Stock Market Updates: Markets End Higher, Nifty At Record Intraday High; Reliance, PSU Stocks Rally

The Indian stock market witnessed a day of highs and lows as the Sensex and Nifty 50 closed in the green but off their intraday peaks. The government's commitment to the fiscal glide path infused optimism among investors, propelling the indices to record highs,

The Nifty 50 touched a record intra-day high of 22,127, while the Sensex surged 440 points to reach 72,086. However, both indices closed lower than their peaks, with the Nifty giving up the crucial 22,000 mark. The Nifty Bank slipped 218 points to 45,971, while the Midcap Index rose 179 points to 48,477.

Financials remained a drag on the market, with the Nifty Bank down 910 points from the day's high. Despite this, the sentiment was lifted by the significant buying in PSU stocks, driving the Nifty PSU Index to a record high.

Among the top Nifty gainers, four were PSU stocks - BPCL, Power Grid, ONGC, and NTPC - showcasing the strong demand for government-owned entities in the market.

Ahead of Friday's trading session, several stocks that will be in focus:

Paytm faces a temporary halt in new loan origination due to RBI actions, prompting operational changes. Hero MotoCorp reports a 21.6% increase in total sales for January, fueled by an 18% rise in domestic sales and a staggering 74% surge in exports.

Indian Hotels posts a record-breaking seventh consecutive quarter of financial success, with an 18.2% rise in net profit and a 16.5% increase in revenue. Mphasis witnesses signs of stability, with direct revenue up 2% sequentially and new deal wins at $241 million.

Bata India faces challenges with flat revenue and a 30.3% YoY drop in net profit, attributed to persistent market headwinds affecting discretionary spending. City Union Bank misses estimates with Net Interest Income and Net Profit, showcasing a deposit growth of 2.35% YoY amidst strong industry growth.

Minda Corp reports a 9.1% revenue increase, driven by a robust festive season and improved sentiments in both rural and urban markets. Godrej Agrovet records a 27.6% rise in net profit, flat revenue at Rs 2,345.2 crore, and an EBITDA increase of 14.9% YoY.

RITES reports flat revenue at Rs 683 crore and a 12.4% decrease in net profit, citing an underperforming export business likely to pick up steam in FY25. Panacea Biotech faces challenges as its Baddi facility is classified as OAI by the USFDA, indicating the need for corrective action.

Mahanagar Gas completes the acquisition of Unison Enviro Pvt Ltd for Rs 562 crore and diversifies its energy portfolio with the establishment of Mahanagar LNG Pvt Ltd.

Looking beyond domestic developments, global cues provide a mixed picture. Markets in the Asia-Pacific region rebounded after a sell-off following the Fed day, with the Nikkei 225 up 0.4% and the Kospi gaining 1%. Hang Seng's futures point to a positive start, indicating a potential recovery.

In the United States, the Dow Jones reached a fresh record close, rising by 1%, while the S&P 500 and Nasdaq gained 1.1% and 1.2%, respectively. The positive momentum in global markets, coupled with the GIFT Nifty trading at a premium of over 150 points compared to Nifty Futures, signals a gap-up start for the Indian market.

LIVE Feed

Feb 02, 2024, 4:55 pm IST

Market Closing

The Nifty 50 touched a record intra-day high of 22,127, while the Sensex surged 440 points to reach 72,086. However, both indices closed lower than their peaks, with the Nifty giving up the crucial 22,000 mark. The Nifty Bank slipped 218 points to 45,971, while the Midcap Index rose 179 points to 48,477.

Feb 02, 2024, 1:19 pm IST

Nifty Outlook

Santosh Meena Head of Research at Swastika Investmart LTD said, "The Nifty has recently reached a new all-time high, reaching 22,126. However, for a sustained upward momentum, it's crucial for the index to maintain this level; otherwise, it might revert to a sideways trend. Should it successfully hold above 22,125, the next potential targets for the February series are identified at 22,500 and 22,700. Conversely, on the downside, the range between 21,640 and 21,500 presents an immediate demand zone. Further down, the key demand zone is situated between 21,200 and 20,800."

