Sensex drops 354 pts in fag-end, Nifty below 21,800; RIL, Airtel weigh

Stock market highlights on February 5: Among sectors, the Nifty Pharma, and Auto indices rallied over 1 per cent each

3:45 PM

Tech View :: Key levels on Nifty, Bank Nifty to watch out

NIfty50

On the daily charts, we can observe that the Nifty has witnessed follow-through selling pressure from the upper boundary (22,000). On the hourly momentum indicator, we could witness a negative divergence which indicated loss of momentum on the upside.

Overall, the range bound trading action is likely to continue until we get a decisive close below the extremes of the broad range 22,000 – 21,200. The momentum setup on the daily and hourly time frames are providing divergent signals which again suggests sideways price action.

Thus, parameters are suggesting that the consolidation is likely to continue. Stock specific action and sector rotation is likely to continue during this period of consolidation. Key support levels are 21,640 – 21,600 while immediate hurdle zone is placed at 21,950 - 22,000.

 

Bank Nifty

Bank Nifty witnessed follow through selling pressure from the previous trading session. It closed below the key averages indicating weakness. Overall, the Trend remains sideways and the range of consolidation is likely to be 45,000 – 47,000.

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

3:40 PM

Broader markets end mixed; SmallCaps slip

3:39 PM

Nifty Heatmap :: UPL tumbles 11%, Bajaj twins, Airtel other laggards

3:38 PM

CLOSING BELL :: Nifty ends below 21,800

3:36 PM

CLOSING BELL :: Sensex drops 354 pts a day Budget rally

3:29 PM

Bond traders pin hopes on dovish RBI pivot to extend Budget rally

“The fiscal compression will provide much comfort to RBI on attainment of its inflation target,” according to Suyash Choudhary, head of fixed income at Bandhan Mutual Fund. The central bank has little reason to delay easing its liquidity stance, given that inflation has been below its latest forecast, he said. READ MORE

3:19 PM

Global check:: US, UK stock futures marginally in red

Source: Investing.com

3:06 PM

China markets regulator to protect small investors as stocks hit 5 yr lows

Chinese companies have lost billions of dollars worth of market value as investors shifted away from the markets in Hong Kong and the mainland in search of better returns. READ MORE

2:54 PM

Market check:: Sensex near day's low, down nearly 400 points

2:40 PM

Does your MF scheme hold Paytm? Top 5 MF schemes with the highest holding

Mirae Asset Large Cap Fund led highest investment in Paytm at Rs 430.4 crore, which was 1.13 per cent of its total AUM. READ MORE

2:30 PM

Varun Beverages profits surge 77%; stock up 1%

Consolidated net profit rose to Rs 132 cr ($15.9 million) for the fourth quarter ended Dec. 31, compared with Rs 74.75 crore rupees in the year-ago period. READ MORE

2:22 PM

Banks pitch risky hedges to Indian firms yearning for higher forex returns

Banks are increasingly pitching hedging strategies to Indian companies that look appealing in the rupee's current low-turbulence spell but could leave them unprotected when they need it the most and lead to sizeable losses. READ MORE

1:55 PM

This tourism finance stock nearly doubled in 1 month; Quant MF buys stake

As on December 31, 2023, the promoters (Life Insurance Corporation of India [LIC] and The Oriental Insurance) and the promoters' group comprising Koppara Sajeeve Thomas and Pransatree Holding Pte Ltd own 17.67 per cent stake in the company. READ MORE

1:41 PM

Q3 result, stake sale buzz: Here's how analysts expect SBI stock to perform

"A PSU stock, generally, underperforms or corrects ahead of a potential stake sale by the government. Once the overhang is behind, it begins its upswing in case of favourable market sentiment. So, SBI's stock may find some support if the report turns out to be true," said Ambareesh Baliga, an independent market analyst. The government currently holds 57.49 per cent stake in SBI. READ MORE

1:24 PM

Q3 result :: KPR Mill rises 1% post Q3

>> Net profit at Rs 187 crore vs Rs 175 crore YoY

1:09 PM

IOC, BPCL, HPCL: OMCs shares on fire post Interim Budget; check key levels

Indian Oil (IOC)

Resistance: Rs 180

Support: Rs 165; Rs 150
 

IOC is seen trading above its higher-end of the Bollinger Bands on multiple time-frames and also firmly above the key moving averages. Even as key momentum oscillators, namely RSI (Relative Strength Index) is in overbought zone, the stock is likely to trade with a bullish bias as long as it holds above Rs 165. READ MORE

