Summary
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Avoid midcap banking: Amit Gupta
Amit Gupta, Vice President and PMS Fund Manager at ICICI Securities, is of the view that it is the time to avoid midcap banking stocks and even NBFCs from the lower spectrum. That is where the major problem is, he says.
"In banking, technology, metals and energy sectors, if you look at the Nifty EPS, it is not getting downgraded despite crude moving higher. If you combine all of them, they are in excess of 60 percent of the Nifty weight right now - banking primarily the results are coming better from the big banks, the big NBFCs or the big the private banks or PSUs," he adds.
Market At Close | Sensex, Nifty50 at 3-week closing highs
Here are some highlights:
--Financial stocks lead benchmark indices higher
--HDFC Bank, ICICI Bank, Infosys, Reliance Industries top index movers
--HDFC Bank gains 3 percent after RBI lifts tech ban
--Infosys at 2-month high, 3 percent within lifetime high
--Auto stocks off lows; M&M, Maruti Suzuki among top gainers
--Oil marketing cos under pressure on no fuel price hike, down 1-5 percent
--ONGC, Oil India slip amid fall in crude oil prices; Brent remains around $110/barrel
--36 Nifty stocks rise; Infosys, SBI, HDFC Bank, Maruti Suzuki top gainers
--Chemical stocks rise as China locks down major producing cities
--Jubilant FoodWorks slumps 12 percent to 15-mth low after co's CEO resigns
--AU Small Finance Bank among top midcap losers, down 6 percent
--Metal shares fall; Hindustan Copper, Nalco down 3 percent
--Sugar stocks continue to rise; Balrampur Chini up 2 percent
--Market breadth slightly in favour of bears
Infosys, HDFC Bank, SBI top blue-chip gainers
Axis Bank, ICICI Bank, Maruti Suzuki and HDFC also among the top gainers. On the other hand, Indian Oil, ONGC, Hindustan Unilever, Tata Motors and HDFC Life the worst hit among the 13 laggards in the Nifty50 universe.
Here's how the 30-scrip basket fares:
Market At Close | Sensex, Nifty50 extend gains to 5th day
The 30-scrip Sensex index rises 935.7 points or 1.7 percent to end at 56,486 and the broader Nifty50 settles at 16,871.3, up 240.9 points or 1.5 percent from its previous close. Gains in financial and IT packs were the biggest boosts for both headline indices. (Read more on the closing bell)
Geopolitical situation led to steel rise in global crudef oil rates: Oil Minister In Parliament
The global oil market and potential energy supply disruptions are being closely monitored, and the government is ready to take appropriate action as deemed fit, the minister said.
BharatPe forays into secured loans, launches gold loan for merchant partners
Fintech company BharatPe announces the launch of gold loan for its merchant partners, making a forwar in secured loans. The company has partnered with RBI-approved NBFCs to offer gold loan of up to Rs 20 lakh, according to a company statement.
BharatPe has already launched gold loans for merchants in the Delhi NCR, Bangalore and Hyderabad, and will be scaling this to 20 cities by the end of 2022. It has set a target of facilitating disbursals of Rs 500 crore by the end of 2022.
