 0.8% lower at Rs 69,950 per 1 kg.

Speaking of stock markets, in the latest video, Hidden Treasure, Richa Agarwal shares her views on the road ahead for smallcaps, a prudent strategy to navigate it and alerts on six smallcaps that have witnessed insider buying interest.

These are the smallcaps with decent financial performance and where the current price is almost at par or at a discount from the average price at which insiders have purchased.

Tune in to below video for details.

Why RITES Share price is rising

In news from the railway sector, RITES shares rallied 5% in trade on 26 February after IIT Bhubaneswar appointed the company as the project management consultant for the development of a permanent campus in Odisha.

RITES received a formal letter of intent towards appointment as a project management consultant (PMC) for the infrastructure development for a permanent campus of IIT Bhubaneswar in Odisha.

The estimated project cost, including the PMC fees, is estimated at Rs 4.1 bn, excluding GST.

RITES will aggressively bid for export and consultancy orders in the remainder of 2023-24 and in 2024-25 to make up for the fall in revenues from the Indian Railways' quality assurance/inspection division.

The firm secured more than 100 orders worth Rs 6.1 bn in the quarter ended 31 December 2023 to make up for the fall in its revenues and net profit in 2023-24 due to the railways reducing the rates for quality assurance/inspection tenders since the start of the year.

RITES, formerly known as Rail India Technical and Economic Service Limited, is a Navaratna central public sector undertaking under India's Ministry of Railways.

It was incorporated in 1974 and is a multidisciplinary engineering and consultancy organisation providing a comprehensive range of services from concept to commissioning in all facets of transport infrastructure and related technologies.

For more, check out Why RITES Share Price is Rising.

For details about risk to companies enjoying monopoly in India's railway capex megatrend, check out research analyst, Tanushree Banerjee's video, Upside in India's Monopolistic Railway Stocks.

Vodafone Idea Stock Falls 2%. Here's Why.

Moving on to news from the telecom sector, shares of Vodafone Idea fell more than 2% on 26 February, a day ahead of the Aditya Birla group company's board meeting to discuss the proposal for a large capital fundraise.

No listed company of the Aditya Birla group is likely to participate in the fundraising plans, and the promoters will fund the company.

The shares of the telecommunication company surged 14% in the past two sessions, buoyed by the news of the fundraising plans.

Vodafone Idea is involved in realising the government's vision of establishing a robust supply chain in critical and emerging areas, including Open RAN (Radio Access Network).

The telecom sector is currently facing a demand-supply gap of 2.41 million, and this is expected to increase significantly to 3.8 times by 2030, providing a substantial boost to the telecom industry.

The telecom sector holds a significant position in India, being the third-largest industry and contributing approximately 6.5% of all FDI inflow.

Vodafone Idea is an Aditya Birla Group and Vodafone group partnership. It's among India's leading telecom service providers.

The company provides pan India voice and data services across 2G, 3G, and 4G platforms.

Vodafone Idea zooms 39% in 2 days, hits over 4 years high. To know why, check out Why Vodafone Idea Share Price is Rising.

Skipper Shares Hit Record High

Moving on to news from the engineering sector, Skipper shares surged 13% and hit an all-time high in early trade on 26 February after it signed a Rs 7.4 bn contract with Power Grid Corporation of India.

The power transmission & distribution structures manufacturer bagged the order for the design, supply and construction of the 765 kV transmission line project.

The steady stream of orders from PGCIL, has notably strengthened our order book in India's Transmission and Distribution (T&D) domain.

On 12 February, Skipper reported a 115% jump in consolidated net profit to Rs 20.4 crore for the third quarter ended December 2023 in the current fiscal, up from Rs 95 m in the year-ago period.

The company reported an 80% increase in revenue to Rs 8 bn in the October-December quarter.

The company said for Q3 FY24, the order inflow was Rs 4 bn, and for the year-to-date, the same was Rs 31.5 bn for engineering product supplies and EPC works.

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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