Nifty surpasses 17400, Sensex up 50 pts in early trade on Tue, Feb 28; Adani Ports fall, Vodafone Idea gains

Nifty surpasses 17400, Sensex up 50 pts in early trade on Tue, Feb 28; Adani Ports fall, Vodafone Idea gains

Domestic indices opened flat on Tuesday. The NSE Nifty 50 rose 14.15 pts or 0.08% to 17,406.85 and BSE Sensex climbed 48.31 pts or 0.08% to 59,336.66. The top gainers on Nifty 50 were Mahindra & Mahindra (up 2.35%), Bajaj Auto (up 1.68%), Tech Mahindra (up 1.61%), TCS (up 1.52%) and Eicher Motors (up 1.04%) while Adani Enterprises (down 4.09%), Hindalco (down 1.70%), Coal India (down 1.24%), Cipla (down 0.97%) and JSW Steel (down 0.96%).

Adani Ports and Special Economic Zone shares fell 0.89% to Rs 557 per share on NSE in the early morning trade. The company has incorporated a wholly owned subsidiary, PU Agri Logistics, which will develop and operate 26 silo complexes in Punjab. The shares were acquired for Rs 5,00,000 with a face value of Rs 10 each.

Vodafone Idea shares rose 0.75% to Rs 6.75 per share on Tuesday after the company said that it will allot 12,000 number of Optionally Convertible Debentures (OCDs) of the face value of Rs 10,00,000 to ATC Telecom Infrastructure, totalling Rs 1200 crore.

Sectoral Indices

The sectoral indices were trading mostly in green. Bank Nifty rose 0.11% to 40350 pts, Nifty IT was up 1.10%, Nifty Realty climbed 0.53%, Nifty Pharma was up 0.05% while Nifty Metal fell 1.07%.

Asian and US stock markets

Asian markets were trading broadly in green with China’s Shanghai Composite index rising 0.33%, Japan’s Nikkei 225 jumping 0.47%, Hong Kong’s Hang Seng climbing 0.72% and South Korea’s KOSPI advancing 1.07%.

The US markets ended the overnight session in the positive territory with Dow Jones Industrial Average rising 0.22%, S&P 500 up 0.31% and the tech-heavy Nasdaq climbing 0.63%.

FII and DII data

Foreign institutional investors (FII) net sold shares worth Rs 2022.52 crore, while domestic institutional investors (DII) acquired equities worth Rs 2231.66 crore on 27 February, according to the provisional data available on the NSE.

NSE F&O Ban

The National Stock Exchange has put no stock/security in its F&O ban list for Tuesday, 28 February. According to the NSE, stocks are prohibited in the F&O sector once they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.