Biggest single-day gains since early December I Reliance I Escort I SJVN I IRB Infra I Tips Ind. I Cipla I SBI Cards

Equity markets roared back on Monday, scoring their biggest one-day gains since December 4th. The rally was fueled by soaring oil prices and optimism surrounding the upcoming Indian budget. Heavyweight Reliance Industries led the charge, hitting a lifetime high as tensions in the Middle East sent crude prices surging.

The Nifty 50 closed 1.8% higher at 21,737.60, breaching key hurdles at 21,500 and 21,700 and forming a bullish candle on the daily chart. Analysts anticipate potential profit-taking around 21,750, but also hint at the possibility of an inverted Head & Shoulders pattern forming, suggesting further upside potential.

Sectorally, energy and oil & gas stocks led the charge, soaring over 5%. Media and FMCG were the only decliners. Broader markets mirrored the benchmark indices, with both the Midcap and Smallcap indices rising over 1%. Market breadth favored buyers, with more than 2,200 stocks advancing compared to 1,600 decliners. The strong performance on Monday sets the stage for an interesting week, with investors keeping an eye on global cues and the upcoming budget for further direction. 

Indian Stock Market News

1. Shriram Finance stock gained 4.01 percent and hit its all-time high value after strong Q3 results. The NBFC’s Asset Under Management increased 20.7 percent YoY to Rs 2.14 lakh crore. The company’s provisions went up 37 percent and net profit was up 4 percent.

2. IRB Infrastructure Developers surged 19.92 percent a day after the company said the Arbitration Tribunal has granted an award in favour of Yedeshi Aurangabad Tollway (YATL), a special purpose vehicle (SPV) set up for the project, in arbitration proceedings against the National Highways Authority of India.

3. Tips Industries jumped 5 percent after Rs 248 crore worth of shares exchanged hands in the exchange. The company reported a 72 percent year-on-year rise in net profit at Rs 34.7 crore in the December quarter, while revenue jumped 27 percent to Rs 64.8 crore.

4. Maharashtra Seamless went up 5.62 percent after the company won two contracts with an aggregate basic value of Rs 116 crore approximately from Indian Oil Corporation for the supply of seamless pipes.

5. Macrotech Developers fell nearly 1.8 percent after investors booked profit in the stock after the company reported stellar numbers in Q3 results. The stock had also gained 40 percent in the last three months.

6. Mahindra Logistics went up 1.5 percent intraday after the company announced a 1 lakh sq ft expansion of its warehouse in Maharashtra’s Nashik. The company also announced a new 3 lakh sq ft facility, taking its warehousing footprint to 5 lakh sq ft in Nashik. The stock lost some of the gains and closed 0.89 percent up in the green.

7. Cipla went down 2.05 percent after Samina Hamied stepped down from her role as the executive vice-chair of the company. However, she will continue to remain associated with the company as a non-executive director who is liable to retire by rotation.

8. SJVN gained 11.81 percent after the company said it bagged a solar power project from Gujarat Urja Vikas Nigam Limited (GUVNL). The ground-mounted solar project would be developed by the company through its wholly-owned subsidiary SJVN Green Energy Limited (SGEL) at a tentative cost of Rs 550 crore.

9.Reliance Industries rallied 6.8 percent and hit an all-time high after Bloomberg reported Walt Disney’s India unit lost almost half of its valuation ahead of its merger with Reliance’s media business.

10. SBI Cards and Payment Services stock fell 5.74 percent after the company’s asset quality deteriorated in the December quarter. SBI Cards and Payment Services Limited's gross non-performing assets (NPAs) and NNPA came in at 2.64 percent and 0.96 percent, up from the previous quarter as well as the year-ago period.

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