Share Market HIGHLIGHTS: Sensex ends 724 pts lower, Nifty gives up 21,750 dragged by financial stocks; Axis Bank, ICICI Bank drop 3%
Share Market Today LIVE: Domestic equity benchmarks Nifty 50 and Sensex declined on Thursday, dragged by rate-sensitive sectors, following the Reserve Bank of India's (RBI) decision to keep its key interest rate unchanged for a sixth consecutive meeting, in line with expectations.
Catch minute-by-minute updates of all the action in the Indian share market today, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.com's blog:
Share Market Today LIVE: Domestic equity benchmarks Nifty 50 and Sensex declined on Thursday, dragged by rate-sensitive sectors, following the Reserve Bank of India's (RBI) decision to keep its key interest rate unchanged for a sixth consecutive meeting, in line with expectations.
Catch minute-by-minute updates of all the action in the Indian share market today, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.com's blog:
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Share Market Update: Kotak Mahindra Bank, Britannia, Axis Bank worst hit among 34 Nifty50 losers; SBI, BPCL, Power Grid top gainers
Top Nifty50 gainers
| Stock | Change (%) | Feb 8 close |
| SBIN | 3.64 | 699.8 |
| BPCL | 3.35 | 622.2 |
| POWERGRID | 3 | 276 |
| COALINDIA | 1.84 | 461 |
| HINDALCO | 1.73 | 602.5 |
| TCS | 1.33 | 4,137.85 |
| HCLTECH | 1.19 | 1,634.55 |
| RELIANCE | 1.1 | 2,916.00 |
| BAJAJ-AUTO | 0.74 | 7,759.00 |
| APOLLOHOSP | 0.63 | 6,216.70 |
Top Nifty50 laggards
| Stock | Change (%) | Feb 8 close |
| KOTAKBANK | -3.49 | 1,730.00 |
| BRITANNIA | -3.16 | 4,917.90 |
| AXISBANK | -3.01 | 1,036.90 |
| NESTLEIND | -2.98 | 2,425.00 |
| EICHERMOT | -2.97 | 3,811.00 |
| ICICIBANK | -2.96 | 991.9 |
| UPL | -2.72 | 464.8 |
| ITC | -2.61 | 414.45 |
| HDFCLIFE | -2.26 | 591.5 |
| TATACONSUM | -2.17 | 1,140.95 |
Share Market Update: Sensex ends 724 pts lower, Nifty gives up 21,750 dragged by financial stocks; Axis Bank, ICICI Bank drop 3%
Share Market Today LIVE | Lupin stock rises to 52-week high after pharma firm beat Street estimates in December quarter results
Lupin hit a 52-week high of Rs 1,701 on BSE on Thursday (February 8, 2024) after the pharma company reported strong operational numbers that beat all parameters in its December quarter results.
Lupin Q3 results
The company reported a four-fold jump in its consolidated profit after tax, which skyrocketed to Rs 613 crore in the December quarter compared to Rs 153 crore year-on-Year (YoY), against Zee Business research estimates of Rs 427 crore.
Lupin's revenue from operations soared by 20 per cent to Rs 5197 crore in Q3 against Rs 4322 crore Year-on-Year (YoY), compared to estimates of Rs 4868 crore. Read more
RBI MPC Meeting | RBI's decision to maintain status quo a cornerstone for enhancing affordability within realty sector, say experts
The Reserve Bank of India (RBI) on Thursday, February 8, maintained a status quo on the repo rate for the sixth time in a row, keeping a tight vigil on inflation. The rate increase cycle was paused in April last year after six consecutive rate hikes aggregating to 250 basis points since May 2022.
Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said on Thursday that the Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5 per cent.
The MPC has also decided to maintain the "withdrawal of accommodation" stance. Das said that MPC will remain watchful of food inflation so that the benefits gained are not frittered away.
