Sensex wipes off losses to close 268 pts higher; SBI surges 4%, BPCL 7%

Stock market highlights on February 14, 2024: Indian benchmarks Sensex and Nifty defied global market selloff, which came as US reported a hotter-than-expected rise in January retail inflation

3:52 PM

COMMENT:: PSU banks led recovery; favourable UK inflation aids optimism

"The domestic market staged a recovery from day's low, buoyed by renewed buying interest in banking stocks. Improving asset quality and the government's continued focus on fiscal prudence attracted PSU banks, yet concerns lingered regarding their elevated valuations. The optimism was further supported by favourable inflation figures from the UK, contributing to a widespread recovery. However, IT shares experienced selling pressure following the release of higher-than-expected US CPI, prompting concerns over potential delays in interest rate cuts and its impact on client spending."

 

- Vinod Nair, Head of Research at Geojit Financial Services

 

3:49 PM

Sectoral ALERT:: Nifty PSU Bank index soars over 3%

3:48 PM

BSE Smallcap Heatmap:: Jubilant Industries zooms 20%; MRPL, BEML surge over 11%

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3:46 PM

BSE Midcap Heatmap:: SJVN soars 12%; HPCL, Indian Bank, Zee rallu over 6%

3:43 PM

Broader Market Check:: MidCap, SmallCap indices outrun Nifty50; India Vix dips 2%

3:41 PM

Nifty50 Movers & Shakers:: BPCLMaruti, SBI shine; Tech Mahindra, Cipla whine

3:40 PM

Sensex 30 Heatmap:: 16 Gainers v/s 14 Losers

3:38 PM

CLOSING BELL:: NSE Nifty50 settled with a gain of 97 pts at 21,840

3:36 PM

CLOSING BELL:: S&P BSE Sensex ends 278 pts higher at 71,833

3:14 PM

SBI extends rally post Q3 results; soars 5% to new high on steady outlook

Shares of State Bank of India (SBI) surged 5 per cent to a new high of Rs 747.45 on BSE in Wednesday’s otherwise intra-day trade. In comparison, the S&P BSE Sensex was down 0.02 per cent at 71,539 at 02:25 pm. Read

2:59 PM

Market Check: Sensex sees sharp rebound, up 250 points

2:45 PM

Mahindra & Mahindra's Q3 result: Profits up 60%, miss expectations

Indian automaker Mahindra & Mahindra, posted a smaller-than-expected rise in third-quarter profit on Wednesday as weak demand for its profit-boosting tractors offset outweighed sport utility vehicle (SUV) sales.  
 

The 'Scorpio' SUV-maker's standalone profit after tax rose 60.6 per cent to 2,454 cr rupees ($295 million) in the three months to Dec. 31, missing analysts' estimate of 2,512 cr rupees, per LSEG data. Read

2:32 PM

NALCO surges 10% on heavy volumes on strong Q3 earnings

Shares of National Aluminium Company (NALCO) surged 10 per cent to Rs 156 on the BSE in Wednesday’s intra-day trade amid heavy volumes after the company reported almost two-fold rise in consolidated profit to Rs 470.61 crore for the quarter ended on December 31, 2023 (Q3FY24). Read

2:16 PM

Natco Pharma gains 3% as Q3 profit rises 243% YoY

Net Profit comes at Rs 213 crore vs Rs 62 crore a year ago.

Revenue rises 54 per cent YoY to Rs 759 crore. 

2:03 PM

Senco Gold Q3 results: Profit after tax increases 6% at Rs 109.32 crore

Jewellery retailer Senco Gold has reported a 5.8 per cent growth in consolidated profit after tax at Rs 109.32 crore for the quarter ended December 31, 2023. The company's profit after tax (PAT) stood at Rs 103.35 crore during the corresponding quarter of the previous fiscal, the jewellery retailer said in a regulatory filing on Tuesday. Read

1:49 PM

Jefferies keeps the faith in PSU stocks; SBI, Coal India, NTPC top bets

Despite the sharp fall in stocks of public sector companies in the last few days, analysts at Jefferies still remain bullish on this segment. State Bank of India (SBI), Coal India and NTPC are their top picks in this space, they said in a recent note.

Public Sector Undertakings (PSUs) or state-owned enterprises (SOE) index 70 percentage point (ppt) outperformance versus Nifty50 over the past 12 months, they said, comes after a decade of underperformance prior to 2020. Read

1:38 PM

Where are FIIs investing? Best-performing India-focused offshore equity funds

The asset base of the India-focused offshore funds and ETFs category swelled during the quarter ended December 2023 following the sharp rally in the Indian equity markets and robust net inflows. Assets surged by a huge 20.6 per cent through the quarter to $72.2 billion from the $59.8 billion recorded in the previous quarter, showed data analysed by Morningstar. Read

1:25 PM

Credit platform Yubi announces partnership with Axis Bank, Muthoot Microfin

Yubi, a credit platform, has entered a co-lending partnership with Axis Bank and Muthoot Microfin, which provides micro loans, to provide capital “at the grassroots level of the Indian economy”. READ MORE

1:17 PM

Market check:: Banking shares lead recovery; SBI, Axis Bank shine

1:06 PM

Growth worries may keep Bharat Forge under pressure; earning estimate cut

The stock of Bharat Forge was down over 17 per cent over two trading sessions (Monday-Tuesday) due to a weak near-term growth outlook, though it has marginally recovered by 2 per cent on Wednesday. READ MORE

12:51 PM

Stock of this specialty chemicals company has zoomed 46% in last three days

Shares of Jubilant Industries scaled a record high of Rs 875.4,on BSE in Wednesday’s intra-day weak market. The stock was also locked in the 20 per cent upper circuit on the exchange.  READ MORE

 

12:39 PM

Asian Market Update:: Major indices in red, while China shut for trading holiday

Source: Yahoo Finance

12:25 PM

Adani Green Energy likely to tap dollar bond market in March: Report

Adani Green Energy is likely to raise $500 million by issuing dollar bonds in March, two officials aware of the plans said, making it the first Adani group company to return to the overseas bond market in a year. READ MORE

12:17 PM

Billionaire Birla's Hindalco Industries bids for critical minerals leases

India currently needs to import most critical minerals, and access to local mines is important for the growth of the electric vehicles market and the renewable-power sector. READ MORE

12:05 PM

ALERT:: Jan WPI inflation at 0.27% v/s 0.73% last month

Food inflation eases to 3.79%

11:55 AM

Market check:: BSE SmallCap index up 0.5%; Jubilant Inds zooms 19%

11:34 AM

HDFC Bank hits 52-week low; slips 18% in 1 month wiping out Rs 2.3 trillion in market cap

Shares of HDFC Bank hit a 52-week low of Rs 1,363.45, down 2%, falling below its previous low of Rs 1,382.40 touched on January 24. READ MORE

11:22 AM

Godrej Properties buys land in Hyderabad for Rs 3,500 cr housing project

Realty firm Godrej Properties Ltd on Wednesday said it has bought 12.5-acre land in Hyderabad to develop a housing project having Rs 3,500 crore revenue potential. READ MORE

11:09 AM

BSE MidCap Heatmap:: SJVN soars 8%; Lodha, Oil India 5%

10:59 AM

Capital Small Finance Bank debuts on a tepid note; dips 8% below issue price

The stock listed at Rs 430.05, 8 per cent below its issue price of Rs 468 per share on the National Stock Exchange. READ MORE