Sensex Today: Indian benchmark indices ended on positive note on March 1 with Nifty around 17,450. The S&P BSE Sensex scaled a high of 59,475 in late deals, and finally settled with a gain of 449 points at 59,411. In the process, the BSE benchmark snapped its 8-day losing streak wherein the index had shed 2,358 points.
The NSE Nifty 50 index touched a high of 17,468, a day after breaking below the 200-DMA, a key technical level placed at 17,384. The Nifty ended 147 points higher at 17,451 on Wednesday.
Axis Bank was one of the top gainer among the Sensex 30 shares after the lender completed the acquisition of Citibank’s India business. The stock along with SBI and IndusInd Bank gained around 2.5 per cent each.
Tech Mahindra, TCS and HCL Technologies were the other major gainers, up over 2 per cent each. Tata Steel, Maruti Suzuki, Tata Motors, Bharti Airtel, Wipro and Reliance Industries were the other prominent gainers.
On the flip side, PowerGrid Corporation slipped 1.5 percent. HDFC Bank was the only other loser among the Sensex 30 pack today.
Vinod Nair, Head of Research at Geojit Financial Services, said: “The Indian market was oversold and needed encouraging domestic triggers to show signs of revival. The manufacturing PMI reported was better than predicted at 55.3, even though India’s Q3 FY23 GDP statistics came in slightly below expectations at 4.4%. Solid global markets, bolstered by strong Chinese manufacturing data, also ignited optimism in the domestic market.”
Yes Bank Shares: three-year lock-in of these private banks ends next month
After State Bank of India (SBI) took over the management of Yes Bank, private lenders like ICICI Bank, Axis Bank, IDFC First Bank, HDFC Bank, etc. made investment in Yes Bank with three years lock-in that is ending in March 2023. These private lenders had bought Yes Bank shares at around ₹10 apiece and despite 35 per cent dip in Yes Bank share price in last two months, these banks are at around 60 per cent profit and hence they might be prompted to book profit once their lock-in ends next month.
Global Cues
Globally, the US markets were subdued overnight as Dow Jones, NASDAQ Composite, and the S&P 500 indices lowered up to 0.7 per cent.
Asia-Pacific markets, too, fell in tandem this morning, with Nikkei 225, Topix, the S&P 200, Shanghai Composite, and Hang Seng indices dropping up to 0.8 per cent.
In the commodities market, prices of Brent Crude and WTI Crude climbed up to 1 per cent to $83 per barrel, and $77 per barrel, respectively.
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