Indian benchmark indices continued their upward trajectory for the sixth consecutive session on February 20, with the Nifty surpassing the 22,200 mark for the first time.
At the close, the Sensex witnessed a gain of 349.24 points or 0.48%, reaching 73,057.40, while the Nifty showed an increase of 74.70 points or 0.34%, closing at 22,197.00. The market saw 1661 shares advancing, 1667 shares declining, and 65 shares remaining unchanged.
Key gainers in this session included Power Grid Corporation, HDFC Bank, Axis Bank, NTPC, and Kotak Mahindra Bank, while notable losers were Hero MotoCorp, Coal India, Bajaj Auto, Eicher Motors, and TCS.
On the sectoral front, the Bank, media, power, and realty sectors experienced gains ranging from 0.8 to 2% each, while the auto, IT, and metal sectors witnessed a decrease of nearly a percent each.
The BSE Midcap and Smallcap indices concluded the day with marginal losses.
The Indian Rupee closed marginally higher at 82.97 per Dollar on Tuesday, compared to Friday's closing rate of 83.01. This reflects a modest strengthening of the Rupee against the Dollar in the trading session.
In the previous session, the Nifty soared to record highs, closing above the 22,100 mark for the first time ever. The market witnessed a flurry of activity, with the Nifty hitting an intra-day record high of 22,186.70. India's equity market capitalization touched a remarkable high, reaching Rs 392 lakh crore. While the Nifty celebrated a groundbreaking achievement, the Sensex and Midcap Index remain merely 1% away from their record levels. This suggests a broader positive sentiment across various segments of the market.
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Feb 20, 2024, 3:46 pm IST
Market Ends At Record Levels; Nifty Surpasses 22,200 For The First Time
Indian benchmark indices continued their upward trajectory for the sixth consecutive session on February 20, with the Nifty surpassing the 22,200 mark for the first time.
At the close, the Sensex witnessed a gain of 349.24 points or 0.48%, reaching 73,057.40, while the Nifty showed an increase of 74.70 points or 0.34%, closing at 22,197.00. The market saw 1661 shares advancing, 1667 shares declining, and 65 shares remaining unchanged.
Feb 20, 2024, 2:48 pm IST
Crude Prices Climb Amid Rising Middle East Tensions
Oil prices maintained their upward trajectory on Tuesday, remaining in proximity to three-week highs amid escalating tensions in the Middle East and a resurgence in demand from China.
Brent futures saw increase of 3 cents, reaching .59 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude for April delivery experienced an uptick of 2 cents, settling at .48 per barrel. The March WTI contract also exhibited positive movement, climbing 24 cents to .43 per barrel as traders braced for the contract's expiration later in the day. Notably, Monday witnessed no settlement for WTI due to a US public holiday.
Simultaneously, the recovery of demand in China contributes to the sustained strength in the oil market. As uncertainties persist and global dynamics evolve, oil markets are experiencing a delicate balance between supply concerns and renewed consumer demand.
Feb 20, 2024, 2:18 pm IST
Zaggle Stock Doubles From IPO Price
Zaggle shares have nearly doubled from their initial public offering (IPO) price. The debut of Zaggle Prepaid Ocean Services on the exchanges took place on September 22, 2023, with shares commencing trading at the IPO issue price of Rs 164 per share. Since the listing, the shares have witnessed an impressive gain of approximately 88%, resulting in the company's current market capitalization reaching around Rs 3,628 crore.
Feb 20, 2024, 1:57 pm IST
MMTC Appoints New Auditors, ICICI Bank Allocates Shares for ESOP
M/S Dinesh Jains & Associates on February 20th are appointed by Metals & Minerals Corporation of India (MMTC) as the statutory auditors of the company. ICICI Bank has allotted 315,976 equity shares of face value of Rs. 2 each on February 20, 2024, under the ICICI Bank Employees Stock Option Scheme-2000.
Feb 20, 2024, 1:36 pm IST
Zee Entertainment Shares Surge On Reports Of Revival Talks Of Derailed Billion Deal With Sony
The Economic Times broke the news on February 20, revealing that Zee and Sony are actively working to salvage the deal that faced a setback last month. The report states that discussions have taken place over the last fortnight to iron out the differences that led to the previous deal's collapse. It is anticipated that Zee will convey its decision to Sony within the next 24-48 hours, indicating whether it is willing to accept the proposed terms and conditions.
