23 Feb, 2024 | 06:07:53 PM IST
Tech View: Nifty on Friday ended flat but above the 22,200 level to form a higher high and higher low series formation on both the daily and weekly charts.
Nifty has been in a consolidation zone for over one month and we may soon see a breakout or breakdown with the former more likely. However, for any significant rally, Nifty will have to give a decisive breakout above 22,250. The range of 22,100 – 22,130 is now the demand zone and a slide below this range can push Nifty back towards 22,000 levels, said Sheersham Gupta of Rupeezy.
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Nvidia vaults to world’s fourth-biggest company by market cap on AI optimism
Chipmaker Nvidia Corp has become the world’s fourth largest company by market capitalisation, after a 16.4% surge on Thursday when a quarterly earnings report surpassed analysts’ expectations. The company’s market cap has swelled by $740.2 billion this year, the largest increase worldwide.
India’s forex reserves hit two-month low
India’s foreign exchange reserves dropped for a second straight week and stood at a two-month low of $616.10 billion as of Feb. 16, data from the central bank showed on Friday. The reserves fell by $1.13 billion in the reporting week, after having fallen by $5.3 billion in the prior week.
Tech View: Nifty forms higher high, higher low series. What should traders do next week
Nifty on Friday ended flat but above the 22,200 level to form a higher high and higher low series formation on both the daily and weekly charts.
Nifty has been in a consolidation zone for over one month and we may soon see a breakout or breakdown with the former more likely. However, for any significant rally, Nifty will have to give a decisive breakout above 22,250.
NABARD plans to raise up to Rs 100 billion via bond reissue: Report
National Bank for Agriculture and Rural Development (NABARD) plans to raise up to Rs 100 billion ($1.21 billion), including a greenshoe of Rs 80 billion, through a reissue of 7.68% April 2029 bonds, three bankers said on Friday.
LIC Housing board to meet on March 7 to mull FY25 borrowing budget
Tips Industries board to consider buyback proposal on February 28
The board of Tips Industries, a leading Indian music label that creates and monetizes music, will meet on February 28 to consider and approve a proposal of the buyback of shares of the company.
Rupee logs second weekly rise; weakens on day due to importer dollar demand
The Indian rupee inched lower on Friday due to dollar demand from importers and oil companies, but clocked weekly gains on the back of foreign fund inflows into the share and bond markets.
The rupee ended at 82.9375 per U.S. dollar compared with its close of 82.84 in the previous session.
Trust Fintech raises Rs 5.42 cr in pre-IPO round
Software solutions provider firm Trust Fintech Ltd on Friday said it has raised Rs 5.42 crore in a pre-IPO funding round. Earlier this month, the company filed preliminary papers for the Initial Public Offering (IPO) and the shares are expected to be listed on NSE Emerge in March.
The IPO will be a fresh issue of 62,82,000 equity shares.
Punjab & Sind Bank to consider fundraise up to Rs 2000 cr via shares, bonds
Tips industries to consider buyback proposal on Feb 28
The domestic market paused momentarily today after reaching another record high earlier in the day, driven by positive signals from global markets. Notably, the capital goods and industrial sectors showed strength, supported by advancements in manufacturing and services. As the earnings season winds down, the market is eagerly awaiting new catalysts however rallying on the pre-election momentum. Concerns linger over rising crude oil prices, surging US bond yields, and stretched valuations, likely prompting continued selling by FIIs.
– Vinod Nair, Head of Research, Geojit Financial Services
Gold exhibited significant volatility throughout the week, fluctuating between 62300 and 61875. This volatility was primarily driven by the release of CPI data, which exceeded expectations, and the delay in anticipated interest rate cuts by the US Federal Reserve. Inflation has remained stubbornly high, hovering around 3.1%, which has led to speculation that rate cuts may not materialize until June 2024.Despite the challenges posed by elevated inflation and delayed rate cuts, the ongoing crisis in the Middle East provided some support to the overall outlook for Gold. Prices managed to hold above the $2000-$2015 mark, although they struggled to surpass the $2035 level in the spot market. Investors are closely monitoring these developments, as they continue to assess the impact of geopolitical tensions and macroeconomic factors on Gold prices”
– Jateen Trivedi, VP Research Analyst, LKP Securities
Rupee falls 9 paise to close at 82.94 (provisional) against US dollar.
Top gainers & losers in closing trade
Price as on 03:37:38 PM 03:37 PM, Click on company names for their live prices.
