Sensex, Nifty at Day’s High Led by Auto, Pharma; M&M Top Nifty50 Gainer

Benchmark indices Sensex and Nifty were trading at the day’s high intraday on February 16, 2024, following positive Asian cues. At 1 PM, Sensex was up 404 points at 72,455.34 while Nifty gained 151 points and was trading at 22,061.85.

Around 1559 stocks advanced and 825 declined while 88 stocks remained unchanged.

Among the sectors, auto and pharma jumped over 2 percent followed by media, metals, PSU Bank and Realty. All other sectors were trading in the green.

Top Nifty50 Gainers

Top Nifty50 Losers

Stocks on the move:

Mahindra & Mahindra: up 4% after deal with Volkswagen

The share price of Mahindra & Mahindra (M&M) was the top Nifty50 gainer, up over 4 percent on February 16, 2024. The move comes after Volkswagen and Mahindra signed a supply agreement.

Volkswagen Group and Mahindra & Mahindra Ltd. (M&M) have signed the first supply agreement on components of Volkswagen´s MEB for Mahindra’s purpose-built electric platform INGLO. It will take a definitive step further on their joint vision for e-mobility collaboration, M&M said in an exchange filing.

Also read: Why M&M Share Price Hit 52-Week High, Top Nifty50 Gainer?

“The deal covers the supply of certain electric components as well as unified cells. With the agreement, Volkswagen and Mahindra are further deepening their collaboration which started with a partnering agreement and a term sheet in 2022. Both companies will continue to evaluate a potential expansion of the collaboration,” the press release added.

Dilip Buildcon: Hits 52-week high after JV declared lowest bidder for MP project

In early trade on February 16, Dilip Buildcon’s share price reached a 52-week high after the Madhya Pradesh Water Resources Department declared the company’s joint venture with Vijay Kumar Mishra Construction Pvt Ltd as the lowest bidder for a project. The project involves the construction of the Machhrewa Irrigation Project Dam and the establishment of a pressurized pipe irrigation network on a turnkey basis. It is estimated at Rs 412.92 crore and is scheduled to be completed in 60 months.

KPI Green Energy: Hits 5% upper circuit on bagging solar power project

In early trade on February 16, the share price of KPI Green Energy was locked in a 5 percent upper circuit following the news that the company’s subsidiary secured a 1.5 MW solar power project. The wholly-owned subsidiary, KPIG Energia Private Limited, has been awarded a new order for the execution of a solar power project under the ‘Captive Power Producer (CPP) segment for Pruthvi Textile. The project is scheduled to be completed in the financial year 2024-25.

Asian markets trade higher

Japan’s Nikkei closed at another 34-year peak on Friday, helped higher by a buoyant Wall Street. The dollar found its footing after a big fall in US retail sales revived chances of a June rate cut. The all-time high of 38,957 points, hit in 1989. The index is up 4.3% for the week, the third straight week of gains, bringing the year-to-date gains to a staggering 15%, according to a Reuters report.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9%. It was helped by a 2.6% jump in Hong Kong’s Hang Seng index.

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