Equity benchmark indices settled at new closing highs in the special trading session on Saturday, extending their previous day’s rally, amid impressive GDP data and foreign fund inflows.
Stock exchanges National Stock Exchange (NSE) and BSE conducted a special trading session in the equity and equity derivative segments on Saturday to check their preparedness to handle major disruption or failure at the primary site.
The BSE Sensex climbed 60.80 points or 0.08 per cent to touch its all-time closing high of 73,806.15. The NSE Nifty50 surged by 39.65 points or 0.18 per cent to settle at a new closing high of 22,378.40. The market capitalisation of BSE-listed companies reached its all-time peak of Rs 394.06 lakh crore.
Santosh Meena, Head of Research, Swastika Investmart says key upcoming events, such as the release of the US ISM services PMI on March 5, 2024, testimony by US Fed Chair Powell, and the announcement of JOLTS job openings on March 6, 2024, along with the US unemployment rate on March 8, 2024, will be closely watched for their potential impact on market sentiment. “Crude oil is also inching higher, and any negative surprise from there can disturb the mood of the market. However, the market is ignoring any bad news and continuing its bullish momentum,” he added.
“Domestically, attention will be focused on political developments leading up to parliamentary elections, with potential support for the Nifty Bank from FTSE flows,” Meena said.
Here are the key stocks to watch on March 4:
SJVN
The state-owned power producer’s subsidiary SJVN Green Energy has received a 200 MW solar project in an e-Reverse Auction conducted by Gujarat Urja Vikas Nigam. The project will be developed by SJVN Green Energy on a build-own-and-operative basis at the estimated development cost of Rs 1,100 crore, according to the company statement.
NTPC
PM Narendra Modi will lay the foundation of the state-owned power giant’s several projects worth Rs 30,023 crore on Monday. Modi will inaugurate Unit -2 (800 MW) of NTPC's Telangana Super Thermal Power Project (Stage-I) located in the Peddapalli district of Telangana. The project worth Rs 8,007 crore utilizes ultra-supercritical technology, ensuring optimal power generation efficiency while significantly reducing CO2 emissions.
Swan Energy
The company’s subsidiary Swan LNG has pre-paid its entire loan, along with interest, of Rs 2,206 crore to its consortium of banks. The group’s external debt has declined from Rs 4,128 crore in September 2023 to Rs 1,675 crore.
MOIL
City-based public sector undertaking Manganese Oil India Limited (MOIL) reported a 37 per cent YoY growth in production from April to February this fiscal. The company’s output for the period stood at 15.84 lakh tonnes, which is the highest-ever production achieved since its inception, MOIL said in a statement. In February this year, 1.51 lakh tons of manganese was mined by MOIL which is a 15 per cent growth as compared to the same period last year.
Signature Global
The realty firm said it has sold more than 1,000 flats in its luxury housing project in Gurugram for over Rs 3,600 crore on strong demand for residential projects. In a regulatory filing, Signature Global informed that it has achieved "pre-formal launch sales of more than Rs 3,600 crore for its latest premium housing residential development project 'DE LUXE-DXP' at Sector 37D in Gurugram.
