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
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Photo: Bloomberg
Closing Bell on February 7: Equity markets were quick to give up early gains and swung between gains and losses in a narror range on Wednesday. The S&P BSE Sensex, eventually, settled at 72,152, down 34 points or 0.05 per cent, while the Nifty50 ended at 21,931, up 1 point or 0.01 per cent.
SBI, JSW Steel, HDFC Life, Grasim, Bajaj Finance, Hindalco, Asian Paints, Ultratech Cement, Axis Bank, Sun Pharma, and Nestle India were the lead winners on the benchmarks, up between 1.5 per cent and 4 per cent.
On the downside, Infosys, Power Grid Tech M, Adani Ports, BPCL, and TCS fell over 1 per cent each.
In the broader markets, the BSE MidCap index gained over 1.48 per cent, while the BSE SmallCap index advanced 0.35 per cent.
Among sectors, all but the Nifty IT index gained led by the Nifty PSU Bank index (up 3.49 per cent), followed by the Nifty Realty index (1.4 per cent), and Nifty Media index (1.37 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
Views by: Ajit Mishra, SVP - Technical Research, Religare Broking
3:42 PM
Tech View :: Key levels on Nifty, Bank Nifty to watch out
Nifty50
Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
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.
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
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%
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Topics : MARKET LIVE MARKET WRAP stock market trading Dalal Street Markets Sensex Nifty Midcap smallcap stocks Paytm Q3 results Max Financial Services Max Life Insurance Axis Bank UPL
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First Published: Feb 07 2024 | 7:31 AM IST