In a session marked by volatility, the Indian benchmark indices concluded on a positive note, with Nifty surpassing the 22,200 level. At the close, the Sensex registered a gain of 535.15 points, or 0.74%, reaching 73,158.24, while the Nifty saw an uptick of 162.50 points, or 0.74%, closing at 22,217.50. The market witnessed 1591 advancing shares, 1685 declining shares, and 77 unchanged shares.
Bajaj Auto, HCL Technologies, Eicher Motors, ITC, and Coal India emerged as the top gainers on the Nifty, while IndusInd Bank, HDFC Bank, BPCL, Kotak Mahindra Bank, and Hero MotoCorp were among the losers.
On the sectoral front, Auto, Capital Goods, Metal, Power, Information Technologies, and Telecom all posted a 1 percent gain each. However, the bank index concluded marginally lower. BSE Midcap demonstrated a 1% increase, and the Smallcap index added 0.5%, contributing to the positive market sentiment.
The Indian Rupee closed 12 paise higher at 82.85 per Dollar, compared to the previous close of 82.97, wrapping up the trading day on a positive note.
Overnight, US stocks saw a mixed closing with S&P 500 and Dow Jones higher and Nasdaq ending lower for third consecutive session. Nvidia was at the heart of investors sentiment and it did not disappoint them. Nvidia, the leader in airtificial intelligence (AI), zoomed 6% after surpassing street's estimates in its quarterly earnings.
However, latest Fed minutes showed that policymakers were hesistant to cut interest rates so soon as they expressed risk that would come along with it, due to broad uncertainty over how long borrowing costs should remain at their current level.
In the previous session, Indian indices struggled to maintain their opening gains as investors cautiously awaited the release of the Federal Open Market Committee (FOMC) minutes. The Nifty, which initially showed promise, slipped nearly 200 points from its record high of 22,249, signaling a shaky close for the day.
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Feb 22, 2024, 3:38 pm IST
Aditya Gaggar Director of Progressive Shares
"Mid and Smallcaps remained under the grip of the bears which dragged the overall markets lower in the opening trade. As the day progressed, the Index gradually started to recuperate its losses and in the last session, a strong comeback was seen across the board which propelled the Index to end the session higher at 22,217.45 with gains of 162.40 points. Except for BankNifty, all the sectors ended the day in green with IT and Auto being the outperformers. On the daily chart, the Index has formed a strong bullish candle after successfully testing its support level of 21,930 and is all set to move toward the target of 23,120 (Ascending Triangle Breakout)."
Feb 22, 2024, 3:38 pm IST
Market Recovers Early Losses To End With Gains; Nifty Surges Past 22,200 Mark
In a session marked by volatility, the Indian benchmark indices concluded on a positive note, with Nifty surpassing the 22,200 level. At the close, the Sensex registered a gain of 535.15 points, or 0.74%, reaching 73,158.24, while the Nifty saw an uptick of 162.50 points, or 0.74%, closing at 22,217.50. The market witnessed 1591 advancing shares, 1685 declining shares, and 77 unchanged shares.
Bajaj Auto, HCL Technologies, Eicher Motors, ITC, and Coal India emerged as the top gainers on the Nifty, while IndusInd Bank, HDFC Bank, BPCL, Kotak Mahindra Bank, and Hero MotoCorp were among the losers.
Feb 22, 2024, 3:28 pm IST
Olectra Greentech Surges 10% Following Rs 4,000 Crore Order Triumph For Electric Buses
Shares of Olectra Greentech Ltd witnessed a robust 10% surge, reaching a new 52-week high of Rs 2,221.95 per share on the NSE. This significant upswing followed the Electric Bus Manufacturer securing a substantial order from the Brihanmumbai Electricity Supply and Transport Undertaking (BEST). The order entails the supply, operation, and maintenance of 2,400 electric buses, with an order value totaling Rs 4,000 crore.
Feb 22, 2024, 3:15 pm IST
Coal India Poised To Surpass FY24 Capex Target Of Rs 16,500 Crore, Affirms Government
The government announced on Wednesday that the state-owned Coal India Ltd (CIL) is poised to surpass its capex target of Rs 16,500 crore for the current financial year. As the dominant player responsible for over 80% of the domestic coal output, Coal India's robust performance is anticipated to contribute significantly to India's economic growth trajectory.
In an official statement, the coal ministry expressed confidence in both Coal India Ltd (CIL) and NLC India Ltd (NLCIL), asserting that both entities are on track to exceed their annual capex targets for the fiscal year 2023-24. This positive outlook is expected to further bolster India's economic growth.
The capex target for NLC India Ltd (NLCIL) during the ongoing financial year stands at Rs 2,880 crore. As both CIL and NLCIL continue to demonstrate their commitment to surpassing their respective capex goals, the coal ministry foresees a positive impact on India's economic landscape.