Here is how industry experts view the RBI's monetary policy decision:
Mukesh Kochar, National Head of Wealth at AUM Capital
"The MPC outcome is on expected lines only. RBI will continue to focus on aligning inflation towards its target of 4 per cent which is expected to be attained by June-August. Inflation expectations for Q4 and Q1 have also been reduced. So the market may discount a rate cut possibility during the end of the second quarter or third quarter. Both the debt market and equity market may discount a rate cut possibility during the end of the second or third quarter."
Kochar added the tight liquidity in the banking system may continue for some more time as the focus is on bringing inflation towards 4 per cent. Increased public debt globally has been cited as a concern which is very important.
Anuj Puri, Chairman, ANAROCK Group
"With the fundamentals of the Indian economy remaining strong despite all global headwinds and inflation well under control, the RBI once again decided to keep the repo rates unchanged at 6.5 per cent, thus extending the festive bonanza that it gave to homebuyers in its last two policy announcements. Thus, homebuyers retain the advantage of relatively affordable home loan interest rates. Given that housing prices have risen across the top seven cities in the last one year, this breather by the RBI is a distinct advantage to homebuyers." Read more
Share Market Today LIVE | Trent shares hit all-time high after Westside chain operator clocks two-fold jump in Q3 profit; what should investors do?
Tata group retail firm Trent’s shares soar to an all-time high on Thursday after the Westside chain operator reported a two-fold year-on-year increase in consolidated net profit to Rs 370.6 crore for the quarter ended December 31, 2023, aided by strong momentum in sales and improved margins. The Trent stock gains by as much as 5.8 per cent to a record Rs 3,819 apiece on NSE, surpassing an earlier peak of Rs 3,763.6 touched the previous day.
The company’s consolidated revenue from operations surged 50.5 per cent to Rs 3,466.62 crore for the fiscal third quarter, according to a regulatory filing post-market hours on Wednesday.
Trent shares: Should you buy, sell or hold the Tata group stock?
Morgan Stanley maintained an ‘equal-weight’ rating on Trent after the Tata group firm’s earnings announcement.
The brokerage raised its target for the stock to Rs 3,675 from Rs 2,307.
Trent’s topline and margin exceeded Morgan Stanley’s forecasts.“Unchartered growth and profitability execution in FY24 raises conviction in growth sustainability. Growth sustainability will lead to upward earnings revision,” according to the brokerage.
Jefferies maintained a ‘hold’ call on the counter and raised its target for the stock by Rs 50 to Rs 3,500. Read more
Share Market Today LIVE | Should you buy, sell or hold Nestle India shares after Q4 results?
Nestle India shares on Thursday, February 8, dip after the company—whose popular products include Maggi instant noodles and KitKat—fell short of analysts' expectations, especially net income for Q4 FY24. The financial result for the quarter under review was declared yesterday.
Nestle shares decline as much as 3.28 per cent to hit the day's low of Rs 2,420.05 on the NSE. The counter trades at Rs 2,422, down 3.1 per cent on the NSE, extending gains for the second trading day.
Nestle India Q4 results
On Wednesday during market hours, Nestle India reported a net profit of Rs 655.61 crore for the quarter ended December 31, 2023, up 4.38 per cent against Rs 628.06 crore logged in the year-ago period.
FMCG major's revenue from operations came in at Rs 4,600.42 crore, up 8.07 per cent against Rs 4,256.79 crore registered in the corresponding quarter of the previous fiscal.
Nestle India share price target 2024: Right time to add Kitkat, Maggi maker shares to your portfolio?
Post-quarterly earnings announcement, CLSA has maintained a 'reduce' rating on the Nestle India stock. The brokerage has reduced the target to Rs 2,634 from Rs 2,689 on the FMCG stock.
