Stock Market Live Updates: Market Ends With Cuts; Nifty Breaks Below 22,100, Sensex Down 400 Points

On February 21, Indian equity indices concluded a six-day winning streak and closed lower, with the Nifty settling below 22,100. The Sensex experienced a decline of 434.31 points, marking a 0.59% decrease, to finish at 72,623.09. Similarly, the Nifty saw a drop of 142.00 points, translating to a 0.64% decrease, ending the day at 22,055.00. Among the shares traded, 1227 advanced, 2078 declined, and 69 remained unchanged.

The Nifty witnessed notable losses from BPCL, Coal India, Hero MotoCorp, Power Grid Corp, and NTPC, while gainers included Tata Steel, SBI, JSW Steel, Tata Consumer Products, and IndusInd Bank.

Across sectors, with the exception of realty and PSU Bank, all other indices exhibited red indicators. Both the BSE Midcap and Smallcap indices experienced a 1% decline.

The Indian Rupee concluded the day unchanged at 82.97 per Dollar, maintaining the same level as Tuesday's closing value of 82.97.

In the previous session, the stock market notched up a record close, with the Nifty hovering just below the psychological mark of 22,200 after hitting an intra-day high of 22,216. Private financial institutions led the charge, propelling Nifty Bank to cross the 47,000 milestone, with HDFC Bank, Axis, and Kotak Mahindra emerging as the top contributors.

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Feb 21, 2024, 3:59 pm IST

Market Ends With Cuts; Nifty Breaks Below 22,100, Sensex Down 400 Points

On February 21, Indian equity indices concluded a six-day winning streak and closed lower, with the Nifty settling below 22,100. The Sensex experienced a decline of 434.31 points, marking a 0.59% decrease, to finish at 72,623.09. Similarly, the Nifty saw a drop of 142.00 points, translating to a 0.64% decrease, ending the day at 22,055.00. Among the shares traded, 1227 advanced, 2078 declined, and 69 remained unchanged.

Feb 21, 2024, 3:57 pm IST

Aditya Gaggar Director of Progressive Shares

"After registering a record level in yesterday's trade, round of correction was witnessed in the Indian equities, especially in the broader markets which dented the market sentiments as the Index kept compounding its losses in the 2nd half of trading session to settle at 22,055.05 with a loss of 141.90 points. Among sectoral performance, Realty and PSU Banking were the top performers while Media and Energy were the major laggards. With a loss of 1.25% & 1.04%; Mid and Smallcaps underperformed the Benchmark Index. At record levels, the Index has formed a bearish candlestick pattern known as Dark Cloud Cover with a probable divergence in RSI which suggests short-term weakness in the markets where the higher side is capped at 22,250 while the downside seems to be protected at 21,930."

Feb 21, 2024, 2:58 pm IST

HFCL To Invest Rs 144 Crore To Set Up A Expansion Unit In Poland

HFCL Ltd is embarking on a strategic expansion into Europe, with the board approving a significant investment in setting up a cutting-edge optical fiber cable manufacturing facility in Poland. The company is slated to allocate Rs 144 crore for the establishment of this facility, which will initially boast a capacity of 3.25 MFkm, with the potential for further scaling up to 7 MFkm per annum.

Feb 21, 2024, 1:54 pm IST

Rane Holdings Ltd. & Rane Madras Ltd. Informs Credit Ratings Update

CRISIL Ratings on the bank facilities of Rane (Madras) Limited has assigned a long-term rating of CRISIL A/Watch Positive (Placed on 'Rating Watch with Positive Implications') and short-term rating of CRISIL Al (Reaffirmed) . Also, ICRA rating agency have assigned Credit Rating for Rs. 100.00 crore bank lines of Rane Holdings Limited following board approval by the respective entities for scheme of amalgamation of Rane Brake Lining Limited and Rane Engine Valve Limited into Rane (Madras) Limited, keeping the long-term rating remains unchanged at [ICRA]AA- (pronounced ICRA double A minus) and short-term rating remains unchanged at [ICRA]A1+ (pronounced ICRA A one plus).

