Stock Market Highlights: Tech View: Nifty awaiting upside breakout. What traders should

08:28:43 PM IST, 07 February 2024

Artisan Partners divests 1.2% stake in Indus Towers for Rs 717 crore

Asset management company Artisan Partners on Wednesday divested a 1.2 per cent stake in telecom infrastructure major Indus Towers for Rs 717 crore through an open market transaction. The US-based Artisan Partners through its affiliate Artisan International Value Fund sold shares of Indus Towers on the BSE.
According to the bulk deal data available with the BSE, Artisan International Value Fund offloaded 3,33,46,663 shares, amounting to a 1.24 per cent stake in Indus Towers.

08:18:23 PM IST, 07 February 2024

S&P 500 hits fresh record high; earnings, policy outlook in spotlight

Wall Street opened higher on Wednesday, with the S&P 500 hitting a fresh record high, boosted by megacap and chip stocks, while investors assessed major corporate earnings and awaited clues from policymakers on the outlook for interest-rate cuts.
The Dow Jones Industrial Average rose 92.53 points, or 0.24%, at the open to 38,613.89.

The S&P 500 opened higher by 18.82 points, or 0.38%, at 4,973.05, while the Nasdaq Composite gained 81.36 points, or 0.52%, to 15,690.35 at the opening bell.

07:50:34 PM IST, 07 February 2024

Vedanta weighs minority stake sale in Zambian copper assets to reboot mines

Vedanta Base Metals CEO Chris Griffith said on Wednesday the company is talking to a range of financing partners to raise money for a restart of its Konkola Copper Mines unit in Zambia, including the sale of a minority stake in KCM.

Vedanta will remain the majority shareholder in the unit if a minority stake is sold, Griffith said in an interview on the sidelines of an African mining conference in Cape Town. “We are in the fundraising process at the moment to raise $1.3 billion,” he said.

07:48:43 PM IST, 07 February 2024

Apollo Tyres Q3 Results: Net profit jumps 78% to Rs 497 crore

Apollo Tyres on Wednesday said its consolidated net profit increased by 78 per cent to Rs 497 crore for the third quarter of 2023-24 on account of improved product mix across geographies. The company reported a net profit of Rs 279 crore in the October-December quarter of FY23.

07:34:06 PM IST, 07 February 2024

Borosil Renewables: Cons loss of Rs 16 cr; revenue at Rs 330 cr

07:33:22 PM IST, 07 February 2024

GNFC: Cons PAT at Rs 97 cr; revenue at Rs 2,088 cr

06:58:35 PM IST, 07 February 2024

Alibaba boosts share buy back as revenues miss

China’s Alibaba Group Holding on Wednesday missed analysts’ estimates for third-quarter revenue, hurt by softness in the retail market and sagging economic recovery in the world’s second-largest economy.

U.S.-listed shares of Alibaba rose 1.3% in pre-market trading after the company flagged an increase of $25 billion to its share repurchase program through the end of March 2027.

06:57:56 PM IST, 07 February 2024

Sobha Q3 Results: Net profit falls 53% to Rs 15 crore

Realty firm Sobha Ltd on Wednesday reported a 53 per cent decline in its consolidated net profit to Rs 15.08 crore for the quarter ended December 2023. Its net profit stood at Rs 31.8 crore in the year-ago period. Total income also fell to Rs 713.74 crore in the third quarter of this fiscal from Rs 897.97 crore in the year-ago period, according to a regulatory filing.

06:36:49 PM IST, 07 February 2024

FPIs turn net sellers on Wednesday

Foreign portfolio investors turned net sellers at Rs 1,691 crore on Wednesday. DIIs, meanwhile, bought shares worth Rs 327 crore.

05:56:35 PM IST, 07 February 2024

JK Paper Q3 Results: Net profit falls 29% YoY to Rs 235 crore on higher expenses

Paper and packaging board maker JK Paper reported a plunge in third-quarter profit on Wednesday, hurt by surging input costs.
Consolidated net profit for the three months ended Dec. 31 fell 28.6% year-on-year to 2.35 billion rupees ($28.3 million), its second straight quarterly profit drop.