EaseMyTrip & Jeewani Group Partner With Radisson Hotel Group For Ayodhya
EaseMyTrip and Jeewani Group partner with Radisson Hotel Group to build a 150-room Radisson Blu Hotel in Ayodhya. A greenfield project, Radisson Blu Hotel, Ayodhya is expected to open in 2027. The hotel is strategically located within two kilometers of Shri Ram Mandir, Ayodhya. “The signing of Radisson Blu Hotel, Ayodhya marks a significant milestone in our expansion strategy
for India and the country’s high-potential tier 2/3 markets. Our decision to open another hotel in
Ayodhya is greatly influenced by the robust guest demand and positive feedback that underscores
the attractiveness of this holy city. Ayodhya stands strong as a promising market for Radisson Hotel
Group, occupying a significant position in our expansion plans in 2024 and beyond.” said K.B. Kachru, Chairman Emeritus and Principal Advisor, South Asia, Radisson Hotel Group.
Feb 20, 2024, 12:50 pm IST
NBCC India Receives Orders From NIT, Sikkim
National Institute of Technology, Sikkim has awarded NBCC India Limited the project for the construction of a permanent campus of NIT Sikkim at Dung Dung Khamdong, Gangtok, Sikkim. The total value of the project is termed as Rs. 560 crores.
Feb 20, 2024, 12:29 pm IST
Torrent Power Ltd Shares Witnesses High Buying Today
Shares of Torrent Power tumbled more than 1.3% in today's session after PM Narendra Modi laid the foundation stone for four projects developed by the Torrent Group firm in Uttar Pradesh. The four projects will entail an investment of around Rs 25,000 crore. The projects are expected to generate direct and indirect employment opportunities for about 8,000 people in UP. The four projects include two pumped storage hydro projects with a total capacity of 4,150 MW in the Sonbhadra district and a solar power plant with a capacity of 150 MW in the Lalitpur district of Uttar Pradesh.
Feb 20, 2024, 12:07 pm IST
Mid-Day Performance Of Indian Stock Market
Today Indian market remains in green climbing 0.2% since Monday's closing. Sensex is up by 141 points, while Nifty trades around 22,137 points. Top gainers on Tuesday mid-session include PowerGrid, HDFC, and NTPC rising 4.4%, 2%, and 1.76% respectively. Nifty Media climbs above 2% and Realty indices soar by 0.85%, while Midcap 50 stocks tumbled the highest today. Tech stocks falling lower today, led by HCL, Infosys, and TCS among the top losers.
Feb 20, 2024, 11:41 am IST
Cholamandalam Finance Plunges Up To 3% As Nomura Begins Coverage With An 11% Decline
After global brokerage Nomura began coverage on Cholamandalam Investment and Finance Ltd. with a "Reduce" rating due to a number of factors, including valuation concerns, moderating growth, rising funding costs, and lower profitability expectations, the stock saw a more than 3% decline in morning trade on Tuesday.
Feb 20, 2024, 10:24 am IST
Tourism Finance Corp soars 5% on Rs 248-crore block deals
After four block sales totaling 11.8 million shares of the company, shares of Tourism Finance Corp of India Ltd opened 5% higher, according to Bloomberg.
An asking price of Rs 210 per share was determined when the sale was concluded at a valuation of Rs 248 crore. Verification of the buyers' and sellers' details was not possible for Moneycontrol right away.
While the benchmark Sensex increased by 0.03 percent to 72,727 points and the stock was up 5% from its previous closing on the BSE at Rs 220.
Feb 20, 2024, 10:14 am IST
Shares of Vibhor Steel Tubes List At 181% Above IPO Price
The shares of Vibhor Steel Tubes launched on the exchanges on Tuesday, February 20, with a premium of 181%, after receiving a resounding response. With a premium of 178.8%, the stock was listed on the BSE at ₹421, compared to an offer price of ₹151. In the meantime, the stock floated for ₹425 on the NSE, a premium of 181.46%.
Feb 20, 2024, 10:04 am IST
NBCC shares surge 3% on bags work orders worth Rs 369 crore
Following the company's acceptance of three orders totalling Rs 369.05 crore, NBCC's share price increased by 3% in early trading on Tuesday.
For the purpose of developing the university's new campus at Morena/Khajurao, Newari, and its current campus in Jhansi, Datia, Rani Lakshmi Bai Central Agricultural University has awarded a work order valued at Rs 331.9 crore.
Feb 20, 2024, 9:53 am IST
Tech Mahindra Acquires 100% Stake In Orchid Cybertech Services
Tech Mahindra Limited through its wholly owned subsidiary viz., customer Philippines Inc. has today on February 20, 2024, approved the acquisition of 100% equity shares in Orchid Cybertech Services, Inc., (“OCSI”) and
executed the relevant transaction documents. OCSI was incorporated on October 15, 2004, in the Philippines and it provides Customer experience-related services to TPG Telecom.
