Zubu Client Sentiment Nifty50 Report:
It is a Post Market Analysis, by which one can understand Retail trader’s sentiment and discover who was going long and short, the percentage change over time, and whether market signals are bullish or bearish.
Nifty50 retail trader data shows 54.88% of traders are net-long, while the number of retail traders net-short was 45.12%. FII’s created decent longs 2464 & unwinded huge shorts -14126, while retailers unwinded huge longs -9492 & decent shorts -3287.
Nifty50: 15,098 ▲ 142 (+0.9%) Sensex: 51,025 ▲ 584 (+1.1%)
After a strong gap-up opening, the market nose-dived and turned negative during the middle of the session. However, the weakness was short-lived, and the indices closed near the day’s high. The market breadth was balanced with 24 of the Nifty50 shares ending in the green. Among the Nifty sectoral indices, Financial Services (+2.2%) and Nifty Bank (+1.6%) gained the most, whereas Metal (-2.5%) and Media (-1.4%) were the top losers.
Top gainers Today’s change
SBI Life ▲ 4.9%
Kotak Bank ▲ 3.0%
HDFC Bank ▲ 2.9%
Top losers Today’s change
BPCL ▼ 4.5%
Tata Steel ▼ 3.9%
GAIL ▼ 3.3%
Private life insurers outperform in February
Private life insurers such as HDFC Life (+2.3%), ICICI Prudential Life (+1.6%) and SBI Life (+4.9%) reported an improvement in their weighted received premium for February. Weighted received premium (WRP) measures the premium received on individual products.
According to IRDAI, WRP for private insurers rose 23% YoY in February as compared to 7% in January. This figure is higher than the industry average of 17.8% as well that of LIC at 9.4%.
Indoco rises after US drug launch
The Mumbai-based pharma company has launched its brinzolamide ophthalmic suspension 1% in the US market. The drug, which is used to treat high blood pressure inside the eye, is the first generic version of Azopt eye drops made by Israel-headquartered Teva Pharmaceuticals.
Indoco will manufacture the drug at its Goa facility for Teva. According to industry estimates, the US market size for this drug is $184 million as of December 2020. Shares of Indoco closed 3.9% higher today.
JMC Projects bags housing contract in Maldives
Civil engineering company JMC Projects has bagged an order to design, finance and construct 2,000 social housing units in Maldives. The project is worth ₹1,000 crore.
The deal is expected soon and the construction will begin thereafter. Its shares jumped 8.2% coupled with a spike in volumes. The stock has gained 14.5% so far in 2021.
Jindal Poly Films plans fundraise
Shares of Jindal Poly Films have seen a sharp rise of over 45% this month. The company is India’s largest manufacturer of BOPET and BOPP films used in the packaging industry.
As per reports, the company plans to sell a minority stake to raise up to ₹1,200 crore. The promoters own 74.5% of the company. Today, however, its stock took a breather and closed 2.3% lower.
While the Indian markets inched higher today, on a broader basis, the markets have been range-bound for the past couple of trading sessions. Today, the cues from the international equity indices were also mixed. The weakness in copper prices and tumbling iron ore prices in China not only affected the metal stocks today but could also affect investors’ expectations of a demand-led recovery. Meanwhile, the discussion on India’s inflation could take centerstage over the next two days, till the data on inflation is released on Friday.