According to CLSA, the results are in line with strong growth in Nescafe. CLSA has trimmed 24–25CL earnings per share (EPS) estimates by 2 per cent following the results. The analysts believe the 12-month forward PE of 70x adequately reflects Nestle's strong performance. Read more
Image: Reuters
Biocon Q3 Preview | Firm likely to post profit of Rs 192 crore against a loss in Q3 FY23
Biocon, the mid-cap biopharma company, is scheduled to report its Q3 earnings on February 8. Zee Business Research desk estimates the company will log a consolidated PAT of Rs 192 crore for the December quarter of FY24 as against a loss of Rs 42 crore. In Q3 FY23, Kiran Mazumdar-led company reported an exceptional loss of Rs 271 crore.
Profit growth at the biotechnology major during the quarter is expected to remain slow given the higher finance or capital costs.
The top line at the company is estimated to grow 25 per cent YoY to Rs 3,690 crore for the quarter under review. The same stood at Rs 2,942 crore in the corresponding period of the previous fiscal year. Read more
Nifty Today LIVE | ICICI Bank, HDFC Bank, Axis Bank, ITC among top drags
ICICI Bank, HDFC Bank, Axis Bank, ITC and Kotak Bank are among the top drags in the Nifty baskets at this hour. On the contrary, SBI, Power Grid, TCS and BPCL are the top movers.
Here's a look at the heatmap in the 50-scrip universe by weight:
Source: NSE
Share Market Today LIVE | Nifty slips below 21,750, Sensex sheds nearly 650 pts after RBI MPC meeting
Share Market Today LIVE | Here's how interest rate-sensitive stocks fare after RBI policy announcements
Consumer durables
| SYMBOL | CHNG | %CHNG |
| NIFTY CONSUMER DURABLES | -111.45 | -0.36 |
| VOLTAS | 19 | 1.83 |
| BLUESTARCO | 9.2 | 0.79 |
| CROMPTON | 0.8 | 0.28 |
| HAVELLS | -1.35 | -0.1 |
| AMBER | -4.65 | -0.11 |
| VGUARD | -1 | -0.32 |
| BATAINDIA | -9.5 | -0.67 |
| RAJESHEXPO | -2.45 | -0.7 |
| KAJARIACER | -11.1 | -0.85 |
| TITAN | -33.65 | -0.94 |
| DIXON | -72.85 | -1.15 |
| WHIRLPOOL | -17 | -1.24 |
| RELAXO | -12.3 | -1.4 |
| ORIENTELEC | -3.25 | -1.51 |
| TTKPRESTIG | -12.35 | -1.56 |
Nifty Bank
| SYMBOL | CHNG | %CHNG |
| NIFTY BANK | -455.15 | -0.99 |
| SBIN | 26.1 | 3.87 |
| BANKBARODA | 5.4 | 2.21 |
| PNB | 0.45 | 0.36 |
| BANDHANBNK | -0.25 | -0.12 |
| FEDERALBNK | -0.7 | -0.47 |
| IDFCFIRSTB | -0.8 | -0.96 |
| INDUSINDBK | -15.2 | -1 |
| HDFCBANK | -19.05 | -1.33 |
