SBI Life Insurace, Bajaj Finserv, Dr Reddy’s Lab, Cipla, HDFC Life Insurance were the top gainers in the Nifty 50. While Asian Paints, Maruti Suzuki, HCL Technologies, BPCL, and JSW Steel were the key losers in the Nifty 50.

Shares of Jio Financials rose 14% to hit an all time high of Rs 347. The company’s market cap crossed the milestone of Rs 2 lakh crore.

The stock of Kalyani Steels jumped 8.5% to hit a lifetime high of Rs 889. The company inked a pact with the Odisha government to build an integrated advanced specialty steel & automotive components manufacturing complex worth Rs 6,626 and an integrated titanium metal/alloy and Aerospace & defense components manufacturing plant of 10,000 TPA capacity worth Rs 5,124.

Shares of Bajaj Finserv rose 1.7% to Rs 1,619. The stock was the top gainer in the Nifty 50.

Bajaj Finserv, Cipla, M&M, Dr Reddy’s Lab, and HDFC Life Insurance were the top gainers in the Nifty 50. While Asian Paints, Bharti Airtel, BPCL, ONGC, and NTPC were the key laggards in the Nifty 50 on February 23.

Shares of Asian Paints fell 1.7% to Rs 2,966.20. The stock was the key loser in the Nifty 50 on February 23.

The shares of Concord Biotech gains over 3% to an intra-day high of Rs 1,487 on the following news that Concord Biotech, backed by Rare Enterprises, has achieved the coveted Good Manufacturing Practices (GMP) certification following a successful inspection by the Ministry of Health Pharmacy and Poisons Board of the Republic of Kenya.

The stock of Cipla rose 2% to hit a fresh 52-week high of Rs 1,482.35. The stock was the top gainer in the Nifty 50.

The NSE Nifty 50 was up 20.80 points or 0.09% at 22,238.25. While the 30-stock BSE Sensex was up 79.67 points or 0.11% at 73,237.91.

M&M, Cipla, Dr Reddy, Wipro, and HDFC Life Insurance were the top gainers in the Nifty 50. On the other hand, Bharti Airtel, BPCL, Asian Paints, NTPC, and Power Grid were the major losers in the Nifty 50 on February 23.

Commenting on the Nifty technicals, Anand James, Chief Market Strategist at Geojit Financial Services, said, “With a push above 22,131 that we were eyeing as a sign of strength yesterday, we are back on the 22,450-550 trajectory. The initial challenge is likely to be seen near 22,320, but unless we see a pullback below 22,200, positivity may persist. However, momentum may ease off as the day progresses.”

On February 22, 2024, Bajaj Auto made an investment of Rs 45.75 crore in Yulu Bikes, strengthening its position in the two-wheeler market. However, the shares of Bajaj Auto experienced a decline of up to 1%, falling to Rs 8,410 in intra-day trading on Friday.

Commenting on the derivative outlook Anand James, Chief Market Strategist at Geojit Financial Services said that Nifty weekly contract has highest open interest at 22250 for Calls and 22200 for Puts while monthly contracts have highest open interest at 23000 for Calls and 21000 for Puts. Highest new OI addition was seen at 22250 for Calls and 22200 for Puts in weekly and at 23000 for Calls and 21000 for Puts in monthly contracts.

“FIIs increased their future index long position holdings by 2.80%, decreased future index shorts by 5.10% and in index options by 14.48% decrease in Call longs, 4.86% decrease in Call short, 21.01% decrease in Put longs and 14.81% decrease in Put shorts,” added James.

Oil India has entered into a Memorandum of Understanding (MoU) with The Fertilisers and Chemicals Travancore Limited (FACT) to explore opportunities in the field of Green Hydrogen. The partnership is focused on investigating Green Ammonia, Green Methanol, and other derivatives. However, the shares of Oil India experienced a 1.20% decline, reaching Rs 591.35 in intra-day trading on Friday.

Bank of Baroda has successfully raised Rs 2,500 crore through Tier II bonds, featuring a 5.57% coupon rate. However, the shares of Bank of Baroda witnessed a decline of over 3%, reaching an intra-day low of Rs 265.30.

On Thursday, shares of Olectra Greentech Ltd experienced a 10% surge, reaching a new 52-week high of Rs 2,221.95 per share on the NSE. This surge followed a significant order received by the electric bus manufacturer from Brihanmumbai Electricity Supply and Transport Undertaking (BEST). The order entails the supply, operation, and maintenance of 2,400 electric buses, boasting an impressive order value of Rs 4,000 crore.

Commenting on the USD-INR outlook Anand James, Chief Market Strategist at Geojit Financial Services said that, We had noted yesterday that USDINR’s lack of strength to bounce back despite being near 82.9. The slippage below 82.9 hence is not surprising, but we are not keen on a directional play unless beyond 82.78-83.1 region.

The stocks of Vodafone Idea advanced 8.3% to Rs 17.65 after the board decided to meet on February 27 regarding fund raising. The company’s board will look at various options to raise funds such as rights issue, preferential issue, QIP, etc.

The board of Power Finance Corporation is set to convene on February 29 to consider options for raising funds. The company is considering the issuance of bonds, term loans, and commercial paper from both domestic and international markets. In intra-day trading on Friday, the shares of Power Finance Corporation rose 0.28% to Rs 416.70.

Commenting on Bank Nifty Technicals, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said, “The Bank Nifty bulls made a strong comeback, leading to a sharp recovery in the index from lower levels. The formation of a long-legged doji candle on the daily chart is considered bullish, suggesting potential further upside towards the 48,000 mark. The index finds support at 46,500, where aggressive put writing is evident. The bullish sentiment remains intact unless there is a decisive break below this support level.”

Shares of Vodafone Idea surged 8% to reach a day’s high of Rs 17.65 in intra-day trading on Friday. This follows the announcement that the board of Vodafone Idea is scheduled to meet on February 27 to discuss fundraising proposals, with KM Birla highlighting the Aditya Birla Group’s commitment and dismissing any plans to exit the business, while expressing a willingness to engage with new investors.

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The market remained highly volatile due to the weekly expiry of Nifty options. On the lower end, it found support at the 21EMA before rallying towards higher levels. The momentum indicator has experienced a bullish crossover. Overall sentiment has turned positive once again, with the potential to reach towards 22,400/22,600 in the short term. On the lower end, support is placed at 22,100.