Sensex ends wild session 349 pts up, Nifty at record closing high of 22,197

Stock market highlights on February 20, 2024: The Nifty50 index hit record high of 22,216 in intraday trade

3:48 PM

Comment :: 'Release of the US Fed minutes this week hold significance'

Amidst market volatility, the domestic market is once again poised to approach record highs. The latest upward trajectory is bolstered by gains in the banking sector, with private banks witnessing a rebound from a recent sharp correction.

However, the decline in mid & small caps suggests that investors are continuing to exercise caution due to higher valuations.

The forthcoming release of the US Fed minutes this week holds significance, particularly in light of recent sticky inflation data, which raises uncertainty regarding the timing of the Federal Reserve's initiation of its easing cycle.

Views by:  Vinod Nair, Head of Research, Geojit Financial Services.

 

3:47 PM

Tech View :: 'Short-term target of Nifty Bank seen at 48,000'

The BankNifty bulls maintained their dominance, closing above the 47,000 level, signaling a strong buy mode. Immediate support is now established at 46,700, marked by fresh put writing. The index is anticipated to reach the short-term target of 48,000, with any dip viewed as a buying opportunity.

Views by: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

3:45 PM

Tech View :: 'Nifty may reach 22,600 if it holds 22,200'

The Nifty continued its upward momentum following a consolidation breakout on the daily chart. The trend remains robust as it has sustained itself both above the psychological level of 22,000 and the 21EMA on the daily timeframe.

On the higher end, it may move towards 22,400/22,600 once the index decisively surpasses the 22,200 mark. Support on the lower end is identified at 22,000.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

3:42 PM

Currency check :: Rupee ends 5 paise higher vs US dollar

3:41 PM

Broader markets :: Mid, SmallCap indices fell nearly 0.2% each

3:39 PM

NIFTY HEATMAP :: Power Grid, pvt banks power rally

3:37 PM

CLOSING BELL :: Nifty ends at record closing peak of near 22,200

3:36 PM

CLOSING BELL :: Sensex zooms 349 pts after a wild session

3:26 PM

ALERT :: Sensex rises 400 pts

3:14 PM

ALERT :: Nifty hits record high, tops 22,200 for the first time

3:11 PM

Ashok Leyland lays foundation stone for electric bus plant in Uttar Pradesh

The primary focus will be on the production of electric buses while also having the capability to produce other vehicles powered by existing and other emerging alternative fuels. This facility will be Ashok Leyland's seventh vehicle plant in the country. Once operational, the plant will initially have the capacity to produce 2,500 vehicles per year. Ashok Leyland plans to expand this capacity to 5,000 vehicles annually over the next decade, anticipating the growing demand for electric and other types of vehicles in the coming years. READ MORE

3:03 PM

Zee Entertainment soars 12% on reports of fresh merger discussion with Sony

ZEEL and Sony Group are in discussions that may save the $10 billion merger that the Japanese conglomerate had called off on January 22. READ MORE

2:51 PM

Global check:: US, UK stock futures exhibit mixed trend

Source: Investing.com

2:40 PM

Onion export ban to continue till Mar 31 to keep prices under check: Govt

The ban on export of onion will continue till its previously announced deadline of March 31 as the government is keen to keep prices under check and ensure domestic availability, a top official said on Tuesday. READ MORE

2:28 PM

ALERT:: Vipul Organics gets environmental nod for Ambernath plant; stock zooms 16%

Vipul Organics today in an exchange filing said the company received Environmental Clearance for Proposed Expansion of Synthetic Organic Pigments and Dyestuffs, Pigment Dispersion, Naphthols, Fast Salts and Vat Dyes Manufacturing at their existing Ambernath facility.

2:16 PM

Maharashtra to be $1 trillion economy by 2027-28, says Governor Bais

Maharashtra is the highest in attracting foreign direct investment in the country. There has been foreign direct investment of Rs. 65,500 crore in the state. READ MORE

2:03 PM

ALERT:: Zaggle Prepaid enters into pact with Easy Trip; stock zooms 13%

Zaggle Prepaid Ocean Services in an exchange filing said the company has entered into an agreement with Easy Trip Planners (EaseMyTrip) for offering integrated travel & expense mangement solutions to corporate clients.

