KEY HIGHLIGHTS
US Futures Rise
3:25 p.m., the Dow Jones Industrial Average and S&P 500 futures were trading 0.07% and 0.01% higher. The Nasdaq 100 future was trading 0.11% higher.
Economic Data Releases And Events For Feb 21
US: Flash Manufacturing PMI — 8:15 p.m.
US: Flash Services PMI — 8:15 p.m.
US: Existing Home Sales — 8:30 p.m.
US: University of Michigan Consumer Sentiment — 8:30 p.m.
US: UoM Inflation Expectations — 8:30 p.m.
US: Federal Reserve Governor Philip Jefferson will speak at the Macroeconomics and Monetary Policy Conference, in San Francisco — 10:00 p.m.
Rupee Ends Weaker Against Dollar
Rupee weaker by 5 paise to close at 86.71 against the US Dollar. It closed at 86.66 on Thursday, according to data on Bloomberg.
Market At Close
The NSE Nifty 50 and BSE Sensex ended lower for fourth consecutive session.
The Nifty 50 and Sensex ended lower for second week in a row.
The NSE Nifty Auto is the worst performing sector, while the NSE Nifty Metal rose the most.
Hindalco Industries Ltd., Tata Steel Ltd., and Eicher Motors Ltd. were top gainers.
Mahindra & Mahindra Ltd., Bharat Petroleum Corp., and Adani Ports & Special Economic Zones Ltd. were top losers in the index.
Stock Market Live: Pfizer In Pact With Mylan Pharma
Pfizer has entered into a marketing and supply agreement with Mylan Pharma for the products Ativan and Pacitane, according to an exchange filing.
European Market Update: Most Markets Rise
Markets in eurozone were trading higher Friday as investors await earnings reports. The Euro Stoxx 50 and FTSE 100 were trading 0.09% and 0.01% higher, respectively.
Kinetic Group To Invest Rs 50 Crore To Set Up Battery Manufacturing Unit
To invest Rs 50 crore to set up battery manufacturing unit at Ahmednagar facility
Its Range-X batteries are powered by the latest lithium-ion phosphate technology
The unit will have an annual production capacity of 60,000 battery packs
Plans to supply battery packs to OEMs beyond Kinetic Group
Source: Company statement
CLSA On Auto
Telsa's entry likely to boost the premiumisation of cars in India
Even if we assume that Tesla launches a sub-Rs 2.5m on-road model in India and gains market share
Then too believe the recent de-rating of Mahindra & Mahindra is already pricing this in
Do not believe that Tesla’s entry would have any significant impact on Maruti Suzuki, Hyundai Motors India or Tata Motors
Stock Market Live Update: Adani Enterprises Incorporates Step-Down Subsidiary
Adani Enterprises Ltd. has incorporated a wholly-owned step-down subsidiary, Indore Gujarat Road.
Stock Market Live Update: Can Fin Homes Gets Contract Worth Rs 297 Crore
Can Fin Homes has awarded a contract worth Rs 297 crore to IBM India for infrastructure and security solutions.
Stock Market Live Update: One MobiKwik System To Buy 3.39% In Blostem Fintech
One MobiKwik Systems will acquire a 3.39% stake in Blostem Fintech for Rs 1.5 crore.
Stock Market Today: Maharashtra Scooter Closes Satara Factory
Maharashtra Scooters Ltd. has closed its Satara factory due to non-viability of manufacturing operations and plans to transfer the leasehold rights and machineries for Rs 72.9 crore.
Stock Market Live: Nifty Auto Falls Nearly 3%; Most Share Indices Decline
The NSE Nifty Auto fell 2.90% to the day's low of 22,010.85. It was trading 2.35% down at 21,556.85 as of 11:55 p.m., as compared to 0.49% decline in the NSE Nifty 50 index.
Mahindra & Mahindra Ltd., TVS Motor Co., Samvardhana Motherson International Ltd. were top three losers in the NSE Nifty Auto index.
Stock Market Today: Emkay Global Picks NALCO, Vedanta, & Hindalco Industries
Emkay Global Financial Services Ltd. picked National Aluminum Company Ltd., Vedanta Ltd., and Hindalco Industries Ltd., in the metal and mining space. These companies are likely to generate upward profitability and return. Their valuations are also cheap against the industry.
