Nifty 50 Movement: After opening at 17,680.35, the Nifty jumped to hit the days high of 17,799.95 in morning trade. It later pared gains to end a tad above the 17,700 level.
Market ended on a positive note tracking positive global cues.
Oil & gas, IT and auto shares were in demand. However, realty and PSU banks stocks were under pressure. Meanwhile, the Nifty Oil & Gas index rose 1.92% to 7,247.75. The index has added 4.41% in four sessions.
The government, in the latest review, has hiked the windfall profit tax levied on crude petroleum to Rs 4,400 per tonne from Rs 4,350. The special additional excise duty on diesel has been reduced to Rs 0.5 a litre from Rs 2.5, while it has been slashed to nil on Aviation Turbine Fuel. The new tax rates come into effect from 4 March 2023.
Global Markets:
Most shares in Europe and Asia advanced on Monday as investors further digested Chinas growth target set in its parliamentary sessions and looked ahead to a week of economic data.
Chinas National People’s Congress (NPC) has kicked off its annual parliamentary session, announcing a modest target for economic growth of about 5%. The session, which began in Beijing on Sunday, is also set to hand President Xi Jinping a third term in office and implement the biggest government shake-up in a decade.
Focus this week is also squarely on a testimony by Federal Reserve Chair Jerome Powell on Tuesday, which is expected to shed more light on where U.S. interest rates could go this year.
US stocks ended higher Friday as Treasury yields eased from their recent highs and investors weighed the cumulative impact from Fed hikes already implemented and digested this week’s comments from the central bank.
The Dow Jones Industrial Average rose 1.17%, the S&P 500 climbed 1.61%, and the Nasdaq Composite gained 1.97%. The yield on benchmark 10-year Treasury note dipped below the 4% threshold.
Stocks in Spotlight:
?Bajaj Finserv said it is pushing ahead with plans to build a financial ecosystem for its customers. A few days ago, the financial services company got the market regulator’s approval to start a mutual-fund business. Analysts sound confident about the company’s various business verticals.
?Hero MotoCorp has signed agreements with the US-based Zero Motorcycles to collaborate on premium electric motorcycles. Hero MotoCorp had in September 2022 approved an equity investment of up to $60 million in Zero Motorcycles, a California-based manufacturer of premium electric motorcycles and powertrains.
?Power Grid has been declared as the successful bidder under Tariff Based Competitive Bidding for two projects. The purpose is to establish Inter-State Transmission System for the two projects on Build, Own Operate and Transfer (BOOT) basis.
