Benchmarks end flat, MidCap index rises 1.5%; PSB, realty stocks in demand

Stock market highlights on February 7, 2024: In the broader markets, the BSE MidCap index gained over 1.48 per cent, while the BSE SmallCap index advanced 0.35 per cent

3:48 PM

Comment :: 'Continue Buy-on-dips approach until Nifty holds 21,600'

We maintain our positive stance amid consolidation and suggest continuing with a “buy on dips” approach until Nifty holds 21,600. However, participation from the banking and financial majors would be critical for trend resumption. Apart from the domestic factors, we suggest keeping a close eye on global markets for cues.

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

3:42 PM

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

Nifty50

On the daily charts, we can observe that the Nifty has been trading in a narrow range since the past couple of weeks. On the upside, 22,000 – 22,050 is acting as a stiff resistance while the key hourly moving averages placed in the range 21,800 – 21,900 have been absorbing all the selling pressure.

The Nifty needs to decisively move beyond this narrow range for the trending moves to begin on either side. Until then, stock-specific action and sector rotation is likely to continue. Key support levels are 21,730 – 21,680 while immediate hurdle zone is placed at 22,000 - 22,053.

 

Bank Nifty

Bank Nifty closed in the green after falling for three consecutive days. We expect the retracement to continue till 46,300 – 46,500 over the next few trading sessions. Crucial support is placed at 45,500 – 45,400.

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

 

3:40 PM

Currency check :: Rupee ends higher vs US dollar

3:39 PM

Broader markets :: MidCap index gains 1.5%, outshines peers

3:37 PM

NIFTY HEATMAP :: 29 of 50 index stocks rally; SBI hits new high

3:36 PM

CLOSING BELL :: Nifty ends unchanged

3:35 PM

CLOSING BELL :: Sensex ends in red after a range-bound session

3:29 PM

ALERT :: Trident has been granted patent for 'A Fitted Sheet with Improved Gripping Effect' by GoI

Check details here

3:16 PM

India will be world's biggest oil demand growth driver through 2030: IEA

A dearth of new discoveries will lead to India's domestic oil production shrinking to 540 thousand barrels per day (b/d) by 2030, down from 700 thousand b/d now, said the report. 'India is on track to post an increase [in demand] of almost 1.2 million barrels per day (b/d), accounting for more than one-third of the projected 3.2 mb/d global gains, to reach 6.6 mb/d by 2030." READ MORE

3:02 PM

Earnings ALERT:: Subex Q3 loss widens to Rs 4.89 cr; stock plunges 7%

Subex Q3 consolidated net loss widened to Rs 4.89 crore for the quarter ended December 2023 as against a net loss of Rs 4.68 crore in the quarter ended December 2022. Total income, however, increased by 11.8 per cent YoY to Rs 83.23 crore.

2:54 PM

Tata-owned Trent Q3 profit jumps more than two-fold; stock zooms 19%

Indian retailer and hypermarket operator Trent reported a more-than-two-fold jump in third-quarter profit on Wednesday, driven by robust demand during the festive period. The Tata Group-owned company reported a consolidated net profit of Rs 371 crore for the three months ended Dec. 31, from Rs 155 crore a year earlier. READ MORE

2:43 PM

Earnings ALERT:: Talbros Automotive Q3 net rises 69%; stock hits 5% upper limit

Talbros Automotive Q3 net profit rose 68.7 per cent to Rs 18.03 crore for Q3FY24 as against Rs 10.69 crore in Q3FY23. Total income grew 26.2 per cent to Rs 201.48 crore.

2:33 PM

Earnings ALERT:: Kopran Q3 net soars 127%; stock gains 4%

Kopran's net profit soared 127.2 per cent to Rs 15.79 crore for Q3FY24 as against Rs 6.95 crore in Q3FY23. Total income was up marginally at Rs 161.35 crore from Rs 160.22 crore.

2:22 PM

Earnings ALERT:: AIA Engineering Q3 net drops 32%; stock tumbles 6%

AIA Engineering today posted a 32.1 per cent dip in Q3 net profit at Rs 241.21 crore for the quarter ended December 2023 as against Rs 355.13 crore in the year ago quarter. Total income decreased by 4.2 per cent YoY to Rs 1,128.90 crore.

2:09 PM

Paytm, IFCI, Reliance Power and 401 other stocks freeze at upper circuits

TRF, KIOCL, GE T&D India, Dredging Corporation of India, Azad Engineering, and Balaji Telefilms were some of the other stocks which were locked in the upper circuits of 5 per cent to 20 per cent. READ MORE

1:57 PM

MF holding at all-time high, here's a list of NSE stocks that were most bought

The share of domestic Mutual Funds (MFs) in companies listed on NSE rose to an all-time high of 8.81 per cent as on December 31, 2023, from 8.73 per cent as on September 30, 2023, powered by strong net inflows of Rs 58,198 crore during the quarter, as per primeinfobase.com, PRIME Database Group. READ MORE

1:44 PM

Earnings ALERT:: Sanghvi Movers Q3 net jumps 76%; stock soars 7%

Sanghvi Movers posted a 76.5 per cent jump in net profit at Rs 61.28 crore for Q3FY24 as against Rs 34.72 crore in Q3FY23. Revenue from operations grew by 34.2 per cent YoY to Rs 173 crore.

