Stock Market HIGHLIGHTS: Sensex ends within 70 pts of 60,000, Nifty50 flat; ITC continues to rally, Adani Ent plunges 27%
India Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 finished yet another volatile session on Dalal Street on a mixed note on Thursday, a day after the bulls cheered Finance Minister Nirmala Sitharaman's pragmatic Budget 2023 but sharp falls in in Adani group stocks Adani Enterprises and Adani Ports damaged market sentiment.
Globally, a smaller rate hike by the Fed and its Chair Jerome Powell's rather dovish commentary supported optimism on a sooner-than-anticipated end to the current cycle of aggressive tightening of money policy.
Here are 10 key things to know about the February 2 session on Dalal Street:
1) The Sensex finished the day 224.2 points or 0.4 per cent higher at 59,932.2, having gyrated in a range of almost 800 pts around the flatline during the session. The Nifty50 settled at 17,610.4, down 5.9 points from its previous close, after moving broadly within the 17,400-17,700 range in intraday trade.
2) A total of 30 stocks in the Nifty50 basket finished lower. Adani Enterprises (ADANIENT) and Adani Ports (ADANIPORTS) were the wort hit, closing 26.7 per cent and 7.2 per cent lower respectively.
3) Among other laggards in the 50-scrip basket were UPL, HDFC Life, Eicher, Divi's, Hero MotoCorp, Bajaj Finance and HDFC, falling between 1.8 per cent and 5.8 per cent.
4) Britannia, ITC, IndusInd, Hindustan Unilever, Infosys, Wipro, TCS, HCL Tech and Axis Bank were the top gainers, rising betwene 1.4 per cent and 4.9 per cent.
5) Adani Enterprises, Adani Ports, the HDFC twins and Reliance were among the biggest drags on the Nifty50 headline index.
6) Overall market breadth was skewed in favour of the bears, with an advance-decline ratio of 4:5 as 1,578 stocks rose and 1,926 fell at the close on BSE.
7) The rupee weakened by 25 paise or 0.3 per cent to end at 82.17 against the US dollar.
8) European shares began the day in the green, mirroring gains across Asia, amid strength in tech and realty shares ahead of a key rate decision by the ECB due later in the day. The pan-European Stoxx 600 index was up 0.7 per cent at the last count.
9) MSCI's all-world index was up 0.3 per cent, with its broadest of Asia Pacific shares outside Japan also up 0.3 per cent.
10) S&P 500 futures were up half a per cent, suggesting a positive start ahead on Wall Street.
Catch highlights of market action, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and his discussions with other experts, financial results, investment picks and trading stock ideas — and much more — on ZeeBiz.com's blog:
India Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 finished yet another volatile session on Dalal Street on a mixed note on Thursday, a day after the bulls cheered Finance Minister Nirmala Sitharaman's pragmatic Budget 2023 but sharp falls in in Adani group stocks Adani Enterprises and Adani Ports damaged market sentiment.
Globally, a smaller rate hike by the Fed and its Chair Jerome Powell's rather dovish commentary supported optimism on a sooner-than-anticipated end to the current cycle of aggressive tightening of money policy.
Here are 10 key things to know about the February 2 session on Dalal Street:
1) The Sensex finished the day 224.2 points or 0.4 per cent higher at 59,932.2, having gyrated in a range of almost 800 pts around the flatline during the session. The Nifty50 settled at 17,610.4, down 5.9 points from its previous close, after moving broadly within the 17,400-17,700 range in intraday trade.
2) A total of 30 stocks in the Nifty50 basket finished lower. Adani Enterprises (ADANIENT) and Adani Ports (ADANIPORTS) were the wort hit, closing 26.7 per cent and 7.2 per cent lower respectively.
3) Among other laggards in the 50-scrip basket were UPL, HDFC Life, Eicher, Divi's, Hero MotoCorp, Bajaj Finance and HDFC, falling between 1.8 per cent and 5.8 per cent.
4) Britannia, ITC, IndusInd, Hindustan Unilever, Infosys, Wipro, TCS, HCL Tech and Axis Bank were the top gainers, rising betwene 1.4 per cent and 4.9 per cent.
5) Adani Enterprises, Adani Ports, the HDFC twins and Reliance were among the biggest drags on the Nifty50 headline index.
6) Overall market breadth was skewed in favour of the bears, with an advance-decline ratio of 4:5 as 1,578 stocks rose and 1,926 fell at the close on BSE.
7) The rupee weakened by 25 paise or 0.3 per cent to end at 82.17 against the US dollar.
8) European shares began the day in the green, mirroring gains across Asia, amid strength in tech and realty shares ahead of a key rate decision by the ECB due later in the day. The pan-European Stoxx 600 index was up 0.7 per cent at the last count.
9) MSCI's all-world index was up 0.3 per cent, with its broadest of Asia Pacific shares outside Japan also up 0.3 per cent.
10) S&P 500 futures were up half a per cent, suggesting a positive start ahead on Wall Street.