| KOTAKBANK | -32.5 | -1.81 |
| AUBANK | -12.7 | -2.05 |
| ICICIBANK | -24.7 | -2.42 |
| AXISBANK | -27.7 | -2.59 |
Financial services
| SYMBOL | CHNG | %CHNG |
| NIFTY FINANCIAL SERVICES | -242.9 | -1.19 |
| SBIN | 25.65 | 3.8 |
| RECLTD | 1.5 | 0.29 |
| IEX | 0.4 | 0.28 |
| LICHSGFIN | 1.65 | 0.26 |
| ICICIGI | 4 | 0.25 |
| HDFCLIFE | 1.3 | 0.21 |
| SBICARD | -0.5 | -0.07 |
| ICICIPRULI | -0.5 | -0.09 |
| SBILIFE | -2.4 | -0.16 |
| PFC | -1.9 | -0.41 |
| HDFCAMC | -18.45 | -0.51 |
| HDFCBANK | -19.5 | -1.36 |
| BAJAJFINSV | -23.9 | -1.5 |
| BAJFINANCE | -103.3 | -1.54 |
| SHRIRAMFIN | -37.8 | -1.57 |
| KOTAKBANK | -33.9 | -1.89 |
| ICICIBANK | -23.1 | -2.26 |
| CHOLAFIN | -31.35 | -2.7 |
| AXISBANK | -29.35 | -2.75 |
| MUTHOOTFIN | -43.8 | -3.07 |
Auto
| SYMBOL | CHNG | %CHNG |
| NIFTY AUTO | -217.6 | -1.09 |
| BAJAJ-AUTO | -23.8 | -0.31 |
| HEROMOTOCO | -22.55 | -0.47 |
| MRF | -836.4 | -0.58 |
| TATAMOTORS | -6.7 | -0.72 |
| TIINDIA | -28.15 | -0.78 |
| MOTHERSON | -1.05 | -0.86 |
| BALKRISIND | -21.8 | -0.93 |
| BOSCHLTD | -240.1 | -0.95 |
| BHARATFORG | -13.15 | -1.02 |
| M&M | -18.2 | -1.06 |
| TVSMOTOR | -23.95 | -1.16 |
| SONACOMS | -11 | -1.75 |
| MARUTI | -202.75 | -1.85 |
| ASHOKLEY | -3.35 | -1.88 |
| EICHERMOT | -86.65 | -2.21 |
Real estate
| NIFTY REALTY | -4.4 | -0.5 |
| SWANENERGY | 11.05 | 1.67 |
| PHOENIXLTD | 42.6 | 1.54 |
| MAHLIFE | 5.65 | 0.95 |
| OBEROIRLTY | 11.85 | 0.9 |
| DLF | 4 | 0.48 |
| PRESTIGE | -11.5 | -0.94 |
| LODHA | -23.7 | -2.09 |
| GODREJPROP | -52.4 | -2.28 |
| SOBHA | -46.05 | -3.13 |
Share Market Today LIVE | Here's how interest rate-sensitive stocks fare after RBI policy announcements
Consumer durables
| SYMBOL | CHNG | %CHNG |
| NIFTY CONSUMER DURABLES | -111.45 | -0.36 |
| VOLTAS | 19 | 1.83 |
| BLUESTARCO | 9.2 | 0.79 |
| CROMPTON | 0.8 | 0.28 |
| HAVELLS | -1.35 | -0.1 |
| AMBER | -4.65 | -0.11 |
| VGUARD | -1 | -0.32 |
| BATAINDIA | -9.5 | -0.67 |
| RAJESHEXPO | -2.45 | -0.7 |
| KAJARIACER | -11.1 | -0.85 |
| TITAN | -33.65 | -0.94 |
| DIXON | -72.85 | -1.15 |
| WHIRLPOOL | -17 | -1.24 |
| RELAXO | -12.3 | -1.4 |
| ORIENTELEC | -3.25 | -1.51 |
| TTKPRESTIG | -12.35 | -1.56 |
Nifty Bank
| SYMBOL | CHNG | %CHNG |
| NIFTY BANK | -455.15 | -0.99 |
| SBIN | 26.1 | 3.87 |
| BANKBARODA | 5.4 | 2.21 |
| PNB | 0.45 | 0.36 |
| BANDHANBNK | -0.25 | -0.12 |
| FEDERALBNK | -0.7 | -0.47 |
| IDFCFIRSTB | -0.8 | -0.96 |
