Stock market news
- India’s Nifty and Sensex regained upside traction, helped by a rally in private bank stocks and utility sector stocks while ignoring a sell-off in the auto and technology stocks.
- Power Grid Corp, Axis Bank, HDFC Bank, Kotak Bank and NTPC were among the major gainers on the Nifty on Tuesday while losers included Coal India, HeroMoto Corp, Bajaj Auto, TCS and Eicher Motors.
- Among the corporate news, Coal India shares fell 5% after fall in e-auction premium.
- Shares of Whirlpool of India declined after the report of promoter off-loading 24% stake.
- Vibhor Steel Tubes debuted on bourses on February 20.
- On Monday, Bajaj Auto announced February 29 as the record date for a proposed buyback plan amounting to Rs 4,000 crore, at Rs 10,000 per share.
- Shares of Paisalo Digital rallied 15% to hit a record high of Rs 164 on Monday, surging 63% in the past month on promoter buying and strong December quarter (Q3FY24) earnings.
- Novartis India share price surges nearly 11% to hit a 52-week high as Novartis AG announces sale plans for the company.
- People’s Bank of China (PBoC) cut the five-year Loan Prime Rate (LPR) by a record 25 bps from 4.20% to 3.95%. The PBOC rate cut failed to excite Asian traders.
- India’s trade data for January showed Thursday a shrinking Trade Deficit of $17.49 billion.
- US Consumer Price Index (CPI) and Producer Price Index (PPI) data came in hotter-than-expected and helped push back the market’s expectations of a Fed rate cut from March to June. Markets are currently pricing a 77% chance of a cut in June, the CME Group’s Fed Watch Tool shows.
- Attention now turns toward the Minutes of the Fed January meeting and American tech major Nvidia Earnings report due on Wednesday, as the Indian economic calendar remains devoid of any top-tier data release until Thursday’s RBI Minutes.
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