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HomeBusinessSensex up 650 pts, Nifty above 21,600; Financials lead

Sensex up 650 pts, Nifty above 21,600; Financials lead

10:22 AM

Stock of this packaged foods company has zoomed 75% in 2 months

As per a Reuters report on Thursday, the Indian snacks maker Haldiram’s is considering a majority stake in its listed rival Prataap Snacks, which is valued at $350 million. This is aimed to expand its presence in the potato chip market. READ MORE

10:05 AM

Comment :: ‘Retail strength supporting broader markets’

An important trend in the market which has implications for retail investors is the revival of the tug of war between FIIs and DIIs.

FPIs have sold equity massively for Rs 20,480 crores during the last two days. This is partly in response to the rising bond yields in the US where the 10-year yield has risen to 4.16% and partly due to the high valuation in the Indian stock market.

Since the largest chunk of FII AUM is in banks, they have been selling in banks, mainly HDFC bank.

Investors should remember that in the tug of war between FIIs and DIIs in recent years, DIIs always won in the medium to long-term even though FII selling can cause short-term pain.

FII selling due to external factors has always been opportunities to buy. This time is no different.

Mid and small cap segments are strong despite excessive valuations because there is sustained buying and no selling pressure from FIIs. This anomaly will be corrected in due course.

Source: V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

9:50 AM

Magnum Ventures rallies 3% as it fixes Jan 25 as Record Date for Rights Issue

>> The Board has approved Rights Issue worth Rs 48.92 crore. It has fixed the Record Date as Thursday, January 25, 2024.

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9:48 AM

Metro Brands drops over 3% post weak Q3 earnings

>> The Board has approved an Interim Dividend of Rs 2.75 per equity share on the face value of the paid-up equity shares of Rs 5 each for FY24. The Record Date for the same will be January 31, 2024.

>> Its net profit fell 12.6 per cent Y-o-Y to Rs 97.81 crore.

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9:47 AM

Supreme Petrochem in red as Co says Houthi attacks affecting exports

>> It reported net sales of Rs 1,183.32 crore  in Q3FY24 as compared to Rs 1,177.39 crore a year ago. The company, further, posted net profit of Rs 67.66 crore, down 25 per cent from profit of Rs 89.85 crore posted last year.


>> The company, however, said, missile attack by Yemen’s Houthi rebels on commercial ships starting from late November is impacting exports of the company’s products to USA, and Europe including Turkey.

 

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9:46 AM

Ministry of Renewable Energy appoints REC as Solar Programme implementing agency

>> The Ministry of New and Renewable Energy, Government of India, has designated REC Limited as the overall Programme Implementation Agency for Rooftop Solar (RTS) programme.

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9:43 AM

Tata Steel up 1%; company plans to shutdown Port Talbot Steelworks in UK

Tata Steel has rejected a trade union proposal to keep the blast furnaces operational at Port Talbot Steelworks in Wales, the UK, potentially jeopardising nearly 3,000 jobs, according to a report by the Guardian.

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9:27 AM

ALERT:: IndusInd Bank sole loser among Nifty 50, Sensex 30 post Q3 numbers

IndusInd Bank reported a little over 17 per cent year-on-year (Y-o-Y) increase in net profit at Rs 2,297.9 crore for the December quarter (Q3FY24). Its net interest income (NII) grew 17.8 per cent Y-o-Y to Rs 5,295.7 crore.

9:01 AM

US President Biden hits Trump, says 2024 rival wants stock market crash

The president during a Thursday event in North Carolina hit Trump for predicting the economy will crater and hoping any stock market crash happens under Biden’s watch. Read
Joe Biden

8:55 AM

BlackRock’s Bitcoin ETF first to cross $1 billion threshold in inflows

BlackRock Inc.’s Bitcoin exchange-traded fund passed $1 billion in investor inflows, making it the first in the group of nine new ETFs directly holding the cryptocurrency to surpass the milestone since the funds started trading last week. Read

BlackRock

8:49 AM

Nifty FMCG downturn possible below 55,150; Nifty Realty to be rangebound


A prospective downturn is anticipated, contingent upon the index breaching the crucial threshold of 55150.

 

For near-term traders, pivotal support levels are identified at 54280, 53420, and 52180, providing key markers for risk management. Read
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