Sensex surges 455 pts, Nifty tops 21,900; IT index jumps 3%, YES Bank 12%

Stock market highlights on February 6, 2024: The Nifty Auto, Metal, and Pharma added over 1 per cent each

3:53 PM

Tech View :: 'Nifty may hit 22,000 if it holds this level...'

NIfty50
On the daily charts, we can observe that the Nifty has been broadly trading within the range in an upward sloping channel. Until the recent swing lows of 21,730 is not breached on the downside, we can expect the upmove to continue towards 22,000 – 22,130.

The daily and the hourly momentum indicator has a positive crossover which is a a buy signal. Thus, both price and momentum indicator are suggesting towards continuation of the positive momentum. However, considering the recent sharp reversals from the upper boundary (22,000) one needs to be cautious on the long side.

Key support levels are 21,730 – 21,700 while immediate hurdle zone is placed at 22,100 - 22,130.

 

Bank Nifty

Bank Nifty closed in the negative however, seems to be oversold. The positive crossover on the hourly time frame chart suggests that the bank nifty is poised for a pullback after the recent correction. On the upside, we expect the Bank Nifty to retrace till 46,500 – 46,800. Crucial support is placed at 45,370.

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

 

 

3:41 PM

Currency check :: Rupee ends flat vs US dollar

3:40 PM

Stock fo the Day :: BLS E-Services ends 175% higher over issue price

3:39 PM

Sector of the Day :: IT index advances 3%; TCS m-cap hits Rs 15 trn

3:38 PM

Broader markets outperform; Mid, SmallCap indices rally over 1% each

3:36 PM

NIFTY HEATMAP :: BPCL, HDFC Life, HCL Tech zoom up to 6%

3:35 PM

CLOSING BELL :: Nifty reclaims 21,900

3:34 PM

CLOSING BELL :: Sensex soars over 450 pts

3:29 PM

Buzzing stock :: Inox India soars 11% on heavy volume

3:22 PM

ALERT :: Petronet LNG executes long -term contract for purchase of 7.5 MMTPA LNG with QatarEnergy

>> This is pursuant to extension of an existing LNG SPA for LNG supply of around 7.5 MMTPA LNG Sale & Purchase Agreement on FOB basis, signed on 31st July 1999 for supplies till 2028.

>> Under the new agreement, LNG supplies will be made on delivered (DES) basis commencing from 2028 till 2048. 

>> Similar to earlier agreement of 1999, the LNG volumes under the new SPA shall also be offtaken by GAIL (India) Limited (60%), Indian Oil Corporation Limited (30%) and Bharat Petroleum Corporation Limited (10%) after regasification primarily from Dahej Terminal of PLL on substantially back to back basis. 

3:11 PM

Three IPOs to hit primary mkt on Wednesday; aim to raise Rs 1,700 cr

Market experts maintain a strong bullish outlook on the IPO (initial public offering) market for 2024. Companies are expecting to benefit from an equity market which is flush with liquidity and has seen a sharp increase in new retail investors. READ MORE

3:00 PM

RBI likely to hold rates for a sixth straight meet; statement in focus

Market participants are also hoping for some relief from the RBI on the liquidity front with the system deficit having hit a record high in January. READ MORE

2:49 PM

This PSU stock hit over 13-year high on Feb 6; zooms over 100% in 3 weeks

Shares of IFCI hit an over 13-year high of Rs 65.28, freezing at 5 per cent upper circuit on the BSE on Tuesday. As many as 43.5 million shares of IFCI have changed hands and there were pending buy orders for 2.12 million shares on the NSE and BSE. READ MORE

2:39 PM

ALERT:: HDFC Life, ICICI Lombard zoom up to 5% on likely tax concession

According to reports, India's parliament panel may consider reducing GST rates for health insurance sector. 

2:30 PM

Earnings ALERT:: Godrej Properties Q3 net dips 20%; stock down 1%

Godrej Properties Q3 net profit dipped 20.3 per cent to Rs 103.36 crore for the quarter ended December 2023 when compared with Rs 129.75 crore in the corresponding quarter a year ago. Total income, however, was up 5.8 per cent YoY at Rs 452.61 crore.