Stock Market Live Update: Easy Trip Planner In MoU With Korea Tourism Organisation
Easy Trip Planners has signed a Memorandum of Understanding (MoU) with the Korea Tourism Organisation to promote Korea as a leading travel destination for Indian tourists.
Stock Market Live Update: NHPC Clarifies Proposal For Stake Acquisition In PTC India
NHPC has clarified that the proposal for stake acquisition in PTC India is at a very initial stage and still under consideration.
Stock Market Live: BHEL Facing Arbitration By Dipon Gulf
Bharat Heavy Electricals Ltd. is facing arbitration invoked by Dipon Gulf General, which is claiming $29.67 million.
Stock Market Live Update: IREDA Share Price Jumps Over 8%
Indian Renewable Energy Development Agency Ltd. share price jumped over 8% in Friday's session. It was trading 6.27% higher at Rs 184.65 apiece.
Stock Market Live Update: Jyoti Structures Has Strong Order Book Of Rs 2,000 Crore
Jyoti Structures has a strong order book of approximately Rs 2,000 crore, and plans to restart its second tower manufacturing unit at Nashik by the end of March, which will add 33,000 MT to its annual manufacturing capacity.
KEI Industries Share Price Jumps Over 5%
KEI Industries Ltd. share price jumped over 5% in Friday's session as Morgan Stanley initiated coverage on the company with an Overweight with a target price Rs 4,391 apiece. The current target price implied a 17.64% upside from Thursday's closing price.
Stock Market Live Update Today: Religare Enterprises Share Price Jumps Over 9%
Reliagre Enterprises Ltd. share price jumped over 9% as the Burman Group acquired control of the company. The acquisition happened after a prolonged dispute involving ousted chairperson Rashmi Saluja and the US-based investor Danny Gaekwad
Stock Market Live Update: M&M Share Price Declined Over 2%
Mahindra & Mahindra Ltd. share price fell over 2% as the company plans to subscribe to shares of Mahindra & Mahindra Financial Services Ltd. & Mahindra Lifespace Developers Ltd. to full extent of company's rights entitlement
Stock Market Live Update: Bandhan Bank Share Price Rises Over 4%
Bandhan Bank Ltd. share price rose over 4% on Friday after CLSA upgraded the stock rating to Outperform.
CLSA On Bandhan Bank
Upgrade to High Conviction Outperform from Outperform; TP at Rs 220 – 61% potential upside
Believe the Indian microfinance space will go from bad to less bad in 1-2 quarters and from less bad to normal by Q2FY26
Legendary fund manager Anthony Bolton said “The most money in equity markets is made when things go from bad to less bad”
Play on the MFI recovery cycle with gradual migration to secured loans
New management team: don’t expect any legacy baggage
Bandhan is performing better than peers this MFI cycle
Gravitating towards secured lending, no need for capital and multiple very cheap
Macquarie On L&T Technology Services
Double upgrade to Outperform, Target: Rs 6,530, upside 33%
Had earlier downgraded to Underperform in April
This was because other fast growth companies were trading at cheaper valuations
However, now LTTS trades at 11% discount to Coforge, 30% discount to Persistent
Expect growth pick up in Plant and Engineering, margins to benefit from tailwinds
See faster growth possible because of acquisition of Intelliswift
Still expect below peer growth but see more value given steep discount
Nifty, Sensex Open Lower As ICICI Bank & Infosys Share Prices Drag: Opening Bell
The NSE Nifty 50 and BSE Sensex opened lower as ICICI Bank Ltd. and Infosys Ltd. share prices dragged the benchmark indices. As of 9:19 p.m., the Nifty 50 and Sensex declined 0.06% and 0.05% down, respectively.
"Technically, after a gap down open, the market found support near 22800/75500 and reversed. Following this reversal, the market exhibited range-bound activity throughout the day. Additionally, on daily charts, a small candle has formed, indicating non-directional activity," said Shrikant Chouhan, head, equity research, Kotak Securities.
For day traders, the 22,950/75,800 level is crucial to watch. If the market moves above 22,950/75,800, it could rally to the 23,050-23,100/76,100-76,300 range. Conversely, a breach of 22,800/75,500 could change the sentiment, potentially leading to a retest of the 22,725-22,650/75,200-75,000 levels. Given the current market texture is non-directional, level-based trading would be the ideal strategy for day traders, Chouhan said.
ICICI Bank Ltd., Mahindra & Mahindra Ltd., Reliance Industries Ltd., HDFC Bank Ltd., and Kotak Mahindra Bank Ltd. weighed on the Nifty 50 index.
