Nifty PSU Bank index was the top gainer, surging nearly 6 per cent. Image: ReutersShare Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended lower on Wednesday as investors booked profits. BSE Sensex fell 400 points or 0.77 per cent to 51,704, while the Nifty 50 index declined 104.55 points or 0.68 per cent to 15,209. Also, stocks markets in Japan, Australia and South Korea were also seen trading in red. Nestle India, Bajaj Finsv, Asian Paints, HDFC Bank, IndusInd Bank, Maruti Suzuki, Dr Reddy’s Laboratories, Housing Development Finance Corporation (HDFC), Kotak Mahindra Bank, among others ended in the negative territory. On the flip side, State Bank of India (SBI), Power Grid Corporation of India and RIL, among others ended the trade in green. Nifty sectoral indices traded mixed. Nifty PSU Bank index was the top gainer, surging nearly 6 per cent.
Highlights
BSE Sensex fell 400 points or 0.77 per cent to 51,704, while the Nifty 50 index declined 104.55 points or 0.68 per cent to 15,209
The Rs 625-crore Heranba Industries initial public offering (IPO) will open for subscription next week on February 23 and close on February 25, 2021. Ahead of its public issue, agrochemical firm Heranba Industries shares were seen quoting a grey market premium of Rs 200 or 32 per cent over the IPO price of Rs 627 apiece. The shares were trading at Rs 827 apiece in grey market on Wednesday. The company will join listed peers such as Rallis India Ltd, Sumitomo Chemical India Ltd, Bharat Rasayan Ltd, and Punjab Chemicals and Crop Protection Ltd.
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LIC Housing Finance's management commentary was positive on the asset quality front as they do not expect an increase in NPA by more than 1% while restructuring should not exceed 1% of the book. Strong growth in disbursements along with lowers than expected stress on asset quality should lead to further rerating for the company. We have a BUY rating on LIC Housing Finance with a target price of Rs. 570.: Jyoti Roy - DVP- Equity Strategist, Angel Broking Ltd
Sensex and Nifty have zoomed 13% so far this month and many experts might be sounding the alarm bell, but global brokerage and research firm Credit Suisse believes India’s time to shine has just started. In a recent note on its Asia Pacific strategy, Credit Suisse has upgraded India and Australia to ‘overweight’ category from the ‘marketweight’ classification earlier. This increase in weightage comes at the expense of Asia’s largest economy -- China. Analysts at Credit Suisse believe China has now passed most exciting period.
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Mumbai-based Macrotech Developers Ltd, erstwhile Lodha Developers, is trying luck for the third time to raise money from capital markets in an IPO, with a proposed Rs 2,500 crore public issue. Macrotech, on Tuesday filed a draft red herring prospectus for the initial public offering. This is the third attempt when the developer has proposed its IPO.
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After rising to a record high early yesterday morning, Nifty attracted selling pressure above 15400 and has further shed 0.5% today, particularly weighed by weakness among private banks and IT stocks. Meanwhile, the broader markets remain firm, especially the Midcap 100 index, which has risen to a fresh record. The up move in Nifty has halted right below 15470, which is the 161.8% fibonacci retracement of the fall from Jan 21st high to Jan 29th low. The index is now trying to fill the gap that was formed between Friday's closing and Monday's opening. The lower end of this gap comes at 15188. Sustainability below this could lead to a minor correction towards 15000-14940. Meanwhile, if the index fails to sustain below 15188 and instead crosses 15470, the upside is likely to extend towards 15910.: Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS
At the higher end of the price band, RailTel IPO is priced at a PE ratio of ~21.4 times FY20 earnings per share. This seems to be fairly priced. The company ranks better in terms of margins & return ratios as compared to competitors in the Information and Communication Tech space, as well as the telecom space. Further, it is debt-free and has paid dividends consistently. The management is also confident about steady growth in the coming years. Given steady margins and return ratios, debt-free status, consistent dividends, reasonable valuations, and limited concerns we remain positive on the prospects of the issue," INDMoney said in a report
Gold prices in India fell for the fifth straight day on Wednesday, tracking weak global market trends. The US dollar and Treasury yields surged. At current prices, gold is trading at the lowest levels in eight months. On MCX, gold April futures were trading Rs 147 or 0.31 per cent down at Rs 46,752 per 10 gram. While silver March futures were ruling at Rs 69,456 per kg, up Rs 84 or 0.12 per cent on Multi Commodity Exchange.