1:50 PM

Domestic growth to power near-term performance of Cummins India

The stock of Cummins India is up 59 per cent since the start of November and has been hitting its 52-week highs on a regular basis post the strong December quarter results. The quarterly performance was boosted by strong top line growth as well as margin performance.  READ MORE

1:39 PM

Stock of this auto company has zoomed over 80% in past 18 trading sessions

Shares of Force Motors hit a new high of Rs 6,100, as they soared nearly 7 per cent on the BSE in Tuesday’s intra-day trade. The stock of automobile company was trading higher for the fourth straight day and surged 38 per cent after the National Stock Exchange (NSE) admitted the equity shares of the company to dealings on NSE (Capital Market Segment) with effect from February 14, 2024. Read

1:26 PM

Nifty IT slides for second day with 1% fall: What's weighing on IT stocks?

Shares of IT companies were under selling pressure for a second session on Tuesday with the Nifty IT index dropping nearly 1 per cent intraday. Large Cap stocks Infosys, HCLTech, TCS and Wipro were trading 0.6-1 per cent lower Tuesday, while Coforge was the leading loser on the Nifty IT index, down 1.7 per cent. Read

1:13 PM

Bank stocks outperform markets on Tuesday; HDFC Bank rises 2%; here's why

Banking shares were outperforming the markets on Tuesday, February 20, led by HDFC Bank, Axis Bank, and Kotak Mahindra Bank. Shares of HDFC Bank gained 2 per cent to Rs 1,447.5 apiece in the intraday trade after global brokerage Citi gave a 'buy' rating on the stock with a target price of Rs 2,050 per share. This is 44.6 per cent higher than the stock's current market price.

12:59 PM

PNB MetLife announces launch of PMLI small cap fund in ULIP segment

Private life insurer PNB MetLife India Insurance, on Monday announced the launch of a non-participating product, PMLI Small Cap Fund. The product is a Unit Linked Insurance Plan (ULIP) that gives policyholders the chance to invest in a diversified equity portfolio with a focus on small-cap companies. Read

12:45 PM

Zee, Sony in discussions to save the called off $10 billion merger: Report

Zee Entertainment Enterprises (ZEEL) and Sony Group are in discussions that may save the $10 billion merger the Japanese conglomerate had called off on January 22, The Economic Times (ET) reported on Tuesday, citing people aware of the matter. The two companies have held meetings in Mumbai over the last 15 days.

12:31 PM

Russian crude oil traders come up with ways to sidestep US sanctions

Russian traders are considering options to stay one step ahead of Washington as the US resorts to a slew of secondary sanctions on the export of Russian crudes to weaken burgeoning oil trade between India and Russia, according to government and industry officials from both nations and ship-tracking data. Read

12:16 PM

FinMin to meet fintech startups next week amid Paytm Payments Bank row

India's finance ministry will hold meetings with the country's fintech startups next week to urge them to comply with regulations and hear their concerns, a source familiar with the matter told Reuters on Tuesday. Read

12:01 PM

Coal India dips 8% in 2 days as mgmt flags drop in e-auction premium in Q4

Shares of Coal India were under pressure for the second straight session on Tuesday, slipping 4 per cent on BSE to 441.35. The stock is now down 8 per cent in two days on profit booking following management's comments that e-auction premiums have declined in the current quarter. Read

11:44 AM

HAL, DRDO to begin Rs 60,000 crore Sukhoi fighter jet fleet upgrade

Hindustan Aeronautics Limited (HAL), with support from the Defence Research and Development Organisation (DRDO), will be involved in the Rs 60,000 crore worth upgrade of the Su-30MKI fighter jet fleet, according to a report by the Economic Times (ET). Read

11:31 AM

China cuts reference rate more than expected to revive property market

China cut the benchmark reference rate for mortgages at a monthly fixing on Tuesday by more than expected, as authorities ramped up efforts to stimulate credit demand and revive the property market. 
 

Commercial banks' improving net interest margins following recent deposit rate cuts and the reduction to bank reserves earlier this month has paved the way for lenders to reduce borrowing costs to support the economy. Read

11:16 AM

Tata Group in talks with two Taiwanese companies for chip plant in Dholera

The Tata Group is looking to partner with a Taiwanese company for its semiconductor plant in Dholera and is in talks with UMC Group and Powerchip Semiconductor Manufacturing Corporation for it, a report by The Economic Times (ET) said on Tuesday citing officials aware of the development. Read

10:59 AM

Whirlpool dips 4%, nears 52-wk low as promoter likely sells 24% stake in co

Shares of Whirlpool of India dipped 4 per cent on BSE to Rs 1,271 in Tuesday’s intra-day trade after a little over 24 per cent of its equity changed hands. The stock was trading close to its 52-week low of Rs 1,256.60 touched on February 23, 2023. Read