Closing Bell: Sensex ends flat after lackluster trade; Nifty below 22,250; YES Bank, HFCL drop 4% each
Sensex Today | Stock Market LIVE Updates: Orchid Pharma’s ”Exblifep” receives USFDA approval; stock surges 6%
Price as on 03:16:08 PM 03:16 PM, Click on company names for their live prices.
China stocks close up for 9th session amid policy support
China stocks closed up for a ninth session on Friday, lifted by authorities’ measures to spur economic growth and boost market confidence, while investors are awaiting further policy guidance and economic indicators to gauge if the market rally could sustain.
** China’s blue-chip CSI 300 Index edged 0.1% higher, closing up to the highest level since December, while the Shanghai Composite Index climbed 0.6%.
FTSE 100 inches up on StanChart boost; set for marginal weekly loss
Britain’s FTSE 100 edged higher on Friday, propped by financial stocks following Standard Chartered’s results, although the index was on course for a marginal weekly loss as markets digested a raft of mixed earnings updates.
The FTSE 100 index edged up 0.1%, as of 0911 GMT.
Standard Chartered PLC jumped 8% to the top of the FTSE 100 after the Asia-focused bank rewarded shareholders with dividends and a fresh $1 billion buyback as annual profit rose 18%.
Gold set for weekly gain as weak dollar, Middle East woes lift appeal
Gold prices inched down on Friday, but were on track for their first weekly rise in three as a broadly weaker U.S. dollar and growing tensions in the Middle East lifted bullion’s appeal.
Spot gold was down 0.2% at $2,020.7 per ounce, as of 0820 GMT, and has gained 0.4% so far in the week. U.S. gold futures edged 0.1% higher to $2,031.6 per ounce.
StanChart unveils big buyback, profit jump as CEO bemoans ‘crap’ share price
Standard Chartered PLC Chief Executive Bill Winters on Friday acknowledged the bank’s underwhelming share price and vowed to fix it as the lender announced increased dividends, a fresh $1 billion buyback and an 18% increase in annual profit.
“The share price is crap. I know that’s going to be a quote,” Winters told reporters on a conference call in response to questions about the lender’s valuation, which has fallen 4% in the year to date and 16% in the last 12 months.
Sensex Today | Stock Market LIVE Updates: Bharti Airtel says Airtel Digital TV with Cmepl launches Anime Entertainment Channel – Anime Booth
Price as on 02:11:53 PM 02:11 PM, Click on company names for their live prices.
European stock markets ahead at open
Europe’s major stock markets crept higher Friday as investors paused at the end of a record-breaking week for global equities.
London’s benchmark FTSE 100 index increased 0.3 percent to 7,704.49 points.
In the eurozone, the Paris CAC 40 index rose 0.1 percent to 7,919.77 points and Frankfurt’s DAX was marginally higher at 17,375.03.
Asian markets advance after record rallies
Asian shares climbed Friday following a day of record highs in Japanese, US and European markets after demand for AI-powering chips drove tech gains.
Investors celebrated on Thursday as bumper profits reported by US chip giant Nvidia, seen as a bellwether for the artificial intelligence boom, helped boost Tokyo’s benchmark index past a record high set in 1989.
Stock Market LIVE Updates | BLOCK DEAL: 70.4 lakh shares of Crompton trade
Price as on 01:48:40 PM 01:48 PM, Click on company names for their live prices.
Stock Market LIVE Updates | BLOCK DEAL: 59.3 lakh shares of Aditya Birla Capital change hands
Price as on 01:32:49 PM 01:32 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Sona Comstar ( Sona BLW Precision Forgings) shares jumped nearly 6% to Rs 648 in Friday intraday trade on BSE after the auto component maker received certification under the auto Production Linked Incentive (PLI) scheme.
Price as on 01:23:29 PM 01:23 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Godrej Industries: Approval of up to 1 lakh Non-Convertible Debentures, aggregating up to Rs 1,000 crore on private placement basis, in one or more tranches.
Price as on 12:50:01 PM 12:50 PM, Click on company names for their live prices.
Crypto Price on February 23: Bitcoin falls below $51,300; Internet Computer, Chainlink decline up to 4%
Major crypto tokens traded mixed with a negative bias on Friday. Bitcoin, Solana, XRP, Avalanche, Chainlink, Toncoin, and Internet Computer were trading in the red, while Ethereum, BNB, Cardano, Dogecoin, Polkadot, Polygon, and Shiba Inu were trading in the green.