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IPOs (initial public offerings) have again picked up pace on Dalal Street. Brookfield REIT made its trading debut this week, while the ongoing Nureca and RailTel’s public issue have been fully subscribed. Nureca’s IPO closes for subscription today while RailTel’s IPO, entering the second day of bidding, has already been oversubscribed by investors. But that might not be the end of IPOs as agro-chem firm Heranba Industries has already announced the launch of its public issue, set for next week.
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Tesla boss Elon Musk’s six-week stint as the world’s richest person came to a halt as shares of his company slipped 2.6% on Tuesday. The throne was regained by Amazon chief Jeff Bezos. Tesla’s share price ended the day at $796 per share, erasing $4.58 billion from Elon Musk’s fortune, according to the Bloomberg Billionaires Index. Tesla’s shares have plummeted nearly 10% since the first week of January. On the other hand, Jeff Bezos’ Amazon has seen its stock price gain 5% during the same period.
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COMEX gold trades 0.4% lower near $1791/oz after a 1.3% decline yesterday. Gold is pressurized by recovery in US dollar index from 3-week low, surge in US 10-year bond yield to Feb.2020 high, continuing ETF outflows and sharp correction in platinum price. Gold may remain under pressure unless price rescales $1800/oz level or we see a sharp correction in US bond yields.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
Barring Nifty PSU Bank index, all the sectoral indices were trading in the red. The nifty Metal index was down 0.84 per cent, while Nifty Financial Services index slipped 0.64 per cent. On the flip side, Nifty PSU Bank index gained 1.75 per cent.
Stocks of IndusInd Bank, UltraTech Cement, Bajaj-Auto, Reliance Industries Ltd (RIL), State Bank of India (SBI) were among Sensex gainers.
Nestle India, ONGC, Power Grid Corporation of India, Titan Company, ICICI Bank, HDFC were among top BSE Sensex laggards.
BSE Sensex was down 155 points or 0.30 per cent to 51,949, while the broader Nifty 50 index was ruling at 15,274, down 39 points or 0.25 per cent on Wednesday.
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This latest high for bitcoin is not the big news. The big news is why. It’s not just speculation. It’s smart value investing by institutions, individuals, and even governments in a breakthrough technology. Bitcoin is an inflation-proof, corruption-resistant store of value backed by more reliable and transparent accounting. That is real value. In the near future, we’ll see 60, 70, and $100,000. In between we’ll also see volatile dips and the usual reports about the bubble bursting. Bitcoin isn’t a bubble. It’s a part of our economy now.: Vikram Rangala, CMO, ZebPay
BSE Sensex was down 46 points to 52,057, while the broader Nifty 50 index was ruling in th negative territory in the pre-opening session on Wednesday.
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Adani Ports and SEZ: The company said that it has completed the acquisition of Dighi Port for Rs 705 crore and would invest over Rs 10,000 crore in developing it as an alternate gateway to JNPT.
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Tesla’s investors, whether direct through the company shares or indirect through active or passive funds, have now effectively become holders of cryptocurrency Bitcoin, without actually buying it. This happened as Tesla’s famed CEO Elon Musk invested a staggering $1.5 billion of the company’s money into buying Bitcoin. Elon Musk also said that Tesla will accept Bitcoin as a form of payment soon.
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Stock markets reached fresh all-time highs on Tuesday but failed to sustain at those levels. S&P BSE Sensex ended flat with a negative bias at 52,104 points while the 50-stock NSE Nifty closed the day at 15,313. Although the benchmarks slipped, broader markets were seen inching higher. Nifty Junior jumped 0.40%, followed by smallcap and midcap indices. Among sectoral indices, only Nifty Metal, Pharma, Realty, and PSU Bank index closed in the green. The fear gauge of domestic equity markets, India VIX, ended over 1% higher.
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On Tuesday, foreign institutional investors (FIIs) net bought shares worth Rs 1,144.09 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 1,559.53 crore in the Indian equity market
After a wild stretch in which Bitcoin repeatedly set new highs amid murmurs of its seemingly unstoppable ascendance, the digital currency crossed the $50,000 mark for the first time on Tuesday. Bitcoin is rallying as more companies signal the volatile digital currency could eventually gain widespread acceptance as a legitimate means of payment. Bitcoin has been mostly seen as a store of value, like gold, with few places accepting it in exchange for goods or services.
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