Share Market HIGHLIGHTS: Sensex ends 724 pts lower, Nifty gives up 21,750 dragged by financial stocks; Axis Bank, ICICI Bank drop 3%

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Share Market Update: Kotak Mahindra Bank, Britannia, Axis Bank worst hit among 34 Nifty50 losers; SBI, BPCL, Power Grid top gainers

Top Nifty50 gainers

Top Nifty50 laggards

Share Market Update: Sensex ends 724 pts lower, Nifty gives up 21,750 dragged by financial stocks; Axis Bank, ICICI Bank drop 3%

Share Market Today LIVE | Lupin stock rises to 52-week high after pharma firm beat Street estimates in December quarter results 

Lupin hit a 52-week high of Rs 1,701 on BSE on Thursday (February 8, 2024) after the pharma company reported strong operational numbers that beat all parameters in its December quarter results. 

Lupin Q3 results

The company reported a four-fold jump in its consolidated profit after tax, which skyrocketed to Rs 613 crore in the December quarter compared to Rs 153 crore year-on-Year (YoY), against Zee Business research estimates of Rs 427 crore. 

Lupin's revenue from operations soared by 20 per cent to Rs 5197 crore in Q3 against Rs 4322 crore Year-on-Year (YoY), compared to estimates of Rs 4868 crore. Read more 

RBI MPC Meeting | RBI's decision to maintain status quo a cornerstone for enhancing affordability within realty sector, say experts  

The Reserve Bank of India (RBI) on Thursday, February 8, maintained a status quo on the repo rate for the sixth time in a row, keeping a tight vigil on inflation. The rate increase cycle was paused in April last year after six consecutive rate hikes aggregating to 250 basis points since May 2022.

Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said on Thursday that the Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5 per cent. 

The MPC has also decided to maintain the "withdrawal of accommodation" stance. Das said that MPC will remain watchful of food inflation so that the benefits gained are not frittered away.

Here is how industry experts view the RBI's monetary policy decision:

Mukesh Kochar, National Head of Wealth at AUM Capital

"The MPC outcome is on expected lines only. RBI will continue to focus on aligning inflation towards its target of 4 per cent which is expected to be attained by June-August. Inflation expectations for Q4 and Q1 have also been reduced. So the market may discount a rate cut possibility during the end of the second quarter or third quarter. Both the debt market and equity market may discount a rate cut possibility during the end of the second or third quarter." 

Kochar added the tight liquidity in the banking system may continue for some more time as the focus is on bringing inflation towards 4 per cent. Increased public debt globally has been cited as a concern which is very important.

Anuj Puri, Chairman, ANAROCK Group

"With the fundamentals of the Indian economy remaining strong despite all global headwinds and inflation well under control, the RBI once again decided to keep the repo rates unchanged at 6.5 per cent, thus extending the festive bonanza that it gave to homebuyers in its last two policy announcements. Thus, homebuyers retain the advantage of relatively affordable home loan interest rates. Given that housing prices have risen across the top seven cities in the last one year, this breather by the RBI is a distinct advantage to homebuyers." Read more 

Share Market Today LIVE | Trent shares hit all-time high after Westside chain operator clocks two-fold jump in Q3 profit; what should investors do?

Tata group retail firm Trent’s shares soar to an all-time high on Thursday after the Westside chain operator reported a two-fold year-on-year increase in consolidated net profit to Rs 370.6 crore for the quarter ended December 31, 2023, aided by strong momentum in sales and improved margins. The Trent stock gains by as much as 5.8 per cent to a record Rs 3,819 apiece on NSE, surpassing an earlier peak of Rs 3,763.6 touched the previous day.

The company’s consolidated revenue from operations surged 50.5 per cent to Rs 3,466.62 crore for the fiscal third quarter, according to a regulatory filing post-market hours on Wednesday.

Trent shares: Should you buy, sell or hold the Tata group stock?

