Benchmarks slip, broader indices rally; PSB, FMCG, IT stocks weigh

Stock market highlights on February 23, 2024: Asian Paints, Maruti Suzuki, HCL Tech, NTPC, SBI, TCS, JSW Steel, IndusInd Bank, Bharti Airtel, ITC, Axis Bank, and TCS were the top laggards

3:56 PM

Comment :: What all happened in the markets today?

The domestic market paused momentarily today after reaching another record high earlier in the day, driven by positive signals from global markets. Notably, the capital goods and industrial sectors showed strength, supported by advancements in manufacturing and services. As the earnings season winds down, the market is eagerly awaiting new catalysts however rallying on the pre-election momentum. Concerns linger over rising crude oil prices, surging US bond yields, and stretched valuations, likely prompting continued selling by FIIs.

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

 

3:53 PM

Comment :: Key levels to watch on Nifty

Nifty opened higher but failed to sustain the morning momentum, leading to a closing at the day's low due to profit booking. However, the sentiment remained positive for the short term as the index closed above the crucial resistance level of 22,200, with the next resistance seen at 22,400. Short-term support is positioned at 21,900. As long as Nifty maintains levels above 21,900, the index may continue to be considered a buy on dips.

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

3:51 PM

Comment :: Key levels to watch on Nifty Bank

The Bank Nifty index maintained its robust momentum, breaking past the 46,500 level, which is now established as a formidable support. Any retracement towards this support zone presents an ideal opportunity to initiate long positions, targeting an upside of 48,000.

The immediate hurdle for the index is situated at 47,100, and a conclusive break above this level would signify a resumption of the uptrend toward the mentioned targets of 48,000.

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

3:45 PM

Currency check :: Rupee ends 10 paise lower

3:42 PM

Broader markets :: Mid, SmallCap indices outshine, SmallCaps lead

3:41 PM

NIFTY HEATMAP :: Gainers and losers tussle on Nifty

3:39 PM

CLOSING BELL :: Nifty holds 22,200 despite volatility

3:37 PM

CLOSING BELL :: Sensex ends range-bound trade in the red

3:28 PM

ALERT :: Orchid Pharma receives approval by USFDA for ‘Enmetazobactam’

>> This USFDA approval paves the way for the introduction of Enmetazobactam in the United States, the largest pharmaceutical market in the world.

>> The product is expected to be launched within the next couple of quarters in the US market.

>> This New Drug Approval (NDA) allows the use of Exblifep (Cefepime and Enmetazobactam) as an injection for the treatment of patients 18 years and older with complicated urinary tract infections (UTI).

Source: BSE filing 
 

3:15 PM

ALERT :: Kalyani Steels signs MoU with Govt of Odisha to enter into defence component manufacturing

3:03 PM

Bandhan Bank's micro challenges: Unsecured loan book, CEO's tenure

It is 10 years since Bandhan Financial Services became the first microfinance institution (MFI) to receive the universal bank licence. A year later, in 2015, it started operations. Bandhan’s entry into banking was seen as a vote of confidence by the Reserve Bank of India (RBI) for the country’s microfinance sector. Read

2:50 PM

Ambuja Cements hits new high; here's why stock has rallied 46% in 3 months

Shares of Ambuja Cements hit an all-time high of Rs 608.50, up 3 per cent on the BSE in Friday’s intra-day trade, amid the ongoing rally. The stock of Adani group company surpassed its previous high of Rs 598 registered on December 9, 2022. Read

2:39 PM

IPO Update: GPT Health issue subscribed 65% so far on day 2

Retail portion fully subscribed, NIIs' halfway through at 50 per cent. Zero subscription by QIBs. 

2:30 PM

IPO Update: Juniper Hotels issue fully subscribed on last day

QIB and Retail portions subscribed over 1 times each. 

2:19 PM

Goldman Sachs downgrades SBI, ICICI Bank, says 'Goldilocks period' ending

Turning cautious on the Indian banking sector, global brokerage Goldman Sachs, on Friday, downgraded some stocks from the pack, including State Bank of India and ICICI Bank, as it believes the "Goldilocks period" for the sector may be coming to an end. Read

2:05 PM

Kalyani Steel signs MoU with Odisha govt for projects worth Rs 11,750 crore

It has signed a Memorandum of Understanding (MOU) with Odisha govt to setup a 0.7 MTPA Integrated Advanced Specialty Steel and Automotive Components Manufacturing Complex with an estimated investment of Rs 6,626 crore.

And Pphase 1 of Integrated Titanium Metal / Alloy and Aerospace & Defense Components Manufacturing Plant of 10,000 TPA capacity with an estimated investment of Rs 5,124 crore in the state.  

