Morning Update :– TCS, Eicher Motors, SBI Life Insurance, UltraTech Cement, and Cipla are among the Nifty’s top gainers, while ONGC, Axis Bank, Bharti Airtel, Power Grid Corporation, and M&M are among its losses.
Sensex – Fall -5 Points at :- 72,784
Nifty 50 – Fall -2 Points at :- 22,119
Indian Market
FII AND DII
| FII Sold | 285.15 Cr |
| DII Sold | 5.33 Cr |
Indian Market News
- Dollar falls as major US data looms; yen rises on CPI beat.
- Canara Bank’s board approves the split of each share into five shares.
- Asia shares unsteady, traders on watch as Japanese inflation exceeds forecasts.
- CMS Info’s promoter is going to unload the entire 26.7% interest at Rs 360 per share.
- Crude prices rise on supply concerns as shipping interruptions continue.
- Equities close marginally lower as the emphasis moves to data.
- Motilal Oswal View On Cello
- Institutional investors select Rs 71 crore worth of shares in Platinum Industries’ IPO through anchor book.
- Exicom Tele-Systems raises Rs 178 crore from anchor investors ahead of IPO.
- JSW Energy receives LoA from SJVN to set up 700 MW of ISTS-connected solar capacity.
- Deem Roll Tech will launch on NSE Emerge on February 27.
Global Markets updates
GIFT Nifty
Trends in the GIFT Nifty show a solid start for India’s broader index, with a gain of 74.50 points (0.34 percent). The Nifty futures were trading near the 22,165.50 mark.
US Markets
Monday’s minor dips in US stocks came as the attention turned from the AI-driven rise of the previous week to incoming economic data that may influence when the Federal Reserve would likely decrease interest rates.
The Fed’s favoured inflation indicator, the personal consumption expenditures price index (PCE), is expected to be released on Thursday. If the data shows that price pressures are not abating quickly enough, it may temper the recent euphoria.
At 39,069.23, the Dow Jones Industrial Average dropped 62.30 points, or 0.16 percent. The Nasdaq Composite dropped 20.57 points, or 0.13 percent, to 15,976.25, while the S&P 500 lost 19.27 points, or 0.38 percent, to 5,069.53.
Asian Markets
Asian markets opened on Tuesday with mixed results. Japan’s Kospi index decreased slightly, but the Nikkei index increased by 0.4 percent.
Gold Prices
Gold fell slightly on Monday as investors’ attention turned to U.S. inflation data that is scheduled for release this week, which may have an impact on when the Federal Reserve will decrease interest rates.
Spot gold increased by 0.5% to $2,025.91 an ounce. The price of US gold futures fell 0.6 percent to $2,036.60.
Crude oil
As supply concerns were stoked by shipping interruptions, oil prices increased slightly in early Asian trading on Monday, maintaining gains for the third day in a row.
By 01:06 GMT, U.S. West Texas Intermediate (WTI) crude futures increased by 15 cents, or 0.2%, to $77.73 a barrel, while Brent crude futures increased by 16 cents, or 0.2%, to $82.69 a barrel.
On Monday, both benchmarks had settled more than 1% higher.
Dollar
Tuesday’s trading saw the dollar weaken as investors anticipated a week of significant economic data from the United States that will offer new insights into the timing of potential interest rate reductions by the Federal Reserve.
The Bank of Japan’s 2% objective for consumer inflation was maintained, rather than falling for the first time in almost two years, as predicted by economists, and this resulted in a small strengthening of the yen.
Early in Asian time, the U.S. dollar index, which compares the value of the dollar to a basket of currencies that includes the yen and euro, was unchanged at 103.78 after falling 0.17% on Monday.
News updates
Board of Canara Bank authorises dividing each share into five shares.
On Monday, the board of PSU lender Canara Bank approved the division of each share into five shares.
The action was taken “to improve the liquidity of the Bank’s share and to make it affordable for retail investors and also to broaden the retail investors base,” the bank stated in a stock exchange filing.
According to Canara Bank, the stock split should be completed in two to three months. “Expected time of completion is 2 to 3 months from intimation of date of Board Meeting (February 7, 2024) to Stock Exchanges, considering the time taken for receiving RBI’s approval,” stated Canara Bank.
The promoter of CMS Info is expected to sell the full 26.7% interest for Rs 360 per share.
According to sources who spoke with CNBC Awaaz on Monday, Sion Investment, the company’s promoter, is expected to sell CMS Info Systems their whole 26.7 percent ownership through block agreements. Through block offers, the shares would be offered for Rs 360 a share, which represents a 9% discount to the current market price.
The sale of Sion Investment’s shareholding is expected to fetch more than Rs 1,500 crore. The broker will be IIFL Securities.
Stock in News
One 97 Communications: Former Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Bank of Baroda Executive Director Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal have been appointed to the associate entity Paytm Payments Bank (PPBL)’s Board of Directors. They recently joined the board as an independent director. Vijay Shekhar Sharma resigned as the part-time non-executive chairman and board member, and the business withdrew its nomination from the Paytm Payments Bank board.
CMS Info Systems: According to sources cited by CNBC-TV18, promoter Sion Investment Holdings Pte Limited may sell up to a 26.7% stake in the business in a block deal for Rs 1,500 crore. This suggests that the promoter may be leaving the business. The deal’s floor price, which represents a 9% discount to Monday’s closing price per share, has been set at Rs 360.
Lemon Tree Hotels: The hotel brand has inked a licence agreement for Keys Lite by Lemon Tree Hotels in Vijayawada, Andhra Pradesh, and Lemon Tree Resort in Sankhwas Garh, Rajasthan. In FY26, both properties are anticipated to open.
Hind Rectifiers: Indian Railways has placed an order with the maker of electrical and electronic equipment worth more than Rs 200 crore.
Power Mech Projects: South East Central Railway has placed an order with the business for the building of an electrified fourth railway BG line in Chhattisgarh on an EPC basis, valued Rs 396.25 crore.
Kilitch Drug (India): The pharmaceutical business announced that Kilitch Estro Biotech PLC, a subsidiary, had won a sizable tender from the Federal Democratic Republic of Ethiopia’s Ethiopian Pharmaceutical Supply Service. The $9.13 million deal covers the provision of medications.
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