Sensex ends wild session 349 pts up, Nifty at record closing high of 22,197

Stock market highlights on February 20, 2024: The Nifty50 index hit record high of 22,216 in intraday trade

9:04 AM

Currency Alert: Rupee opens flat at $83

9:00 AM

WATCH :: Will IT sector be the dark horse of 2024?

8:56 AM

High institutional demand, supply shock could boost Bitcoin further

The primary reason for the increase in the price of Bitcoin is the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States (US).  They have attracted substantial institutional interest. READ MORE

8:52 AM

Strong Q3 performance stokes more upgrades than downgrades

 Previously, a higher number of companies whose earnings got revised upwards was during the September 2021 quarter. Companies in the infra, power, auto, most US generics, energy and cement saw upgrades. Insurers, select building materials, industrials, chemicals and most consumer discretionary saw downgrades. READ MORE

8:47 AM

Defying trend: Earnings growth no match for rally in CPSU stocks

The BSE PSU index, which tracks the share price of 56 listed CPSUs, has doubled in the past year, compared to a 23 per cent rise in the BSE benchmark Sensex during the same period.  READ MORE

8:42 AM

Stocks to Watch: L&T, Whirlpool, CIE Auto, ESAF SFB, Ujjivan SFB, NBCC

Whirlpool: The promoter firm, Whirlpool Mauritius (WML), which holds 75 per cent stake in the Indian arm, is expected to sell 30.4 million shares, or 24 per cent equity stake, in Whirlpool of India via block deals at Rs 1,230 per share today, suggest reports.
 

Larsen & Toubro (L&T): The engineering conglomerate is preparing the ground to begin the commercial sale of electrolysers in September, which would be 50 per cent cheaper than its European counterparts. READ MORE

8:37 AM

Bias for Nifty PSU Bank turns negative, can dip up to 5%

Looking at the support and resistance levels on the charts for the upcoming week, support is expected to be observed at 6,925 and 6,720. These levels are crucial indicators for potential pullbacks and should be closely monitored by traders READ MORE

8:30 AM

Gift Nifty cues :: Index down 30 points at 22,141

8:26 AM

Commodity Check :: Oil prices mixed; Brent down 0.1%, US WTI rises

8:24 AM

ALERT :: Warm winter drags US natural gas prices to three-decade low

>> Warmer winter temperatures in the US have led to reduced demand for natural gas, resulting in a surplus and pushing prices to their lowest levels in 30 years.

>> The front-month US benchmark price at the Henry Hub settled on Friday at its lowest level since 1995 – except for a few days during peak pandemic in 2020.  

>> It was trading nearly 3% lower Tuesday morning at 1.562 levels.

>> Despite record production levels, major producers are cutting back on drilling activity in response to the oversupply and low prices.
 

>> With high inventory levels and reduced withdrawals from storage, analysts predict a prolonged period of low natural gas prices until the end of the winter season.

Source: Oilprice.com

8:20 AM

Record Japan profits show Nikkei is primed for all-time high

>> Japanese companies have logged record quarterly profits in the three months that ended in December, underpinning the Nikkei 225's advance to all-time high

>> Net income for Topix500 companies rose 46% year-on-year to $93 billion in October-December quarter

>> Companies more willing to raise prices

Source: Bloomberg

8:15 AM

Goldman lifts S&P 500 target; profit optimism to drive rally

>> Just months after setting a 2024 target for the S&P 500 Index, Goldman Sachs Group strategists have boosted their forecast for a second time, reflecting Wall Street's optimistic outlook for earnings.

 

>> Analysts see the S&P 500 gaining to 5,200 by the end of this year, implying a 3.9% rise from Friday's close, raising his forecast from the 5,100 level he predicted in mid-December.

>> Goldman's 5,200 price target for the S&P 500 in 2024 is now among the highest on Wall Street.

Source: Bloomberg

 

8:10 AM

A $6-trillion wall of cash is holding firm as Fed delays cuts

>> Investors have added $128 billion to US money-market funds since the start of the year, Investment Company Institute data show.

>> Companies were sitting on a record $4.4 trillion of cash at the end of the third quarter, and after a flood of more than $1 trillion of T-bills since mid-2023, the market has room for more.

>> It's a stark contrast to just a couple of months ago, when one of the hottest questions on Wall Street was where investors would redeploy all their cash holdings once the Federal Reserve started cutting interest rates and making stockpiles of money less appealing.

Source: Bloomberg

8:04 AM

ALERT :: China boosts property funding with first cut in key loan rate since June

>> China's lenders cut the country's benchmark five-year loan prime rate for the first time since June.

>> The Chinese central bank kept its one-year loan prime rate — the peg for most household and corporate loans in China — unchanged at 3.45%.

>> The benchmark five-year loan rate — the peg for most mortgages — was cut by 25 basis points to 3.95%, according to a statement Tuesday from the People's Bank of China.

>> The cut was larger than expected as a Reuters poll had pegged cut between 5-15 bps.

>> Meanwhile, China cut the reserve ratio requirements for its banks by 50 basis points from Feb. 5, providing 1 trillion yuan ($139.8 billion) in long-term capital, while urging banks to support loans for high-quality real estate developers.

7:58 AM

US index futures :: Trends indicate weakness may persist on Wall Street on Tuesday