Tuesday, December 24, 2024 | 11:12 PM ISTEN Hindi

MARKET WRAP: Sensex slips 71 pts as RBI holds repo rate; financials decline

All that happened in the markets today

SI Reporter New Delhi

(Photo: Kamlesh Pednekar)

9:16 AM

Market at Open

9:12 AM

ICICI Bank business approach gets Street thumbs-up; stock at all-time high

The stock of ICICI Bank hit an all-time high of Rs 531.35 in intra-day trading on Wednesday, before ending the day with 4 per cent gains over previous close at Rs 529.35. This was a day after the lender presented its business perspective to analysts.

Among the key highlights of the analysts’ day event were ICICI Bank’s digital and technical initiatives, which should help it accelerate growth across all business verticals. The bank said it would focus on opportunities in the entire ecosystem, besides calibrating risk to propel operating profit through its approach of ‘One Bank One RoE’. A profitability indicator, RoE stands for return on equity. READ MORE

9:03 AM

Top gainers and losers on S&P BSE Sensex during Pre-open

9:02 AM

Market at Pre-open

9:02 AM

Market at Pre-open

9:01 AM

Rupee opening

Rupee opens higher at 71.48/$ vs Wednesday's close of 71.52 against the US dollar

8:58 AM

Enter mid-caps segment with a longer-term horizon, invest through MF route

The Nifty50 index has moved up 11.71 per cent over the past three months. Even the mid-cap and the small-cap index have shown signs of revival. The Nifty Midcap 100 index is up 11.37 per cent and the Nifty Small cap 100 is up 7.89 per cent over this period.

Investors are wondering if this is a good time to enter these stocks. Valuation gap has narrowed: Mid- and small-cap indices were more expensive than the large-cap index in December 2017. READ MORE

8:51 AM

RBI likely to cut rates for sixth time this year, try help growth

The Reserve Bank of India is set to deliver its sixth straight interest-rate cut Thursday, shrugging off a spike in inflation as it stays doggedly focused on supporting economic growth.

While all 34 economists surveyed by Bloomberg News as of Wednesday expect a reduction, the majority expect a quarter-point cut, with the rest expecting reductions of 15 basis points to 50 basis points. The RBI has cut borrowing costs by 135 basis points so far in 2019 to a nine-year low of 5.15%. READ MORE

RBI governor Shaktikanta Das

8:44 AM

Stocks to watch

Bharti Airtel on Wednesday announced a $3-billion fund raising, including through qualified institutional placement (QIPs), mainly to pay dues linked to the adjusted gross revenue (AGR) as directed by the Supreme Court (SC) recently.

RIL: Goldman Sachs Equity Research has increased the 12-month target price of the shares of Reliance Industries to Rs 1,850 per share. The equity research firm also raised the earnings estimate for financial year 2021-22. READ MORE

8:37 AM

Nifty outlook and top trading ideas by CapitalVia Global Research Limited

Wednesday’s tail end recovery brings optimism ahead of weekly expiry

In the first half of Wednesday's trading session, Nifty heavyweights Reliance Industries (RIL), Larsen & Toubro (L&T), and HDFC were gripped by bear. On the other hand, Tata Motors' share price gained 7 percent on after a double-digit growth in Land Rover lifted overall sales in the United States. Nifty closed with a positive bias after hovering through a wavy course ahead of the Reserve Bank's policy meet outcome. Sectoral perspective says that the action of optimism for fresh buys are visible in sectors like metals, consumer durables, IT and banking stocks. From Nifty option chain, we can see near next support level for Nifty will be at 12,000. READ MORE

8:33 AM