Catch highlights of market action, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and his discussions with other experts, financial results, investment picks and trading stock ideas — and much more — on ZeeBiz.com's blog:
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Closing Bell | Sensex ends 224 pts higher, Nifty50 flat at 17,610
The Sensex finishes the volatile session with a gain of 224.2 points or 0.4 per cent at 59,932.2, having gyrated in a range of almost 800 pts around the flatline during the session.
Here's how the 30-scrip headline index moved through the day:
The Nifty50 settles at 17,610.4, down 5.9 points from its previous close. The index broadly moved within the 17,400-17,700 range in intraday trade.
Ruchit Jain shares two stock ideas
Ruchit Jain of 5Paisa suggests buying Trent shares for a target of Rs 1,300 with a stop loss at Rs 1,155, and Tata Chemicals above Rs 985 for a target of Rs 1,038 with a stop loss at Rs 954.
ITC shares soar to record high
ITC shares touch a record high of Rs 384.5 apiece, surging by Rs 23.1 or 6.4 per cent with huge volumes.
At this hour, ITC shares are left with a gain of Rs 14.7 or 4.1 per cent at Rs 376.2 apiece. A total of 25.8 lakh ITC shares have changed hands so far today as against a daily average of almost seven lakh in the past two weeks, according to provisional exchange data.
Finance Minister Nirmala Sitharaman on Wednesday announced a hike in the National Calamity Cintingent Duty (NCCD) on cigarettes — or taxes on cigarettes — by 16 per cent, the first increase since the Union Budget for the financial year 2020-21.
HDFC Q3 Results | Net profit increases 13% to Rs 3,690 crore, meets analysts' estimates
HDFC reports a net profit of Rs 3,690 crore for the quarter ended December 2022, marking an increase of 13.2 per cent on a year-on-year basis. Its net interest income grew 13 per cent to Rs 4,840 crore, according to a regulatory filing.
The mortgage lender reported a net inetrest margin (NIM) — a key measure of profitability for financial institutions — at 3.5 per cent, unchanged from the quarter ended December 2021.
According to Zee Business research, HDFC's quarterly net profit was estimated at Rs 3,680 crore and NII at Rs 4,890 crore. Its NIM was estimated to remain unchanged.
Buy Ashok Leyland: Siddharth Sedani
Siddharth Sedani of Anand Rathi Securities has a 'buy' call on Ashok Leyland shares for targets of Rs 158 and Rs 185 with a perspective of 9-12 months.
The Ashok Leyland stock has gained 13.4 per cent in value in the past one year, a period in which the Nifty50 has declined 0.3 per cent.
ITC shares continue to surge, having recovered from initial knee-jerk reaction to Budget 2023 announcements
The Budget 2023 proposes higher taxes on cigarettes.
In an interaction with Zee Business Managing Editor Anil Singhvi on February 1 — the day Finance Minister Nirmala Sitharaman unveiled the Budget for 2023-24, Nirmal Bang Institutional Equities CEO Rahul Arora explained that the higher taxes on cigarettes announced in the Budget will only impact a section of ITC's portfolio.
"This is not a blanket hike on ITC products," he highlighted.
Headline indices turn flat once again amid volatile trade
The Sensex is down 9.6 points at 59,698.5, having swung between gains and losses in a range of more than 700 points earlier in the day.
Ashok Leyland woos Street with strong Q3 performance, January sales
What brokerages make of ITC, Titan, HDFC Life, Zomato shares today
Morgan Stanley, Jefferies, Nomura and Macquarie have placed their target prices for Ashok Leyland in the range of Rs 162-180. Here's what they recommend on the auto stocks now:
| Brokerage | Rating | Target |
| Morgan Stanley | Overweight | Rs 175 |
| Jefferies | Buy | Rs 180 |
| Nomura | Buy | Rs 179 |
| Macquarie | Neutral | Rs 162 |
Check out complete list of brokerage views on key stocks in focus today
ITC, IndusInd, Infosys, UltraTech, Maruti Suzuki top Sensex gainers
Here's a look at the Sensex basket about an hour into the opening bell:
Nifty50 tests 17,650 on the upside and retreats back into the red
Earlier in the day, the 50-scrip headline index slumped to as low as 17,446 owing to heavy selling in Adani Enterprises and Adani Ports — two stocks that are not there in the Sensex universe, and thus saving the 30-strong barometer from heavier losses.
Sensex bounces back 700 pts from day's low; TCS, Infosys, ITC aid recovery
The 30-scrip index makes a comeback to the green and soars all the way to 59,924.7 at the strongest level of the day so far, in a rebound of 709.1 points from its intraday low of 59,215.6.
Here's what the gauge's intraday chart is building up so far:
Traders' Diary | Buy, sell or hold strategy on Hero MotoCorp, Britannia, HDFC Life, RVNL, RailTel, 15 other stocks today
Varun Dubey suggests buying Britannia futures for a target of Rs 4,500 with a stop loss at Rs 4,350.
Kushal Gupta recommends going long on RailTel in the spot market for a target of Rs 118 with a stop loss at Rs 113.