Bharti Airtel Ltd., ITC Ltd., Cipla ltd., Larsen & Toubro Ltd., and Sun Pharmaceutical Industries Ltd. limited losses to the Nifty 50 index.
On NSE, sectoral indices opened mixed. The NSE Nifty Auto declined the most, and the NSE Nifty Realty rose the most.
The BSE Midcap and Smallcap indices were trading 0.60% and 1.28% higher, respectively.
On BSE, 14 sectors advanced while seven declined out of 21. The BSE Industrials rose the most, while the BSE FMCG declined the most.
Market breadth was skewed in favour of buyers. Around 2,143 stocks advanced, 591 stocks declined, and 113 stocks remained unchanged on BSE.
Stock Market Live Update: Nifty, Sensex Lower At Pre-Open
At pre-open, the NSE Nifty 50 was trading 0.24% down at 22,857.20, and the Sensex was trading 0.16% down at 75,612.61.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.70%.
It closed at 6.70% on Thursday.
Source: Bloomberg
Rupee Opens Stronger Against US Dollar
Rupee strengthened by 18 paise to open at 86.48 against the US Dollar.
It closed at 86.66 on Thursday.
Source: Bloomberg
Stock Market Today: Samman Capital's Board Approves To Raise Rs 300 Crore
Sammaan Capital's board has approved a proposal to raise up to Rs 300 crore through a public issue of non-convertible debentures.
Stock Market Live Update: Coforge's Unit Acquires Xceltrait
Coforge's subsidiary, Coforge Inc, has completed the acquisition of all outstanding shares of Xceltrait Inc.
Stock Market Live Update: Eris Lifesciences Avails Credit Facilities Worth Rs 100 Crore Kotak Bank
Eris Lifesciences has availed credit facilities worth Rs 100 crore from Kotak Mahindra Bank Ltd.
Stock Market Today: M&M Plans To Subscribe Fully To Rights Entitlement In Its Units
Mahindra & Mahindra Ltd. plans to fully subscribe to its rights entitlement in Mahindra Finance and Mahindra Life Development , and also plans to subscribe to additional shares, including any unsubscribed portion, up to the total issue size.
Emkay's Positive View on Indian Metal Stocks
Pecking Order: Nalco, Vedanta, Hindalco Ind
Expect Hindalco, Vedanta, Nalco to generate upcycle profitability & returns
Market factoring in 16.5%/11% lower commodity prices for Nalco/Vedanta
Market factoring in 9.8% higher commodity prices for Hindalco
Alert: Stocks pricing in lower commodity prices tend to provide better downside cushion
If spot metal prices uphold, Nalco/Vedanta could see 16.8%/4.4% upgrade to their Ebitda
If alumina, aluminium prices stay higher for longer, near-term earnings would be due for an upgrade
Asia Market Update: Nikkei 225 Falls As Yen Strengthens Against US
Most markets in the Asia-Pacific markets were trading lower tracking overnight movements in the US, and as the Japanese yen strengthens past the US dollar.
The Nikkei 225 was 0.03% down, and the S&P ASX 200 declined 0.21% down. The Hang Seng and CSI 300 were trading 2.49% and 0.34% higher, respectively.
US Market Update: Share Indices Fall From All-Time Highs On Disappointing Walmart Outlook
Share indices declined from all-time highs after Walmart Inc. provided a disappointing sales and profit guidance and expressed concern over consumers' behavior weighed.
On Thursday, the Dow Jones Industrial Average and S&P 500 ended 1.01% and 0.43% down, respectively. The Nasdaq Composite ended 0.47% down.
GIFT Nifty Above 22,800; Cipla, NTPC Green Energy, Vedanta Share Prices In Focus
The GIFT Nifty was trading above 22,800. Cipla Ltd., NTPC Green Energy Ltd., and Vedanta Ltd. share prices will be in focus.
As of 6:59 a.m., the GIFT Nifty was trading 41.50 points, or 0.18% down at 22,874.00.
The NSE Nifty 50 and BSE Sensex extended losses to a third day. The indices ended 0.09% and 0.27% down, respectively.
Intraday, Nifty fell 0.52% but stayed above the crucial support at 22,800, while Sensex lost 0.63% to slip below 75,500. The session also marked the weekly expiry for Nifty contracts.
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