Sensex sinks 434 pts in fag-end, Nifty holds 22,050; ZEE tanks 14%

Stock market highlights on February 21, 2024: In the broader markets, the BSE MidCap index fell 1.27 per cent, while the BSE SmallCap index declined 0.84 per cent

3:51 PM

Tech View :: Key levels to watch on Nifty Bank

Bank Nifty fell less compared to Nifty which was down ~75 points. The Bank Nifty faced resistance from the gap area formed on the 17th Jan in the range 47,200 – 48,000. We expect it to retrace the rise it has witnessed from 44,630 – 47,364. Crucial Fibonacci retracement levels are placed at 46,720 – 463,20.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:48 PM

Tech View :: 'Nifty may see pause in on-going rally'

The Nifty has formed a bearish engulfing pattern on the daily chart, indicating a potential pause in the ongoing rally.

The momentum indicator RSI is showing a bearish crossover, signaling weakness in the near term.

Immediate support is positioned at 22,000; a decisive drop below this level could lead the index towards 21,700. On the upside, resistance is identified at 22,160.

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

3:44 PM

Comment :: 'Premium valuation capping rally at higher levels'

The Indian market is facing stiff resistance at higher levels; the valuation of a broader index is at a significant premium, leading to an unfavourable risk reward, which influences investors to book profits.

Global markets treaded cautiously awaiting the US FED minutes, while Chinese markets were buoyed by policy interventions. Concerns lingered since investors were heavily betting on a US FED rate cut, which is put at risk by January's higher-than-expected inflation.

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

 

3:42 PM

Currency check :: Rupee settles flat vs US dollar

3:39 PM

Broader markets :: MidCap index declines over 1%, SmallCap 0.8%

3:38 PM

NIFTY HEATMAP :: IT, Energy stocks weigh on benchmarks

3:36 PM

CLOSING BELL :: Nifty holds 22,050

3:35 PM

CLOSING BELL :: Sensex drops over 400 pts

3:21 PM

ALERT :: Benchmarks stage mild recovery

3:04 PM

Global check:: US stock futures marginally down; UK mixed

Source: Investing.com

2:55 PM

ALERT:: Ambuja Cements to set-up grinding unit in Jharkhand; stock marginally down

Ambuja Cements in an exchange filing today said the Adani Group firm proposed to establish a state-of-the-art cement grinding unit with an investment of Rs 1,000 crore in Motia Village of Godda district in Jharkhand with a capacity of 4.0 MTPA.

2:45 PM

Sector ALERT:: BSE Power index down 1.5%; NTPC, Power Grid weigh

2:37 PM

China buys Russia's Sokol crude as Indians turn away amid concerns

So far this month, the mostly private processors took an average of 168,000 barrels a day of Sokol, three times more than January's pace and well ahead of the 53,000 barrels in 2023. READ MORE

2:27 PM

Market check:: Sensex sinks over 400 pts

2:16 PM

Medplus slips 2% after board defers expansion plan of diagnostics division

Shares of Medplus Health Services dipped 4 per cent in intra-day deals after the company's board decided against its approved fund-raising plan. From an intra-day high of Rs 722, Medplus slipped into red and touched a low of Rs 693. At 01:55 PM. the stock quoted at Rs 696, down 2.2 per cent on volumes of around 13,000 shares on the BSE. Read

2:03 PM

Mutual funds continued to buy Paytm in January, with a few exceptions

Before crashing by 55 per cent from 31st January till date, the mutual fund industry’s shareholding in Paytm increased by 41 per cent in January 2024 from December 2023, shows data analysed by Fisdom Research. Read

1:46 PM

DB Realty to raise Rs 1,500-2,000 crore QIP issue, says report

1:30 PM

Sterlite Tech soars 9% on entering into strategic partnership with Lumos

Sharea of Sterlite Technologies zoomed 9.2 per cent to Rs 147 per share on the BSE in WEdnesday's intraday trade after the company entered into a strategic partnership with Lumos for its fiber optic internet programme in the mid-Atlantic region. Read

1:18 PM

Wipro announces collab with Intel Foundry for chip design innovation

IT services major Wipro, on Wednesday, announced an expanded collaboration with Intel Foundry in a bid to accelerate chip design innovation. “As the key design services and alliance partner, Wipro will work with Intel Foundry to accelerate the development of Intel’s most advanced process nodes, including the Intel18A process node,” the company said in a regulatory filing. Read

1:05 PM

Indian banks' rush for clients set for reckoning after Paytm fiasco

For Indian regulators seeking to crack down on potential fraud in the financial sector, Paytm may just be the beginning.

 

India stunned investors last month by abruptly suspending most activities of the banking affiliate of Paytm, a once high-flying fintech star that had attracted backing from Warren Buffett and SoftBank Group Corp. Read

12:51 PM

BluSmart, Tata Power subsidiary sign agreement to source green power

Indian electric vehicle (EV) ride-hailing and charging infrastructure network BluSmart on Wednesday announced that it has signed a multi-year Power Purchase Agreement (PPA) with Tata Power Trading Company Limited (TPTCL), a subsidiary of Tata Power, to source green power. Read

12:39 PM

HDFC Bank, ITC: 5 Nifty stocks trading far away from their 52-week highs

The NSE Nifty 50 index has been scaling new all-time highs for the last three straight trading sessions. On Wednesday, the benchmark index touched a summit at 22,249, and was seen quoting around 22,210 - up over 2 per cent so far this month.

12:22 PM

Banks form special panel to address corruption cases, guard executives

Banks have established a panel led by former Central Bureau of Investigation (CBI) special director DC Jain to devise strategies and frameworks for effectively handling cases involving lenders under the Prevention of Corruption Act, according to a report by the Economic Times (ET). Read

12:05 PM

Will IT sector be the dark horse of 2024 on rate cuts? What analysts say

Investors have reinvigorated shares of IT companies in the past one year. From being the worst hit sectoral pocket in 2022 with a loss of 26 per cent, the Nifty IT index closed 2023 with gains of 24 per cent. So far in 2024, the index is up around 7 per cent against the nearly flat Nifty50 benchmark. Read

11:54 AM

ABB India rallies 9% as order book rises 35% in Dec qtr, PAT jumps 13%

ABB India shares rallied 9.3 per cent to Rs 4,945 per share, nearing their 52-week high level of Rs 4,984, on the BSE in Wednesday's intraday trade after the company reported around 13 per cent rise in net profit in the December quarter. Read

11:45 AM

Zee refutes report of Rs 2,000 crore accounting 'hole', calls it 'false'

Zee Entertainment Enterprises Ltd (ZEEL) on Wednesday refuted the report which said that the Securities and Exchange Board of India (Sebi) has found that about Rs 2,000 crore may have been diverted from the company. Read

11:33 AM

Union Bank of India shares surge 7% as it launches Rs 3,000-crore QIP

Shares of Union Bank of India (UBI) jumped 6.8 per cent to Rs 150.7 per share in Wednesday's intraday trade after the public sector bank (PSB) opened fund raise via qualified institutional placement (QIP) on February 20, 2024. READ MORE

11:17 AM

ALERT:: ABB India soars 9% post December quarter earnings

ABB India december quarter net profit rose 13 per cent YoY to Rs 345 crore, backed by a 35 per cent surge in revenue from operations at Rs 2,757 crore.

11:02 AM

Hindalco Ind gains 5% on report of Novelis Inc's likely IPO in US

On successful completion of its IPO, Novelis will be among the few subsidiaries of Indian companies to be listed separately on foreign bourses. READ MORE

10:48 AM

ALERT:: Devyani International up 2% on heavy volumes; block deal buzz