Morning Update :– The Nifty saw large gains from Adani Enterprises, Power Grid Corporation, Cipla, L&T, and Dr Reddy’s Labs, while Asian Paints, Titan Company, HDFC Life, BPCL, and LTIMindtree fell.
Sensex – Fall -137 Points at :- 73,005
Nifty 50 – Fall -33 Points at :- 22,178
Indian Market
FII AND DII
| FII Bought | 1,276.09Â Â Cr |
| DII Bought | Â 176.68 Cr |
Indian Market News
- Dollar strengthens ahead of a busy data week, with US inflation in focus.
- Oil extends losses in the early Asian trade.
- Japan’s January corporate service costs rose 2.1%, according to the BOJ.
- S&P, Dow eke out another record closing high as Nvidia momentum continues
- GPT Healthcare’s IPO gained 85% on Day 2: Should you invest in the Rs 525.14 crore issue?
- According to a government assessment, per capita consumption spending will increase by 33-40% in 2022-23 compared to 2011-12.
- India’s foreign reserves have dropped to $616 billion, the lowest in two months.
- Disney and Reliance claimed to have reached a binding India merger agreement.
- Sun Pharma, Lupin, and Alkem recalled items from the US market.
- Fitch rates IRB Infrastructure’s USD Notes ‘BB+(EXP)’; outlook stable.
- DLF to launch homes worth Rs 80,000 crore in four years to capitalise on spike in demand.
- Zurich Insurance Company will acquire a 70% share in Kotak General for Rs 5,560 crore.
- Sanofi India’s Q4 profit increased 5% YoY to Rs 138 crore.
Global Markets updates
GIFT Nifty
With a loss of 19 points, or 0.09 percent, the GIFT Nifty trends point to a flat to negative start for the Indian index as a whole. The 22,230 level was the trading range for the Nifty futures.
Asia Markets
As investors awaited inflation data from the US, Japan, and Europe to help temper expectations for future rate hikes, Asian shares were taking a break on Monday, close to seven-month highs.
Dollar
Ahead of a busy week full of important data releases that may offer more hints about the outlook for interest rates around the world, the dollar was strong on Monday. The U.S. inflation reading will likely take centre stage.
The Federal Reserve’s preferred gauge of inflation, the core personal consumption expenditures price index (PCEPI) is expected to rise by 0.4 percent on a monthly basis when it is released on Thursday.
This week’s data schedule also includes PMI readings in China, a rate decision from the Reserve Bank of New Zealand (RBNZ), and inflation figures from the euro zone, Japan, and Australia.
Prior to the announcements, the dollar saw a significant increase in early Asia trade, which caused the euro to decline by 0.04 percent to $1.0817 and the New Zealand dollar to decline by 0.55 percent to $0.6164.
News updates
S&P and Dow manage to close at a record high as Nvidia’s momentum continues.
All three Wall Street benchmarks had weekly gains on Friday, as the S&P 500 and Dow Jones Industrial Average managed to close at all-time highs. Artificial intelligence equities continued to surge strongly.
AI’s poster child Nvidia surged once more, gaining 0.4 percent, and crossed the $2 trillion market valuation threshold for the first time. The chipmaker Nvidia added $277 billion in stock market value on Thursday, the session following its spectacular earnings, which was Wall Street’s highest daily increase ever.
The Nasdaq Composite dropped 44.80 points, or 0.28 percent, to 15,996.82, while the S&P 500 gained 1.77 points, or 0.03 percent, to finish at 5,088.8 points. At 39,131.53, the Dow Jones Industrial Average increased by 62.42 points, or 0.16 percent.
Most S&P sectors concluded the day in positive territory. Materials, opens new tab, and industrials were among the top performances, along with utilities. Each of the three experienced a rise of 0.5 to 0.7 percent.
The Dow concluded the week up 1.3 percent, the S&P 500 up 1.7 percent, and the Nasdaq up 1.4 percent.
India drops to $616 billion in foreign exchange reserves, the lowest level in two months.
According to figures issued by the Reserve Bank of India (RBI) on February 23, India’s foreign exchange reserves decreased to $616.10 billion as of February 16.
The foreign exchange reserves decreased by $1.13 billion from the previous week to $616.10 billion. But it comes after a much bigger drop of $5.24 billion in the week that concluded on February 9; as a result, the most recent amount is the lowest in the past two months.
The reserves were last reduced on December 15, when they were valued at $615.97 billion.
Disney and Reliance have inked a legally binding merger agreement in India.
People with knowledge of the situation claim that Walt Disney Co. and Reliance Industries Ltd. have reached a legally binding agreement to combine their media businesses in India. This comes as the US entertainment behemoth reassesses its approach in the face of fierce competition in the most populated nation on earth.
The persons, who wished to remain anonymous because the information is confidential, stated that Disney will own the remaining shares of the combined company, with the media division of Reliance, helmed by billionaire Mukesh Ambani, and its affiliates expected to own at least 61 percent.
According to the people, the most recent milestone and further information will probably be revealed early this week.
A Disney spokesman said they would not comment. When asked about the signing of the legally binding agreement, a Reliance representative did not answer right away.
Corporate service prices in Japan increased 2.1% in January, according to BOJ.
According to central bank data released on Monday, business-to-business service prices in Japan increased by 2.1 percent year over year in January, a decrease from a 2.4 percent annual growth in December.
The Bank of Japan is keeping a careful eye on changes in service prices to determine if the economy is experiencing enough inflationary pressure to justify reducing its enormous stimulus.
Stock in News
Rain Industries: Due to decreased topline, impairment loss, and increased financing costs, the producer of calcined petroleum coke reported a consolidated net loss of Rs 107.9 crore for the quarter that ended in December 2023 (Q4CY23), compared to a profit of Rs 12.6 crore in the same period last year. For the quarter, consolidated revenue from operations was Rs 410 crore, a 25% decrease from the previous year.
Biocon: The biopharmaceutical business has provided a corporate guarantee of $20 million to Mizuho Bank in order to secure a $20 million term loan facility that the bank has issued to Biocon Generics Inc., the company’s step-down subsidiary. The business guarantee is good for five years.
JSW Infrastructure: The V O Chidambaranar Port Authority has sent the JSW Group firm a Letter of Award for the mechanisation of North Cargo Berth-III (NCB-III) so that the port may handle dry bulk cargo on a design, construct, finance, operate, and transfer (DBFOT) basis using a public-private partnership.
Foseco India: Topline and other income helped the foundry consumables and solutions company record a 33% year-over-year increase in net profit at Rs 16.3 crore for the quarter that ended in December CY23 (Q4CY23). In comparison to the same period last year, revenue from operations increased by 15.7% during the quarter to Rs 122.3 crore.
Kotak Mahindra Bank: The bank, Zurich, and Kotak Mahindra General Insurance Company have reached an understanding wherein Zurich will pay Rs 5,560 crore in a single payment to purchase a 70% ownership in Kotak General through a combination of main and secondary acquisitions.
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