Input costs for JK Paper ballooned almost 24% to 8.97 billion rupees, echoing a similar rise in expenses for rival paper-maker Andhra Paper, which reported a 51.5% fall in its profit in the quarter.

05:54:42 PM IST, 07 February 2024

Oil up on lower-than-expected rise in U.S. crude stockpiles

Oil prices rose for a third day on Wednesday after U.S. crude inventories grew less than expected and a cut in the forecast for output growth in the U.S., the world’s biggest producer, eased concerns about potential oversupply.

Brent crude futures rose 56 cents to $79.15 a barrel as of 1159 GMT, while U.S. West Texas Intermediate crude climbed 59 cents to $73.90.

U.S. crude stocks fell well short of analysts’ forecasts, American Petroleum Institute figures showed. U.S. government weekly data on inventories will be released later on Wednesday.

05:22:14 PM IST, 07 February 2024

Tech View: Nifty awaiting upside breakout. What traders should do on Thursday expiry

Nifty today ended flat with a gain of just 1 point and formed a small negative candle with lower shadow on the daily chart ahead of RBI policy outcome tomorrow.
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The short-term trend of Nifty continues to be positive. There is a higher possibility of an upside breakout of 21950-22000 mark in the short term. Immediate support is at 21750, said Nagaraj Shetti of HDFC Securities.

04:25:56 PM IST, 07 February 2024

Tata Consumer Q3 Results

PAT: Rs 316 cr vs ET NOW poll of Rs 340 cr
Revenue: Rs 3,804 cr vs ET NOW poll of Rs 3,745 cr

04:04:28 PM IST, 07 February 2024

Rupee ends stronger on foreign banks’ dollar sales, uptick in Asia FX

The Indian rupee gained on Wednesday, in line with most of its Asian peers, on the back of dollar sales from two large foreign banks. The rupee ended at 82.9675 against the U.S. dollar, up 0.11% compared with its close at 83.0550 in the previous session. The dollar index hovered little changed near the 104 level, after retreating nearly 0.3% on Tuesday following a rally that lifted the index to its highest level in nearly 3 months.

03:42:29 PM IST, 07 February 2024

Rupee rises 9 paise to close at 82.96 (provisional) against US dollar.

03:37:30 PM IST, 07 February 2024

Top gainers & losers in closing trade

03:36:43 PM IST, 07 February 2024

Closing Bell: Sensex ends flat after volatile session, Nifty holds 21,900; Trent, IOB surge 20% each

02:53:51 PM IST, 07 February 2024

Dreamfolks Services Q3 Results: Cons PAT at Rs 20.3 cr vs Rs 18.9 cr, up 7.4% YoY

02:49:30 PM IST, 07 February 2024

BoE’s Breeden grows less worried that rates will need to rise again

Bank of England Deputy Governor Sarah Breeden said on Wednesday she had become less worried that interest rates would need to rise again as inflation pressures gradually abate. Breeden, the Monetary Policy Committee’s newest member, said she was now thinking about how long interest rates would need to stay at their current level, instead of whether they would need to rise further.

02:48:35 PM IST, 07 February 2024

Dollar slides against euro after pullback from nearly 3-month peak

The dollar fell on Wednesday, further retreating from a nearly three-month high against the euro hit a day earlier, with a decline in U.S. bond yields adding to the pressure.

Analysts pointed to technical factors for the dollar’s pullback, following a two-day rally of as much as 1.4% against the euro after unexpectedly strong U.S. jobs data, as well as more hawkish rhetoric from Federal Reserve Chair Jerome Powell, scuppered bets for an early interest rate cut.

02:40:20 PM IST, 07 February 2024

Stock Market LIVE Updates: Hyundai Motor says IPO for its India unit not decided yet

South Korea’s Hyundai Motor Co said on Wednesday that the listing of its Indian unit has not been decided and it will comment on the matter when the plan becomes finalised or within a month.

“As a global company, we constantly review various measures, including listing overseas subsidiaries, to increase corporate value, but nothing has been decided,” Hyundai Motor said in a regulatory filing.

02:30:38 PM IST, 07 February 2024