Bull run enters 9th day for benchmarks; IT shares crack; AU SFB soars 17%

CLOSING BELL: IDBI Bank shares, too, surged 10 per cent after a Reuters report said the RBI has begun evaluating at least five potential bidders interested in picking up a majority stake in the lender

4:03 PM

TECHNICALS: Consolidation post 9-day gains highly probable

The Nifty continued with positive momentum and closed with gains for the ninth consecutive trading session. On the charts we can observe that the Nifty witnessed an intraday dip however the zone of 17750 – 17720 where support in the form of the 20-hour moving average was placed absorbed the selling pressure and restricted further slide.

On a weekly basis the Nifty has managed to close above the 20-week moving average (17789) which is a Bullish sign. The weekly momentum indicator has triggered a fresh positive crossover which is a buy signal. On a higher time, frame chart structure has turned in favour of bulls.

Considering the sharp run up in the previous nine trading sessions, a consolidation is highly probable however, it should be considered as a buying opportunity. In terms of levels, 17860 – 17900 is the immediate hurdle one while 17730 – 17700 shall act as a crucial support from short term perspective. On the upside we expect the nifty to target levels of 18000.

Views by Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

4:01 PM

MARKET COMMENT: Normal Monsoon IMD forecast to aid rural sales for FMCG cos

Forecast of a normal monsoon by IMD is positive news for the FMCG sector. A normal monsoon should aid rural revival specially where over a third of FMCG sales in India come from rural areas and this would help in overall rural demand improvement.

Views by Avniash Pathak, Research analyst at LKP Securities

 

The current reservoir levels are higher than usual, and El Nino conditions may only develop in the second half of the monsoon. This indicates that Kharif sowing may not be severely affected. However, the possibility of developing El Nino during the second half will have some negative impact on agriculture output, leading to an increase in food inflation. This, in turn, would be detrimental for FMCG companies as their costs would rise.

Views by Vincent KA, Research analyst at Geojit Financial Services

 

3:55 PM

National Standard cracks 9% on dismal Q4 performance

The company posted a profit of Rs 2.7 crore in Q4 versus Rs 10.27 crore a year ago. 

3:51 PM

IDBI Bank rallies 10%; RBI said to have begun evaluating 5 bidders for stake sale

As per a report by Reuters, the Reserve Bank of India (RBI) has begun evaluating at least five potential bidders interested in picking up a majority stake in the state-owned bank. 
 

Kotak Mahindra Bank, Prem Watsa-backed CSB Bank and Emirates NBD are said to be among those that have submitted expressions of interest, the report said quoting sources. 

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3:47 PM

Zee Ent sheds 1.6%; NCLT proceedings on Sony Merger underway

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3:44 PM

AU SFB soars 17% on RBI nod to reappoint Sanjay Agarwal as MD

3:42 PM

IT index drops 2%; Bank, PSB, Realty packs jump over 1%

3:39 PM

Smallcaps, Midcaps firmly outweigh benchmark gains

3:38 PM

IndusInd Bank, HDFC Life, Eicher Motor, Apollo claim top Nifty winning spots

3:36 PM

HEATMAP: Infy, Tech M, HCL Tech drop up to 3% on TCS Q4 drag

3:35 PM

CLOSING BELL: Nifty ends above 17,800; 29 stocks close higher

3:33 PM

CLOSING BELL: Sensex pares day's losses to clock 9th straight gain

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3:27 PM

Surya Roshni hits 52-week high on healthy outlook; zooms 53% so far in 2023

Thus far in CY23, the stock has outperformed the market on the expectation of a sustained healthy performance ahead, supported by a steady volume growth. READ

3:16 PM

ALERT :: Nifty Bank reclaims 42,000 amid late buying

2:57 PM

ALERT: Avantel surges 7%; reports Rs 9.7 crore Q4 PAT vs Rs 6.08 crore year ago