12:52 PM

Hyundai Motor India may launch India's largest IPO ever this Diwali

HMIL was launched in India in 1996. Last year, it was the second-largest passenger vehicle seller here after Maruti Suzuki. Currently, Maruti Suzuki has a valuation of Rs 33.4 trillion. Another Indian giant, Tata Motors, is valued at Rs 29.3 trillion. READ MORE

12:39 PM

HDFC Bank appoints BoA, Barclays for likely dollar bond issue, say bankers

HDFC Bank last tapped the dollar bond market in February 2023 when it had raised $750 million via three-year dollar-denominated bonds at a coupon of 5.686%. READ MORE

12:22 PM

LIC soars 9%, crosses the Rs 1,000-mark for the first time ever

Currently, the stock is trading 14 per cent higher against its issue price of Rs 904 per share allotted to retail investors and employees. The government had issued shares at Rs 949 apiece to qualified institutional buyers (QIBs) and high networth individuals (HNI). The issue price was Rs 889 for policyholders. READ MORE

12:05 PM

Q3 result :: VBL posts net profit of RFs 143 cr vs Rs 74.7 crore YoY

>> Ebitda at Rs 420 crore

>> Margin at 15.32%

11:50 AM

Can go to NCLT to enforce Sony merger deal after SIAC rejects petition: Zee

The Singapore International Arbitration Centre (SIAC) said it had no jurisdiction or authority to block Zee from approaching the Indian tribunal, adding the merger fell within the purview of the National Company Law Tribunal of India, Zee said in filings to Indian stock exchanges. READ MORE

11:34 AM

Market Check :: Indices trade in thin range

11:22 AM

India's services PMI jumps to highest in six months at 61.8 in January

"India's services PMI rose to a six-month high in January. New business expanded at a faster pace and managers' expectation for future activity was strong," said Ines Lam, economist at HSBC. READ MORE

11:05 AM

UPL slips 7%, hits 3-year low on Q3 loss; cautions on weaker Q4FY24

t 10:10 am; UPL was quoting 6 per cent lower, as compared to 0.3 per cent rise in the S&P BSE Sensex. The averge trading volumes at the counter nearly doubled with a combined nearly 7.1 million shares changing hands on the NSE and BSE. READ MORE

10:50 AM

ALERT :: VA Tech Wabag secures order worth $33.5 million

>> VA Tech wabag has secured an order worth $33.5 million from SEPCO III Electric Power Construction Corporation (‘SEPCO III’) towards Engineering and Procurement of a 20 MLD Industrial Wastewater Treatment Plant (IWWTP) at Ras Tanura Refinery Complex, Kingdom of Saudi Arabia.

10:36 AM

ALERT :: Som Distilleries reports 51% YTD volume growth in Karnataka for FY24

>> The impressive surge in volume reflects our steadfast dedication to innovation, customer satisfaction, and operational excellence. Through strategic initiatives, robust partnerships, and a customer-centric approach, we have successfully expanded our market presence and strengthened our position as a key player in Karnataka

10:20 AM

Tata Motors hits new high, surges 7% on robust December quarter results

As for the Jaguar Land Rover (JLR) business, it posted a record third-quarter revenue of 7.4 billion pounds with its highest quarterly profit before tax since Q4FY17 of 627 million pounds during the quarter. JLR's free cash flow was 626 million pounds in Q3FY24 and 1.4 billion pounds for the year to date YTDFY24. Net debt reduced to 1.6 billion pounds. READ MORE

10:05 AM

Comment :: 'US economy unlikely to tip into mild recession any time soon'

The global construct for equity markets continues to be good with the mother market US doing well aided by a surprisingly strong economy.

The latest data on job creation in January has again surprised with the addition of 3,53,000 jobs. There are no signs of the US economy tipping into a mild recession any time soon.

This means that the Fed rate cuts expected this year are likely to be back-loaded. This has pushed up the 10-year bond yield again above 4% and the dollar index to 104.

This might prompt some selling by FIIs. But the market momentum is good supported by strong DII and retail buying.

Views by: V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

9:48 AM

GHCL sinks 4% as profit dives 61% in Q3

>> GHCL Ltdreported a 60.7% YoY decline in net profit at Rs 99.9 crore for Q3FY24

>> The company's revenue from operations fell 27.6% YoY to Rs 797.3 crore

>> Ebitda tanked 59.3% on year to Rs 149.5 crore

9:45 AM

Mirza International slides 3% post Q3

>> Net profit of Mirza International rose 14.88% YoY to Rs 4.40 crore

>> Sales rose 9.09% to Rs 141.67 crore