Banks, RIL drag Sensex 311 pts down, Nifty below 17,850; Adani Ent falls 6%

CLOSING BELL: Maruti Suzuki, Kotak Bank, SBI, HDFC, Axis Bank, Titan, Bajaj Finance, HDFC Bank, ICICI Bank, Nestle India, and RIL were the top Sensex laggards, falling in the range of 1 - 1.4 per cent

9:04 AM

ALERT :: Surya Roshni bags order worth Rs 113.63 crore from BPCL

9:02 AM

Rupee Opening :: INR opens higher at 82.69/$ vs Friday's close of 82.83/$

8:57 AM

Street signs: Nifty Next 50 rebalance, home-grown tech stocks, and more

Home-grown tech stocks may turn sideways

Indian information technology (IT) stocks are back in the reckoning amid sharp rally in global technology (tech) stocks. The Nasdaq has gained 13.3 per cent so far this year. The BSE IT Index has gained 7 per cent in 2023, even as the benchmark Nifty is down 1.4 per cent. Last calendar, the gauge for IT stocks had dropped 24 per cent, mirroring losses in the tech-heavy Nasdaq. “There is buying on the institutional side and some on the high networth individual side. READ MORE

8:52 AM

Stocks to watch: HUL, United Breweries, Motherson

Infosys: The IT services company has appointed Shaji Mathew as the group head of human resources with effect from March 22, 2023. Shaji will be taking over from Krish Shankar who retires on March 21, 2023.

 

United Breweries: The Supreme Court admitted appeals against a National Company Law Appellate Tribunal (NCLAT) order upholding the Rs 873-crore penalty imposed by CCI on United Breweries (Rs 750 crore) and other beer makers and has stayed the proceedings to recover the penalty, subject to the beer makers depositing an additional 10 per cent of the penalty. The CCI, on September 24, 2021, imposed penalties of over Rs 873 crore on UBL, Carlsberg India, All India Brewers' Association (AIBA) and 11 individuals for cartelisation in the sale and supply of beer. READ MORE

8:48 AM

Here's why the Nifty can rally to 18,200; Ravi Nathani explains

Nifty

Outlook: Bullish

 

The index has a positive near-term trend, indicating a bullish sentiment among investors. However, it is crucial to note that the index has strong support levels between 17,750-17,800.

 

A close below this range could trigger further correction on the charts, with the next support levels at 17,650 and 17,525. The best trading strategy for traders would be to buy the index on dips or at the current market price, with a target of 18,200 and 18,400. READ MORE

8:44 AM

FPIs shift focus back on Indian market; invests Rs 7,600 cr in a week

"As the markets began to recover from the Adani shock, the flows from FPIs also improved, suggesting their renewed interest in the prospects of the Indian equity markets," Himanshu Srivastava, Associate Director - Manager Research at Morningstar India, said. READ MORE

8:41 AM

Minda Corp set to focus on organic growth after 15.7% Pricol buy

Auto component maker Minda Corporation’s first focus remains on organic growth. And, the purchase of 15.7 per cent shares in Pricol for Rs 400 crore is just a financial investment right now, said Minda’s strategy head Anshul Saxena on Sunday. READ MORE

8:37 AM

Hero plans to expand electric two-wheeler range over next 12-18 months

"With the launch in the three cities -- Delhi, Bengaluru and Jaipur -- where the customers are really taking up to the product and the overall sales and pre-sales experience...we are really ready to now multiply into many cities going into FY24 to establish ourselves wider into the market," Hero MotoCorp Head - Emerging Mobility Business Unit (EMBU)- Swadesh Srivastava said during an analyst call. READ MORE

8:33 AM

Samvardhana Motherson to buy SAS from Faurecia for Rs 4,790 crore

The EV business constitutes nearly half of the total net revenues of SAS. It manufactures cockpit modules and other components for EVs of European auto majors, such as Volkswagen, Škoda Auto, Mercedes-Benz, Porsche, Audi, and Chrysler.

 

About 60 per cent of SAS’ revenues come from Europe, 31 per cent from the Americas, and 9 per cent from China. READ MORE

8:29 AM

Hindenburg effect: Adani maps comeback strategy after $132 billion rout

Adani and his aides have been in damage repair mode ever since. Besides a campaign to portray themselves as responsible borrowers with prepayments and on-time payments of debt, executives have also kicked off a series of meetings to pacify overseas bondholders, who were tapped by the tycoon for more than $8 billion funding in recent years. READ MORE

8:26 AM

Fund Flow :: DIIs sell equities worth Rs 85.29 on February 17

8:24 AM

Fund Flow :: FIIs sell equities worth Rs 624.61 crore on February 17

8:22 AM

Oil prices in check; Brent crude below $85/bbl

8:20 AM

SGX Nifty hints at flat-to-positive start

8:17 AM

Global update :: Asian peers largely positive