Capping a day marked with muted trading, Indian benchmark indices surged at the end of the trading session on a high note.

After opening at 72,727.87, Sensex had fallen to a low of 72,510.24 earlier in the day, while, Nifty had touched a low of 22,045.85.

However, at close, Sensex was 349.24 points, or 0.48%, at 73,057.40 and Nifty was up 86.95 points, or 0.39%, at 22,209.20.

But the broader market witnessed some weakness with the Smallcap and Midcap indices closing the in the red.

Across sectors, Realty, Bank, Financial Services, and Private Bank indices were up more than 1% at close, while IT, Auto, Metal, Pharma and Consumer Durable indices closed the day in red.

Across sectors, Media, Bank, Financial Services and Realty indices were the top winners.  

In the broader market, the Smallcap and Midcap indices were in the red. 

Top losers on the Nifty were Hero MotoCorp, Bajaj Auto, Coal India, Eicher Motors, and TCS.

Power Grid Corporation, HDFC Bank, Axis Bank, NTPC and Kotak Mahindra Bank, were the top gainers on Sensex, whereas TCS, Bajaj Finserv, Infosys, Tata Steel and ITC were the top losers. 

In a day marked with muted trading, Indian benchmark indices climbed up from the day’s low to trade in the green afternoon on Tuesday.

After opening at 72,727.87, Sensex had fallen to a low of 72,510.24, earlier in the day, while, Nifty had touched a low of 22,045.85.

At 3 pm, Sensex was up 197.14 points, or 0.27%, at 72,905.30 and Nifty was up 37.90 points, or 0.17%, at 22,160.15.

Shares of Apollo Micro Systems Ltd are one of the multibagger stocks that the Indian stock market has delivered in recent years. However, it seems that foreign institutional investors (FIIs) still see some upside in this defence share.

As per the shareholding pattern of Apollo Micro Systems Ltd for the recently ended December 2023 quarter, FIIs are owning 11.01 percent stake in this multibagger defence stock. However, in their previous shareholding pattern shared in November 2023, FIIs were holding a 10.16 percent stake in this company. This means, FIIs raised a stake in this defence stock during Q3FY24. (Read the full story here.)

The Indian markets delivered another resilient earnings season in the December quarter with BSE-100 and Nifty EBITDA growth at 18 percent and 13 percent YoY, respectively; largely led by Industrials and Energy, global brokerage house Citi said in an earnings review note. It further informed that the earnings growth for BSE-100 and Nifty was also ahead at 19 percent and 10 percent YoY, respectively. (Read the full report here.)

Vibhor Steel Tubes IPO listed on BSE and NSE delivering over 180 percent premium. Shares of Vibhor Steel Tubes Limited are listed on BSE at ₹421 apiece whereas on NSE, Vibhor Steel Tubes share price opened at ₹425 apiece. However, the dream debut of Vibhor Steel Tubes shares didn’t end there. The newly listed stock extended its listing gain further and went on to touch an intraday high of ₹446.25 on NSE and ₹442 on BSE, locking in a 5 percent upper circuit within a few minutes of share listing. (Read the full story here.)

Climing off the day’s lows, Indian benchmark indices were in the green at noon on Tuesday.

After opening at 72,727.87, Sensex had fallen to a low of 72,510.24, earlier in the day, while, Nifty had touched a low of 22,045.85.

At 2 pm, Sensex was up 126.36 points, or 0.17%, at 72,834.52 and Nifty was up 16.90 points, or 0.08%, at 22,139.15.

Adani Enterprises started as a commodity trading business in 1988, specialising in agricultural goods and textiles. By the early 1990s, the company broadened its scope to include the import and export of both raw materials and finished products.

Of late it has nurtured a far more diverse portfolio, having strategically invested in sectors that are poised for explosive growth in the coming decade, from green hydrogen to data centres.

This blend of the traditional and new isn’t down to the company merely following trends. It has been venturing into complementary businesses that seamlessly integrate into its overall business. (Read the full story here.)

Banks Q3 Results Review: The third quarter of FY24 was marked by continued moderation in revenue growth, while reasonable net profit growth for the banking sector amid benign credit costs.

The banks delivered 13% year-on-year (YoY) earnings growth during the quarter ended December, led by 11% YoY Net Interest Income (NII) growth and around 45% YoY decline in provisions.

