Stock Market Live Updates: Sensex Falls 780 Points, Nifty Sheds 1.02%; Power Finance Hits 52-Week High

Domestic benchmark indices witnessed decline today after Reserve Bank of India's monetary policy decision as the central bank decided to keep the key interest rate unchanged for a 6th consecutive meeting. BSE Sensex fell 780 points or 1.04% to 71,371 and Nifty declined 224 points or 1.02%% to 21,706 on Thursday at 2:30 pm. Meanwhile, shares of Power Finance hit 52-week high today as its Board will consider quarterly results and proposal of interim dividend today.

Stocks like Power Grid, IndusInd Bank, M&M, and NTPC were top gainers. While ITC, Maruti Suzuki, Nestle, and Bajaj Finance shares are top bears.

Ahead of the RBI policy, Bank Nifty gained more than 200 points to hit an intraday high of 46,035.55.

Majority of consensus is that RBI may hold rates for the sixth time in row, ending FY24 without any cuts or hikes. Apart from this, LIC is the big Q3 earnings to watch out.

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Feb 08, 2024, 2:25 pm IST

Cummins India Shares Gain 8.36% As Q3 Net Soars 26%

Cummins India shares witnessed rally of 8.36% till 2:05 pm on Thursday after the company reported a jump of 26.32% YoY in its standalone net profit to Rs 454.92 crore for the quarter ended December 2023. The company had declared its net profit at Rs 360.14 crore in the corresponding quarter of last year, as per its BSE filing. Cummins India shares also hit fresh 52-week high as well in trade today. The company also awarded an interim dividend of Rs 18/share to its shareholders and fixed February 21, 2024 as record date.

Feb 08, 2024, 2:24 pm IST

Power Finance Shares Hit 52-Week High Ahead Of Quarterly Results

Board of Directors of Power Finance Corporation Ltd., Schedule-A Maharatna CPSE, are scheduled hold a meeting today to consider and approve unaudited financial results (standalone & consolidated) of the Company for the quarter ended December 31, 2024. Power Finance Corporation issued an update on February 5 stating that the Board will also consider interim dividend proposal. Earlier, Power Finance Corporation announced an interim dividend of Rs 4.5 per equity share on the face value of Rs 10/- each for Q2. It fixed record date for interim dividend as November 27, 2023. The company also declared 1:4 bonus issue and the ex-bonus date was September 21, 2023.

Feb 08, 2024, 2:09 pm IST

BEML Records 27% Decline In Q3 Net Profit At Rs 48 Crore

In the third quarter of the fiscal year, BEML reported a net profit of Rs 48 crore, marking a 27% decrease from the previous year's figure of Rs 66 crore. On the revenue front, the company experienced a marginal uptick of 1%, reaching Rs 1,047 crore compared to Rs 1,037 crore in the corresponding period last year.

Feb 08, 2024, 1:51 pm IST

Zydus Wellness Reports Q3 Earnings

The net profit witnessed a significant decline of 98.4%, reaching Rs 0.3 crore compared to Rs 19.6 crore, while the revenue experienced a 3.2% decrease, totaling Rs 403.2 crore as opposed to Rs 416.4 crore on a year-on-year basis.

Feb 08, 2024, 1:36 pm IST

HAL Shows Positive Momentum In Today's Trade

HAL (Hindustan Aeronautics Limited) shares have rebounded, marking a 5.4% increase after a brief pause. Despite being in the red for five out of the last seven trade sessions, the stock has exhibited robust performance, recording an impressive 155.43% gain over the past year.

Feb 08, 2024, 12:30 pm IST

Welspun Enterprises Declared As L1 Bidder For Project Worth Rs 4,128 Crore by BMC

Welspun Enterprises has been announced as the L1 bidder for a significant water treatment plant project valued at Rs 4,128 crore by the Brihanmumbai Municipal Corporation (BMC). The contract, falling under the design-build-operate (DBO) category, pertains to the development of a new 2,000 MLD water treatment plant situated at Bhandup complex. The scope of the project encompasses civil, mechanical, electrical, and instrumentation components. The stipulated timeline for the design and construction is 48 months, with comprehensive operation and maintenance obligations extending for an additional 15 years. The total contract value, exclusive of GST, stands at Rs 4,128 crore.

