BSE Sensex ended the day with the decline of 354 points or 0.49% to 71,731 and Nifty 50 fell 82 points to 21,771 on Monday. Auto, realty and metal shares emerged as gainers while banking shares declined. Nifty Bank fell 145 points to 45,825 and Nifty Midcap 100 witnessed a fall of 66 points to 48,410.
"There are no signs of the US economy tipping into a mild recession any time soon. This means that the Fed rate cuts expected this year are likely to be back-loaded. This has pushed up the 10-year bond yield again above 4% and the dollar index to 104. This might prompt some selling by FIIs. But the market momentum is good supported by strong DII and retail buying," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Shares of large cap public sector undertaking from the Iron & Steel industry, Steel Authority of India Limited (SAIL) shares jumped 7.79% intraday today as it will consider results and dividend on February 12.
While Nifty traded in the range of 21,964.30 and 21,833.40. Stocks like Tata Motors, Power Grid, Sun Pharma, NTPC, M&M, and Tata Steel were top gainers. Meanwhile, Bharti Airtel, Kotak Bank, HDFC Bank, ICICI Bank, and HUL are spoilsport.
In terms of sectoral indices, utilities, auto, energy, metals and oil & gas stocks were top gainers. While marginal drop was seen in telecoms, FMCG and financial stocks. Banking stocks were top loser after SBI Q3 results.
For today's performance, Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, "The global construct for equity markets continues to be good with the mother market US doing well aided by a surprisingly strong economy. The latest data on job creation in January has again surprised with the addition of 3,53,000 jobs. There are no signs of the US economy tipping into a mild recession any time soon. This means that the Fed rate cuts expected this year are likely to be back-loaded. This has pushed up the 10-year bond yield again above 4% and the dollar index to 104. This might prompt some selling by FIIs."
The analyst added, "But the market momentum is good supported by strong DII and retail buying. Among the recent results Tata Motors and Interglobe Aviation stand out and these stocks have more room to go up. RIL also is exhibiting strength."
Asian markety fell on Monday and the US dollar rose following a robust US non-farm payroll jobs report. That posponed expectations of a near-term interest rate cut from the Federal Reserve. China stock market remained weak on sentiments.
Oil prices will likely be violatile as fresh strikes in Tehran-aligned factions in Iraq, Syria and Yemen over the last two days by the United States were pushing the crude up and elevated tension in West Asia keep risk appetite in check.
Small cap company from the advertising & media agencies industry, Maagh Advertising and Marketing Services Ltd shares today hit 5% upper circuit. Maagh Advertising shares are trading ex-bonus and ex-split today as the company fixed February 5, 2024 record date. Maagh Advertising and Marketing Services approved 1:4 bonus share and 1:10 stock split on December 20, 2023. Maagh Advertising stock offered shareholders attractive return of 405% in last 6-months span only. The company has a market capitalisation of Rs 311.64 crore. Current market price of Maagh Advertising shares on BSE is Rs 13.85 per share.
Feb 05, 2024, 2:27 pm IST
Gensol Engineering To Mull Fundraising On Feb 6, Shares Rise 5219% In 3-Yrs
Board of Directors of small cap engineering sector company Gensol Engineering Ltd will hold meeting tomorrow to consider and approve the proposal of raising funds. Current market price of Gensol Engineering shares on BSE is Rs 1000.80 apiece with intraday gain of 4.96%. Gensol Engineering shares surged 209% in last 1-year and rose 5219% in last 3-years. Gensol Engineering shares hit 3rd upper circuit in a row and 2nd consecutive 52-week high today. Earlier last year Gensol Engineering recommended bonus shares in the proportion of 2:1 and traded ex-bonus on October 17, 2023.
Feb 05, 2024, 2:26 pm IST
SAIL Sets Record Date For Dividend Payment, Up 14.78% In 1-Week
Large cap public sector undertaking from the Iron & Steel industry, Steel Authority of India Limited (SAIL) shares jumped 7.79% intraday today soon after the company informed about its upcoming meeting of Board of Directors to be held on February 12, 2024. The company will consider financial results and interim dividend on February 12, 2024. Record date for interim dividend is February 20, 2024. Current market price of SAIL shares on BSE is Rs 138.30 apiece. Steel Authority of India shares gained 63% in last 3-months.
Feb 05, 2024, 2:01 pm IST
Europ Assistance Chooses TCS As Strategic Partner For IT Operating Model Transformation
Tata Consultancy Services (TCS) has been chosen as a strategic partner by Europ Assistance, a prominent global assistance and travel insurance firm. The collaboration aims to revamp Europ Assistance's global IT operating model, focusing on improving resilience, scalability, and overall user experience.
