Dalal Street in recovery; Benchmark indices led by bank stocks; Major sectoral indices traded higher except It and Pharma


The market recovered on February 14 to close higher led by gains in SBI and other PSU banks in a highly volatile session.
The Sensex recovered 1, 023 points from the day’s low to close 277.98 points, or 0.39 percent, higher at 71,833.17. The Nifty dropped to 21,530.20 but rebounded to end the day 97 points, or 0.44 percent, higher at 21,840.

BPCL, SBI, Coal India, ONGC, and Axis Bank were among the top gainers on the Nifty, while losers were Tech Mahindra, Cipla, Sun Pharma, TCS, and Dr Reddy’s Laboratories.

Among the sectors, PSU bank and oil & gas indices rose 3 percent each, while auto, bank, FMCG, capital goods, metal, power, and realty were up 1.2 percent each while Information technology and pharma indices were down a percent each.

BSE Midcap and Smallcap indices added 1 percent each.


Bharat Electronics: The Bharat Electronics stock gained 3 percent after the company received a Rs 2,167.47-crore order from the Indian Navy to supply an indigenously designed and developed EW suite for use on-board warship.

Reliance Industries Ltd: The company became the first Indian company to reach Rs 20 lakh crore in market value. It took the company 12 years to reach Rs 10 lakh crore in 2017 from Rs 1 lakh crore in 2005 and five more years to double to Rs 20 lakh crore.

Mahindra & Mahindra: The company’s standalone net profit surged 60 percent Year-on-Year (YOY) to Rs 2,454 crore. Its Profit after Tax (PAT) during the same period last year was Rs 1,528.06 crore. The Mumbai-based automaker’s revenue for the fiscal third quarter grew 16 percent on-year to Rs 25,642.4 crore led by strong growth in volumes in the automotive segment. Its turnover during Q3 FY 2022-23 stood at Rs 21,653.74 crore.

Godrej Properties: Shares of Godrej Properties jumped 2 percent after the company acquired a 12.5-acre land parcel in Rajendra Nagar in Hyderabad. According to the company, the property will provide an estimated revenue potential of Rs 3,500 crore.

NALCO: The Nalco stock gained 9.48 percent after the company’s net profit surged 84 percent on year to Rs 470.61 crore in the December quarter, despite muted topline growth, backed by strong operating numbers with a fall in input cost and power & fuel cost.

Paytm: Shares of Paytm declined 10 percent and got locked in a lower circuit after CNBCTV18 reported that ED initiated a preliminary inquiry against Paytm Payments Bank.

IREDA: The IREDA stock surged 5 percent to get locked in the upper circuit after 2 crore shares exchanged hands at an average price of Rs 160. The deal was worth Rs 389.8 crore.

L&T Technology Services: Shares of L&T Technology Services and other IT companies fell after US inflation data number came higher than expected, reducing chances of rate cuts in March.