Feb 21, 2024, 1:22 pm IST

Co-op Expands Partnership with TCS With A Cloud-First Strategy

The Co-operative Group Limited, one of the world’s largest consumer co-operatives with interests across food, funerals, insurance, and legal services, to adopt a cloud-first strategy that will support the group’s business growth. one of the world’s largest consumer co-operatives with interests across food, funerals, insurance, and legal services, to adopt a cloud-first strategy that will support the group’s business growth. Rob Elsey, CDIO, The Co-operative Group, said: “We are delighted to extend our strategic partnership with TCS in enabling us to meet Co-op’s business objectives and serving and supporting our member-owners who are at the very heart of our business. They have been a great partner, aligned with our growth priorities, and future-proofed our infrastructure as we set on the course for continued future expansion supporting change and transformation in how we work as a business and in our cloud journey.” Shekar Krishnan, Head, Retail & CPG – UK & Europe, TCS, said: “TCS is pleased to expand our longstanding partnership with The Co-operative Group. Our contextual knowledge, deep domain expertise, and technology prowess will help Co-op achieve their cloud-first strategy and result in a resilient digital foundation to support their business growth.”

Feb 21, 2024, 1:01 pm IST

TAAL Sets For Capacity Addition, Appoints New CFO and Allocates Shares To Promoter Company

The Board of Directors of Taneja Aerospace and Aviation Limited has agreed to a proposal for setting up a solar power plant for captive consumption with a capacity of 400 KWp DC with an investment requirement of 180 days. The company allows 5,69,800 equity shares of Rs.5/- each at a price of Rs.351/- per share (including a premium of Rs.346/- per share) aggregating to an amount of Rs.19,99,99,800/- through the preferential issue to the Promoter company M/S. Asscher Enterprises Limited. Also, the appointment of Mr. Jitendra Muthiyan as the Chief Financial Officer of the Company w.e.f April 01, 2024.

Feb 21, 2024, 12:34 pm IST

TVS Motors Acquires Stake In German-based E-mobility Firm Killwatt GmbH

TVS Motor Company Limited’s subsidiary, TVS Motor (Singapore) Pvt. Ltd has acquired an additional 14.28% stake in Killwatt GmbH for a total consideration of EUR 4 million, whereby EUR 3 million had been paid on 15th November 2023. The company would pay the remaining EUR 1 million to Killwatt GmbH based on completing the specified pre-agreed milestone by Killwatt GmbH.

Feb 21, 2024, 12:11 pm IST

Mid-Session Performance Of Indian Market Today

Sensex trades flat at 73,118 points, a hike of 0.8% while Nifty trades at 22,214, a hike of 17 points since Tuesday's closing. Nifty Realty and Nifty PSU Banks are the major upward pulling indices today climbing 2.09% and 1.95% respectively. Top Gainers in today's session are metal stocks, JSW Steel rises 3.18%, Tata Steel up 2.84% and SBI climbs 1.8%. Paytm Stocks hit upper circuit today, trading at Rs. 395.05/-, a hike of 5.00% or Rs. 18.8/- per share.

Feb 21, 2024, 11:38 am IST

Novelis Files For US IPO, Rallying Hindalco Shares 5%

Following the filing of its completely owned US subsidiary Novelis Inc for an initial public offering (IPO) with the Securities and Exchange Commission (SEC), Hindalco Industries Ltd.'s shares saw a 5% increase in trading on Wednesday. The Nifty 50 gainers included this stock, which was up 2.16% at ₹522.65 apiece on the NSE.

Feb 21, 2024, 11:23 am IST

Stock Market Statistics

Source: NSE

Feb 21, 2024, 11:18 am IST

Top 5 Gainers and Losers Today

Source: NSE

Feb 21, 2024, 10:36 am IST

Shares of Campus Active wear soar Almost 9%

After a day of inactivity, Campus Activewear shares are up 8.35%. Also, the stock is the biggest gainer among Nifty Smallcaps. The last year saw a 27.17% decline in the stock.

Feb 21, 2024, 10:17 am IST

MR Kumar, the former chairman of LIC, has been appointed as the Bank of India's non-executive chairman for a period of three years.

Former LIC Chairman MR Kumar has been appointed Non-executive chairman of Bank of India for a tenure of three years, bringing his extensive experience to the banking sector.

Feb 21, 2024, 9:47 am IST

Union Bank Of India Share

Union Bank shares jumped 7% after launching a QIP to the tune of Rs 3,000. Floor price is set at Rs 142.78 per share for the issue.

Feb 21, 2024, 9:47 am IST

Hindalco Share

Hindalco share price gained by over 2% after its subsidiary Novelis has filed draft at SEC for US IPO.

Feb 21, 2024, 9:44 am IST

What Is Influencing Stock Market Today?