Feb 02, 2024, 12:52 pm IST

SJVN Shares Rally 12%, Dividend On Feb 9

Miniratna status public sector undertaking SJVN Ltd shares rallied 11.49% till 11:43 am today after some key announcements and winning a solar project on January 25, 2024. The Board Of Directors of SJVN are scheduled to hold a meeting on February 9, 2024 to consider & approve financial results and interim dividend. SJVN shares rallied 160% in last 6-months and 92% in last 3-months. Earlier this year on January 25, 2024, SJVN won 100 MW Solar Project @Rs 2.54/Unit on Build Own and Operate basis through a tariff based competitive bidding process of GUVNL Phase XXI. As per the BSE filing of the company dated February 1, 2024, “Pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that a Meeting of the Board of Directors is scheduled to be held on Friday, 9th February 2024, inter-alia, to consider and approve the financial results of the Company for the quarter ended 31st December 2023 and interim dividend for the FY 2023-24, if any.”

Feb 02, 2024, 10:54 am IST

Post Budget Quote: Winny Patro, CEO and Co-Founder- Recordent India

"Culturally, we have got habituated to tremendous, transformative announcements during budget sessions. But I strongly believe the budgets are not always about transformation, it should always be in the frame of looking at how financially we have done, take notes and plan measures from it," said Winny Patro, CEO and Co-Founder- Recordent India. Budget means plan financially better, see where we stand in terms of deficit and look at bridging gaps. From the interim budget that our honourable Finance Minister has announced today, it is quite a balanced and hopeful one. Specially, about the highlights for businesses particularly MSMEs, I'll like to take note of schemes extended for garment manufacturers which I have been anticipating and "Loan for 50 years" initiative. These would provide quite an impetus for the sector and also a lot of relief for entrepreneurs in the garment manufacturing industry. The struggle of cash-flows for small and medium businesses has been perennial and has troubled entrepreneurs across the country post Co-VID, Loan for 50 years scheme is a welcoming one, added Winny Patro, CEO and Co-Founder- Recordent India.

Feb 02, 2024, 10:53 am IST

Budget Reaction: Vishnu Manchu , Pro-Chancellor, Mohan Babu University

"As an educational institution, we applaud the government's focus on skill development highlighted in the budget. The Skill India Mission, having trained 1.4 crore youth, upskilled and reskilled 54 lakh youth, and established 3000 new ITIs, aligns with our commitment to fostering a skilled and empowered workforce," said Vishnu Manchu , Pro-Chancellor, Mohan Babu University. Furthermore, the budget's focus on promoting entrepreneurship through schemes like PM Mudra Yojana, Fund of Funds, Start-Up India and Start-Up Credit Guarantee is a testament to the government's dedication to fostering an environment conducive to entrepreneurial aspirations. The recognition of the transformative impact of new-age technologies and data, coupled with the emphasis on innovation and entrepreneurship, resonates well with the educational landscape. The allocation of a one lakh crore corpus for long-term, low-interest loans to encourage private sector research and innovation in sunrise domains is a positive step towards nurturing a culture of research and development among our tech-savvy youth, added Vishnu Manchu , Pro-Chancellor, Mohan Babu University.

Feb 02, 2024, 10:51 am IST

Post Budget Quotes: Ashok Rajpal, Managing Director - Ambrane India

"The Skill India Mission has achieved commendable milestones, training 1.4 crore youth, upskilling and reskilling 54 lakh, and establishing 3000 new ITIs, marking a transformative era for our workforce. These accomplishments are promising, particularly for India's manufacturing industry, aligning with our goal to cultivate a skilled workforce for a robust 0 million electronics sector," said Ashok Rajpal, Managing Director - Ambrane India. The Finance Minister rightly emphasizes the expansion of India's global opportunities driven by innovation and entrepreneurship. While positive strides are acknowledged, further emphasis on incentives for innovation, R&D, and export-oriented measures would contribute to our industry's sustained growth. Additionally, anticipated adjustments in import duty on electronics raw materials and higher dumping duty on imported electronics products could fortify our domestic market further. Addressing these considerations will be vital for ensuring a resilient and globally competitive electronics industry, added Ashok Rajpal.

