Bulls ride on bank stocks to end higher for 7th session; Sensex up 311 pts

CLOSING BELL: The Nifty50 added 98 points to end at 17,722 level

4:29 PM

COMMENT:: Inflation, US FOMC minutes to guide global markets

The domestic equity indices showed resilience and remained in positive territory, primarily led by banking and auto stocks on the expectation of strong quarterly earnings following robust business updates. The forthcoming CPI inflation data due on Wednesday is expected to remain below the RBI’s upper tolerance level of 6%. Meanwhile, in the United States, inflation is projected to decline further from its current level of 6%. The US inflation figures, along with the FOMC meeting minutes, are likely to exert a dominant influence on the global market trend.

 

- Vinod Nair, Head of Research at Geojit Financial Services

 

4:27 PM

Nifty can rally to 17,850/ 17,970

Nifty remained volatile throughout the session as the traders awaited CPI data, which is scheduled tomorrow. The index has been sustaining above critical moving average. Besides, the Nifty has so far remained above the crucial support level of 17,500. The market will remain a buy on dips as long as the index remains above 17,500. Immediate support is visible at 17,640. On the higher end, the rally may extend towards 17,850/ 17,970.

 

- Rupak De, Senior Technical Analyst at LKP Securities
 

4:23 PM

TCS ends 1.5% lower a day ahead of Q4 results; Analysts expect 18% revenue growth

Brokerages expect TCS deal wins to be strong in a broad range of $7-10 billion in Q4, while hiring is likely to be muted. READ MORE

4:20 PM

Data Patterns hits new high; ends 6% higher

The strong order backlog at Rs 1,014 crore as of January 2023, and healthy order pipeline provides strong revenue visibility. READ MORE

4:17 PM

Too early to say if sub-par monsoon will dent market sentiment: Analysts

Experts say that the volume of rainfall, its timing and dispersion will crucially influence crop sowing, output and prices. READ MORE

4:15 PM

Torrent Power gains 5% on winning 1,100 MW power supply contract

Since February 1, the stock of the integrated power utilities company has rallied 26 per cent, as compared to 1 per cent rise in the S&P BSE Sensex. READ MORE

4:13 PM

Neogen Chemicals soars over 14% on inking pact with Japanese firm MUIS

This acquisition will help Neogen to strengthen its position in the electrolyte market in India. READ MORE

4:10 PM

ITC hits new high on hopes of solid Q4 show; Market-cap nears Rs 5-trn mark

The consistent good growth in the cigarette business, strong tailwinds in the hotel business and scale-up in non-cigarette FMCG business makes its earning visibility better compared with peers. READ MORE

4:05 PM

Vardhman Special Steels zooms over 900% in 3 years, company to mull bonus issue plan

So far in the calendar year 2023, Vardhman Special Steels has surged nearly 40 per cent after the company reported strong operational performance in Q3FY23, due to higher sales of value added products and cost optimisation. READ MORE

4:01 PM

Nifty PSU Bank index gains 1.6% on BoB's strong biz update, SBI fund raising plan

In Q4, the operational performance was expected to remain positive across lenders with PSU banks seen delivering continued strong earning trajectory. READ MORE

3:59 PM

Nifty IT index sheds 1.3%; TCS, Infosys weighs

3:55 PM

Bank Nifty jumps 1.3%; Kotak Bank, Bank of Baroda lead

3:52 PM

BSE Smallcap Heatmap:: Radhe Developers, Vinyl India zoom 20%; RPower 15%

3:50 PM

BSE Midcap Heatmap:: NHPC, Tata Elxsi rally 3%; ABB India, Lodha slip over 3%

3:46 PM

Broader indices also end higher; India VIX dips 2.4%

3:43 PM

Nifty 50 Losers:: TCS, Infosys slip up to 2%

3:41 PM

Nifty 50 Gainers:: Kotak Bank jumps 4.6%; JSW Steel surges nearly 4%

3:38 PM

Sensex 30 Heatmap:: 20 Gainers v/s 10 Losers

3:36 PM

CLOSING BELL:: NSE Nifty50 extends winning run to 7th day, ends 98 pts higher at 17,722

The index has surged 770 points in the last seven trading sessions.

3:33 PM

CLOSING BELL:: S&P BSE Sensex rallies 311 pts to 60,158

3:24 PM

IndiGo flies higher even as SpiceJet sputters into a loss in Q4: Brokerages

Domestic traffic in Jan-March in the aviation sector is likely to have grown 5-6% sequentially, 50% YoY. Traffic has crossed pre-Covid level and has sustained in Q4. READ MORE

3:13 PM

Global Check:: US, UK stock futures gain up to 0.7%

Source: Investing.com

3:01 PM

ONGC to bet on deepwater oil as India seeks to cut import

India, with a fast-growing appetite for crude, is eager to reduce its fuel import bill and bolster energy security, and has encouraged companies like state-controlled ONGC to do more. READ MORE

2:51 PM

Weak sales growth weighs on Avenue Supermarts, operational parameters weak

The country’s largest listed retailer by market capitalisation reported a 20 per cent year-on-year (y-o-y) growth in its top line to Rs 10,337 crore. READ MORE

2:39 PM

This stock zoomed over 900% in 3 years, company to mull bonus issue plan

So far in the calendar year 2023, VSSL surged nearly 40 per cent after the company reported strong operational performance in Q3FY23, due to higher sales of value added products and cost optimisation. READ MORE

2:26 PM

Pause now, lower later: Rate cuts may start this year, say economists

‘Higher for longer’ may be the narrative in the developed markets, but interest rates might not stay high for very long in India, with a section of the market expecting rate cuts to begin this year. READ MORE

2:13 PM

Cost Inflation Index for current fiscal at stands at 348, notifies I-T dept

The Income Tax Department has notified the Cost Inflation Index for the current fiscal beginning April 2023, for calculating long-term capital gains arising from sale of immovable property, securities and jewellery. READ MORE

2:01 PM

News Alert:: Astec Life launches Adi Godrej Center for Chemical Research and Development

Astec LifeSciences Limited, a subsidiary of Godrej Agrovet Limited, launched its new advanced research and development (R&D) Center in Rabale, Maharashtra. The facility will focus on leading-edge innovation and developing sustainable & safe solutions for people and the environment and providing services to innovator companies in contract development & manufacturing space (CDMO).

1:50 PM

ICICI Bank to offer EMI facility for UPI transactions above Rs 10,000

ICICI Bank has introduced an equated monthly instalment (EMI) facility for UPI payments made by scanning QR code. The facility will be available for customers who are eligible for the bank’s ‘buy now pay later’ scheme – PayLater. READ MORE

1:29 PM

News Alert:: Keystone Realtors report Rs 473 cr pre-sales in Q4; stock up 3%

According to a release issued by the company, Keystone pre-sales for FY23 stood at Rs 1,604 crore as against Rs 2,639 crore in FY22.