Dalal Street went Bearish; Benchmark indices closed in red; Major sectoral indices were down except Oil&Gas, power, and capital goods


The Indian equity indices ended in a negative session on February 26 with Nifty below 22,150 amid selling across the sectors barring oil & gas, power, and capital goods. At close, the Sensex was down 352.67 points, or 0.48 percent, at 72,790.13, and the Nifty was down 90.70 points, or 0.41 percent, at 22,122.

Asian Paints, Hindalco Industries, Apollo Hospitals, Divis Labs, and Titan Company were among the top losers on the Nifty, while gainers were Power Grid Corp, L&T, Adani Enterprises, BPCL, and Tata Consumer.

Among sectors, Information Technology and Metal are down 1 percent each, while Bank and Pharma are down 0.5 percent each. On the other hand, oil & gas, power, and capital goods are up 0.5-1 percent. BSE Midcap index lost 0.4 percent, while Smallcap index ended on a flat note.


Paytm: Shares of Paytm parent One 97 Communications Ltd gained 5 percent to be locked in the upper circuit again on February 26, the sixth time in the past seven sessions, continuing to recover from its all-time low of Rs 318.05 following RBI’s restrictions on its banking arm. Despite the recovery, the market capitalization of the payments major is 30 percent down from January 31, when the central bank came out with the Paytm Payments Bank circular.

RITES: The shares of the company rallied after IIT Bhubaneswar appointed the company as the project management consultant for the development of a permanent campus in Odisha. The estimated project cost, including the PMC fees, is estimated at Rs 414 crore, excluding GST.

Vodafone Idea: Shares of Vodafone Idea Ltd fell, a day ahead of the Aditya Birla group company’s board meeting to discuss the proposal for a large capital fundraise. The shares of the telecommunication company surged 14 percent in the past two sessions, buoyed by the news of the fundraising plans.

Dixon Tech: Dixon Technologies (India) shares on February 26 hit a record high at Rs 7,048 per share, up 2.6 percent as the firm signed a contract with Compal Smart contract for mobile phone manufacturing. Additionally, Dixon Tech announced the launch of a new factory in Dehradun, Uttarakhand on February 23, 2024, for the manufacturing of washing machines.

Medplus Health Services: Medplus Health Services shares added 3 percent in early trade on even after the company’s subsidiary received a suspension order from the Drugs and Control Authorities of Mahabubnagar, Telangana. The assistant director of the Drugs Control Administration, Mahabubnagar, Telangana, has issued a temporary suspension of drug license for nine days to a store in Wanaparthy, Mahabubnagar. The company received the order on February 23 and estimated a potential revenue loss of Rs 1.63 lakh.

Skipper: Skipper shares surged 13 percent and hit an all-time high in early trade on February 26 after it signed a Rs 737-crore contract with Power Grid Corporation of India. The power transmission & distribution structures manufacturer bagged the order for the design, supply, and construction of the 765 kV transmission line project.