Feb 02, 2024, 10:49 am IST

Budget Reaction: Rajita Kulkarni, President, Sri Sri University

"The Interim Budget presented by Hon Finance Minister today is People-Centric budget focussed on Inclusive Development with substantive development of all forms of infrastructure-Physical, Digital and Social. Its particular focus on Women , Youth, Farmers & the Poor of the country will ensure that employment is created & economic empowerment happens and no one is left behind in the process of development. The emphasis on climate action, health , enabling innovation & startups will make India well poised to take a global leadership position as we approach Amrit Kaal," said Rajita Kulkarni, President, Sri Sri University. The 2024 Budget signifies significant progress in the government's commitment to enhancing the skills of today's youth. The Skill India Mission, a pivotal initiative, has effectively trained 1.4 crore individuals and reskilled 54 lakh youth, emphasizing empowerment for the younger generation, added Rajita Kulkarni. At the forefront is the National Education Policy (NEP) of 2020, introducing transformative measures to instill entrepreneurial mindsets in students. Focused on nurturing creativity, the budget envisions the development of future leaders. With a commendable emphasis on youth empowerment and entrepreneurship, the budget lays a promising foundation for today's youth, emphasizing education and skill development, stated Rajita Kulkarni. The budget's commitment reflects a forward-looking approach to creating an environment where young minds actively contribute to the nation's growth journey"

Feb 02, 2024, 9:55 am IST

Sonata Soft Reports Q3 Loss At Rs 46 Crore

Sonata Software reported a consolidated net loss of Rs 46.2 crore for the quarter ending December FY24, in contrast to the previous quarter's profit of Rs 124.2 crore. The decline in profitability was influenced by an exceptional loss attributed to changes in the fair value of the acquired entity, Quant Systems Inc. Despite the setback in profitability, consolidated revenue from operations witnessed a notable sequential growth of 30.4%, reaching Rs 2,493.3 crore for the quarter.

Feb 02, 2024, 9:52 am IST

Bata India Q3 Profit Slumps 31% YoY

Bata India witnessed a significant decline in its net profit for the October-December period of FY24, plummeting by 31% year-on-year to reach Rs 57.3 crore. The adverse impact on profitability can be attributed to subdued revenue performance and weakened operational figures. Despite encountering muted demand, the company managed a marginal 0.4% year-on-year growth in revenue from operations, reaching Rs 903.5 crore for the quarter. Notably, this growth was driven by premium categories. Furthermore, Bata India has received board approval to monetize its freehold industrial land spanning 11.54 acres in Faridabad.

Feb 02, 2024, 9:38 am IST

Paytm Shares Hit 20% Lower Circuit For The Second Consecutive Day

Paytm shares continue to witness a 20% lower circuit for the second consecutive day, marking a decline towards an all-time low. After a 20% drop on Thursday, the stock is currently trading at Rs 487, inching closer to its record low of Rs 438 recorded in March 2022. Paytm founder, Vijay Shekhar Sharma, addressed analysts in a call following the Reserve Bank of India's actions on Paytm Payments Bank. During the call, Sharma referred to the regulatory intervention as a "speed bump" and expressed confidence that through collaborations with other banks, the company will navigate through the challenges in the upcoming days or quarters.

Feb 02, 2024, 9:25 am IST

Market Opens With Sharp Gains, Nifty Above 21,900, Sensex Up 800 Points

On February 2, Indian indices commenced the trading day on a positive trajectory, with the Nifty surpassing the 21,800 mark. The Sensex exhibited a notable rise of 576.04 points, equivalent to a 0.80% increase, reaching 72,221.34. Simultaneously, the Nifty witnessed a positive movement, with a gain of 172.50 points or 0.80%, reaching 21,870. The market dynamics showcased 1928 advancing shares, 422 declining shares, and 73 shares remaining unchanged.

Feb 02, 2024, 8:34 am IST

Oil Set for Weekly Decline as Gaza Ceasefire Talks Progress

Oil is on track for its most significant weekly decline since early November, with ongoing negotiations indicating progress towards a potential ceasefire in the Israel-Hamas conflict. West Texas Intermediate surpassed a barrel on Friday, but still recorded an overall weekly decrease of nearly 5%. Brent experienced a second consecutive session decline on Thursday. While discussions on a ceasefire are underway, sources familiar with the matter note that the talks are in the early stages, and a breakthrough is not anticipated in the coming days.