POST MARKET
The Indian equity market began the week on a positive note, extending gains for a second consecutive session on February 23, supported by positive global cues after the US Supreme Court struck down US President Donald Trump’s tariff programme.
At close,
Sensex ↓↑ up 479.95 points or 0.58 percent at 83,294.66,
Nifty ↑ up 141.75 points or 0.55 percent at 25,713.
About 1852 shares advanced, 2274 shares declined, and 171 shares remained unchanged.
Top gainers – Adani Ports, Dr Reddy’s Labs, Kotak Mahindra Bank, HDFC Life, Nestle
Top losers – Hindalco, Wipro, Infosys, Tech Mahindra, Cipla.
Among sectors Information Technology shed 1.4 percent, metal down 0.2 percent, while PSU Bank index added 1.3 percent, while pharma, oil & gas, infra, FMCG, and auto added 0.5 percent each.
Among the broader market indices, the Nifty midcap index was down 0.4 percent, and the smallcap index was up 0.3 percent.
STOCKS IN NEWS
Kitex Garments
Indian textile stock Kitex Garments rallied over 5.5 percent on February 23 after the US Supreme Court struck down sweeping import levies imposed by Donald Trump, easing concerns around trade disruptions and lifting sentiment across export-oriented shares.
Pine Labs
Shares of Pine Labs hiked over 1.5 percent on Monday after the company announced that it had won multi-year contracts from three state-run oil marketing companies: Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited and Indian Oil Corporation Limited.
HAL
Shares of Hindustan Aeronautics Ltd (HAL) declined almost 3.5 percent in a day after it was learnt that a Tejas light combat aircraft of the Indian Air Force (IAF) sustained major damage to its airframe after it overshot the runway at a frontline airbase following a suspected brake failure earlier this month.
Adani Ports
Shares of Adani Ports and Special Economic Zone rose almost 3 percent, emerging as the top gainer on both the Nifty 50 and the BSE Sensex, after the company announced a strategic memorandum of understanding with NMDC Limited and Vale S.A. to develop an iron ore blending and export ecosystem at Gangavaram Port.
IDFC First Bank
IDFC First Bank shares fell over 16 percent on February 23, a day after the lender disclosed a Rs 590-crore fraud committed by its employees and others in accounts held by the Haryana government with the private sector lender.
Infosys
Shares of the Indian IT company declined over 1.8 percent on Monday after brokerage firm Jefferies downgraded the sector, stating that the pain caused by artificial intelligence-triggered disruption is not yet over.
Source – Moneycontrol
