Equity benchmark indices tanked over 1 per cent on Wednesday after selling in index heavyweight Reliance Industries and bank stocks amid weak global market trends. The BSE Sensex fell by 790.34 points or 1.08 per cent to settle at 72,304.88. The NSE Nifty 50 slumped 247.20 points or 1.11 per cent to close at 21,951.15. All sectors ended in red with selling seen in Oil & Gas, PSU Bank, Realty, and Auto down 2 per cent each.
"Indian markets were jittery mirroring weak global markets. Global investors are awaiting the key US economic data like personal consumption expenditure, in anticipation of good forecast there is a fear that Fed rate cut maybe delayed. Turmoil in China's property sector further impacted the Asian market trend. Profit booking weighed on Indian markets, fuelled by concerns about India's Q3 GDP growth potentially slowing to 6q3.6 per cent from 7.6 per cent in Q2. Rate-sensitive sectors faced pressure, contributing to broader market underperformance, led by FIIs selling," Vinod Nair, Head of Research, Geojit Financial Services.
Here Are The Key Stocks To Watch On 29 February:
Reliance Industries
Global media giant Walt Disney and Reliance Industries announced the signing of definitive agreements to merge their media operations in India to create a Rs 70,000 crore media behemoth. Under the deal, Reliance and its affiliates will hold 63.16 per cent of the combined entity that will control two streaming services and 120 television channels.
Punjab & Sind Bank
The board of the public sector bank approved raising of up to Rs 2,000 crore in one or more tranches within 12 months through a Follow on Public Offer (FPO), Rights Issue, QIP, Preferential Issue or any other combination thereof. The board also approved raising funds through Basel-III compliant Additional Tier-I and Tier-II bonds.
JSW Steel
The company incorporated a new wholly-owned subsidiary named JSW Green Steel on 27 February to manufacture hot-rolled and cold-rolled products of steel, which is in line with the main line of business of the company.
UPL
Shriram Finance will replace UPL in the benchmark Nifty 50 index with effect from 28 March, the National Stock Exchange (NSE) announced on 28 February. UPL has been removed from Nifty 50 under its exclusion from the Nifty 100 index.
Coal India
The state-owned company has signed a joint venture agreement with BHEL to undertake the coal-to-chemicals business. The joint venture (JV) will begin by setting up a 2000 TPD (tonne per day) ammonium nitrate plant using BHEL’s PFBG (Pressurized Fluidized Bed Gasification) technology.