Morgan Stanley maintained an ‘equal-weight’ rating on Trent after the Tata group firm’s earnings announcement.

The brokerage raised its target for the stock to Rs 3,675 from Rs 2,307.

Trent’s topline and margin exceeded Morgan Stanley’s forecasts.“Unchartered growth and profitability execution in FY24 raises conviction in growth sustainability. Growth sustainability will lead to upward earnings revision,” according to the brokerage.

Jefferies maintained a ‘hold’ call on the counter and raised its target for the stock by Rs 50 to Rs 3,500. Read more 

Share Market Today LIVE | Should you buy, sell or hold Nestle India shares after Q4 results?

Nestle India shares on Thursday, February 8, dip after the company—whose popular products include Maggi instant noodles and KitKat—fell short of analysts' expectations, especially net income for Q4 FY24. The financial result for the quarter under review was declared yesterday.

Nestle shares decline as much as 3.28 per cent to hit the day's low of Rs 2,420.05 on the NSE. The counter trades at Rs 2,422, down 3.1 per cent on the NSE, extending gains for the second trading day.

Nestle India Q4 results

On Wednesday during market hours, Nestle India reported a net profit of Rs 655.61 crore for the quarter ended December 31, 2023, up 4.38 per cent against Rs 628.06 crore logged in the year-ago period.

FMCG major's revenue from operations came in at Rs 4,600.42 crore, up 8.07 per cent against Rs 4,256.79 crore registered in the corresponding quarter of the previous fiscal.

Nestle India share price target 2024: Right time to add Kitkat, Maggi maker shares to your portfolio?

Post-quarterly earnings announcement, CLSA has maintained a 'reduce' rating on the Nestle India stock. The brokerage has reduced the target to Rs 2,634 from Rs 2,689 on the FMCG stock.

According to CLSA, the results are in line with strong growth in Nescafe. CLSA has trimmed 24–25CL earnings per share (EPS) estimates by 2 per cent following the results. The analysts believe the 12-month forward PE of 70x adequately reflects Nestle's strong performance. Read more

Image: Reuters

Biocon Q3 Preview | Firm likely to post profit of Rs 192 crore against a loss in Q3 FY23

Biocon, the mid-cap biopharma company, is scheduled to report its Q3 earnings on February 8. Zee Business Research desk estimates the company will log a consolidated PAT of Rs 192 crore for the December quarter of FY24 as against a loss of Rs 42 crore. In Q3 FY23, Kiran Mazumdar-led company reported an exceptional loss of Rs 271 crore.

Profit growth at the biotechnology major during the quarter is expected to remain slow given the higher finance or capital costs.

The top line at the company is estimated to grow 25 per cent YoY to Rs 3,690 crore for the quarter under review. The same stood at Rs 2,942 crore in the corresponding period of the previous fiscal year. Read more

Nifty Today LIVE | ICICI Bank, HDFC Bank, Axis Bank, ITC among top drags

ICICI Bank, HDFC Bank, Axis Bank, ITC and Kotak Bank are among the top drags in the Nifty baskets at this hour. On the contrary, SBI, Power Grid, TCS and BPCL are the top movers.

Here's a look at the heatmap in the 50-scrip universe by weight:

Source: NSE

Share Market Today LIVE | Nifty slips below 21,750, Sensex sheds nearly 650 pts after RBI MPC meeting

Share Market Today LIVE | Here's how interest rate-sensitive stocks fare after RBI policy announcements

Consumer durables

Nifty Bank

Financial services

Auto 

Real estate

Share Market Today LIVE | Here's how interest rate-sensitive stocks fare after RBI policy announcements

Consumer durables

Nifty Bank

Financial services

Auto 

Real estate

Share Market Today LIVE | Nifty Bank falls 500 pts post RBI MPC policy decision

Source: NSE

Here's how Nifty Bank stocks fare post RBI policy announcements

RBI MPC Meet Feb 2024 | Market wizard Anil Singhvi says no change in rate, stance as expected

Zee Business Managing Editor Anil Singhvi also points out that the central bank's latest policy has no liquidity-related measures, also along expected lines.  