2:20 PM

Adani begins discussions for first dollar bond sale since Hindenburg

The sprawling ports-to-power empire has trimmed debt, pared founders' share pledges and landed major projects over the past year, helping to rebuild confidence among investors and lenders. READ MORE

2:10 PM

Demat addition, trading turnover point to robust investor sentiment

Investor sentiment in the $4.6-trillion domestic equity markets continues to be buoyant, marked by surging new accounts and trading volumes. The average daily turnover (ADTV) and fresh dematerialised (demat) adds hit record highs. READ MORE

1:59 PM

India to see investment of $67 bn in next 5-6 years in energy sector: PM

Prime Minister Narendra Modi on Tuesday said that India will see an investment of USD 67 billion in the energy sector in next 5 to 6 years as he invited global investors to participate in India's growth story. READ MORE

1:51 PM

Earnings ALERT:: Go Fashion Q3 net dips 4%; stock gains 2%

Go Fashion (India) today reported a 3.7 per cent decline in Q3FY24 net profit at Rs 23.40 crore when compared with Rs 24.31 crore in Q3FY23. Total income. however, was up 15.8 per cent YoY at Rs 206.31 crore.

1:40 PM

L-T wins contract for Assam bridge, to boost link to textile hub Sualkuchi

The construction arm of Larsen & Toubro Limited (L&T) bagged a contract by the Assam government to build a 12.21 kilometres long bridge connecting Palashbari and Sualkuchi towns in the northeastern state, the Indian multinational conglomerate said on Tuesday. READ MORE

1:27 PM

Asian Market Check: Hang Seng, Shaghai soar up to 4%

Source: Yahoo Finance

1:15 PM

Paytm CEO Vijay Shekhar, officials meet RBI to discuss regulatory concerns

The Reserve Bank of India last week ordered Paytm affiliate Paytm Payments Bank to wind down most of its business, including deposits, credit products and its popular digital wallets. READ MORE

1:03 PM

LIC tops Rs 1,000-mark; Can rally another 13% suggests tech chart

Life Insurance Corporation of India (LIC) on Monday topped the Rs 1,000-mark for the first time ever. The stock had debuted on the bourses in September 2022, after issuing shares at Rs 904 each for retail investors. Read

12:52 PM

India's FMCG market grew in Q3 FY24 on higher consumption: Report

India’s fast-moving consumer goods (FMCG) industry grew by 6.4 per cent in volume in the October-December quarter (Q3 FY24) on the back of increased consumption, said a research firm’s report on Tuesday. Read

12:42 PM

ChrysCapital looking to raise $300 million to maintain stake in NSE

ChrysCapital Management Co. is looking to raise as much as $300 million for a new fund that will allow the buyout firm to hang on to its minority stake in India’s main stock exchange.  

 

The Indian private equity company is working with a team at UBS Group AG for a so-called continuation fund that will give it more time and capital to hold its investment in National Stock Exchange of India Ltd., according to people familiar with the matter. Read

12:29 PM

Pre-election rally: Nifty could rise to 23400 by June, buy on dips, says ICICI Securities

A pre-election rally in the stock market is on the cards with the Nifty expected to advance to 23,400 by June, and investors should use the current volatility as an opportunity to buy on dips, said brokerage ICICI Securities in a note. Read

12:16 PM

TCS rallies 4%, hits lifetime high; market cap crosses Rs 15 trillion

Tata Consultancy Services (TCS) became the second listed Indian company to cross Rs 15 trillion market capitalisation (market cap), as stock price of information technology (IT) giant rallied 4 per cent to hit a lifetime high of Rs 4,135.90 on the BSE in Tuesday’s intra-day trade. TCS’s market cap hit Rs 15.13 trillion in intra-day deals today. Read

12:01 PM

Adani begins discussions for first dollar bond sale since Hindenburg

Indian billionaire Gautam Adani’s group is in talks to raise about $500 million via dollar bonds, its first overseas issuance since a report by a US short seller last year prompted concerns about the conglomerate’s ability to refinance borrowings. Read

11:43 AM

HPCL, BPCL, IOCL: Here's why Morgan Stanley thinks OMC stocks can flare up

Stocks of Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation Limited (IOCL) have more headroom left despite the sharp run in the last few weeks, suggests a recent report from Morgan Stanley. Read

11:31 AM

HDFC Bank Group gets RBI approval to acquire 9.5% stake each in six banks

HDFC Bank Group on Tuesday announced that it has received the Reserve Bank of India's (RBI) approval to acquire "aggregate holding" of up to 9.5 per cent of the paid-up share capital or voting rights in six banks. These banks include Axis Bank, Survoday Small Finance Bank, ICICI Bank, Bandhan Bank, YES Bank and IndusInd Bank. Read