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: With seven days of record intraday highs this year Nifty is exhibiting great strength. The big emerging market worry of rising bond yields in the US is not impacting India since FIIs have been forced to reduce their selling since they are being completely neutralised by sustained DII buying assisted by retail exuberance. This resilient domestic buying is providing the main support to the ongoing rally in the market, and the strong performance of the economy and improving corporate earnings are solid fundamental support to the market. The fact that the fairly valued large private banks are now contributing to the rally is a positive signal. This has the potential to sustain. But the irrational exuberance in pockets of the broader market is unlikely to sustain. Retail investors should not be carried away by this exuberance.

Feb 21, 2024, 9:34 am IST

Indices In Early Trade

Smallcap stocks continue to outperform with index on BSE surging by over 220 points. BSE Midcap gained as well. IT stocks were top laggards, while Metal stocks outperformed. BSE Metal surged by 348 points.

Feb 21, 2024, 9:33 am IST

Top Gainers And Losers

On Sensex, in the early trade, stocks like M&M, JSW Steel, Tata Steel, Bharti Airtel, and ICICI Bank are top gainers. Meanwhile, Infosys, HDFC Bank, TCS, Nestle and Power Grid were top bears.

Feb 21, 2024, 9:33 am IST

ZEEL Share Price

ZEEL share price tumbled more than 13% amidst Sony merger and SEBI uncovering 1 million accounting issue.

Feb 21, 2024, 9:33 am IST

Rupee Declines 0.55 Paise Against US Dollar

Indian rupee fell by 0.55 paise against US Dollar in morning trade on Wednesday.

Feb 21, 2024, 9:33 am IST

Nifty Price

Nifty opened at 22,200.40, and traded in the range of 22,248.85 to 22,194.60.

Feb 21, 2024, 9:33 am IST

Sensex Price

Sensex opened at 73,267.48, and traded in the range of 73,267.80 to 73,027.59.

Feb 21, 2024, 9:11 am IST

Rupee Outlook

Rahul Kalantri, VP Commodities, Mehta Equities: The USD-INR 27 February futures contract experienced a significant downturn, breaching the 83.00 mark. Analysis of the daily technical chart reveals that the pair is currently trading below its moving average trend-line support level of 83.02, with the RSI indicating a reading below 50. Despite the negative trend, there is a notable positive divergence observed in the MACD indicator. However, the pair remains below the critical support level of 83.02. According to the daily technical chart, support levels are identified at 82.92-82.74, while resistance is anticipated at 83.15-83.28. Given the current technical setup, it is expected that the pair will continue to trade below the 83.02 support level, potentially fluctuating within the range of 82.74-83.38 throughout the week.

Feb 21, 2024, 9:10 am IST

Pre-Market Opening

Prashanth Tapse, Senior VP (Research), Mehta Equities: Dalal Street continues to set new records, with Nifty reaching an all-time high of 22216 and Sensex surpassing 73000. Fear of missing out reigns as traders seek bargains while Bank Nifty's rise boosts sentiments. Positive catalysts include hopes of a Federal Reserve soft landing in 2024 and anticipation of a strong electoral mandate for BJP in the 2024 Lok Sabha polls. Wall Street trades negatively, but Nifty bulls remain resilient with technical support at 21809. Nifty's options data suggests a trading range of 21800-22500, with key resistance at 22600 and support at 22000. Preferred trades include buying Nifty and Bank Nifty with aggressive targets. Bullish on DEEPAK NITRITE, SRF, VOLTAS, and TORRENT PHARMA, especially on intraday weakness. Top stock pick: Buy DEEPAK NITRITE (CMP 2357) with a stop at 2239 and targets at 2397/2450, with an aggressive target at 2527, reflecting a rebound play strategy.

Feb 21, 2024, 8:45 am IST

Stocks To Buy

Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher has recommended buying three stocks on February 21. They are - 1) BUY LARSEN & TOUBRO cmp 3356.75 Stop Loss 3300 Target 3470; 2) BUY ASIAN PAINTS cmp 3011.65 Stop Loss 2960 Target 3130; and 3) BUY MARICO cmp 536 Stop Loss 525 Target 557

Feb 21, 2024, 8:44 am IST

Bank Nifty Support Level

Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Bank Nifty's support and resistance levels around 46,700 and 47,600 on February 21.

Feb 21, 2024, 8:44 am IST

Nifty Support Level

Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Nifty 50 to find support level at 22,050, and resistance is seen around 22,350 on February 21.

Feb 21, 2024, 8:43 am IST

Market Previous Session

The Sensex surged by 385 points, reaching 73,057, while the Nifty gained 75 points to settle at 22,197. Despite this bullish trend, the Midcap Index experienced a dip of 62 points, concluding at 49,248.