At 11:30 p.m., Bitcoin was trading 0.5% lower at $51,229, while Ethereum was up 0.9% at $2,958. Meanwhile, the global cryptocurrency market cap fell 0.25% to around $1.95 trillion in the last 24 hours.
Even though BTC is currently showing range-bound price action, on-chain data based on LTH (Long Term Hodler) behavior suggests that there may finally be a pattern formation that has been historically linked to bull runs, said Parth Chaturvedi, Investments Lead, CoinSwitch.
Jio Financial crosses Rs 2 lakh crore barrier as share price jumps 59% in 1 week
Shares of Mukesh Ambani’s Jio Financial Services today rallied up to 14.5% to fresh peak of Rs 347 on BSE to cross the Rs 2 lakh crore market capitalisation mark for the first time. The stock has shot up 22% in last one week and 50% in the last 3 months.
Jio Financial was in the news two weeks ago amid speculations that the Ambanis are in talks to buy Paytm wallet business since November. Citing sources, a media report had said as part of a larger bailout plan, Jio may offer to acquire Paytm Payments Bank. However, the Vijay Shekhar Sharma-run entity had denied the talks.
Paytm wallet acquisition would have given Jio Financial, which demerged from incubator Reliance Industries (RIL) last year, a head start in the segment which is dominated by large players like PhonePe and Google Pay.
Gold Rate Today: Yellow metal rises amid weak dollar and growing tensions in Middle East
Gold prices rose marginally on Friday and were on track for their first weekly rise in three, as a broadly weaker US dollar and growing tensions in the Middle East lifted bullion’s appeal.
The April gold futures were trading at Rs 62,062 per 10 grams on the MCX at 10:33 am and were up by Rs 85 or 0.14% from Thursday’s closing price. Meanwhile, the March Silver futures were trading at Rs 70,228 per kg and were lower by Rs 41 or 0.06% around this time.
Yen sinks as currency traders keep short and carry on
The yen sagged on the euro, sterling and other crosses this week and headed for a fourth weekly drop against the dollar on Friday as investors chased better yields just about everywhere else, wagering Japan’s rates would stay near zero for some time.
The yen is the worst-performing G10 currency this year, with a 6.3% slide on the dollar. The greenback is the best performer.
Stock Market LIVE Updates | BLOCK DEAL: Federal Bank’s 71.5 lakh shares change hands
Price as on 10:53:43 AM 10:53 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Manappuram Finance to issue non-convertible debentures of up to Rs 600 crore
Price as on 10:48:36 AM 10:48 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Abhishek Integrations gets contract worth Rs 4.43 crore; stock jumps 5%
Price as on 10:41:19 AM 10:41 AM, Click on company names for their live prices.
India bond yields flattish as market digests RBI minutes
Indian government bond yields were little changed in early session on Friday as traders digested minutes of the Reserve Bank of India’s February meeting which showed that most members considered current interest rates as appropriate.
The benchmark 10-year yield was at 7.0723% as of 10:00 a.m. IST, following its previous close of 7.0682%.
Stock Market LIVE Updates | NEW ISSUE ALERT: 5 SME IPOs list today, 2 turn multibaggers
- Interiors and More: NSE – Rs 270 (Up Rs 43 or 19%)
- Esconet Technologies: NSE – Rs 290 (Up Rs 206 or 245%)
- Kalahridhaan Trendz: NSE – Rs 47.15 (Up Rs 2.15 or 4.8%)
- Thaai Casting: NSE – Rs 185.9 (Up Rs 108.9 or 141.4%)
- Atmastco: NSE – Rs 91 (Up Rs 14 or 18.2%)
Stock Market LIVE Updates | NEW ISSUE ALERT: Thaai Casting debuts with 141% premium on NSE SME platform
The shares of Thai Casting listed with a premium of 141.4% on the NSE SME platform on Friday. The stock debuted at Rs 185.9 as against an issue price of Rs 77.
Ahead of the listing, the company’s shares traded with a premium of Rs 70 in the unlisted market. The IPO, which is an entirely fresh equity issue of 61.2 lakh shares, was subscribed over 300 times at close.
NEW ISSUE ALERT | Esconet Technologies issues at 245% premium
NSE – Rs 290 (Up Rs 206 or 245%)
Sensex Today | Stock Market LIVE Updates | Morning View by Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
This global bull run led by the mother market US is showing no signs of exhaustion. In the US the rally is being led by the tech stocks . Nvidia’s excellent results have sparked a rally in all AI related tech stocks. This is having its repercussions in the tech stocks in India, too.
