Sensex, Nifty Recover from Day's Low to End Strong; TCS, Sun Pharma & Tata Consumer Rally

Tue, 8 Mar Closing

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Indian share markets witnessed volatile trading activity throughout the day today and ended on a strong note.

Benchmark indices reversed their trend and ended with gains led by export-oriented sectors like pharma and IT which witnessed buying interest as the rupee fell to record lows.

Favourable exit poll results of state election and low-level buying seen in mid and smallcaps also helped in adding optimism in the domestic market.

The Sensex index surged 1,163 points from the day's low of 52,261 to end at 53,424 levels.

At the closing bell, the BSE Sensex stood higher by 581 points (up 1.1%).

Meanwhile, the NSE Nifty closed higher by 150 points (up 1%).

IOC and Sun Pharma were among the top gainers today.

Hindalco and ONGC, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,977, up by 134 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.5% and 1.3%, respectively.

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

Metal and oil & gas stocks, on the other hand, witnessed selling pressure.

Shares of Power Grid Corp and GMDC hit their respective 52-week highs today.

Asian stock markets ended on a negative note today.

The Hang Seng and the Shanghai Composite ended down by 1.4% and 2.4%, respectively. The Nikkei ended down by 1.7% in today's session.

US stock futures are trading on a positive note today with the Dow Futures trading up by 75 points.

The rupee is trading at 76.90 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.7% at Rs 53,884 per 10 grams.

Speaking of the precious metal, India's #1 trader Vijay Bhambwani explains whether you should worry about Russia selling its gold, in his latest video for Fast Profits Daily.

Can the price of gold crash due to Russian selling pressure? And should you worry about it?

Vijay answers these questions in the below video. Tune in to find out more...

In news from the auto ancillaries sector, Ramkrishna Forgings was among the top buzzing stocks today.

Ramkrishna Forgings share price jumped 8% today after the company announced a partnership with an American axle manufacturer for the light vehicle (LV) segment.

'A leading axle manufacturer in the USA has encouraged Ramkrishna Forgings suppliers of rolled, forged, and machined products for an estimated business of Rs 700 m over a five-year period, wherein the products will be used in the rear axle applications.

Ramkrishna Forgings is the supplier to various sectors like automotive, railways, farm equipment, bearings, oil & gas, power and construction, earth-moving & mining, both in India and overseas markets.

The company is also a critical safety item supplier for undercarriage, bogie and shell parts for railway passenger coaches and locomotives.

It is a supplier to manufacturers like Tata Motors, Ashok Leyland, VE Commercial and Daimler in India and to Volvo, Mack Trucks, Iveco, DAF, Scania, MAN, UD Trucks and Ford Otosan in the overseas markets. It supplies globally to Tier 1 axle manufacturers like Dana, Meritor and American Axles.

Ramkrishna Forgings share price ended the day up by 5% on the BSE.

Speaking of stock markets, on his telegram channel yesterday, ace chartist at Equitymaster Brijesh Bhatia had shared a critical update on the Bank Nifty index.

Brijesh had highlighted that this is a long-term buying opportunity in Bank Nifty index. And that's exactly what happened today.

The index was seen reversing from the demand zone. Here's what Brijesh wrote today:

• Bank Nifty hits the low of 32,155 and as I have mentioned the dips towards 32,000 as an accumulation levels, it turned back above and closed 33,000 marks today.
  
  The bulls need to build a bridge over the brook of 33,500-34,100, which if taken out can test 36,000-37,000 levels in coming months. ??

Smart investors, by the thousands, have already joined Brijesh's telegram channel - Fast Profits.

If you're interested in being a part of Brijesh's charting journey as he shares how to create wealth from the profitable trade setup, we highly recommend you join his channel.

You'll get access to the best trading ideas in the stock market.

Moving on to news from the shipping sector...

Shipping Corp Says War in Ukraine Needs to Abate for Stake Sale

Shipping Corporation of India's proposed privatisation may need to wait until the market turbulence triggered by Russia's invasion of Ukraine blows over and investors regain confidence.

'Globally markets are facing impact of the crisis, I don't think this is the right opportune moment,' said Shipping Corp. Chairperson and Managing Director Harjeet Kaur Joshi.

The performance of the market will 'majorly' drive the timing for the divestment, she said, adding that is not the government's view.

The war in Ukraine is sparking supply crunch concerns as Russia is a key supplier of energy, metals and crops.

Moves to isolate Moscow has led to a surge in commodities prices from crude, nickel to aluminum and wheat. Oil freight transportation costs from Russian ports are surging as shipowners avoid business with the nation.

Over a thousand seafarers and about hundred ships are stranded near Ukraine as the war shut ports.

The war hasn't affected Shipping Corp.'s operations as Indian refiners buy very little crude from Russia, Joshi said.

The deadline for financial bids for privatising Shipping Corp. was extended from 18 January as bidders sought a more detailed due diligence given the mammoth size of the firm, she said, adding the company is in the process of providing data.

Shipping Corporation is simultaneously demerging its non-core assets as part of the divestment transaction.

Shipping Corporation of India share price ended the day up by 1.5% on the BSE.

Speaking of PSUs, have a look at the chart below which shows the performance of BSE PSU index compared to BSE Sensex over the past few years.

As can be seen from the chart above, over the last decade, Rs 100 invested in BSE PSU index would have eroded to Rs 80, compared to almost 3x gains for the Sensex.

Here's what Richa Agarwal, lead Smallcap Analyst at Equitymaster, wrote about PSU stocks in one of the edition of Profit Hunter:

• However, it will be folly to paint all PSUs with the same brush. There are some exceptions in this space, which put their private peers to shame.
  
  In a recent editorial, I shared an opportunity in a PSU stock that is riding and enabling an irreversible megatrend - digitisation.

One of Richa's stock recommendation (subscription required) is a stock from this space. This smallcap PSU is leading the digitisation drive from the frontlines.

Richa believes it could be a perfect bet for these uncertain times. Hidden Treasure subscribers can read the recommendation here.

And if you're not a subscriber, here's where you can sign up.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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