Sensex drops 354 pts in fag-end, Nifty below 21,800; RIL, Airtel weigh

Stock market highlights on February 5: Among sectors, the Nifty Pharma, and Auto indices rallied over 1 per cent each

9:10 AM

Pre-Open Session :: Nifty holds 21,900

9:09 AM

Pre-Open Session :: Sensex rises nearly 200 pts

9:05 AM

Currency Alert: Rupee weakens 10 paise to open at 83.03/$

9:01 AM

Tata Motors shifts into high gear with Jaguar Land Rover at the wheel

The Street’s optimism on India’s largest listed automotive maker by market capitalisation is not misplaced, given the robust wholesale performance in recent months and the strong 2023-24 (FY24) October-December (Q3) results. Read

8:57 AM

Can go to NCLT to enforce Sony merger deal after SIAC rejects petition: Zee

Zee Entertainment can ask an Indian tribunal to enforce a $10 billion merger with Sony's Indian unit after a Singapore arbitration centre rejected an emergency petition by the Japanese company for a stay of proceedings, Zee said on Sunday. Read

8:52 AM

Watch: Is there more pain ahead for Paytm stock?

8:47 AM

Monetary policy: RBI likely to hold rates for sixth time, shows BS poll

The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) might maintain the status quo for a sixth consecutive policy review, said all 10 respondents in a Business Standard poll. The RBI will announce its decision after a review of its policy on February 8. Read

8:42 AM

RBI curbs on Patym to have major impact but valuation remains attractive

The recent Reserve Bank of India (RBI) diktat gives Paytm Payments Bank (PPBL) time till February 29 to wind down its operations. This will have a substantial impact on One97 Communications (OCL), which is the listed Paytm entity. The stock has taken a hammering with two successive lower circuits. Read

8:38 AM

Q&A | Commendable eschewal of populist schemes: Motilal Oswal Fin Services CEO

The government’s decision to resist any populist schemes ahead of elections and its commitment to bring down the fiscal deficit are commendable, says MOTILAL OSWAL, group managing director and chief executive officer of Motilal Oswal Financial Services. In an email interview, Oswal states that buoyant economic activity, declining input costs, and strong corporate earnings growth will keep sentiment positive. Read here

8:32 AM

DIIs buy equities worth Rs 2,463 crore Friday

8:28 AM

FIIs bought shares worth Rs 71 crore Friday

8:24 AM

Nifty, Bank Nifty: Wait for confirmed breakout from trading range

The Nifty 50 Index, currently at 21,853.80, faces a notable resistance zone around 22,200. Should the index breach this level, a near-term correction on the charts becomes plausible.
 

On the downside, breaking below 21,650 could trigger a corrective phase, with support levels at 21,200 and 20,800. The most prudent trading strategy in this scenario is to wait for these critical levels to be breached before initiating trades in the direction of the violation. Read

8:19 AM

Stocks to Watch today, Feb 5: Paytm, SBI, TaMo, IndiGo, ZEE, Airtel, VBL

State Bank of India: The country's largest lender, reported a net profit of Rs 9,164 crore in the October-December quarter (Q3FY24), down 35.5 per cent from Rs 14,205 crore in the same period of the previous year (Q3FY23), due to a Rs 7,100 crore provision for pension liabilities. Sequentially, the public sector lender’s profit was down by 36.05 per cent.
 

Paytm (One97 Communications): The company, which has been under the Reserve Bank of India's line of fire, may react to multiple news reports.
 

First, a report in the Hindu BusinessLine suggests the company is in exploratory talks with a few interested investors to sell the wallets business, which is housed under Paytm Payments Banl. HDFC Bank and Jio Financial Services are said to be among the forerunners to acquire the same, the report added.
 

Second, the RBI had reportedly found hundreds of thousands of accounts at the bank created without proper identification. The central bank is concerned some of these accounts may have been used to launder money. 
 

Paytm Payments Bank, however, has clarified that neither the firm nor Vijay Shekhar Sharma, One97 CEO, were under enforcement directorate scrutiny for money laundering.
 

Third, stock exchanges have revised the circuit limits for Paytm to 10 per cent from 20 per cent, after the stock crashed 36 per cent in two days

Tata Motors: On Friday, the Tata group company reported a 137.5 per cent Y-o-Y jump in consolidated net profit at Rs 7,025 crore for Q3FY24. READ

8:14 AM

Bond traders pin hopes on dovish RBI pivot to extend Budget rally

Bond traders in India are anticipating that a fiscally prudent budget may prompt the central bank to signal a dovish monetary policy tilt, and extend the best rally in more than year.
   

Yields slid to a seven-month low last week after New Delhi unveiled a borrowing plan that was below market estimates. That’s strengthening the case for the Reserve Bank of India to shift from the withdrawal of accommodation to a neutral stance in its Feb. 8 meeting or the next, according to traders. Read

8:09 AM

China securities regulator vows to guide more funds into equity market

China Securities Regulatory Commission on Sunday said it would act to prevent abnormal fluctuations, and guide more medium- and long-term funds into the market.

This comes after Chinese shares sank to a five-year low in chaotic trading on Friday, but policymakers offered no specifics on how they plan to end a selloff that’s erased more than $6 trillion of value and dented confidence in the world’s second-largest economy.

Via Bloomberg