Business Standard

Benchmarks slip, broader indices rally; PSB, FMCG, IT stocks weigh

Stock market highlights on February 23, 2024: Asian Paints, Maruti Suzuki, HCL Tech, NTPC, SBI, TCS, JSW Steel, IndusInd Bank, Bharti Airtel, ITC, Axis Bank, and TCS were the top laggards

Image SI Reporter New Delhi
Traders, brokers, markets, stocks, shares, investments, funds

Closing Bell on February 23, 2024: After hitting a fresh record high of 22,298 in early deals, the benchmark Nifty50 index succumbed to profit booking in the second half dragged by IT and select financial shares.

The index closed at 22,213, down 5 points or 0.02 per cent. The BSE Sensex, on the other hand, ended at 73,143, down 15 points or 0.02 per cent.?

Asian Paints, Maruti Suzuki, HCL Tech, NTPC, SBI, TCS, JSW Steel, IndusInd Bank, Bharti Airtel, ITC, Axis Bank, and TCS were the top laggards, down up to 1.4 per cent.

The broader markets, meanwhile, held gains with the BSE MidCap and SmallCap indices shutting shops 0.15 per cent and 0.53 per cent higher, respectively.

Among sectors, the Nifty Realty gained 1 per cent, the Nifty Pharma 0.4 per cent, and the Nifty Auto 0.2 per cent. The Nifty PSU Bank index, on the flipside, fell 1.15 per cent.?

3:56 PM

Comment :: What all happened in the markets today?

The domestic market paused momentarily today after reaching another record high earlier in the day, driven by positive signals from global markets. Notably, the capital goods and industrial sectors showed strength, supported by advancements in manufacturing and services. As the earnings season winds down, the market is eagerly awaiting new catalysts however rallying on the pre-election momentum. Concerns linger over rising crude oil prices, surging US bond yields, and stretched valuations, likely prompting continued selling by FIIs.

Views by: Vinod Nair, Head of Research, Geojit Financial Services.
?
3:53 PM

Comment :: Key levels to watch on Nifty

Nifty opened higher but failed to sustain the morning momentum, leading to a closing at the day's low due to profit booking. However, the sentiment remained positive for the short term as the index closed above the crucial resistance level of 22,200, with the next resistance seen at 22,400. Short-term support is positioned at 21,900. As long as Nifty maintains levels above 21,900, the index may continue to be considered a buy on dips.

Views by:?Rupak De, Senior Technical Analyst, LKP Securities.
3:51 PM

Comment :: Key levels to watch on Nifty Bank

The Bank Nifty index maintained its robust momentum, breaking past the 46,500 level, which is now established as a formidable support. Any retracement towards this support zone presents an ideal opportunity to initiate long positions, targeting an upside of 48,000.

The immediate hurdle for the index is situated at 47,100, and a conclusive break above this level would signify a resumption of the uptrend toward the mentioned targets of 48,000.

Views by:?Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
3:45 PM

Currency check :: Rupee ends 10 paise lower

3:42 PM

Broader markets :: Mid, SmallCap indices outshine, SmallCaps lead

3:41 PM

NIFTY HEATMAP :: Gainers and losers tussle on Nifty

3:39 PM

CLOSING BELL :: Nifty holds 22,200 despite volatility

3:37 PM

CLOSING BELL :: Sensex ends range-bound trade in the red

3:28 PM

ALERT :: Orchid Pharma receives approval by USFDA for ‘Enmetazobactam’

>> This USFDA approval paves the way for the introduction of Enmetazobactam in the United States, the largest pharmaceutical market in the world.

>> The product is expected to be launched within the next couple of quarters in the US market.

>> This New Drug Approval (NDA) allows the use of Exblifep (Cefepime and Enmetazobactam) as an injection for the treatment of patients 18 years and older with complicated urinary tract infections (UTI).

Source: BSE filing?
?
3:15 PM

ALERT :: Kalyani Steels signs MoU with Govt of Odisha to enter into defence component manufacturing

3:03 PM

Bandhan Bank's micro challenges: Unsecured loan book, CEO's tenure

It is 10 years since Bandhan Financial Services became the first microfinance institution (MFI) to receive the universal bank licence. A year later, in 2015, it started operations. Bandhan’s entry into banking was seen as a vote of confidence by the Reserve Bank of India (RBI) for the country’s microfinance sector. Read
With the IDFC buy, Kolkata-headquartered Bandhan group will gain an entry straightway into the top-10 club.
2:50 PM

Ambuja Cements hits new high; here's why stock has rallied 46% in 3 months

Shares of Ambuja Cements hit an all-time high of Rs 608.50, up 3 per cent on the BSE in Friday’s intra-day trade, amid the ongoing rally. The stock of Adani group company surpassed its previous high of Rs 598 registered on December 9, 2022. Read
Ambuja Cements
2:39 PM

IPO Update: GPT Health issue subscribed 65% so far on day 2

Retail portion fully subscribed, NIIs' halfway through at 50 per cent. Zero subscription by QIBs.?
2:30 PM

IPO Update: Juniper Hotels issue fully subscribed on last day

QIB and Retail portions subscribed over 1 times each.?
2:19 PM

Goldman Sachs downgrades SBI, ICICI Bank, says 'Goldilocks period' ending

Turning cautious on the Indian banking sector, global brokerage Goldman Sachs, on Friday, downgraded some stocks from the pack, including State Bank of India and ICICI Bank, as it believes the "Goldilocks period" for the sector may be coming to an end. Read
Photo: Reuters
2:05 PM

Kalyani Steel signs MoU with Odisha govt for projects worth Rs 11,750 crore

It has signed a Memorandum of Understanding (MOU) with Odisha govt to setup a 0.7 MTPA Integrated Advanced Specialty Steel and Automotive Components Manufacturing Complex with an estimated investment of Rs 6,626 crore.

And Pphase 1 of Integrated Titanium Metal / Alloy and Aerospace & Defense Components Manufacturing Plant of 10,000 TPA capacity with an estimated investment of Rs 5,124 crore in the state.??
1:45 PM

'Manufacturing sector should contribute quarter to India's economic growth'

The manufacturing sector needs to contribute a quarter to India's economic growth amid its ambition of becoming a USD 30-trillion economy by 2030 and a developed country (Viksit Bharat), M&M group Managing Director and CEO Anish Shah said on Friday. Read
Anish Shah, MD and CEO, Mahindra Group
1:33 PM

Indo Count rallies 7%, hits record high on strong earnings growth prospects

Shares of Indo Count Industries (ICIL) hit a record high of Rs 327.15 as they rallied 7 per cent on the BSE in Friday's intraday trade, amid heavy volumes, on hopes of strong earnings growth. The stock of the world's largest bed-linen player surpassed its previous high of Rs 319.50 touched on December 5, 2023. Read
Photo Credit: www.indocount.com
1:16 PM

Byju's investors file oppression, mismanagement suit against CEO, others

A group of four investors of Byju's has filed an oppression and mismanagement suit against the management of the company before the Bengaluru bench of the NCLT, seeking declaring of founders, including CEO Byju Raveendran, as unfit to run the company, and appointing a new board. Read
Byju's
1:04 PM

Domestic business, US launches to drive gains for Zydus Lifesciences

The stock of pharma major Zydus Lifesciences hit lifetime highs this week and has gained 40 per cent over the last three months. More than half the gains for the stock came in the last one month. Read
Cadila Healthcare changes name to Zydus Lifesciences Limited

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First Published: Feb 23 2024 | 8:06 AM IST

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