Sensex gyrates 1,175 pts intraday, ends 535 pts higher; Nifty tops 22,200

Stock market highlights on Thursday, February 22, 2024: The Nifty50 index hit a record high of 22,252.5 in late deals

9:08 AM

Pre-Open: Sensex gains 50 pts

9:03 AM

Currency Alert: Rupee strengthens 4 paise to open at 82.9/$

8:59 AM

WATCH | Are markets overvalued at current levels?

8:55 AM

Gautam Chhaochharia appointed as UBS' head of global markets in India

Earlier, he was the deputy head of APAC Research based in Hong Kong. Chhaochharia began his stint at UBS as an analyst covering midcaps and became the head of research in 2013. READ MORE

8:51 AM

SBI becomes 5th most valuable firm in terms of mcap, surpasses Infosys

In the ranking of top 10 most valued firms, Reliance Industries continued to rule the chart followed by Tata Consultancy Services, HDFC Bank, ICICI Bank, SBI, Infosys, Life Insurance Corporation of India, Bharti Airtel, Hindustan Unilever and ITC. READ MORE

8:48 AM

Hero MotoCorp losing rural 2-wheeler market share to other companies

Hero MotoCorp, India’s largest two-wheeler maker, has seen a decline in its market share in rural areas since 2018, losing ground to major competitors such as TVS Motor Company, Bajaj Auto, and Honda Motorcycle & Scooter India (HMSI), according to data from JATO Dynamics reviewed by Business Standard. READ MORE

8:45 AM

Cabinet clears hike in sugarcane FRP by Rs 25 to Rs 340 per quintal

"Keeping in view interest of sugarcane farmers (GannaKisan), the Cabinet Committee on Economic Affairs has approved Fair and Remunerative Price (FRP) of sugarcane for sugar season 2024-25 (October - September) at Rs 340 per quintal for a basic recovery rate of 10.25 per cent," I&B Minister Anurag Thakur said at a media briefing. READ MORE

8:41 AM

Stocks to Watch today: RIL, LTIMindtree, Marurti, NBCC, Axis Bk, Zee, Sugar

Zee Entertainment: The Securities Appellate Tribunal (SAT) will on Thursday hear an appeal filed by Subhash Chandra, chairman of Essel group, against an order passed by the market regulator in the alleged fund diversion matter.

 

Axis Bank: Global rating agency Moody’s on Wednesday affirmed private lender Axis Bank’s ‘Baa3’ long-term deposit ratings, reflecting a diversified loan portfolio and above-industry average profitability to support internal capital generation and its strong solvency. It maintained a stable outlook on the ratings. READ MORE

8:36 AM

Nifty Energy: Look for opportunities to sell on rise

Traders can consider utilizing this potential bounce for selling positions, targeting a support level at 39,000 and a subsequent one at 38,400. This strategy aligns with the negative trend observed on the charts and aims to capitalize on the anticipated downward movements. READ MORE

8:31 AM

Gift Nifty cues :: Index rises 68 points to 22,138 levels

8:27 AM

Greed returns to China's stock market as policy buoys confidence

>> Investors in Chinese equities are becoming increasingly greedy as efforts by policy makers to stabilize the stock market gave a boost to confidence.

 

>> The so-called Fear and Greed indicator, a measure of buying strength versus selling strength, for the CSI 300 Index rose to its highest level since last January, suggesting the gauge may enter a period of strength.

>> The benchmark has gained almost 1% so far this year, after posting an unprecedented third year of losses in 2023.

Source: Bloomberg

8:23 AM

US elections :: Half of Japanese firms see another Trump presidency as risk

>> Roughly half of Japanese firms see another Donald Trump presidency as a potential risk to business, with the prospect of increased protectionism.

>> Corporate Japan remains downbeat on China, with more than half at least somewhat pessimistic on the Chinese market over the next five years, Reuters' survey showed.

>> Former President Trump has promised to block the proposed takeover of United States Steel, opens new tab by Nippon Steel, opens new tab should he be re-elected in November, highlighting the risk of growing protectionism in the world's top economy, a key market for Japan.

>> Some 49% of firms in the monthly Reuters corporate survey named a Trump presidency as a risk, with only 3% saying it was an opportunity.

>> A total of 54% of firms cited increasing protectionism worldwide as among their greatest worries for a second Trump presidency.

Source: Reuters

8:18 AM

Chinese hedge funds struggle to calm investors amid losses, regulatory pressure

>> Chinese hedge fund managers are scrambling to soothe investors after a rout in small-value stocks, even as regulators step up scrutiny of major market players' activities as they try to revive the country's ailing stock markets.

>> Firms such as High-Flyer Quant Investment and Baiont Quant, which are hedge funds that deploy quantitative strategies using mathematical and statistical techniques, wrote to investors this week explaining their recent glaring underperformance and promising to beef up risk management, according to letters seen and verified by Reuters.

Source: Reuters

8:12 AM

ALERT :: South Korea holds rates steady

>> South Korea's central bank left interest rates at a 15-year high on Thursday amid signs that the weaker economy is slowing inflation

>> The Bank of Korea held its benchmark interest rate at 3.50% at a policy review in Seoul, keeping it unchanged for a ninth straight meeting as expected by all 38 analysts polled by Reuters.

>> The BOK kept its economic growth forecast for this year unchanged at 2.1% and inflation at 2.6%.

>> BOK board members have warned acting too soon could trigger a resurgence in price pressures especially due to upside risks from supply-side constraints.

Source: Reuters

8:05 AM

Oil price :: Brent crude ease as Fed says interest rates have peaked