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Bloodbath on Dalal Street, MTAR Technologies IPO, and Buzzing Stocks Today
Mon, 1 Mar Pre-Open | Monish Vora, TM Team

Indian share markets witnessed a sharp sell-off on Friday and ended deep in the red.

The selling dragged the benchmark Sensex lower by more than 2,148 points and made the Nifty trade below 14,500-mark. For the Sensex, it was the worst daily fall since May 2020.

At the closing bell on Friday, the BSE Sensex stood lower by 1,939 points (down 3.8%).

Meanwhile, the NSE Nifty ended down by 568 points (down 3.8%).

ONGC and Mahindra & Mahindra were among the top losers.

The BSE Mid cap index and the BSE Small cap index ended down by 1.8% and 0.8%, respectively.

On the sectoral front, banking stocks and finance stocks were among the hardest hit.

The banking sector and finance sector ended down by 4.9% and 4.6%, respectively.

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At 8:00 am today, the SGX Nifty was trading up by 210 points, or 1.5% higher at 14,740 levels. Indian share markets are headed for a firm opening today following the trend on SGX Nifty.

Gold prices were trading up by 0.5% at Rs 46,460 per 10 grams at the time of closing stock market hours on Friday.

Speaking of stock markets, in our latest Momentum Moves video, Brijesh Bhatia explains why the Nifty is weak and could head to 14,000-levels.

In the video, Brijesh also explains why he thinks smallcaps are looking good.

As per Brijesh, the smallcap index has formed a bottom after a couple of bearish years and likely to outperform Nifty in next couple of quarters. Investors should look to increase their allocation in smallcaps over largecaps.

Tune in to the video below to find out more:

Top 5 Factors Why Indian Stock Markets Crashed on Friday

Rising Bond Yields: A jump in bond yields both in the US and India have unsettled investors. As per media reports, US Treasury yields touched their highest levels since the outbreak of coronavirus pandemic on expectations of a strong economic expansion and related inflation.

Not only in the US, but bond yields are also rising in many other top economies, including Japan.

Weak Global Cues: Asian share markets witnessed huge selling after Wall Street's main indexes tumbled, following a steep rise in benchmark US Treasury yields.

Rising Covid-19 Cases: Covid-19 cases have started spiking in some regions of India, spooking investors who believed the crisis was all but over.

Rising Geopolitical Tensions: Rising geopolitical tension also weighed on the market sentiment globally. As reported by Reuters, US President Joe Biden on Thursday directed US military airstrikes in eastern Syria against facilities belonging to what the Pentagon said were Iran-backed militia, in a calibrated response to recent rocket attacks against US targets in Iraq.

Profit Booking: Apart from the above, losses were also seen as share market succumbed to profit-booking.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

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Top Stocks in Focus Today

DHFL will be among the top buzzing stocks today.

DHFL said that it has received no objection from the Reserve Bank of India (RBI) and has filed an application with the National Company Law Tribunal (NCLT) for submission of the resolution plan of Piramal Capital & Housing Finance.

The resolution plan has been approved by the Committee of Creditors (CoC).

Nava Bharat Ventures share price will also be in focus today as the board of the company approved the proposal for buyback of fully paid up equity shares of face value of Rs 2 each for an aggregate amount not exceeding Rs 1.5 billion.

The board of directors on February 26 approved the buyback of fully paid-up equity shares of face value of Rs 2 each for an amount not exceeding Rs 1.5 billion, which is 5.05% and 3.94% of the total paid-up equity share capital and free reserves of the company, Nava Bharat said in an exchange filing.

BREAKING: It's Good Time to Invest in Gold, but Just Don't Go Blindfolded

MTAR Technologies IPO to Open This Week

In news from the IPO space...

MTAR Technologies, a precision engineering solutions company, is set to launch its initial public offering (IPO) for subscription this week on March 3, 2021.

Through this issue, the company looks to raise Rs 5.9 billion, at the upper end of the price band. The issue will close for subscription on March 5, 2021. The issue comprises a fresh issue of 21.48 lakh equity shares by the company and an offer for sale (OFS) of 82.24 lakh equity shares by promoters and investors.

The company has fixed the price band of the issue at Rs 574-575 per share of face value of Rs 10 each.

The Hyderabad-based company has precision engineering capabilities to build nuclear and pressurized water reactors, aerospace engines, missile systems, aircraft components and many such other critical components and assemblies.

MTAR supplies high-precision machine fabricated systems to DRDO Labs, Bharat Dynamics, HAL, BEL, etc., and other defence R&D.

In the calendar year 2021, MTAR Technologies would be the ninth public issue after Indian Railway Finance Corporation (IRFC), Indigo Paints, Home First Finance Company India, Stove Kraft, Brookfield India REIT, Nureca, RailTel Corporation of India and Heranba Industries.

Reports state that the recent government initiatives such as Make in India, India aiming to become an exporter in defense sector, rising budgetary allocations for defense and space sectors, provide a great opportunity to companies such as MTAR Technologies.

How the above IPO sails through remains to be seen. Meanwhile, stay tuned for more updates from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary


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Stock Market Updates

Sensex Rises Over 100 Points, Dow Futures Trade Flat (Today's Market)

Jun 11, 2021 12:30 pm

BSE Sensex is trading up by 187 points, while the NSE Nifty is trading up by 36 points.

CIPLA at All Time High; BSE HEALTHCARE Index Up 0.3% (Today's Market)

Jun 11, 2021 11:20 AM

CIPLA share price has hit an all time high at Rs 982 (down 0.3%). The BSE HEALTHCARE Index is up by 0.3%. Among the top gainers in the BSE HEALTHCARE Index today are CIPLA (down 0.4%) and SANOFI INDIA (up 0.4%). The top losers include ERIS LIFESCIENCES and IPCA LABS (down 0.1%).

MPHASIS Share Price Up by 5%; BSE IT Index Up 0.8% (Today's Market)

Jun 11, 2021 10:30 AM

MPHASIS share price is trading up by 5% and its current market price is Rs 2,069. The BSE IT is up by 0.8%. The top gainers in the BSE IT Index are MPHASIS (up 5.0%) and ECLERX SERVICES (up 20.0%). The top losers are WIPRO (down 0.4%) and FIRSTSOURCE SOLUTIONS (down 3.6%).

WIPRO at All Time High; BSE IT Index Up 0.5% (Today's Market)

Jun 11, 2021 09:44 AM

WIPRO share price has hit an all time high at Rs 556 (down 0.3%). The BSE IT Index is up by 0.5%. Among the top gainers in the BSE IT Index today are WIPRO (down 1.2%) and L&T INFOTECH (up 1.2%). The top losers include HEXAWARE TECHNOLOGIES and PERSISTENT SYSTEMS (down 0.2%).

CIPLA at All Time High; BSE HEALTHCARE Index Up 0.3% (Today's Market)

Jun 11, 2021 09:44 AM

CIPLA share price has hit an all time high at Rs 979 (up 0.3%). The BSE HEALTHCARE Index is up by 0.3%. Among the top gainers in the BSE HEALTHCARE Index today are CIPLA (up 0.3%) and ABBOTT INDIA (up 0.2%). The top losers include SUN PHARMA ADV. RES. (down 0.1%) and WOCKHARDT (down 0.1%).

Sensex Opens 250 Points Higher; Coal India & Power Grid Top Gainers (Today's Market)

Jun 11, 2021 09:30 am

Indian share markets open higher. The BSE Sensex opened up by 248 points, while the Nifty is trading higher by 75 points.

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