Sensex surges 455 pts, Nifty tops 21,900; IT index jumps 3%, YES Bank 12%

Stock market highlights on February 6, 2024: The Nifty Auto, Metal, and Pharma added over 1 per cent each

11:15 AM

BLS E-Services makes robust debut; zooms 140% over its issue price

BLS E-Services has made a robust market debut with the share price of the company more-than-doubled and zooming 129 per cent to Rs 309, as against its issue price of Rs 135 per share on BSE on Tuesday. On the National Stock Exchange (NSE), the stock of the IT-enabled services company opened at Rs 305, up 126 per cent over its issue price. Read

11:03 AM

ALERT :: L&T Construction secures Large order for its Transportation Infrastructure biz

>> The Transportation Infrastructure Business of L&T Construction has won a prestigious project contract, to construct the Palashbari to Sualkuchi Cable Stayed Bridge across the river Brahmaputra in Assam.

>> The project has been awarded by the Public Works Roads Department (PwRD), Assam to construct a 12.21 Km long bridge

>> Large order falls in the Rs 2,500 to 5,000-cr category

10:50 AM

Markets pricing in 400 seats for NDA in 2024 Lok Sabha elections: Analysts

“The 400-seat target for the NDA (in the general elections) now seems to be par for the course, and the markets are already pricing this in. There is not much enthusiasm, or a huge element of surprise regarding these numbers now. However, that this came from the PM on the floor of the Parliament (on Monday), does carry some weight. What’s more important is that the Bharatiya Janata Party (BJP) – and not NDA – does not fall short of the majority mark on its own,” said U R Bhat, Co-founder and Director, Alphaniti Fintech. READ MORE

10:36 AM

Namonomics vs Manmohanomics: Modi or Singh, who has done better on economy?

In 2003-04, the income-tax liability was zero for annual income up to Rs 50,000, rising to Rs 2.2 lakh in 2013-14 — an increase of more than four times. And yet, Palaniappan Chidambaram, presenting the Interim Budget for 2014-15, as the finance minister, made no mention of what turns out to be a bigger relief to taxpayers. READ MORE

Illustrations by Ajay Mohanty

10:21 AM

Sector Check :: IT index gains 2%, TCS hits record high

10:03 AM

New listing :: BLS E-Services more than doubles on debut

>> Stock lists at Rs 309 on BSE, Rs 305 on NSE

>> Issue price was Rs 135 prer share

>> Listing premium on BSE is 129%

9:58 AM

Comment :: 'No positive triggers to take markets higher'

The near-term market trend indicates exhaustion and there are no clear positive triggers that can take the market to sustained new highs immediately.

An important event coming up is the RBI meeting on 8th. But no positive triggers like a rate cut are likely from the RBI meeting.

The global market construct also is challenging with the 10-year bond yield rising again to 4.13% and the dollar index rising to 104.5.

The positive takeaway is that the U.S. economy is doing surprisingly well and a sharp global slowdown triggered by a possible US recession is very unlikely. This, along with declining inflation in the US, can support global equity markets.

Views by: V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

 

9:43 AM

Heatmap :: IT stocks, Airtel, Maruti take Sensex over 200 pts higher

9:40 AM

India Energy Exchange rises 3.5% on highest-ever volume in Jan 2024

>> Indian Energy Exchange has achieved the highest ever total volumes in January 2024, reaching 10,893 million units (MU) - marking a 26.1 per cent year-over-year increase.

9:35 AM

Zydus Life rallies 5% on buyback plan

>> The Board of Directors will meet on February 9th to consider and approve the proposal of share buyback.

9:34 AM

Shree Cement gains 1.5% after it denies report of I-T search

>> There has been no demand for tax deposition from the Income Tax department, Shree Cement clarified on February 5, hours after reports said the company has been served with a final notice seeking Rs 4,000 crore.

9:32 AM

Bharti Airtel advances over 2.5% post Q3 results

>> It posted a 54 per cent year-on-year (Y-o-Y) increase in its consolidated net profit to Rs 2,442.2 crore in the December quarter. The consolidated revenue from operations grew 5.8 per cent to Rs 37,899.5 crore.

9:31 AM

IndusInd Bank off highs; RBI allows HDFC group to acquire 9.5% stake in bank

>> In a letter dated February 5, 2024, the Reserve Bank of India (RBI) has approved the application of HDFC Bank Limited to acquire an "aggregate holding" of up to 9.5 per cent of the paid-up share capital or voting rights in IndusInd Bank Limited.

9:28 AM

Jio Financial Services slides 4% as it denies report of acquiring Paytm's wallet biz

>> The company has denied being in talks to acquire the crisis-hit One 97 Communications' Paytm wallet. 

>> The stock zoomed 14% on Monday

9:26 AM

Paytm declines for 4th day, down 2%

>> One97 Communications Ltd (OCL), the parent company of fintech major Paytm, has denied reports about investigation or violation of foreign exchange rules by the company or its associate Paytm Payments Bank Limited.