The benchmark Sensex and Nifty indices are likely to open on a strong note on February 12 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 108 points.
Equity benchmarks Sensex and Nifty ended February 9 with marginal gains on a day of choppy trades as investors waited for further triggers. Banks saw buying in dips, while metals and realty came under selling pressure.
The Sensex closed 167.06 points, or 0.23 percent, up at 71,595.49, while the Nifty closed 64.55 points, or 0.3 percent, higher at 21,782.50.
The pivot point calculator indicates that the Nifty is likely to take immediate support at 21,672, followed by 21,631 and 21,564 levels, while on the higher side, it may see immediate resistance at 21,799, followed by 21,847 and 21,914 levels.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.
GIFT Nifty
Trends in the GIFT Nifty indicate a strong start for the broader index in India, with a gain of 108 points or 0.49 percent. The Nifty futures were trading around the 21,958 level.
Trade setup for today: Top 15 things to know before the opening bell
US Markets
S&P 500 closed above 5,000 for the first time on Friday and Nasdaq briefly traded above 16,000, with boosts from megacaps and chip stocks, including Nvidia as investors bet on artificial intelligence technology and eyed strong earnings data.
The Dow Jones Industrial Average fell 54.64 points, or 0.14 percent, to 38,671.69, the S&P 500 gained 28.70 points, or 0.57 percent, to 5,026.61 and the Nasdaq Composite gained 196.95 points, or 1.25 percent, to 15,990.66.
Asian Markets
Asia markets were mixed Monday to start a holiday-shortened week for most markets, while China remains shut for the week.
Many major stock markets in Asia-Pacific were closed Monday including Hong Kong, Taiwan and South Korea.
Japan’s Nikkei 225 opened 0.1 percent higher, while the broader Topix dipped 0.2 percent at the open.
Hyundai picks JP Morgan, Citi and HSBC as advisors for mega IPO of India arm
South Korean automaker Hyundai Motor has picked investment banks JP Morgan, Citi and HSBC for now as advisors for the proposed IPO of its India unit, which is planning to raise between $3 billion to $3.5 bilion, multiple industry sources in the know told Moneycontrol on the condition of anonymity.
A potential filing of the draft papers of this mega deal in the works is likely by June 2024 and if the listing plans fructify, it would be the biggest ever IPO on the Indian bourses. Prior to this, the $2.7-billion listing of LIC in 2022 was India's biggest IPO.
More i-banks for the Hyundai IPO may be added at a later stage if required, these sources added.
Moneycontrol has sent email queries to Hyundai, India's second-largest seller of passenger vehicles in 2023 after Maruti Suzuki India, Citi and HSBC, but could not elicit an immediate comment from the firms. This article will be updated as soon as we hear from them. JP Morgan declined to comment.
Hero MotoCorp Q3 PAT up 51% at Rs 1,073 crore, beats analysts' estimates
Hero MotoCorp registered a 51 percent year-on-year (YoY) jump in standalone net profit to Rs 1,073.38 crore for the quarter ended December 31, 2023. The country’s largest two-wheeler manufacturer’s net profit stood at Rs 711.06 crore during the same period last year.
The New Delhi-based two-wheeler manufacturer’s turnover for the third quarter of this fiscal grew by 21 per cent to Rs 9,723.73 crore. In Q3FY23, the company clocked a revenue of Rs 8,030.98 crore.
The Q3 FY 24 financials exceeded analysts' expectations. According to the average estimate of six brokerage firms, Hero MotoCorp was expected to report a 47.39 percent growth in net profit at Rs 1,048 crore. Its revenue from operations was expected to climb 21.1 percent to Rs 9,728 on-year, as per the same estimates by analysts.
ONGC Q3 net profit drops 7.9% to Rs 10,748 cr, revenue falls 2.2% YoY
Oil and Natural Gas Corporation (ONGC) posted a decline of around 8 percent in consolidated net profit at Rs 10,748 crore in the December quarter of the financial year 2023-24.
The oil and gas exploration giant reported a 2.2 percent decrease in revenue from operations for the third quarter of the current fiscal year, amounting to Rs 1,65,569 crore. This is in contrast to the Rs 1,69,213 crore recorded in the same period of the previous year.
ONGC also declared the second interim dividend of Rs 4.00 per share, which will be paid to eligible shareholders on or before March 10, 2024.
In the third quarter, the company’s total crude oil production slipped 3.3 percent from last year at 5.2 million metric tonnes (MMT). Meanwhile, ONGC’s total oil production in the first nine months of FY24 declined 2.9 percent.
Paytm forms advisory committee under former Sebi chief Damodaran
The board of One97 Communications Ltd, the company that runs the Paytm payments app, has formed a panel headed by N. Damodaran, a former chairman of India’s markets regulator, to advise Paytm Payments Bank Ltd on compliance and regulation a day after the banking regulator criticised the lender for repeated non-compliance of rules.
The committee, led by Damodaran and comprising two other members, will work with the board of One97 Communications to strengthen compliance and regulatory matters, the company told the exchanges.
The committee includes M.M. Chitale, a former president of the Institute of Chartered Accountants of India (ICAI) and a former governing Council Member of the Banking Codes and Standards Board of India, along with banker R Ramachandran, a former chairman and managing director of Andhra Bank, One97 Communications said.
On January 31, the RBI imposed major business restrictions on Paytm Payments Bank, citing prolonged non-compliance to prudential regulations.
Direct tax collection reaches 80% of revised FY24 target at Rs 15.60 lakh cr
Net direct tax collection so far in current fiscal grew 20 percent year-on-year to Rs 15.60 lakh crore, which is 80 percent of revised budget estimates for full fiscal year.
“The provisional figures of direct tax collections continue to register steady growth. Direct tax collections up to 10th February, 2024 show that gross collections are at Rs 18.38 lakh crore, which is 17.30 percent higher than the gross collections for the corresponding period of last year,” Central Board of Direct Taxes (CBDT) said in a statement.
Direct tax collection, net of refunds, till February 10 of FY24 stands at Rs 15.60 lakh crore, which is 20.25 per cent higher than the net collections in the corresponding period last year.
This collection is 80.23 per cent of the total revised estimates of direct taxes for 2023-24.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 141.95 crore, while domestic institutional investors (DIIs) sold Rs 421.87 crore worth of stocks on February 9, provisional data from the NSE showed.
Stocks under F&O ban on NSE
The NSE has added Zee Entertainment Enterprises to the F&O ban list for February 12, while retaining Ashok Leyland, Aurobindo Pharma, Balrampur Chini Mills, Biocon, Delta Corp, Hindustan Copper, India Cements, Indus Towers, Punjab National Bank, SAIL and UPL to the said list. However, National Aluminium Company was removed from the said list.
With inputs from Reuters and other agencies
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