| INDUSINDBK | -15.2 | -1 |
| HDFCBANK | -19.05 | -1.33 |
| KOTAKBANK | -32.5 | -1.81 |
| AUBANK | -12.7 | -2.05 |
| ICICIBANK | -24.7 | -2.42 |
| AXISBANK | -27.7 | -2.59 |
Financial services
| SYMBOL | CHNG | %CHNG |
| NIFTY FINANCIAL SERVICES | -242.9 | -1.19 |
| SBIN | 25.65 | 3.8 |
| RECLTD | 1.5 | 0.29 |
| IEX | 0.4 | 0.28 |
| LICHSGFIN | 1.65 | 0.26 |
| ICICIGI | 4 | 0.25 |
| HDFCLIFE | 1.3 | 0.21 |
| SBICARD | -0.5 | -0.07 |
| ICICIPRULI | -0.5 | -0.09 |
| SBILIFE | -2.4 | -0.16 |
| PFC | -1.9 | -0.41 |
| HDFCAMC | -18.45 | -0.51 |
| HDFCBANK | -19.5 | -1.36 |
| BAJAJFINSV | -23.9 | -1.5 |
| BAJFINANCE | -103.3 | -1.54 |
| SHRIRAMFIN | -37.8 | -1.57 |
| KOTAKBANK | -33.9 | -1.89 |
| ICICIBANK | -23.1 | -2.26 |
| CHOLAFIN | -31.35 | -2.7 |
| AXISBANK | -29.35 | -2.75 |
| MUTHOOTFIN | -43.8 | -3.07 |
Auto
| SYMBOL | CHNG | %CHNG |
| NIFTY AUTO | -217.6 | -1.09 |
| BAJAJ-AUTO | -23.8 | -0.31 |
| HEROMOTOCO | -22.55 | -0.47 |
| MRF | -836.4 | -0.58 |
| TATAMOTORS | -6.7 | -0.72 |
| TIINDIA | -28.15 | -0.78 |
| MOTHERSON | -1.05 | -0.86 |
| BALKRISIND | -21.8 | -0.93 |
| BOSCHLTD | -240.1 | -0.95 |
| BHARATFORG | -13.15 | -1.02 |
| M&M | -18.2 | -1.06 |
| TVSMOTOR | -23.95 | -1.16 |
| SONACOMS | -11 | -1.75 |
| MARUTI | -202.75 | -1.85 |
| ASHOKLEY | -3.35 | -1.88 |
| EICHERMOT | -86.65 | -2.21 |
Real estate
| NIFTY REALTY | -4.4 | -0.5 |
| SWANENERGY | 11.05 | 1.67 |
| PHOENIXLTD | 42.6 | 1.54 |
| MAHLIFE | 5.65 | 0.95 |
| OBEROIRLTY | 11.85 | 0.9 |
| DLF | 4 | 0.48 |
| PRESTIGE | -11.5 | -0.94 |
| LODHA | -23.7 | -2.09 |
| GODREJPROP | -52.4 | -2.28 |
| SOBHA | -46.05 | -3.13 |
Share Market Today LIVE | Nifty Bank falls 500 pts post RBI MPC policy decision
Source: NSE
Here's how Nifty Bank stocks fare post RBI policy announcements
| SYMBOL | CHNG | %CHNG |
| NIFTY BANK | -455.15 | -0.99 |
| SBIN | 26.1 | 3.87 |
| BANKBARODA | 5.4 | 2.21 |
| PNB | 0.45 | 0.36 |
| BANDHANBNK | -0.25 | -0.12 |
| FEDERALBNK | -0.7 | -0.47 |
| IDFCFIRSTB | -0.8 | -0.96 |
| INDUSINDBK | -15.2 | -1 |
| HDFCBANK | -19.05 | -1.33 |
| KOTAKBANK | -32.5 | -1.81 |
| AUBANK | -12.7 | -2.05 |
| ICICIBANK | -24.7 | -2.42 |
| AXISBANK | -27.7 | -2.59 |
RBI MPC Meet Feb 2024 | Market wizard Anil Singhvi says no change in rate, stance as expected
Zee Business Managing Editor Anil Singhvi also points out that the central bank's latest policy has no liquidity-related measures, also along expected lines.