Feb 08, 2024, 12:22 pm IST

LIC Shares Cross Rs 1,100/Share, Market Cap Hits Rs 7 Lakh Crore

The shares of Life Insurance Corporation of India (LIC) soared an additional 8% on Thursday, breaching the Rs 1,100 per share milestone, setting the stage for what could be a blockbuster quarter for the country's largest state-run insurance company. The surge comes just ahead of LIC's board meeting scheduled later today, where the December quarter earnings and the possibility of an interim dividend will be under consideration.

Feb 08, 2024, 12:15 pm IST

Jana Small Finance Bank IPO Fully Subscribed By Day 2

On the second day of bidding, Jana Small Finance Bank's Rs 570-crore initial public offering (IPO) witnessed complete subscription by the morning of February 8. Investors displayed significant interest, submitting bids for 1.01 crore equity shares, matching the IPO size. Leading the way, non-institutional investors, including high-net-worth individuals, subscribed 1.47 times their allotted share quota. Retail investors were not far behind, securing 1.35 times the portion reserved for them. Qualified institutional buyers (QIBs) participated by acquiring 14% of their designated share quota. Employees, too, showed substantial interest, purchasing 34% of the shares worth Rs 13.5 crore allocated for them. The price band for the IPO was set at Rs 393-414 per share. The robust response from various investor categories reflects the market's confidence in Jana Small Finance Bank's public offering.

Feb 08, 2024, 11:44 am IST

UGRO Capital Shares In Focus

The issuance of secured, rated, listed, redeemable, and non-convertible debentures with a face value of Rs 1,000 each has been announced by UGRO Capital Limited. The issue is available for purchase starting on Thursday, February 8, 2024, and ends on Wednesday, February 21, 2024. The issue has a base issue size of Rs 10,000 lakhs, and up to Rs 20,000 lakhs can be raised by maintaining the oversubscription up to Rs 10,000 lakhs. The NSE is the designated stock exchange for the issue, and it is planned that the NCDs be listed on stock exchanges. The NCDs have an India Ratings & Research Private Limited rating of "IND A/Stable." The issue's sole lead manager is JM Financial Limited, its registrar is Link Intime India Private Limited, and its debenture trustee is Mitcon Credentia Trusteeship Services Limited. For secured NCDs, the tenor is 18 months, 24 months, and 27 months. The range of the effective yield for holders of NCDs in all categories is 10.72% to 11.03%. For NCD holders in all categories, the redemption amount at maturity is Rs. 1000. For Series III, however, the redemption amount is paid out in eight (8) quarterly payments of Rs. 125, beginning with the first quarter after the deemed date of allotment and continuing until maturity.

Feb 08, 2024, 11:15 am IST

TCS Shares In Focus On Announcing Partnership With Enento Group

A strategic alliance has been launched by Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) and Enento Group, a well-known supplier of digital business and consumer information services in the Nordic region. TCS will transform Enento's IT applications, cloud, digital workplace, and IT security for robust company operations as part of this multi-year cooperation. TCS will assist Enento in achieving its goal of "One Enento" by streamlining its technological stack and streamlining its operational approach. Enento's business agility will be accelerated and a best-in-class digital customer experience will be provided by TCS' cloud and DevOps technologies. TCS and Enento will also collaborate to improve Enento's IT security, offer modern workplace services, and facilitate robust 24-hour business operations. TCS plans on using its robust local presence in the Nordic region to provide superior services with the necessary business agility.

Feb 08, 2024, 10:49 am IST

Top 5 Gainers and Losers Today

Source:NSE

Feb 08, 2024, 10:34 am IST

DroneAcharya Aerial Innovations Shares In Focus

DroneAcharya Aerial Innovations Limited announces its inaugural order of supply of Agricultural Spraying Drones from Vimaan Aerospace. In light of the two organisations having signed a Memorandum of Understanding (MoU), the order, which represents the start of a potential cooperation, represents an essential advancement. Advanced agricultural spraying drones are to be supplied to Vimaan Aerospace as part of the deal. By enabling research of various commercial channels in the use of drones and drone-related training and services, this dynamic relationship expands the breadth of potential clients for both firms.

Feb 08, 2024, 9:32 am IST

Indian Rupee down 0.48 paise against US Dollar Ahead Of RBI Meet

Indian Rupee witnessed a decline of 0.48 paise against US Dollar as RBI monetary policy committee (MPC) set to commence its meeting today.