Share Market Today LIVE | Nifty slips below 21,900, Sensex over 150 pts after RBI MPC meeting

Share Market Today LIVE | Nifty, Sensex turn flat as MPC leaves repo rate, policy stance unchanged 

RBI Monetary Policy 2024 |  Shaktikanta Das-led MPC leaves repo rate, policy stance unchanged  

Share Market Today LIVE | Mankind Pharma jumps over 5% after promoters announce selling their 1.62% stake

Mankind Pharma shares soar after the company announced that its promoters would sell their 1.62 per cent stake through a block deal. The stock of the company is trading higher by 4.98 per cent, or Rs 105.9, at Rs 2,234 on BSE.

What is Mankind Pharma's block deal?

• Promoters will sell their 1.62% stake through the block deal. 
• The promoters will sell their 64.9 lakh shares worth Rs 1330 crore through this deal.
• The floor price of the Mankind Pharma share has been fixed at Rs 2050/share for the deal.
• The deal is at a 3.7 per cent discount from the current share price. Read more

Anil Singhvi Market Strategy | Important levels to track in Nifty50, Nifty Bank today

Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty50 index emerging at 21,800-21,865 levels and a strong buy zone at 21,700-21,775 levels on Thursday, February 8. For the Nifty Bank, he expects support to come in at 45,525-45,625 levels and a strong buy zone at 45,000-45,200 levels.

Read more on how Anil Singhvi views the Indian share market today and what he recommends

Share Market Today LIVE | Should you buy Infosys, Nestle India, Power Grid, Trent, Tata Chemicals stocks today? Here is what brokerages recommend

As Dalal Street enters the February 8 session, brokerages have several stocks on their radar. Here's what CLSA, Jefferies, Citi, HSBC, Morgan Stanley, Macquarie, Goldman Sachs and Nomura make of stocks such as Infosys, Nestle India, Power Grid, Trent and Tata Chemicals:

Nazara Tech share target price:

CLSA has maintained a 'sell' call on the Nazara Technologies stock with a target of Rs 570, while Jefferies has maintained a 'hold' call on the stock with a target of Rs 810.

JB Chemicals & Pharmaceuticals share target price:

Jefferies has a 'buy' call on the JB Chemicals & Pharmaceuticals stock with a target of Rs 2,000.

Infosys share target price:

Citi has maintained a 'neutral' rating on the Infosys stock with a target of Rs 1,685.

Tata Chemicals share target price:

HSBC has a 'hold' call on the Tata Chemicals stock with a target of Rs 860.

Apollo Tyres share target price:

Morgan Stanley has maintained an 'equal-weight' rating on Apollo Tyres shares with a target of Rs 433. Read more 

Share Market Today LIVE | Nifty near 22k, Sensex gains over 150 pts in opening deals

Nifty 50

Source: NSE

Sensex

Source: BSE

Currency Update | Rupee rises 4 paise to 82.92 against US dollar in early trade

Traders' Diary | Buy, sell or hold strategy on ICICI Bank, LIC, Lupin, Cummins, Tata Communications, over a dozen other stocks today

In this edition of Traders' Diary, the Zee Business research team shares exclusive research on 20 stocks that investors and traders can track on Thursday, February 8. Check out the complete list of stocks on analysts Kushal Gupta and Varun Dubey's radar.

