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NSE Intra-day chart (27 February 2024)
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Market Commentary 28 February 2024
Markets likely to get flat-to-positive start on Wednesday

Indian equity markets snapped their 2-days losing run and ended higher in the volatile session on Tuesday amid buying seen in Realty, Consumer Durables and TECK stocks. After making slightly negative start, markets gyrated between gains and losses for first half of the session, amid foreign fund outflows. Provisional data from the NSE showed that foreign institutional investors (FIIs) net sold shares worth Rs 285.15 crore on February 26. Some cautiousness also came as India expressed serious concerns in a WTO meeting in Abu Dhabi over increase in the use of trade protectionist measures by certain countries in the name of environment protection. The remarks assume significance as the country has earlier flagged issues over the European Union's (EU) decision to impose carbon tax (a kind of import tax) on sectors such as steel and fertiliser; and adoption of deforestation regulation by the 27-nation bloc. However, in the afternoon deals, benchmark indices picked momentum to end higher, as traders took support with a private report stating that India's real GDP growth for the December quarter is all set to come at a higher-than-anticipated 7 per cent. Traders got encouragement after the Union Finance Minister Nirmala Sitharaman noted the rapid growth of the Start-up and Fintech sector of India, especially in the last decade, and welcomed suggestions from the FinTech leaders to achieve greater Ease of Doing Business and Ease of Living for consumers. Adding to the optimism, Prime Minister Narendra Modi has said the world no longer feels surprised at India's achievements as it has become a new normal now and they today realise the benefit of walking alongside the country. Finally, the BSE Sensex rose 305.09 points or 0.42% to 73,095.22 and the CNX Nifty was up by 76.30 points or 0.34% to 22,198.35.

The US markets ended the choppy trading session mostly in green on Tuesday amid uncertainty about the near-term outlook. Traders remained on the sidelines ahead of the release of some key economic data later this week, including a closely watched inflation reading. The Commerce Department's report on personal income and spending, which is scheduled to be released on Thursday, includes a reading on consumer price inflation said to be preferred by the Federal Reserve. The inflation data could have a notable impact on the outlook for interest rates, as Fed officials have said they need greater confidence inflation is slowing before cutting rates. A report released by the Commerce Department before the start of trading showed a substantial decrease by new orders for U.S. manufactured durable goods saw a substantial decrease in the month of January. The Commerce Department said durable goods orders plunged by 6.1 percent in January after falling by a revised 0.3 percent in December. Street had expected durable goods orders to tumble by 4.5 percent compared to the unchanged reading that had been reported for the previous month. Excluding a steep drop in orders for transportation equipment, durable goods orders dipped by 0.3 percent in January after edging down by 0.1 percent in December. Ex-transportation orders were expected to rise by 0.2 percent. Meanwhile, the Conference Board released a report showing an unexpected deterioration in U.S. consumer confidence in the month of February. The Conference Board said its consumer confidence index slid to 106.7 in February from a downwardly revised 110.9 in January.

Crude oil futures magnify their gains and ended higher for second straight session on Tuesday on supply concerns due to the disruptions in the Red Sea route and amid uncertainty about a cease-fire in the Israel-Hamas war. U.S. President Joe Biden said My national security advisor tells me that we're close - close but not done yet. My hope is by next Monday we will have a cease-fire. The President said that there's an agreement that the Israelis would not engage in activities during Ramadan, giving time to get all the hostages out. Traders are also looking ahead to the OPEC+ meeting, scheduled to take place later in the week. The group is expected to extend production cuts into the next quarter. Benchmark crude oil futures for April delivery rose $1.29 or 1.66% to settle at $78.87 a barrel on the New York Mercantile Exchange. Brent crude for April delivery was up by $1.12 or 1.36% to $83.65 per barrel on London's Intercontinental Exchange.

Indian rupee ended marginally lower against the U.S. dollar on Tuesday amid withdrawal of foreign funds and increased month-end demand for the American currency. Some cautiousness came as India expressed serious concerns in a WTO meeting in Abu Dhabi over increase in the use of trade protectionist measures by certain countries in the name of environment protection. The remarks assume significance as the country has earlier flagged issues over the European Union's (EU) decision to impose carbon tax (a kind of import tax) on sectors such as steel and fertiliser; and adoption of deforestation regulation by the 27-nation bloc. On the global front, the dollar traded on the back foot on Tuesday, as markets looked ahead to a week of key U.S. economic data that will provide fresh signals on how soon the Federal Reserve may begin cutting interest rates. Finally, the rupee ended at 82.89 (Provisional), weaker by 1 paisa from its previous close of 82.88 on Monday.

The FIIs as per Tuesday's data were net sellers in equity segment, while they were net buyers in debt segment. In equity segment, the gross buying was of Rs 12511.65 crore against gross selling of Rs 12768.01 crore, while in the debt segment, the gross purchase was of Rs 1031.93 crore with gross sales of Rs 459.68 crore. Besides, in the hybrid segment, the gross buying was of Rs 59.50 crore against gross selling of Rs 31.86 crore.

The US markets ended mostly higher on Tuesday as weak economic data stirred expectations of an earlier-than-anticipated rate hike by the Federal Reserve. Asian markets are trading mixed on Wednesday ahead of Chinese manufacturing data due later this week. Indian markets snapped two-day losing streak and ended higher on Tuesday following buying in index major Tata Consultancy Services, Tata Motors and Sun Pharma amid mostly firm global markets. Today, markets are likely to extend their previous session's gains with flat-to-positive start. Some support will come with report that India would benefit from a move of over 70 nations like the UK, UAE and Australia that have agreed to take on additional obligations in the services sector under an agreement of the WTO. These WTO (World Trade Organisation) members are taking the additional obligations under the General Agreement on Goods in Services (GATS) to ease non-goods trade among themselves and extend similar concessions to all other members of the WTO. Traders may take note of report that the borrowing cost for states continued to fall for the third week in a row, with the weighted average price falling to 7.44 per cent in the debt auction on Tuesday. The cost had remained at a two-year high throughout January sniffing at 7.8 per cent. Besides, with the recent NSSO survey 2022-23 showing a sizable fall in food consumption expenses in the monthly per capita expenditure (MPCE), Commerce Minister Piyush Goyal said that the data augurs well for the household consumption basket. Meanwhile, Finance Minister Nirmala Sitharaman has exuded confidence that India Inc will align itself to the developmental goals of the nation with an objective of making the country a developed nation or Viksit Bharat by 2047 on the 100th anniversary of independence. However, there may be some volatility in the today's session ahead of key U.S. GDP and inflation readings that could shed light on the possible timing of a Federal Reserve interest-rate cut. Also, foreign fund outflows likely to dent sentiments. Foreign institutional investors (FIIs) net sold shares worth Rs 1,509.16 crore on February 27, provisional data from the NSE showed. Metal stocks will be in focus with a private report that India's steel imports touched a six-year high in the first 10 months of the fiscal year to March, led by Chinese shipments, and India was a net importer of finished steel. Moreover, Juniper Hotels shares will make a debut on the Indian stock market today. The issue price is fixed at Rs 360.

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  • Infosys has launched its Responsible AI Suite, a part of Infosys Topaz, an AI-first set of services, solutions and platforms using generative AI.
  • Titan Company is all set to purchase balance 1,19,489 equity shares held by the individual shareholders of CaratLane Trading representing 0.36% of the total paid-up equity share capital of face value of Rs 2 each of CaratLane.
  • Cipla has received approval from the Central Drugs Standard Control Organization to market the novel antibiotic plazomicin in India.
  • Bharti Airtel has launched 13 stores at various cities in India.

News Analysis