1:45 PM

'Manufacturing sector should contribute quarter to India's economic growth'

The manufacturing sector needs to contribute a quarter to India's economic growth amid its ambition of becoming a USD 30-trillion economy by 2030 and a developed country (Viksit Bharat), M&M group Managing Director and CEO Anish Shah said on Friday. Read

1:33 PM

Indo Count rallies 7%, hits record high on strong earnings growth prospects

Shares of Indo Count Industries (ICIL) hit a record high of Rs 327.15 as they rallied 7 per cent on the BSE in Friday's intraday trade, amid heavy volumes, on hopes of strong earnings growth. The stock of the world's largest bed-linen player surpassed its previous high of Rs 319.50 touched on December 5, 2023. Read

1:16 PM

Byju's investors file oppression, mismanagement suit against CEO, others

A group of four investors of Byju's has filed an oppression and mismanagement suit against the management of the company before the Bengaluru bench of the NCLT, seeking declaring of founders, including CEO Byju Raveendran, as unfit to run the company, and appointing a new board. Read

1:04 PM

Domestic business, US launches to drive gains for Zydus Lifesciences

The stock of pharma major Zydus Lifesciences hit lifetime highs this week and has gained 40 per cent over the last three months. More than half the gains for the stock came in the last one month. Read

12:49 PM

'Bite-sized SIPs will lead to doubling of MF's AUM to Rs 100 trn by 2030'

 India’s mutual fund industry doubled its AUM in just four years to reach a landmark Rs 50 trillion in December 2023.  Prior to this, the industry took five years to double its AUM from Rs 12 trillion to Rs 25 trillion. READ MORE

12:37 PM

ALERT :: Mauritius branch of Life Insurance Corporation of India resumes operations

>> Operations resumed with effect from February 23, 2024 after the passing of Cyclone 'Eleanor'

 

12:24 PM

ALERT :: Lancer Container Lines signs Long-Term Contract with SYMCON Industries

>> Lancer Container Lines limited has accepted an offer made by the SYMCON Industries Pvt. Ltd. for purchase of a new range 

>> 20 Feet General Purpose Dry Cargo Container having Gross Quantity: 1200.

>> SYMCOM Industries Pvt. Ltd. will be supplying 100 TEU’s on every month basis till the expiry of 12 Months as per the terms and conditions mentioned in the contract.
 

12:13 PM

ALERT :: IdeaForge enters into US drone market, says report

11:59 AM

Saudi sovereign wealth fund pitches kingdom as AI hub outside of US

The head of Saudi Arabia's Public Investment Fund (PIF) on Thursday pitched the kingdom as a prospective hub for artificial intelligence activity outside the United States, citing its energy resources and funding capacity. Read

11:48 AM

FPIs trim financial exposure: Lowest in six years at 29%, shows data

Foreign portfolio investor (FPI) exposure to financial services stocks has fallen to 28.97 per cent, the lowest since 2018, according to data provided by PRIME Infobase. At their peak in December 2019, nearly 41.2 per cent of FPI assets under custody (AUC) were in the banking, financial services and insurance stocks. Read

11:36 AM

This Tata group hotel stock has zoomed 100% in one year

Shares of Indian Hotels Company (IHCL) hit a new high of Rs 602.75, up 4 per cent on the BSE in Friday's intraday trade, in an otherwise range-bound market, on healthy business outlook. In comparison, the S&P BSE Sensex was up 0.09 per cent at 73,224 at 10:48 AM. Read

11:23 AM

Tractor sales drop by 4% in FY24, signalling rural economic trouble

Tractor sales in India have witnessed a significant downturn in crucial states across the western and southern regions during the initial nine months of the ongoing financial year (FY24), contributing to an overall 4 per cent decline in the world's largest tractor market, according to a report by the Economic Times. Read

11:07 AM

Vodafone Idea soars 9% on fund raising plan; Indus Towers up 5%

Shares of Vodafone Idea (VI) soared 9 per cent to Rs 17.74 on the BSE in Friday’s intra-day after the telecom services provider said its board will meet on February 27 to consider fundraising proposals. The fundraising could be through equity or debt instruments. Read

10:53 AM

Jio Financial market cap crosses Rs 2 trillion; surges 20% in one week

Jio Financial Services (JFSL) on Friday joined elite group of companies having market capitalisation of over Rs 2 trillion, as the stock hit a record high of Rs 325 and rallied 7 per cent on the BSE in Friday's intra-day trade backed by heavy volumes. Read