1:31 PM

Earnings ALERT:: HBL Power Systems Q3 net zooms 236%; stock up 2%

HBL Power Systems today reported 236.2 per cent surge in Q3 net profit at Rs 76.12 crore for the quarter ended December 2023 as against Rs 22.64 crore in the year ago quarter. Total income jumped 79.2 per cent YoY to Rs 598.54 crore.

1:21 PM

Nykaa Q3 review: Analysts cut Ebitda estimates on weak discretionary demand

Brokerages have largely maintained their ratings and target prices on FSN E-Commerce Ventures, the parent company of Nykaa, after the fashion and beauty online retailer posted in-line numbers in the October-to-December quarter (Q3) of financial year 2023-24 (FY24). READ MORE

1:08 PM

Global Market Check:: China indices rally up to 3% in tepid Asian trade

Source: Yahoo Finance

12:57 PM

Earnings ALERT:: Nestle India Dec Qtr net rises 4%; stock up 1%

Nestle India today reported a 4.4 per cent growth in Q3 net profit at Rs 655.61 crore for the quarter ended December 2023 when compared with Rs 628.06 crore in the quarter ended December 2022. Total income grew by 8 per cent YoY to Rs 4,630.72 crore from Rs 4,286.34 crore.

12:45 PM

COMMENT:: RBI may not tinker with rates; shift stance to NEUTRAL

Policy rate expectations: Given the tightening liquidity condition, RBI is likely to support economic growth with cautious stance on inflation. Consequently, we expect the unchanged policy rate and possibility of shift in stance to NEUTRAL. 

Additionally, RBI may take steps to improve liquidity conditions. We expect policy rate cut by June-24.

 

- Ajit Kabi, Research Analyst at LKP Securities

 

12:36 PM

Biden wins primary in Nevada, while votes still being counted for GOP race

Nevada's dueling presidential caucuses and primaries this week are creating confusion among voters, and those who cast ballots in the first contest Tuesday had the option of supporting none of these candidates. READ MORE

 

12:24 PM

TRF zooms 20%, Tata Steel nears record high on calling off merger plan

In the past two trading days, the stock of the Tata Group firm has zoomed 29 per cent. Currently, it is trading at its highest level since September 2022. READ MORE

12:13 PM

$14 trillion investment needed by 2045 to meet global energy demands: Opec

Ghais emphasised that the demand for oil is expected to rise significantly, projecting a 23 per cent increase in global energy requirements by 2045 while addressing the India Energy Week in Goa on Tuesday. READ MORE

 

11:57 AM

This Rekha Jhunjhunwala-owned share nears Rs 1 trn mcap; plans stock split

A sharp rally in stock price has helped Canara Bank come close to joining the elite group of bank’s having market capitalisation of Rs 1 trillion. At 10:28 am; Canara Bank's market capitalisation stood at Rs 99,559 crore, the BSE data shows. READ MORE

11:43 AM

ALERT :: Austria-based VakifBank International AG ties up with Intellect Design Arena's consumer banking arm

>> Intellect Global Consumer Banking (iGCB), the consumer banking arm of Intellect Design Arena Limited, announces that VakifBank International AG, part of Türkiye Vakiflar Bankasi T.A.O has selected iGCB’s platforms Intellect Digital Core (IDC) and Digital lending to transform its overall banking.

>> This is the second strategic core banking transformation deal announcement for iGCB in Europe in close succession to the partnership with a leading European Bank on December 8.

 

11:32 AM

Market Check :: Indices give up morning gains; Sensex slides nearly 100 pts

11:19 AM

These stocks command market-cap of over Rs 15 trn each. Can it rise more?

TCS

Support: Rs 4,100; Rs 3,900

Upside Potential: 5%
 

TCS has given a fresh breakout on the daily scale. The near-term bias is likely to remain upbeat as long as the stock holds above Rs 4,100 level - i.e. the higher-end of the Bollinger Bands on the daily chart. READ MORE

11:04 AM

ALERT :: Jyoti Structures hits 5% upper circuit on Rs 290 cr order win

>> Jyoti Structures Limited has received an order from Torrent PowerGrid Limited for an EPC work of 400 KV Multi Circuit Transmission Line in Gujarat.

>> The contract, valued at Rs. 290 crore including GST, is to be executed in 18 months.

>> The company has also secured a contract for design and prototype testing of towers for 400 kV Double Circuit Oman – UAE Interconnector Project.

>> The contract, valued at $1.8 million, is to executed in 6 months.