NIFTY50: 21,453 ▲ 215 (+1.0%)
SENSEX: 71,060 ▲ 689 (+0.9%)
- Benchmark indices closed higher after a volatile session
- In all, 43 of the NIFTY50 stocks closed in the green
- China's central bank cut the reserve requirement ratio (RRR) for all banks by 50 basis points to 10% starting February 5, to boost economic recovery
Among the NIFTY sectoral indices, Media (+3.0%) and Metal (+2.9%) were the top gainers with no sectoral losers today.
What's Up
| Top gainers | Today's change |
| Hindalco | 566 ▲ 25 (+4.6%) |
| Dr Reddy | 5,891 ▲ 216 (+3.8%) |
| IndusInd Bank | 1,495 ▲ 53 (+3.7%) |
What's Down
| Top losers | Today's change |
| ICICI Bank | 998 ▼ 30 (-2.9%) |
| Axis Bank | 1,059 ▼ 29 (-2.7%) |
| Asian Paints | 3,001 ▼ 52 (-1.7%) |
Market Sentiment
| USD-INR | 14.30 ▼ 0.4 (-3.2%) |
| NIFTY MIDCAP 100 | 47,423 ▲ 853 (+1.8%) |
| NIFTY SMALLCAP 100 | 15,332 ▲ 259 (+1.7%) |
| India VIX | 83.12 ▼ 0.03 (-0.04%) |
Stock Buzz
⭐ Pidilite Industries Q3 profit rises 66%
Shares of Pidilite Industries closed 2.6% higher today. This came after the company reported a 66% year-on-year (YoY) rise in its Q3 consolidated profit to ₹511 crore on back of sustained demand and easing costs. Its revenue also rose by 4.4% YoY to ₹3,130 crore in the same period. According to experts, rising construction and infrastructure activity in the country has benefited industrial adhesives and chemical manufacturers like Pidilite.
⭐ Mahanagar Gas rises as Q3 profit jumps
Shares of the gas distribution company closed 2.5% higher today. This was after the company reported a 84% year-on-year (YoY) surge in its consolidated net profit to ₹317 crore in the October to December quarter of FY24. The strong profit growth was supported by lower natural gas prices.
⭐ CAMS falls after HDFC Bank sells stake
HDFC Bank reported that it sold 2% of its share capital in Computer Age Management Services (CAMS). In December 2023, HDFC Bank was holding about 3.94% of share capital of CAMS. After the sale of 2% of shares, the bank now holds around 1.94% stake. Meanwhile, shares of the company closed 0.2% lower today.
⭐ REC surges on robust Q3 numbers
Shares of the Maharatna power finance company rose 7.6% today. This came after the company reported a 13.6% year-on-year (YoY) surge in its net profit to ₹3,269 crore in the third quarter of FY24. Its net interest income (NII) rose 18% YoY to ₹4,159 crore in Q3 FY24. The management announced that the company will lend up to ₹1,20,000 crore for installing rooftop solar panels under the Pradhan Mantri Suryoday Yojana.
IPO Corner
⭐On Day 2, the Nova AgriTech IPO received an overall subscription of 33.8 times, with the retail segment being subscribed 36.2 times. To know more and apply, click here.
⭐ On the last day, the EPACK Durable IPO received an overall subscription of 16.3 times, with the retail segment being subscribed 6.2 times. The tentative listing date is 30 January 2024.
Learn with Upstox
What is a Maharatna PSU?
A Maharatna PSU is a distinguished government designation for key public sector enterprises in India. To qualify, a company needs a Navratna status and should be listed on the stock exchange. The company’s annual net profit should surpass ₹5,000 crore for three years, with either an average annual turnover of ₹25,000 crore or a net worth of ₹15,000 crore. It should also have a global presence.
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