A compression in net interest margin (NIM) was seen across banks in Q3FY24. Loan growth is still showing stable trends at 15% YoY and credit costs are still running well below the long-term average, led by lower slippages. (Read the full story here.)

Rating: ACCUMULATE

Target Price : INR 165

Upside : 4%

CMP : INR 158 (as on 19 February 2024)

Better performance than global peers

DASH lags ZOMATO in terms of revenue & GOV growth in Q4CY23

Improvement in profitability of ZOMATO similar to DASH

Robust growth in grocery delivery business for both companies

In terms of growth outlook, DoorDash expects GOV to reach ~USD 76bn (growth of 13.8% YoY) with adjusted EBITDA margin (as % of GOV) expected to grow 150 bps YoY to 2.2% in CY24. Zomato, on the other hand, expects its topline to grow by 50% over the next couple of years with adjusted EBITDA margin (as % of GOV) of the food delivery business to reach 5% over the same period.

Valuation: reiterate Accumulate with a TP of INR 165

We retain our Accumulate rating with a SOTP-based TP of INR 165. We value the food delivery business at 50x one-year forward EV/EBITDA, Blinkit at 6x one-year forward EV/sales and 2.5x to Hyperpure.

Over the last year, the key benchmark indices Nifty 50, Nifty Midcap 100 and Nifty Small-Cap 100 have delivered returns of 22%, 56% and 66% respectively. Given such returns, analysts have flagged concerns over the current stretched valuation levels of these indices and believe that they are unlikely to see further expansion of multiples.

According to an analysis by HDFC Securities, all three indices seem overvalued at the aggregate level advocating bottom-up stock picking for future returns from here.

However, HDFC Securities’ Retail Research has named three stocks as its fundamental picks. (Read the full story here.)

Climing up from the day’s lows, Indian benchmark indices were in the green in the afternoon on Tuesday.

After opening at 72,727.87, Sensex had fallen to a low of 72,510.24, earlier in the day, while, Nifty had touched a low of 22,045.85.

At 1 pm, Sensex was up 207.99 points, or 0.29%, at 72,916.15 and Nifty was up 27.90 points, or 0.13%, at 22,150.15.

Power Grid Corporation, the largest electric power transmission company in India, saw its shares zoom 4% to ₹287.45 apiece in today’s intraday session after the company board on Monday approved investments worth ₹656 crore for the implementation of electricity transmission projects in the country.

According to the company filing, the Board of Directors approved the implementation of Unified Load Dispatch and Communication (ULDC) Phase-III (SCADA/EMS Upgradation Project –Northern Region SLDCs) at an estimated cost of ₹514.66 crore with a commissioning schedule of November 15, 2025. (Read the full story here.)

Godrej Consumer Products share price gained over a percent in early trade on Tuesday after the company announced the divestment of its entire stake in African subsidiaries.

Godrej Consumer Products along with one of its wholly owned subsidiaries has entered into an agreement for divesting its entire stake in wholly owned subsidiary viz. Godrej East Africa Holdings Limited, Mauritius to HKG Africa Weave Ltd for $3.5 million. (Read the full story here.)

In just four trading sessions, Alpex Solar share price has soared by 246.5%, making its investors very wealthy. Alpex Solar share price today opened at ₹381 on NSE and touch an intraday high of ₹398.45 apiece and touched an intraday low of ₹361.80, at 11:17 IST. Following a bumper listing at ₹329, Alpex Solar share price jumped to ₹380.80 during the previous trading session. Alpex Solar share price today dropped more than 3% is due to profit booking, but eventually recovered.

On Thursday, February 15, Alpex Solar share price was listed at ₹329, which was 186.09% higher than the issue price of ₹115.

Across sectors, Media, FS and Bank indices were the top gainers, while Pharma, IT, Auto and Oil & Gas were the top losers.  

The Smallcap and Midcap indices were in the red at noon.

While Power Grid Corp. was the top gainer on Nifty, up more than 4%, Hero MotoCorp was the top loser, down nearly 4%.

IT and Pharma stocks were the top drag on Sensex.

Climing off the day’s lows, Indian benchmark indices were in the green at noon on Tuesday.

After opening at 72,727.87, Sensex had fallen to a low of 72,510.24, earlier in the day, while, Nifty had touched a low of 22,045.85.