The steady climb of the Nifty setting records after records is an indication that the buy on dips strategy is working. This trend may continue. But very soon we are likely to have a days of sharp corrections when DIIs resort to some profit booking and FIIs continue to sell persuaded by the high US bond yields which are likely to remain high for sometime.
Fed rate cut expectations are much lower than at the beginning of this year. That too will start exerting pressure on the market. Long-term investors should remain invested in this bull market. Partial profit booking from the overvalued mid and small caps and moving the money to high quality large cap banks and fixed income would be a safe strategy in the present context.
BROKERAGE TAKE | CLSA on Asian Paints: Underperform| Target Rs 3215
CLSA maintained an underperform rating on Asian Paints with a target price of Rs 3215. The scale and agility of the Grasim Opus Paint launch would be disruptive for the sector.
Pricing action by Asian Paints, other players, and changes in dealer incentives would be key to monitor.
Sensex Today | Stock Market LIVE Updates: Vodafone Idea on Thursday announced that its board is scheduled to meet on February 27 to consider and evaluate options to raise funds through the equity route.
Price as on 09:27:04 AM 09:27 AM, Click on company names for their live prices.
Rupee slips 1 paisa to 82.86 against US dollar in early trade.
Sensex Today | Stock Market LIVE Updates: BEL, NHPC among most active stocks in morning trade
Price as on 09:24:25 AM 09:24 AM, Click on company names for their live prices.
Opening Bell: Nifty hits fresh high; Sensex jumps 100 pts; Voda Idea surges 6%, Tata Elxsi 2%
Sensex Today | Stock Market LIVE Updates: Pre-open session: Sensex rises 240 points; Nifty above 22,285
Sensex Today | Stock Market LIVE Updates: Asian stocks bask in tech euphoria, Nvidia boom
Asia stocks rose on Friday and put global markets on course for a week of heady gains as AI darling Nvidia’s stunning results sparked a wave of record highs from Asia to Europe and the U.S., while the yen nursed losses on a range of currencies.
Sensex Today | Stock Market LIVE Updates: Gold set for weekly gain on safe-haven inflows, softer dollar
Gold prices on Friday were set for their first weekly gain in two, supported by a softer dollar and safe-haven buying, as investors awaited further clues on when the U.S. Federal Reserve is likely to begin cutting its interest rates.
Sensex Today | Stock Market LIVE Updates: Oil falls after US Fed governor says no rush to cut interest rates
Oil prices fell on Friday after a U.S. Fed official said interest rate cuts should be delayed at least two more months.
Sensex Today | Stock Market LIVE Updates: Yen sinks as currency traders keep short and carry on
The yen sagged to fresh lows on the euro, sterling and other crosses this week and headed for a fourth weekly drop on the dollar as investors chased better yields just about everywhere but Japan, wagering rates there would stay near zero for some time.
Sensex Today | Stock Market LIVE Updates: Nvidia reignites stock rally, Tokyo smashes 34-year high
Global stock markets rallied Thursday as investors cheered bumper profits from US chip giant Nvidia, seen as the bellwether for artificial intelligence, with records falling in Asia, Europe and North America.
Sensex Today | Stock Market LIVE Updates: GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 44.5 points, or 0.20 per cent, at 22,311.50, signaling that Dalal Street was headed for positive start on Friday.
Sensex Today | Stock Market LIVE Updates: Tech View: How to read Nifty price, momentum indicators for Friday’s trade
Nifty ended 162 points higher to form a long bull candle with a long lower shadow on the daily charts as the short-term trend of Nifty turned up sharply after a small decline.
Sensex Today | Stock Market LIVE Updates: S&P 500, Dow surge to record closing highs as Nvidia sparks AI frenzy
The S&P 500 and Dow Jones Industrial Average both surged to record closing highs on Thursday, powered by investors piling into growth and technology stocks the day after artificial intelligence poster child Nvidia’s bumper earnings and outlook.
Sensex Today | Stock Market LIVE Updates: Rupee rises 11 paise to close at 82.85 against US dollar
The rupee appreciated 11 paise to close at 82.85 against the US dollar on Thursday, tracking the broad weakness of the American currency in the overseas market.
Sensex Today | Stock Market LIVE Updates: Sensex, Nifty on Thursday
The 30-share BSE benchmark Sensex surged 535 points or 0.74% to settle at 73,158. It rebounded over 1,000 points from the day’s low. The NSE Nifty gained 162 points or 0.74% to end at 22,217— yet another record high after a day’s break.