Here's the complete list of investment and trading ideas for the day:

Kushal Gupta

• Buy Welspun Enterprises shares in the cash segment for a target of Rs 372 with a stop loss at Rs 355
• Buy Lupin futures for a target of Rs 1,660 with a stop loss at Rs 1,585
• Buy the Rs 555 call option of Apollo Tyres at Rs 20 for a target of Rs 35 with a stop loss at Rs 12
• Technical pick: Buy Cummins shares for a target price of Rs 2,500 with a stop loss at Rs 2,390
• Fundamental pick: Buy Tata Communications shares for a one-year target of Rs 2,050
• Investment idea: Buy ICICI Bank shares for a one-year target of Rs 1,250
• News-based pick: Sell GNFC shares for a target of Rs 670 with a stop loss at Rs 715. Read more

RBI Monetary Policy 2024 | Will Shaktikanta Das-led MPC keep repo rate, stance unchanged today? Here is what economists expect

Will the Reserve Bank of India (RBI) hold the repo rate, or the key interest rate at which it lends short-term funds to commercial banks, unchanged at 6.5 per cent in its February 2024 review?

The February 2024 review, the first bi-monthly review by the RBI Governor Shaktikanta Das-led Monetary Policy Committee (MPC) this year, comes days after Finance Minister Nirmala Sitharaman unveiled the Interim Budget 2024 in Parliament on February 1, 2024. Most economists expect the RBI's all-powerful MPC to maintain the repo rate at the existing level in its February 8 statement. Read more 

Image: Reuters/ Representational image

Stocks to Watch | Manappuram Finance, Tata Consumer Products, IGL

Here are some stocks that will be in the spotlight on Thursday, February 8:

Results on February 8: Apollo Hospital Enterprise, Grasim Industries, Aarti Industries, Biocon, Escorts Kubota, Page Industries, The Ramco Cements, United Breweries, Balrampur Chinni Mills, Power Finance Corporation, AstraZeneca Pharma India, BEML, Healthcare Global Enterprises, Max India, NCC, Patanjali Foods, Ramco Industries, Rail Vikas Nigam, Siyaram Silk Mills, Suryoday Small Finance Bank, Thermax, Zydus Wellness, Bombay Dyeing & Mfg, IRCON International, JK Lakshmi Cement, Life Insurance Corporation of India, Global Health, Orient Paper & Industries, Zomato, Aster DM Healthcare, DCX Systems,and Orchid Pharma are some companies that will release their Q3 results on Thursday. 

Manappuram Finance: Manappuram Finance, a player in the non-banking financial sector, reported a 46.2 per cent increase in its net profit, reaching Rs 575.3 crore in the December quarter compared to Rs 393.5 crore in the same quarter last year. The net interest income for Q3 rose 33 per cent to Rs 1,452 crore as opposed to Rs 1,092 crore in the corresponding period of the previous year.

The NBFC declared an interim dividend of 90 paise per equity share.

Tata Consumer Products: The company recorded a net profit of Rs 278.9 crore for Q3 against a profit of Rs 351.76 crore a year ago. The total income of the company stood at Rs 3,863.51 crore for the quarter under review against Rs 3,523.48 crore YoY. 

Sobha: The company posted a consolidated net profit of Rs 15.08 crore in the December quarter. The company had registered a profit of Rs 31.81 crore in a year-ago period. The consolidated total income during the third quarter of the ongoing fiscal stood at Rs 713.75 crore from Rs 897.98 crore in the December 2022 quarter.

Indraprastha Gas: The company signed a Memorandum of Understanding (MOU) with two technology partners during India Energy Week 2024 to establish Compressed Biogas (CBG) plants across four states: Delhi, Haryana, Rajasthan, and Uttar Pradesh. Read more 

Good morning! Welcome to Zeebiz.com's blog on the stock market today

Follow this space to catch minute-by-minute market action, the views of Zee Business Managing Editor Anil Singhvi  and other experts, investment ideas, stock picks, brokerage calls and much more through the day. 

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Share Market Today LIVE | GIFT Nifty futures indicate a positive start ahead on Dalal Street

GIFT Nifty futures — an early indicator of the Nifty 50 index — are up 43.3 points or 0.2 per cent at 22,047 ahead of the opening bell on Dalal Street as investors eye on the outcome of the three-day RBI monetary policy meeting on Thursday, February 8.