Break eight-session slump: Sensex gains 449 points, Nifty above 17,450

by Ana Lopez

(From Trade Representative)
MUMBAI: Although the pace of the Indian economy is slowing down, the eight-session retreat in the stock market was broken as Asian and European stock markets improved on the back of good factory data from China. The Sensex rose 448.96 points or 0.76 percent to close at 59,411.08 points after trading between a high of 59,475.45 and a low of 59,109.54 points, while the Nifty of the National Stock Exchange was also higher at 17,467. 75 and closed at 17,450.90 points with a jump of 146.95 points or 0.85 percent after hitting between 17,345.25 points.
SBI shares were the only one in the Sensex pack to rise 2.57 percent. Other major gainers include Axis Bank, IndusInd Bank, Tech Mahindra, TCS, HCL Tech, Tata Steel, Maruti, Tata Motors and Wipro. In the Sensex pack, PowerGrid shares lost the most by 1.60 percent. Apart from this, other major stocks closing in the red zone today include HDFC Bank.
Based on provision of high capital expenditure in the budget, Moody’s Investors Services has revised the growth rate of India’s economy to 5.5 percent for 2023. At the same time, Moody’s has announced stable outlook for India’s banking sector, saying that the banking sector will be supported based on economic growth and improvement in financial conditions.
VertexPlus Technologies Limited, a Jaipur-based information technology company engaged in consulting, outsourcing, infrastructure and digital solutions and services, is entering the capital market on March 2 with a subscription of 14,79,600 shares. Price Band Rs. 91-96 has been decided. Out of total 14,79,600 shares, 7,02,000 shares are reserved for QUIBs quota, 2,11,200 shares for HNI quota and 4,92,000 shares for retail quota. The minimum share lot is 1,200. This recruitment will close on March 6. The lead manager is Beeline Capital Advisors. The deadline is March 6. The shares will be listed on the NSE Emerge platform.
The Advertising Standards Council of India in partnership with FutureBrand presented the report on Get It Right ASCI Brand Influencers Summit 2023 in Mumbai. The report discussed the best ways to build long-term relationships with consumers so that influencers equate to anticipated brand growth and remain profitable for all stakeholders.
Experts say that the market was already oversold and also that India’s manufacturing sector has performed less badly than expected. Along with this, China’s manufacturing data was good, and the sentiment was reversed as the world market improved. In another support to the market, the shares of Adani Enterprises, which had spoiled the sentiment in the last few sessions, also saw a 16 percent jump in this session after the previous session.
Metal, oil-gas, power IT, techno, realty, energy, pharma, bank, financial and energy stocks were seen gaining steam. All the sectoral indices remained in the green zone since morning. The stock market undertone was also quite strong. Midcap and smallcap indices closed up 1.35 percent and 1.38 percent respectively.
Among the major stocks in the Nifty today, Adani Enterprises shares rose 15.54 percent. Other key stocks that closed in the green zone included Hindalco, UPL, SBI and IndusInd Bank. On the other hand, Britannia shares recorded the highest decline of 1.83 percent in Nifty. Other major stocks closing in the red zone include Powergrid, Cipla, BPCL and SBI Life.

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