Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed on a flat note. The NSE Nifty 50 closed 1.10 points or 0.01% higher to settle at 21,930.50, while the BSE Sensex lost 34.09 points or 0.05% to settle at 72,152.00. The broader indices closed in the green, with midcap and smallcap stocks surging the most. Bank Nifty index gained 127.70 points or 0.28% to settle at 45,818.50.
The NSE Nifty 50 closed 18.55 points 0.08% higher at 21,946.95, while the BSE Sensex closed 20.79 points or 0.03% higher at 72,206.88.
SBI, JSW Steel, HDFC Life Insurance, Grasim Industries, and Bajaj Finance were the top gainers today in the Nifty 50. On the other hand, Infosys, Power Grid Corp, Tech Mahindra, TCS, and Adani Ports were the major losers in the Nifty 50 today.
Shares of One 97 Communication, parent of Paytm, rose 10% to hit the upper circuit of Rs 496.25.
The NSE Nifty 50 was down 29.90 points or 0.14% at 21,899.50 points. Similarly, the BSE Sensex was down 141.79 points or 0.20% at 72,044.30 points.
Shares of TRF hit the upper circuit of 20% at Rs 327.70 after Tata Steel called off a merger with the company.
SBI, HDFC Life Insurance, Axis Bank, Grasim Industries, and Sun Pharmaceuticals were the top gainers in the Nifty 50. While Infosys, Power Grid Corp, ONGC, Tata Motors, and Tech Mahindra were the key losers in the Nifty 50 today.
“The Bank Nifty index experienced a subdued trading session one day ahead of the weekly expiry, with an ongoing struggle between bears and bulls. The lack of a clear trend indicates that a breakout is awaited to determine the market direction. The support is positioned at 45500, while the immediate hurdle lies at 46000. A successful break above 46000 is anticipated to propel the index towards 46500 on the upside,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
“The IPO valuation of 10.54x P/E appears fully priced on a current basis. While the company’s future growth potential and the positive industry outlook are encouraging thus we recommend Subscribe rating for this IPO,” said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.
Nyati also said that However, some key risks require careful consideration. Rashi Peripherals’ dependence on third-party vendors and channel partners exposes it to external factors beyond its direct control. Additionally, its relatively low gross margins compared to industry peers warrant scrutiny.
Also Read: Rashi Peripherals IPO opens for subscription today: Should you subscribe?
The lender will utilize net proceeds of the fresh equity issue to augment its Tier-I capital base, its capital adequacy will enhance and lead to a stable leverage position. At the current P/BV multiple of 2.3x based on book value as of September 2023, we believe the company is reasonably valued and advise investors to “Subscribe” to the issue from a medium to long-term perspective, said StoxBox in an IPO note.
Source: NSE
“The key trigger of Jana SFB’s strong fundamentals is that it intends to strengthen its liability franchise with a focus on growing its deposit base to attain a stable and low-cost source of funding. As the lender will utilize the net proceeds of the fresh equity issue to augment its Tier-I capital base, its capital adequacy will enhance and lead to a stable leverage position. At the current P/BV multiple of 1.2x based on book value as on September 2023, we believe the company is reasonably valued and advise investors to “Subscribe” to the issue from a medium to long-term perspective,” said StoxBox in an IPO note.
In a recent report on Nykaa, Jefferies has opted to trim earnings per share (EPS) while maintaining a “BUY” recommendation, albeit with a slightly adjusted target price of Rs 210.
For More Read: Jefferies retains 'Buy' on Nykaa, cuts target prices as EBITDA missed estimates
HDFC Life Insurance, SBI, Coal India, Tata Steel, and Axis Bank were the top gainers in the Nifty 50. While Britannia, Infosys, ICICI Bank, Eicher Motors, and Wipro were the major laggards today in the Nifty 50.
The sectoral-index Nifty Midcap 100 rose 0.9% to the intraday all-time high of 49,430.85 points.
The NSE Nifty 50 opens higher by 0.53% to settle at 22,045.05, while the BSE Sensex jumps 0.49% to 72,541.06 in the opening trade.
Environment Clearance has been granted to GODAWARI POWER AND ISPAT for the expansion of the Iron Ore Pelletization Capacity of the Company from 2.7 mtpa to 4.7 mtpa capacity at Siltara Industrial Area, Raipur, Chhattisgarh.
“The entire project cost of expansion shall be met out of internal accruals of the company and the commercial operation of the expansion program is expected to be commissioned in Q1 FY26,” said company in an exchange filing.
“Overnight gains in the US market and upmove in other Asian indices are likely to aid local benchmark gauges in early trades. The positive takeaway is that Nifty’s technicals have improved considerably and, most importantly, the index is now indicating a massive breakout on the daily charts. Traders are likely to go for bargain hunting and value buying amidst improving Asian market cues. Technically, Nifty’s biggest intraday supports are now seen at the 21711 mark and then at the 21557 level,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
The NSE has added Ashok Leyland, Hindustan Copper, India Cements, Indus Tower, National Aluminium, UPL, and Zee Entertainment Enterprise February 7, 2024.
Foreign institutional investors (FII) bought shares worth net Rs 92.5 crore, while domestic institutional investors (DII) offloaded shares worth net Rs 1,096.3 crore on February 6, 2023, according to the provisional data available on the NSE.
Shares in the Asia-Pacific region are trading Wednesday’s session in positive territory. The Asia Dow is trading up by 0.85%, where as the Japan’s Nikkei 225 is trading in red, down by 0.41%, Hong Kong’s Hang Seng index is trading higher by 4.04% and the benchmark Chinese index Shanghai Composite is gained by 3.23% to end Tuesday’s trading session.
WTI crude prices are trading at $73.45 up by 0.19%, while Brent crude prices are trading at $78.69 up by 0.13%, on Wednesday morning.
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.06% at 104.15.
The U.S. bond market bounced back after a two-day rout, with investors awaiting a slew of Federal Reserve speakers for clues on whether the latest economic reports will impact their rate outlook, Bloomberg reported. The tech-heavy Nasdaq Composite ended up by just 11.32 points or 0.07% at 15,609. The S&P 500 gained by 11.42 points or 0.23% at 4,954.23, while the Dow Jones Industrial Average surged by 141.24 points or 0.37% at 38,521.36.