The NSE Nifty50 gained 31.65 points or 0.14 per cent to close at 21,982.80. Sector-wise it was a mixed bag with buying seen in Banking, Financials, and Metals.
Benchmark equity indices settled with gains on Thursday in a highly volatile session amid the scheduled monthly expiry of derivative contracts. The BSE Sensex rebounded 195.42 points or 0.27 per cent to settle at 72,500.30. The NSE Nifty50 gained 31.65 points or 0.14 per cent to close at 21,982.80. Sector-wise it was a mixed bag with buying seen in Banking, Financials, and Metals.
'India’s gross domestic product (GDP) grew 8.4 per cent in the December quarter boosted by 11.6 per cent growth in the manufacturing sector, 9.5 per cent in the Construction sector, and 3.8 per cent in the farm sector, beating market projection of 6.6 per cent. At 8.4 per cent YoY, this is the strongest growth since the second quarter of 2022.
“Recent global economic data releases pushed investors back after a rally that was seen recently. Further, the US Fed’s preferred inflation gauge, personal consumption expenditures (PCE), due today holds key importance from an interest rate perspective. Markets will also react to India’s Q3 GDP data. The auto sector is expected to be in focus as monthly Sales numbers will be published over the Weekend,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Here Are The Key Stocks To Watch On 1 March:
Adani Enterprises
The company has sold its 100 per cent stake in subsidiary Vizag Tech Park to Adani Infrastructure and Developers for Rs 150.81 crore.
Biocon
Biocon Biologics signed a license pact with Janssen Biotech and Johnson & Johnson to commercialise Bmab 1200, , a proposed biosimilar to Stelara in the US market. The USFDA conducted an inspection at company’s unit during February 20–28, which pertains to the rh-Insulin (rhI) drug substance supply to a customer for veterinary use. After the inspection, the US FDA issued Form 483 with four observations.
Godrej Industries
The company has raised its stake in subsidiary Godrej Capital to 89.48 per cent, up from 87.23 per cent earlier. It has acquired the 2.25 per cent stake from June 2023 to February 2024. Godrej Capital is a core investment company that holds equity shares of Godrej Housing Finance and Godrej Finance.
Larsen & Toubro
L&T has commissioned its first domestically manufactured electrolyser at the Green Hydrogen Plant in Hazira, Gujarat. The electrolyser boasts a rated power capacity of 1 MW, which is expandable up to 2 MW, and is capable of producing 200 Nm3/Hr of hydrogen.
Dilip Buildcon
The company’s unit received an order worth Rs 1,955 crore from the National Highways Authority of India (NHAI) for the construction of the Four-Lane Urga-Patalgaon section in the State of Chhattisgarh.