How HDFC Bank, SBI, Axis Bank, ICICI Bank rise 3%
Here's how the BFSI pack looks:
| Stock | Change (%) |
| HDFCBANK | 3.4 |
| SBIN | 2.9 |
| AXISBANK | 2.9 |
| ICICIBANK | 2.6 |
| HDFC | 1.9 |
| KOTAKBANK | 1.4 |
| M&MFIN | 1.3 |
| SBILIFE | 1 |
| CHOLAFIN | 0.7 |
| BAJAJFINSV | 0.4 |
| ICICIGI | 0.3 |
| PEL | 0.1 |
| SRTRANSFIN | -0.1 |
| BAJFINANCE | -0.2 |
| ICICIPRULI | -0.2 |
| PFC | -0.6 |
| HDFCAMC | -0.6 |
| HDFCLIFE | -1.3 |
| RECLTD | -1.9 |
| MUTHOOTFIN | -2.5 |
Buy HDFC Bank, Balrampur Chini: Jay Thakkar
Jay Thakkar of Marwadi Shares & Finance shares two trading calls:
--Buy HDFC Bank for a target of Rs 1,470-1,490 with a stop loss at Rs 1,415
--Buy Balrampur Chini for a target of Rs 530-545 with a stop loss at Rs 490
Buy HCL Tech, Cipla: Ajit Mishra
Ajit Mishra of Religare Broking shares two trading calls:
--Buy HCL Tech for a target of Rs 1,260 with a stop loss at Rs 1,180
--Buy Cipla with a stop loss at Rs 1,000
RBI releases regulatory framework for microfinance loans
Here are some highlights:
--All entities (banks and NBFC-MFIs) brought under similar rules (previous rules applied only to NBFC-MFIs)
--To qualify as an MFI loan, households’ total income limit raised to Rs 3 lakh from (previously, urban household income limit was Rs 2 lakh, Rs 1.6 lakh for rural)
--MFI loans not to have end-use restrictions (previously 50 percent loans had to be income generating)
Fall in Jubilant FoodWorks shares not justified: Karan Taurani
Karan Taurani of Elara Securities is of the view that the steep fall in the Jubilant FoodWorks stock on Monday is not justified. "Definitely there will be someone new who will be coming stepping on to Pratik (Pota)’s shoes. The only thing here is that there will be lag time, there might be transition of about two or three quarters for the company to basically come back on growth track now... Pratik was one of the first CEOs who actually started this value pizza and Jubilant was moving very favourably towards the sector food tech journey, which was there, and that is why the stock had also seen a sharp de-rating in the last 18 months since the COVID outbreak had begun," he says.
"I would probably favour someone from a tech background, because currently these QSR companies need a lot of tech in terms of the overall strategy. They really cannot do without it and whatever Jubilant is getting in terms of premium multiple versus peers is primarily because of their delivery experience, which is there. That strategy should not change too much. Otherwise, I don't think there is any problem from a medium- to long-term perspective," Taurani adds.
IT, financial stocks push headline indices higher
Here's how NSE's sectoral indices look like:
| Index | Change (%) |
| NIFTY MEDIA | 2.1 |
| NIFTY BANK | 1.7 |
| NIFTY FINANCIAL SERVICES | 1.5 |
| NIFTY PRIVATE BANK | 1.4 |
| NIFTY IT | 1.3 |
| NIFTY PSU BANK | 1.2 |
| NIFTY CONSUMER DURABLES | 0.2 |
| NIFTY AUTO | -0.2 |
| NIFTY HEALTHCARE INDEX | -0.2 |
| NIFTY PHARMA | -0.3 |
| NIFTY FMCG | -0.4 |
| NIFTY OIL & GAS | -1.1 |
| NIFTY METAL | -1.2 |
| NIFTY REALTY | -1.7 |
Wholesale inflation at 13.11% in February
Wholesale inflation in the country at 13.11 percent in February, official data shows. Economists in a CNBC-TV18 poll had estimated WPI inflation at 11.9 percent.
The WPI inflation reading for December revised to 14.27 percent from 13.56 percent.
Here are some highlights:
--Food inflation at 8.47 percent vs 9.55 percent in previous month
--Primary articles inflation at 13.39 percent vs 13.87 percent MoM
--Fuel and power inflation at 31.50 percent vs 32.27 percent MoM
--Manufactured products inflation at 9.84 percent vs 9.42 percent MoM
--Potato inflation at 14.78 percent vs -14.45 percent MoM
--Onion inflation at -26.37 percent vs -15.98 percent MoM
--Eggs, meat and fish inflation at 8.14 percent vs 9.85 percent MoM
--Vegetables inflation at 26.93 percent vs 38.45 percent MoM
--Manufactured oroducts index up 0.95 percent MoM