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HomeLatest NewsIndian NewsMorning Update:-Nifty trades flat despite turbulence; Axis Bank and Eicher Motors lead...

Morning Update:-Nifty trades flat despite turbulence; Axis Bank and Eicher Motors lead gainers.

Morning Update : The mid- and small-cap indices are trading flat. Telecom, public sector banks, and oil and gas all fell by 0.5 percent.

Sensex – fall  -84 Points at :- 72,538

Nifty 50 – fall  -26 Points at :- 22,029

 Indian Market 


FII Bought 284.66 Cr
DII Sold 411.57 Cr
on last session

 Indian Market News

  1. Asian markets were trading higher on Thursday, with the Nikkei up 1.5% and Shanghai Composite up 0.7%.
  2. Oil edged higher, maintaining gains achieved on signs of tighter supply.
  3. Dollar range bound, a variety of PMI data expected.
  4. Moody’s upholds Axis Bank’s Baa3 deposit ratings; outlook stable.
  5. India’s BSE index is expected to climb by roughly 9% in 2024, with a correction unlikely.
  6. Exicom Tele Systems announces IPO price band at Rs. 135-142 per share.
  7. According to Jefferies, India’s GDP is expected to reach $5 trillion by 2027, making it the world’s third largest economy.
  8. India authorises 100% foreign direct investment in the space sector.
  9. S&P 500 and Dow close marginally higher; Nvidia climbs after the bell.
  10. Bharat Highways Invit’s Rs 2,500 crore IPO will start on February 28.
  11. ITC plans to purchase a 47% interest in Prataap Snacks to boost its regional presence, according to a report
  12. The market regulator will question Zee’s top executives about alleged fund theft.

Global Markets updates

GIFT Nifty

The GIFT Nifty trend indicates a solid start for India’s broader index, with a gain of 83.50 points (0.38 percent). The Nifty futures were trading near the 22,131.50 mark.

US Markets

While investors anticipated the release of Nvidia’s earnings, which might determine the near-term momentum for equities, the S&P 500 and Dow Jones industrials managed to post modest gains on Wednesday. Meanwhile, the Nasdaq closed negative for a third straight day.

At 4,981.80 points at the end of the session, the S&P 500 increased by 0.13 percent. The Dow Jones Industrial Average increased 0.13 percent to 38,612.24 points, while the Nasdaq fell 0.32 percent to 15,580.87 points.

 Asia Markets

Investors dismissed the gloomy business activity statistics from Japan, pushing the Nikkei index closer to all-time highs on Thursday. Other Asia-Pacific markets saw mixed trading.

Investors evaluated Japan’s Jibun Bank flash purchasing managers’ index data for February, which indicated that business activity had once again declined, and this led to a 1.7% increase in the Nikkei 225.


Following the release of the Federal Reserve’s January meeting minutes, which mostly confirmed expectations and revealed that most policymakers were wary of decreasing interest rates too soon, the dollar index weakened on Wednesday.

The dollar index hit its lowest level since February 2 on Tuesday, closing the day at 104.00, down 0.04 percent.

The euro increased to $1.0815, up 0.1 percent. The US dollar increased by 0.13 percent to 150.19 yen.


As traders evaluated indications of short-term supply constraints and geopolitical tensions continued in the Middle East, oil prices increased by 1% on Wednesday.

While Brent crude increased 69 cents, or 0.8 percent, to $83.03 a barrel, US West Texas Intermediate crude futures (WTI) jumped 87 cents, or 1.1 percent, to end at $77.91 a barrel.

News updates 

With a $5 trillion GDP, India’s economy would rank third in the world by 2027, according to Jefferies

India will have the third-largest economy by 2027, according to global brokerage Jefferies, which stated on February 21. This is because of the country’s steady GDP growth rate, benevolent geopolitics, rising market capitalization, ongoing reforms, and robust corporate culture.

India’s GDP increased by 7% CAGR in US dollars over the previous ten years to reach $3.6 trillion, moving it up from the eighth to the fifth largest economy in the world. India is the fastest growing large economy due to demographic factors (consistent labour supply), strengthening institutional foundations, and improvements in governance. Over the next four years, its GDP is expected to reach $5 trillion, making it the third largest economy by 2027, surpassing Japan and Germany, according to Mahesh Nandurkar, an India Equity analyst at Jefferies.

Throughout the past ten and twenty years, India has consistently grown at a rate of 10 to 12 percent in US dollars. According to Jefferies, India’s equities market is currently ranked sixth globally, and by 2030, it is expected to have a market capitalization of over $10 trillion.

Promoter Lunolux will sell a block agreement to dispose 12% of Eureka Forbes: References

According to sources cited by CNBC Awaaz on February 21, Lunolux Ltd., the promoter entity of Eureka Forbes, plans to sell off 12 percent of the home appliances company through block agreements.

According to the article, the promoter firm plans to offer approximately 2.3 crore shares, with a floor price of Rs 494.75 per share. With this, the total deal value rises to Rs 1,150 crore.

The news channel was informed by those with knowledge of the development that the shares would be offloaded at a maximum discount of 3 percent.

As conditions worsen, manufacturing activity in Japan continued to fall in February: PMI

Surveys released on Thursday revealed that growth in the service sector slowed and factory activity in Japan continued to drop in February, indicating that economic conditions were getting worse as the country struggled to emerge from recession.

The purchasing managers’ index (PMI) for manufacturing in Japan, flash au Jibun Bank, dropped from 48.0 in January to 47.2 in February.

For nine consecutive months, the headline index has stayed below the 50.0 point that separates expansion from contraction.

Stock in News

Eureka Forbes: According to sources who spoke to CNBCTV-18, block trades could see promoter Lunolux of Eureka Forbes sell up to 2.3 crore shares, or up to 12% of the company. With a 3% reduction, the deal’s floor price is set at Rs 494.75; the deal’s size is Rs 1,150 crore.

Homefirst Finance: To solicit life, general and health insurance, the company obtained a Corporate agent (Composite) licence from IRDAI. As a Corporate Agent, the Company will be able to approach its clientele about insurance products.

Apollo Microsystems: The business declared that SBI has approved a term loan of Rs 110 crore for it. The money would go towards building the Integrated Plant for Ingenious Defence Systems (IPiDS) in Hyderabad’s Hardware Park.

Brigade Enterprises: With a potential income of over Rs 2,000 crore, the company entered into a joint development deal with PVP Ventures to create a 2.5 million square feet high-rise residential complex situated across 16 acres in Perambur, Chennai.

LTI Mindtree: The business has an agreement to establish digital and general centres in Europe and India. The infrastructure will be built in Mumbai, Europe, and Poland. To create cutting-edge solutions for Greek insurance companies, Eurolife FFH will establish Generative Al and Digital Hub in Athens. Meanwhile, LTIMindtree will offer support and deep domain expertise from its specialised facilities in Mumbai and Poland.

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