Indian equity indices ended on a flat note with the Nifty closing at 22,550 on February 27. The Sensex closed marginally higher, up 10.31 points or 0.01 percent at 74,612.43, while the Nifty was down 2.50 points or 0.01 percent at 22,545.05.

The index declined for the seventh consecutive session, closing marginally lower by 2.50 points or 0.01 percent at 22,545.05. The Indian markets opened slightly higher on mixed global cues but remained range-bound throughout the session. Among sectors, banking and metal stocks ended higher, while auto, media, energy, capital goods, realty, and power fell 1-2 percent. The BSE Midcap index shed 1 percent, while the small-cap index dropped 2 percent.

Bajaj Broking commented that on Thursday, Nifty nearly tested the support zone of 22,500-22,400 after breaking below its January low (22,786). With daily and weekly oscillators at oversold levels, the index is expected to consolidate within 22,400-23,000 in the coming sessions. Bank Nifty opened positively but remained range-bound for most of the session before giving up some gains in the last hour. It closed at 48,743.80, up 0.28%.

Key support is placed at 48,300-48,000, aligning with the bullish gap from January 28, 2025, and the 80% retracement of the recent uptrend (47,844–50,641) and holding above this range could trigger a pullback towards 49,500-49,600 in the coming sessions, comments Bajaj Broking.

Stocks in Focus

Positive Developments

  • GE Power: Secures an additional contract worth Rs 273.5 crore from GREENKO KA01 IREP.
  • Kernex Microsystems: Kernex-MRT consortium bags a Rs 325.33 crore project from South Eastern Railway.
  • Coal India: A Rs 300 per tonne charge has been uniformly levied across all mines of Northern Coalfields, effective May 1, 2025.
  • Tata Power: Wins a Rs 632 crore contract from SECI for supplying 292.5 MWp DCR solar modules.
  • Transrail Lighting: Secures new orders worth Rs 2,752 crore.
  • TVS Motor: Partners with SEWA, SIDBI, AMU Leasing, and NRDC to launch the ‘Wheels of Empowerment’ program.
  • Kothari Industrial: Signs an MoU with the Assam government, committing Rs 500 crore investment in the minerals and mining value chain, focusing on rare earth and critical minerals.
  • KSB: Reports a net profit of Rs 73 crore vs. Rs 55 crore, with revenue at Rs 726 crore vs. Rs 603 crore YoY.
  • Schaeffler: Net profit at Rs 237 crore vs. Rs 210 crore, revenue at Rs 2,136 crore vs. Rs 1,875 crore YoY.
  • Servotech Renewable: Partners with the Chamber of Indian MSME to launch a mobile app under PM Surya Ghar Yojana, targeting 1 lakh solar home installations by 2026.
  • Glenmark Pharma: Launches Epinephrine injection USP, a 10 ml multiple-dose vial, in the USA.
  • Murudeshwar Ceramics: CRISIL upgrades its long-term rating from Crisil BB-/Stable to Crisil BB/Stable.
  • HCLTech: US-based Children’s Minnesota selects HCLTech to modernize healthcare operations with AI.
  • Tera Soft/ITI: The consortium led by ITI Ltd executes an agreement with BSNL for a Rs 5,104 crore project.
  • RVNL: Receives a Letter of Acceptance for a Rs 135.6 crore order from Central Railway.
  • TVS Motor: Launches TVS King Duramax Plus & TVS King Deluxe Plus three-wheelers in Mexico.
  • IndiGo: Market share rises from 64.4% in December 2024 to 65.2% in January 2025.
  • DLF: CRISIL revises its outlook to ‘Positive’ and reaffirms its rating as ‘CRISIL AA’ for Non-Convertible Debentures.
  • Kisan Mouldings: Promoter entity Apollo Pipes acquires 12 lakh shares at an average price of Rs 46.52 per share.

Neutral Developments

  • Indus Towers: Receives a Rs 4.52 crore penalty from Bihar’s Joint Commissioner of State Tax for alleged Input Tax Credit disallowance.
  • JK Tyre: Faces a GST order demanding Rs 1.71 crore in input tax credit and a Rs 0.17 crore penalty.
  • Ashoka Buildcon: Issues Rs 50 crore in commercial papers.
  • Orient Technologies: CFO Sunil Kumar Arora to retire effective March 31, 2025.
  • Akshar Spintex: Managing Director Amit Vallabhabhai Gadhiya resigns.
  • Avantel: Receives a purchase order from Larsen & Toubro worth Rs 1.64 crore.
  • International Conveyors: Acquires Sterling and Wilson Renewable Energy Ltd for Rs 3.50 crore.
  • Karur Vysya Bank: Opens six new branches in Tamil Nadu & Andhra Pradesh, taking the total to 877 branches.
  • Aries Agro: Receives a Rs 1.28 crore tax order under Section 73 of the CGST Act, 2017.
  • Roto Pumps: Starts factory construction for its subsidiary, Roto Energy Systems Ltd, in Noida.
  • Eris Lifesciences: Completes the acquisition of a 30% stake in Levim Lifetech Pvt Ltd.
  • National Fertilizers: Receives a tax demand order from the Joint Commissioner, Office of the Commissioner of Central Tax, Guntur.
  • Sanofi: Reports net profit of Rs 91.3 crore vs. Rs 137.7 crore and revenue of Rs 515 crore vs. Rs 469 crore YoY.
  • PB Fintech: Appoints Santosh Agarwal as CEO of Paisabazaar.
  • SpiceJet: Market share drops to 3.2% in January, down from 3.3% the previous month.
  • Shantai Industries: Approves the sub-division of equity shares from a face value of Rs 10 each to Rs 2 each, pending shareholder approval.
  • PFC: Ex-dividend date today, dividend at Rs 3.5 per share.

Negative Developments

  • Granules India: Receives a Warning Letter from the US FDA regarding its Gagillapur facility.
  • LIC: Faces a Rs 479 crore GST demand, including interest and penalties.

Disclaimer:

The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. The author or Business Upturn is not liable for any losses arising from the use of this information.

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