At 12 pm, Sensex was up 167.04.68 points, or 0.23%, at 72,875.20 and Nifty was up 20.55 points, or 0.09%, at 22,142.80.

After rising for five straight sessions, Indian stock market is under pressure in the early morning session on Tuesday as Asian stocks find little cheer from China’s interest rate cut. However, despite a strong rally on Dalal Street, some quality stocks remained almost non-participant and they are still available at a discounted price. Shares of HDFC Bank and State Bank of India (SBI) are one of them.

While the SBI share price seems bottomed out at the end of January 2024 at around ₹605 apiece levels and the banking stock has risen around 25 percent since then HDFC Bank share price has given zero return in YTD. HDFC Bank share price has dipped over 15 percent in YTD time. (Read the full story here.)

Amit Jain, Co-founder and CEO of CarDekho, is one of the judges on Shark Tank India Season 3. He spoke exclusively to LiveMint’s Sounak Mukhopadhyay on his philosophy, strategy and mission to build Bharat 2.0. (Read edited excerpts here.)

The stock market’s engines may have more steam left despite Nifty’s new peak fuelling valuation jitters, analysts said. This is because even as valuations exceed the historic average, earnings of Nifty companies have raced ahead as well.

On Monday, bulls kept up the momentum amid thin volumes to drive the Nifty to a new high, led by ICICI Bank, Reliance Industries, Bharti Airtel, ITC, and Bajaj Finance. (Read the full report here.)

Indian benchmark indices were muted on Tuesday.

At 11 am, Sensex was up 8.68 points, or 0.01%, at 72,716.84 and Nifty was down 27.05 points, or 0.12%, at 22,095.

Reliance Industries share price has risen more than 30% since its closing lows in October’2023. While the investor confidence on Reliance Industries earnings prospects has improved significantly with Retail business and Jio businesses showing regular uptick in earnings, there was some weakness seen in Reliance Industries Oil to chemicals (O2C) business as was evident from Q3 Results. Analysts now see rebound in in earning prospects for Oil to Chemical business of Reliance Industries with strengthening of Diesel spreads and those for Petrochem. (Read the full story here.)

Shares of Federal Bank fell down over 6% on the NSE in early deals on Tuesday after larger private sector lender Kotak Mahindra Bank re-designated KVS Manian as the joint managing director. Manian was reportedly being considered by Federal Bank to succeed Shyam Srinivasan as the managing director and chief executive officer of Federal Bank. On February 15, CNBC-TV18 had reported citing unidentified sources that Federal Bank has shortlisted two internal candidates along with Kotak Mahindra Bank’s Manian for the corner office.

The stellar rally in Indian equities that’s made them an investor favorite has run into headwinds that go beyond elevated valuations.

Earnings misses, the attractiveness of rival markets amid expectations of a dovish policy shift by the Federal Reserve and a nascent recovery in Chinese equities are casting doubts over India extending a rally that saw the nation’s main gauges posting a record eighth straight year of gains in 2023. (Read the full story here.)

State-run Coal India is likely to miss its financial year 2024 production target of 780 MT, its Chairman PM Prasad said during an earnings conference. He added that the company’s e-auction premium has fallen from 117% in December to 45% in the current quarter. E-auctions formed 15% of the company’s overall topline in the December quarter, coming in at ₹5,233 crore out of the company’s ₹33,000 crore topline.

Indian benchmark indices opened in the red on Wednesday, tracking weakness in Asian markets.

At 10 am, Sensex was down 99.16 points, or 0.14%, at 72,609 and Nifty was down 48.30 points, or 0.22%, at 22,033.

The IT services firm, Tech Mahindra said it has acquired 100% stake in Orchid Cybertech Services (OCSI) through its wholly owned subsidiary for a consideration of A$5 million, the company announced in a regulatory filing on Tuesday, February 20. “We wish to inform that the company through its wholly owned subsidiary viz., vCustomer Philippines Inc has today i.e. February 20, 2024 at 05:55 am (IST), approved the acquisition of 100% equity shares in Orchid Cybertech Services,” it stated in the regulatory filing.

In a dramatic twist, Zee Entertainment and Sony Group Corporation are re-engaging in talks to salvage their $10 billion merger, two years after it was called off. Representatives from both sides have held meetings in Mumbai, aiming to overcome key differences and reach an agreement within the next 48 hours, according to a report by Economic Times.

