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Sensex Trades Marginally Higher During Special Trading Session | Tata Steel, L&T, Wipro Top Gainers | Torrent Power, Tata Investment Surge 5%
Sat, 2 Mar 09:30 am

Sensex Trades Marginally Higher During Special Trading Session | Tata Steel, L&T, Wipro Top Gainers | Torrent Power, Tata Investment Surge 5%

Surprise Surprise!

For the second time in the calendar year 2024, stock exchanges BSE and NSE decided to keep the market open on a Saturday despite the weekend holiday.

The special session carried out as part of the framework for the Business Continuity Plan (BCP) and Disaster Recovery Site (DRS) for stock exchanges and depositories and would involve intraday switchover to the Disaster Recovery site.

Coming back to today's trading session...

The day is divided into two sessions. The first one started at 9:15 AM today and it'll go on till 10 AM.

The second session, which involves a switchover to the disaster recovery site, runs from 11:30 AM to 12:30 PM.

How Global Markets Performed Overnight

Asian share markets ended higher on Friday following Wall Street gains driven by tech rallies and key US inflation data that met investors' expectations.

The Nikkei 225 gained 1.9% to close at 39,910.8.

The Shanghai Composite gained 0.4% while the Hang Seng gained 0.5%.

In US markets, Wall Street indices rose on Friday, with the S&P 500 and Nasdaq closing at record highs, as technology stocks rallied on AI optimism, with further support from declining Treasury yields.

The gains marked the second straight closing record for the Nasdaq, which also set an intraday record for NVIDIA.

Back home, Indian share markets are trading on a positive note following the trend on GIFT Nifty.

At present, the BSE Sensex is trading higher by 142 points, while the NSE Nifty is trading around 22,400 levels, up 55 points.

Tata Steel and L&T are among the top gainers today.

NTPC and Bharti Airtel on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index gained 0.5% and the BSE Small Cap index is trading higher by 0.4%.

All sectoral indices are trading in green with stocks in the pharma sector, metal sector and auto sector witnessing most of the buying.

Shares of Waaree Renewables and Data Patterns hit their 52-week high today.

Only one stock, Zee Entertainment is under the ban period under the F&O segment as it has crossed 95% of the market-wide position limit.

Market participants are also tracking Zomato share price as shares touched a new record high.

The positive sentiment comes after Blinkit - Zomato's quick commerce business, is expected to turn EBITDA-positive next fiscal year.

As we have mentioned in our editorial, Zomato needs new growth to justify its soaring stock. Future potential is driving up Zomato's price, but the company must contend with issues like Swiggy rivalry, sustaining earnings, and starting new businesses.

The rupee is trading at Rs 82.84 against the US dollar.

In commodity markets, gold prices are trading 1.6% higher at Rs 63,596 per 10 grams today.

Speaking of stock markets, co-head of Research at Equitymaster Tanushree Banerjee talks about HUL and Dixon Technologies, in her latest video.

Which is the safer stock to go with in a market crash?

Tune in to the below video to find out:

Can Reliance-Disney Merger Go the Zee-Sony Way?

Day after Sony announced its intention to cancel the proposed merger with Zee, Reliance Industries announced a deal with Disney.

However, reported state that Reliance owned Viacom18 and Walt Disney's Star India are likely to go through greater scrutiny by the Competition Commission of India (CCI) given the impact it could have on the media & entertainment sector.

While referring to the CCI's order in the Sony-Zee combination plea, legal experts said the competition watchdog could also order Star and Viacom18 to divest channels in categories where they have market shares beyond the acceptable threshold level.

The merger collapse impacted Zee a great deal as shares crashed in the following sessions.

It remains to be seen how the proposed deal between Reliance and Disney pans out.

Patanjali's Rolta Acquisition - What it Means...

In January 2023, defence-focused IT solutions provider Rolta was dragged to bankruptcy court for a default of Rs 14 billion (bn).

After several attempts for acquiring bids, Rolta found its calling from FMCG major Patanjali Ayurved. It made an all-cash offer of Rs 8.3 bn to buy Rolta India.

Patanjali Ayurved's acquisition marks a FMCG company's entry in the defence-focused solutions company.

In 2019, Patanjali Ayurved acquired bankrupt Ruchi Soya and since then, it has successfully turned it around.

It remains to be seen whether Patanjali sticks to its offer or betters it as more interested parties join the list of potential suitors.

Top Equitymaster Stories You May Have Missed...

Here are Equitymaster's top 5 stories from the week gone by...

Happy Investing!

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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