Feb 05, 2024, 1:44 pm IST
L&T Clinches Major Project Contract from IndianOil Adani Ventures
In a recent development, Larsen & Toubro's (L&T) Hydrocarbon division has successfully secured a substantial onshore project from IndianOil Adani Ventures Limited. The project encompasses the full spectrum of activities, including engineering, procurement, construction, and commissioning of Offsite Tankages, Bullets, and additional associated facilities on a Lump Sum Turnkey basis.
Varun Beverages Ltd, PepsiCo's leading franchise bottler, has announced impressive financial results for the fourth quarter ending December 2023. The company reported a consolidated net profit of Rs 132 crore, marking a substantial growth from Rs 74.7 crore during the same quarter the previous year. The performance is attributed to a 21% increase in revenue, reaching Rs 2,731 crore, as disclosed in a regulatory filing.
Feb 05, 2024, 12:34 pm IST
MOIL Reports a 37% YoY Surge in Q3 Profit, Reaching Rs 54 Crore
MOIL, in its financial results for the October-December period of FY24, has disclosed a notable 37% year-on-year increase in net profit, totaling Rs 54.1 crore. This substantial growth is attributed to robust operational performance. Additionally, the revenue from operations witnessed a modest uptick of 1.4%, reaching Rs 306.3 crore compared to the corresponding period in the previous fiscal year.
Feb 05, 2024, 11:17 am IST
NTPC Share Price
NTPC shares traded at Rs 337.65 apiece, up by 1.6% on BSE with a market cap of Rs 3,27,795.80 crore on Monday. The stock was trading near its fresh 52-week high which it recorded in the early trade. The stock performance comes ahead of turning ex-dividend on February 6 for a payout to the tune of 22.5%. This will be NTPC's second interim dividend.
Feb 05, 2024, 10:42 am IST
Vedanta Share Price
Vedanta shares are currently trading at Rs 275.35 apiece, up by 1.06% with a market cap of Rs 1,02,353.01 crore, at the time of writing on BSE on Monday. Last week, on BSE, Vedanta's share price ended at Rs 272.45 apiece, down by 1.5% with a market cap of Rs 1,01,275.02 crore on Friday. Brokerage Kotak Institutional Equitieshas increased its target price on Vedanta to Rs 255 from earlier Rs 220. However, the brokerage continued to be 'SELL' on Vedanta.
Feb 05, 2024, 9:31 am IST
Rupee Down 0.41 paise against US Dollar
Indian rupee witnessed a decline of 0.41 paise against US Dollar in morning trade.
Feb 05, 2024, 9:29 am IST
WABAG Receives Orders From UAE, Som Distilleries Notifies Volume Growth
WABAG secures order worth USD 33.5 Million for Industrial Wastewater Treatment Plant at Ras Tanura Refinery Project, Kingdom of Saudi Arabia. Mr. Sivakumar V, Regional Head – Sales and Marketing said, “This is another key breakthrough for us in the Kingdom of Saudi Arabia. This order which is being delivered to Miahona and Saudi Aramco is a further testimony of Wabag’s technology leadership in the Oil & Gas sector and enables us to further cement our presence in the Middle East Region.” Som Distilleries Notifies an impressive growth of 51% year-to-date volume growth in the state of Karnataka for the current financial year as compared to the same period last financial year.
Feb 05, 2024, 9:09 am IST
RailTel Corp. Receives Orders of Rs. 125 crores from Western Railway, DB Realty Set For Board Meeting
RailTel Corporation of India Ltd. has received the work order from Western Railways amounting to Rs. 124.90 Crore for implementing unified communication infrastructure comprising IPMPLS LAN Infra, VOIP exchange, IP-based control communication, and replacement of UTN. DB Reality has informed exchanges regarding the meeting of the Board of Directors of the Company will be held on Friday, February 9, 2024, to review the existing corporate structure consisting of real estate and hotel/hospitality business segments and seek in-principle approval of the Board for corporate restructuring including but not limited to demerger of hotel/hospitality business to unlock growth and value creation for all stakeholders.
Feb 05, 2024, 8:55 am IST
SBI Stock Will Be In Focus Today
State Bank of India reported its Q3 net profit at Rs 9,164 crore, down 35% in the December quarter, the company said in a stock exchange filing. SBI's net profit for the October-December quarter was weighed down by higher operating expenses, it stated. Corporate advances crossed Rs 10 trillion, while SME advances surpassed Rs 4 trillion. Gross Non-Performing Assets (NPA) also showed an improvement, standing at 2.42%, down 72 bps compared to the previous year. Net NPA improved at 0.64%, down by 13 bps YoY.
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