Feb 08, 2024, 9:28 am IST

Nifty Price

Sensex traded at 72,358.65, up by 206.65 points or 0.29% currently. The benchmark opened at 72,473.42, which is the day's high as of now.

Feb 08, 2024, 8:58 am IST

Fiscal Balance

As per LKP, narrowing the fiscal deficit target, the Govt indicated that the populist spending or incentives may be avoided in preparation for the forthcoming general election.

Feb 08, 2024, 8:58 am IST

Policy rate expectations

Given the tightening liquidity condition, LKP Securities analsyt Ajit Kabi said, RBI is likely to support economic growth with cautious stance on inflation. Consequently, we expect the unchanged policy rate and possibility of shift in stance to NEUTRAL. Additionally, RBI may take steps to improve liquidity conditions. We expect policy rate cut by June-24.

Feb 08, 2024, 8:57 am IST

Liquidity management:

Furtherm Ajit Kabi, Research Analyst at LKP Securities said, in the upcoming MPC meeting, the RBI is anticipated to sustain its emphasis on liquidity management, given tight money market conditions where call money rate hovering over repo rate. Furthermore, liquidity under banking system remain at deficit since the previous monetary meeting.

Feb 08, 2024, 8:57 am IST

Headline Inflation a concern

Ajit Kabi, Research Analyst at LKP Securities said, core inflation stable: Turning to inflation, the headline inflation at higher side of 5.7% in December; driven by higher food prices (especially, pulses, legumes and spices). However, core inflation is stable at below 4%.

Feb 08, 2024, 8:57 am IST

Economic growth for FY24 may be revised upward

Ajit Kabi, Research Analyst at LKP Securities said: As per the first advanced estimate of MOSPI, the economy is likely to grow at 7.3% driven by strong investment growth (projected to grow by 10.3%). Industrial growth to expand by 7.9% in FY24 against 4.4% in the previous year. GST collection, E-way bills, and PMI data shows sign of healthy growth.Nevertheless, the consumption demand is tepid with growth rate of 4.4% in FY24 against 7.5% in FY23. The significant slower growth of consumption demand, which contributes 50% of GDP, raises concern. Agriculture sector is also facing headwinds because of below average rainfall. Overall the real GDP numbers to stay robust. Against the backdrop of improved economic outlook RBI is likely to increase the growth projection for FY24 to 7.3%.

Feb 08, 2024, 8:54 am IST

Pre-Market Opening

Prashanth Tapse, Senior VP (Research), Mehta Equities: Markets are expected to log gains in early trades Thursday as investors would take cues from overnight gains in US indices. Bargain hunting and value buying could be seen as investors would be selective after the record rally in recent months. Interest rate sensitive stocks could be under spotlight amid RBI's monetary policy announcement in a few hours time. The committee is also likely to retain the monetary policy stance as ‘withdrawal of accommodation’. The technical landscape still suggests that Nifty is aiming for a massive breakout on the upside on the daily charts. All bullish eyes will be on Nifty’s all-time-high at 22127 mark, while intra-day support for the index is now seen at 21711 mark followed by 21557 mark. For Bank Nifty, investors can buy at the current market price of 45819 with a stop loss at 44711 and targets ranging between 46377-47100 levels.

Feb 08, 2024, 8:32 am IST

RBI Monetary Policy Today

Currently, RBI has kept repo rate unchanged for five consecutive policies in FY24. Key Policy Rates are - 1. Policy Repo Rate under the liquidity adjustment facility (LAF) at 6.50%. 2. Standing deposit facility (SDF) rate remains at 6.25%. 3. Marginal standing facility (MSF) rate and the Bank Rate at 6.75%.

Feb 08, 2024, 8:31 am IST

Stocks To Watch Today

Popular companies like Wipro, Tata Consumer Products, Zomato, BPCL, and CESC are among the top 10 stocks that market observers are likely to be keeping an eye on on Thursday, February 8.

Feb 08, 2024, 8:30 am IST

Market Previous Session

The Indian stock market closed largely higher, with the Nifty managing to hold its ground at 21,900 despite bouts of volatility. Midcaps continued their stellar performance, with the Midcap Index hitting record highs, while the Sensex experienced a minor setback, falling 34 points to close at 72,152. The Midcap Index stole the spotlight, surging 367 points to reach an impressive 49,352, and the Midcap Index gained 128 points, closing at 45,819. This solid performance by midcap stocks contributed to the overall positive sentiment in the market.