Feb 20, 2024, 9:44 am IST
Nifty Price
Nifty 50 traded at 22,111.75, down by 10.50 points or 0.05%. The benchmark opened at 22,099.20, and touched an intraday high of 22,112.65 before correcting to an intraday low of 22,056.60.
Feb 20, 2024, 9:44 am IST
Sensex Price
Sensex traded at 72,686.56, down by 21.60 points or 0.03%. The benchmark opened at the intraday high of 72,727.87, however, slipped to hit an intraday low of 72,510.24.
Feb 20, 2024, 9:03 am IST
Rupee Outlook
Rahul Kalantri, VP Commodities, Mehta Equities said: Analysing the weekly technical chart reveals that the pair is currently positioned above its moving average trend-line support at 83.08, yet the MACD indicates a negative divergence. The technical setup also shows the RSI holding above the 50 levels, but encountering significant resistance at higher levels. On the weekly technical chart, the pair finds support in the range of 82.92-82.74, while resistance is evident at 83.22-83.38. Despite trading below the support level of 83.08, the pair is anticipated to fluctuate within the range of 82.74-83.38 throughout this week.
Feb 20, 2024, 9:03 am IST
Crude Oil Barrels
Rahul Kalantri, VP Commodities, Mehta Equities: The recent attack by the Houthi group on an oil tanker in the Red Sea has heightened concerns about supply disruptions. Escalating conflict in the region has resulted in delayed oil deliveries to several parts of Asia and Europe, further bolstering oil prices. Expectations are for crude oil prices to remain volatile in today’s session, with support around .50–76.90 and resistance at .90-79.50. In terms of INR, crude oil has support at Rs6,440-6,360 and resistance at Rs 6,590-6,680.
Feb 20, 2024, 9:02 am IST
Bullion Trade Guide
Rahul Kalantri, VP Commodities, Mehta Equities: Technical levels indicate that gold finds support at 02-1988 with resistance at 28-2040, while silver's support lies at .78-21.60 with resistance at .12-23.25. In terms of INR, gold has support at Rs61,740-61,570 and resistance at Rs 62,180-62,420, whereas silver finds support at Rs 70,540-69,980 and resistance at Rs 71,850-72,480.
Feb 20, 2024, 9:02 am IST
Pre-Market Opening
Prashanth Tapse, Senior VP (Research), Mehta Equities: Dalal Street's optimism remains unyielding as the Nifty surges to a new all-time high of 22186.65, sustaining its upward trajectory with a series of higher highs/lows. Despite concerns over higher inflation and a hawkish stance from the Federal Reserve, the benchmark index stands resilient. Market sentiment leans towards the belief that sticky inflation is transitory, driving optimism among investors. Bulls are determined to explore uncharted territories, eyeing new highs as critical support holds firm at 21809 and major resistance looms at the all-time high of 22187. Attention turns to the upcoming FOMC and RBI minutes on February 22 for further market cues. Meanwhile, the MSCI Global Standard Index sees a rejig with the inclusion of five new stocks. Crude oil prices surge amidst geopolitical tensions and supply restrictions. Trade recommendations advocate buying opportunities for Nifty and Bank Nifty, with specific targets and stop levels provided. Also, stocks like GMR INFRA, ADANI PORTS, DIXON TECHNOLOGIES, VOLTAS, and TORRENT PHARMA present bullish outlooks for intraday trading with an inter-week perspective. ADANI ENTERPRISES emerges as a top stock pick with a strong rationale based on its higher high/low pattern.
Feb 20, 2024, 8:29 am IST
Stocks To Buy Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher recommended buying in three stocks on February 20. They are: 1) BUY THOMAS COOK cmp 170.65 Stop Loss 166 Target 181; 2) BUY BLS INTL cmp 383.45 Stop Loss 375 Target 405; 3)BUY RCF cmp 151.70 Stop Loss 148 Target 160
Feb 20, 2024, 8:28 am IST
Bank Nifty Support Levels
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects the support level for Bank Nifty at 46,200 on February 20th trading session, while resistance is seen at 47,000.
Feb 20, 2024, 8:28 am IST
Nifty Support Level
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Nifty's support at 22,000 during the trading session of February 20th, while the resistence is expected to come around 22,300.
Feb 20, 2024, 8:25 am IST
Market Previous Session
The Sensex rose 282 points to 72,708, while the Nifty gained 82 points, closing at 22,122. Nifty Bank and Midcap Index also experienced positive momentum, closing up 151 and 179 points, respectively, marking an overall bullish trend.
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