Feb 22, 2024, 2:45 pm IST
LTI Mindtree Inks MoU With Eurolife FFH To Establish Gen AI And Digital Hubs in Europe And India
LTI Mindtree has officially entered into a Memorandum of Understanding (MoU) with Eurolife FFH, marking a collaboration to establish Generative AI and Digital Hubs in both Europe and India. The upcoming facilities are slated to be developed in Poland, Europe, and Mumbai. As part of this strategic partnership, Eurolife FFH will pioneer the creation of a Generative AI and Digital Hub in Athens, focusing on delivering innovative solutions tailored for the insurance sector in Greece. LTI Mindtree, on the other hand, will contribute its profound domain expertise and operational support through dedicated facilities located in Poland and Mumbai.
Feb 22, 2024, 2:33 pm IST
NBCC Surges 5% Following MoU Signings With HUDCO For Consultancy And Asset Monetization
State-owned NBCC (India) Ltd witnessed a 5% surge in its shares on Thursday, February 22, propelled by the company's recent announcement of signing Memorandums of Understanding (MoUs) with the Housing and Urban Development Corporation (HUDCO). As detailed in a filing with the stock exchange, the central public sector undertaking (PSU) formalized two agreements with HUDCO on February 21, 2024.
Feb 22, 2024, 2:01 pm IST
US Federal Reserve Officials Weigh Risks In Interest Rate Cut Too Quickly; Express Caution At Last Meeting
The minutes of the January 30-31 Federal Open Market Committee meeting revealed a cautious approach as the Fed grapples with the delicate balance between supporting economic growth and managing inflation. At the forefront of discussions was the trajectory of inflation, with policymakers noting the potential stall in progress toward the central bank's 2% target. The majority of participants stressed the risks associated with a rapid easing of the policy stance, highlighting the need to judiciously analyze incoming data to ensure a sustainable move towards the inflation goal.
RVNL Receives Orders From MPPTCL For Transmission Line Construction
RVNL-Salasar JV emerges as the Lowest Bidder (L1) from Madhya Pradesh Power Transmission Company Limited for “Construction of 132 KV & 220 KV Transmission Lines and associated Feeder Bays on total Turnkey basis in Eastern MP” for a period of 18 months. The total cost of the project is estimated to be Rs. 173,99,04,310//-, out of which 51% by RVNL and 49% By Salasar Techno Engg Ltd.
Feb 22, 2024, 12:58 pm IST
Salzer Electonics Announces Establishing a Smart Meter Manufacturing Business in Coimbatore
Salzer is establishing a Smart Meter manufacturing business with an annual production capacity of 4 million smart energy meters, which will be increased to 10 million smart energy meters in Phase Two. This facility will employ approximately 1000 people at its full capacity in Coimbatore. Mr. Rajesh Doraiswamy, Joint MD of Salzer Electronics Ltd said, “I am pleased to announce the building of our new Smart Meter manufacturing facility. This investment underscores our commitment to innovation, and bringing in new products as and when opportunity arises. We take pride in saying that Salzer will be contributing its part to the creation of a smart interconnected energy grid in India. We have already received BIS certification for our single-phase smart Energy meter. The first batch of smart meters is expected to roll out in Q1 FY25, from the new facility.
This Investment will provide the company with a competitive edge in the market, protect its intellectual property, and generate substantial revenue, thereby contributing to the Company's future success.”
Feb 22, 2024, 12:38 pm IST
Suprajit Engineering Limited Set To Launch Its Braking Products Division
Suprajit Engineering Limited is India’s largest automotive cable and halogen bulb maker with an annual global capacity of 400 Million cables and 110 Million halogen bulbs. The braking division will house brake shoes, brake pads, brake liners, CBS, Mechanical Disc Brake Systems (MDBS), and offer its valued customers a comprehensive range of braking products. Mr. Ajith Kumar Rai, Founder and Chairman of Suprajit Group said “Our journey to develop a comprehensive range of proprietary products is taking a firm shape through Suprajit Technology Centre (STC). Our expertise in scaling up and manufacturing to serve industry-leading OEMs and the aftermarket is taken to a new dimension and is now “Beyond Cables”. After starting the Suprajit Electronics Division (SED) in November 2022, launching another division as a business vertical is a significant step in making Suprajit a name to reckon with, in the auto component industry”.
Feb 22, 2024, 12:11 pm IST
Mid-Day Performance Of Indian Market & Gold Prices Today
Indian stock market has reversed its course since yesterday's session and currently trades at 72,334 levels, down 0.4%. Nifty indices float around 88 points lower at 21,960 range. Nifty Bank and Financial Services index are pulling the market down, falling 0.95% and 0.9% respectively while Nifty Media sustains the pressure, climbing 0.89%. Indusind bank, Grasim and Airtel are among the top losers today, decreased by 2.7%, 2.5% and 2.2% respectively. Tata Steel, HDFC and Powergrid among highest volume grabbers. India Gold Prices slides a little today by Rs. 110/- for 10 grams of 24-carat, costing Rs. 62,730/- amidst stable international demand. The MCX Gold Futures maturing this April are trading in green at Rs. 62,210/-.
Feb 22, 2024, 11:13 am IST
Titagarh Rail Systems Pays Rs 180 Crore To Acquire an Additional 28.3% Share in Titagarh Firema, an Italian Company.