The white goods manufacturer’s promoter, Whirlpool Mauritius Ltd, will sell 24% stake worth $451 million ( ₹3,745 crore) in the company through a block deal on Tuesday, as per a term sheet reviewed by Mint. The liquidity from the stake sale will help the American multinational company pare its debt and deleverage its balance sheet. The block deal will be offered at a floor price of ₹1,230 per share, representing a 7.6% discount from Monday’s closing price of ₹1,331.20 on the NSE.

Across sectors, auto and banking stocks were the most under pressure.  

The Smallcap and Midcap indices were holding onto gains despite weakness in the benchmark indices. 

Across sectors, the Auto index was down more than 1%.

The Banking index was under pressure on the BSE. 

Eicher Motors, Coal India, HDFC Life, Mahindra & Mahindra and Bajaj FinServ, were the top losers on Nifty.

Banking and IT stocks were under pressure at opening bell on Sensex.

Indian benchmark indices opened in the red on Wednesday, tracking weakness in other Asian markets.

At opening bell, Sensex was down 121.09 points, or 0.17%, at 72,587.07 and Nifty was down 42.25 points, or 0.19%, at 22,080.

Indian benchmark indices had a muted start at pre-open on Tuesday, tracking weakness in other Asian markets. The US market was closed on Monday due to a holiday.

At pre-open, Sensex was up 22.53 points, or 0.03%, at 72,730.69 and Nifty was down 23.05 points, or 0.1%, at 22,099.20.

Bank Nifty has made a lower top on the daily charts with some bout of profit booking in psu banks while pvt banks remained flat to positive for the day.

The median average of 45,500 would be a good support for the broader positive momentum to continue and on the higher side 46,800 will give a strong breakout from current levels.

RSI is trending above the average line and we expect the momentum to consolidate at current levels as other indicators are also moving in tandem.

Bank Nifty highest call OI is at 47,000 levels while on the downside put OI will has moved higher to 46,000 levels.

NIFTY-50 has scaled a new all time high and we expect some resistance near to 22,400 levels being the highest call OI in the weekly expiry.

The hourly support range has moved higher to 22,000 levels and on the downside the trend reversal level has moved higher to 21,600 levels.

RSI is overbought on hourly charts and other key technical indicators are poised for some consolidation from current levels.

Highest call OI is at with 22,400 strike while on the downside the highest put OI has moved higher to 22,000 for the weekly expiry.

In a dramatic twist, Zee Entertainment and Sony Group Corporation are re-engaging in talks to salvage their $10 billion merger, two years after it was called off. Representatives from both sides have held meetings in Mumbai, aiming to overcome key differences and reach an agreement within the next 48 hours, according to a report by Economic Times. (Read the full report here.)

The domestic benchmark indices, the Sensex and Nifty 50, ended in green for the fifth straight session on Monday, led by gains in pharma, fast-moving consumer goods (FMCG), and consumer durable stocks.

During Monday’s session, the Nifty 50 touched a fresh all-time high of 22,186.65 before closing 81.55 points, or 0.37%, higher at 22,122.25. At 72,708.16, the Sensex ended at a gain of 281.52 points, or 0.39%. (Read the full report here.)

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the outlook for the Indian stock market is highly bullish. The Prabhudas Lilladher expert went on to add that the Nifty 50 index is now heading for the immediate target of 22,400 and 22,800 levels. However, Parekh said that Nifty today has crucial support placed at 21,800 level and any dip in the index should be seen as a buying opportunity. (Read the full report here.)

A total of 11 stocks have been put under the ban for trade on Tuesday, February 20, 2024, under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as it crossed 95 per cent of the market-wide position limit (MWPL), according to the NSE.

However, the stocks will be available for trading in the cash market. (Read the full report here.)

Shares of Steel Authority of India Ltd (SAIL), Coal India Ltd, Apollo Hospitals Enterprise Ltd, MSTC Ltd, Power Finance Corporation Ltd, Aurobindo Pharma Ltd, Hindustan Aeronautics Ltd, Centum Electronics Ltd, Amrutanjan Health Care Ltd, Hikal Ltd, Majestic Auto Ltd, Precision Wires India Ltd, Refex Industries Limited, TCI Express Ltd, and Choice International Ltd will be in focus when the stock market opens on February 20 (Tuesday). (Read the details here.)