Sensex sinks 434 pts in fag-end, Nifty holds 22,050; ZEE tanks 14%

Stock market highlights on February 21, 2024: In the broader markets, the BSE MidCap index fell 1.27 per cent, while the BSE SmallCap index declined 0.84 per cent

8:48 AM

Paytm doubling down on banking partnerships to streamline business

“There is a revised deadline in place, and the company is looking to accelerate the finalisation of banking partnerships since the deadline is less than a month away. It is in talks with HDFC Bank, Axis Bank, and others for these partnerships. This includes arrangements for BBPS, and more focus on acquiring merchants,” a person in the know said. READ MORE

8:45 AM

Stocks to Watch today: Zee, Hindalco, RIL, Tata Power, Paytm, TVS Supply

Hindalco: Atlanta-based Novelis Inc, a wholly-owned subsidiary of the Aditya Birla group’s Hindalco Industries has filed for an IPO in the US.
 

Devyani International: Yum Restaurant India to sell up to 4.4 per cent stake in the company via block deals today. The floor price is set at Rs 153.50 per share.
 

TVS Supply Chain Solutions: Sealed a 5-year contract extension with Rolls-Royce till 2029. The partnership extension is for the state-of-the-art Parts Distribution Centre (PDC) in Singapore serving the Asia Pacific markets for Rolls-Royce’s Power Systems business unit. READ MORE

8:40 AM

Gift Nifty cues :: Index tests 22,250 levels with 31-point gain, defies weak Asian cues

8:38 AM

Tech picks: JK Lakshmi, Castrol can rally up to 20%

The Nifty seems to have broken out from the consolidation which was there for last 7 consecutive weeks. Nifty has also broken out from the bullish cup and handle formation on the daily chart, which indicates continuation of an uptrend. READ MORE

8:34 AM

Nifty IT: 37,780 is the make or break level

The Nifty IT Index currently exhibits a negative bias, with a key level at 37,780. A breach of this level could attract fresh selling, with support expected at 37,400 and 37,125. Traders should closely monitor the index's behavior to make informed decisions in response to the prevailing market conditions. READ MORE

8:29 AM

Hindalco Industries subsidiary Novelis files draft papers for US IPO

Novelis’ statement came after the market hours of the Indian stock markets. Hindalco shares closed at Rs 511 apiece on Tuesday, giving it a total valuation of Rs 1.15 trillion. Novelis did not give any details on the dilution by its promoter or the proposed valuation of the company. READ MORE

8:25 AM

Sentiment at large Japanese firms sours in February: Survey

>> Business sentiment at large Japanese firms soured in February, according to the monthly Reuters Tankan survey.

>> The data fuels fears of further economic weakness in Japan, after data last week showed the economy slipped into a technical recession.

 

>> The sentiment index for manufacturers stood at -1, compared to +6 in January.

>> Separately, the poll also showed the service sector index at +26, down from +29 in January. 

 

Source: Reuters

8:22 AM

Australia’s annual wages rise at fastest pace in 15 years

>> Australia’s annual pay growth inched up to 4.2%, marking the fastest annual pace in 15 years

 

>> On a quarterly basis, Australian wages jumped 0.9% in 2023′s December quarter, largely driven by the education and training sector, as well as the healthcare and social assistance industry

>> The figure matched expectations of analysts polled by Reuters.

 

Source: CNBC

8:16 AM

UBS hikes its S&P 500 target to 5,400, highest on Wall Street

>> UBS Global Research on Tuesday raised its year-end forecast for the benchmark S&P 500 index to 5,400, marking the highest projection among major global brokerages.

>> On Tuesday, the broker lifted the target for the equity index further to 5,400, implying roughly 8% upside through year-end and marking a new Street high.

 

>> As for the specific sectors, the strategists said Health Care remains their preferred choice within defensive investments
 

>> In addition, the financial sector stands to gain from increasing interest rates, a possible rebound in mergers and acquisitions (M&A) activity, and relaxed lending criteria, the team added.

 

>> Moreover, UBS also revised its 2024-2025 earnings outlook.

Source: Agencies

8:13 AM

Nvidia has its worst day in months

>> Nvidia made waves last week when it surpassed Amazon and Google parent Alphabet to become the third-most valuable company in the US.

>> Thanks to the surge, even companies that the AI chipmaker has stakes in felt their own ripple effects of the interest in Nvidia.

 

>> Nvidia stock on Tuesday had its worst day since October 2023, a day before the company is set to report quarterly earnings. 

>> On Tuesday morning, its stock price was $741 per share, with a market cap of $1.83 trillion (ahead of Amazon’s $1.75 trillion and Alphabet’s $1.78 trillion at market open).

>> Then Nvidia shares plunged as much as 8.6%, sending its market cap as low as $1.67 trillion before the company’s stock began to recover.

>> Altogether, the company lost $78 billion in market value on Tuesday.

Source: Quartz
 

8:09 AM

China restricts quant fund Lingjun in effort to boost market

>> China's stock exchanges on Tuesday said major quant fund Lingjun Investment had broken rules on orderly trading and barred it from buying and selling for three days, as part of wider regulatory efforts to revive market confidence.

 

>> Orders from Lingjun to dump stocks in early trade on Monday coincided with rapid declines in the benchmark indexes, the Shenzhen and Shanghai stock exchanges said, adding they would restrict the hedge fund’s trading until Feb 22.

>> One of China’s biggest quant funds, Lingjun manages more than 60 billion yuan (S$11.2 billion), the company says on its website.

Source: Reuters
 

8:07 AM

ALERT :: Japan's exports in January rise 11.9% year on year

>> Japan's exports rose 11.9% in January year on year, according to official data.

 

>> The reading beat Reuters’ estimates of a 9.5% rise.

>> The country’s imports fell 9.6%, compared with projections of a 8.4% decline.

 

>> Japan’s posted a trade deficit of 1.758 trillion yen ($11.73 billion), compared with a surplus of 68.9 billion yen in December.

Source: Agencies

8:04 AM

Asian markets :: Hang Seng reverses losses, moves nearly 2% higher

8:03 AM

Wall Street overnight :: Indices start holiday-shortened week with losses

7:47 AM

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