According to a stock exchange statement by Kolkata-based Titagarh Rail Systems, Shivaliks' overall shareholding in Titagarh Firema has increased to 34.59% following the acquisition.
Feb 22, 2024, 10:42 am IST
Top 5 Gainers ans Losers Today
Stock Market Live Updates
Feb 22, 2024, 10:32 am IST
Sugar Prices Spike Up to Rs 340 per Quintal as the Centre Increases fair Prices.
The government's announcement on February 22 that the fair and remunerative price (FRP) of sugarcane will increase to Rs 340 a quintal from Rs 315 for the 2024–25 season caused sugar stockpiles to turn sour and trade negatively.
This pricing is around 8% more than what it will be for the sugar season of 2023–2024. The updated FRP will be in force starting on October 1, 2024.
Feb 22, 2024, 10:09 am IST
Shares of South Indian Bank Rise Following Board Approval of Rights Issue
South Indian Bank Ltd.'s stock increased by more than 3% on Thursday following the private lender's ratification of the rights issue's terms, which it had previously approved in December of last year.
Assuming that all of the rights equity shares are subscribed for, the bank hopes to raise 1,151 crore through the rights offer.
Feb 22, 2024, 10:04 am IST
PSU Bank Equities Are Under Stress
The worst performer among sectoral indices is the Nifty PSU Bank index, which is down 0.92%.
The remaining 11 equities in the index are all negative, with the exception of Indian Bank.
Feb 22, 2024, 9:25 am IST
Nifty In Opening Bell
Nifty performed at 22,045.15, lower by 9.90 points or 0.04%. The benchmark opened at 22,081.55, and touched an intraday high and low of 22,094.30 and 22,017.45 respectively.
Feb 22, 2024, 9:25 am IST
Sensex In Opening Bell
Sensex traded at 72,583.76, down by 39.33 points or 0.05%. The benchmark opened at 72,677.51, and touched an intraday high and low of 72,724.53 and 72,509.90 respectively.
Feb 22, 2024, 9:24 am IST
Rupee falls 0.51 paise against US Dollar in morning trade
Indian rupee declined by 0.51 paise against US Dollar in morning trade on Thursday.
Feb 22, 2024, 9:09 am IST
Crude Outlook Today
Rahul Kalantri, VP Commodities, Mehta Equities said: The API report, also released on Wednesday, indicated a 7.2 million barrel increase in U.S. crude oil inventories for the week ending February 16, potentially limiting crude oil gains. The U.S. EIA will release its weekly inventory report later today. We anticipate continued volatility in today’s crude oil session, with support expected at .10–76.40 and resistance at .50-79.10. In terms of INR, crude oil is anticipated to find support at Rs 6,360-6,290 and resistance at Rs 6,510-6,590.
Feb 22, 2024, 9:09 am IST
Gold Outlook Today
Rahul Kalantri, VP Commodities, Mehta Equities: The steady trading of the dollar index tempered gains in precious metals, yet geopolitical tensions in the Middle East and volatility in global financial markets could lend support to gold and silver prices at lower levels. Gold has support levels at 12-1998 and resistance at 39-2051, while silver has support at .74-21.61 and resistance at .08-23.22. In terms of INR, gold finds support at Rs61,940-61,770 with resistance at Rs62,350 and Rs62,520. Silver's support lies at Rs70,040-69,580, with resistance at Rs71,050 and Rs71,780.
Feb 22, 2024, 8:27 am IST
Indian IT Stocks In Focus After FOMC Minutes
IT stocks will be in focus as US Fed rates outcome plays a key role their business in that market. Latest Fed minutes showed that policymakers were hesistant to cut interest rates so soon as they expressed risk that would come along with it, due to broad uncertainty over how long borrowing costs should remain at their current level.
Feb 22, 2024, 8:27 am IST
Nvidia Earnings Drive Trends In Market
Nvidia was at the heart of investors sentiment and it did not disappoint them. Nvidia, the leader in airtificial intelligence (AI), zoomed 6% after surpassing street's estimates in its quarterly earnings.
Feb 22, 2024, 8:26 am IST
Stocks To Buy Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher recommends buying in three stocks on Thursday. They are: 1) BUY BHARAT FORGE cmp 1123.30 Stop Loss 1100 Target 1160; 2) BUY GSPL cmp 373.75 Stop Loss 365 Target 392; and 3) BUY GUJ GAS cmp 565.55 Stop Loss 554 Target 587.
Feb 22, 2024, 8:26 am IST
Bank Nifty Support Level Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Bank Nifty to have a support and resistance around 46,600 and 47,500 respectively on February 22.
Feb 22, 2024, 8:26 am IST
Nifty Support Levels Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Nifty to find support at 21,900 on February 22, while resistance is seen at 22,200.
Feb 22, 2024, 8:26 am IST
Market Previous Session
On Wednesday, Nifty, which initially showed promise, slipped nearly 200 points from its record high of 22,249, signaling a shaky close for the day. Meanwhile, Sensex shed by 434.31 points or 0.59% to end at 72,623.09.
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