Stock market LIVE: Gift Nifty in red; SBI, Tata Motors, Paytm on radar – today news


8:42 AM

RBI curbs on Patym to have major impact but valuation remains attractive

The recent Reserve Bank of India (RBI) diktat gives Paytm Payments Bank (PPBL) time till February 29 to wind down its operations. This will have a substantial impact on One97 Communications (OCL), which is the listed Paytm entity. The stock has taken a hammering with two successive lower circuits. Read

8:38 AM

Q&A | Commendable eschewal of populist schemes: Motilal Oswal Fin Services CEO

The government’s decision to resist any populist schemes ahead of elections and its commitment to bring down the fiscal deficit are commendable, says MOTILAL OSWAL, group managing director and chief executive officer of Motilal Oswal Financial Services. In an email interview, Oswal states that buoyant economic activity, declining input costs, and strong corporate earnings growth will keep sentiment positive. Read here

MOTILAL OSWAL, group managing director and chief executive officer of Motilal Oswal Financial Services

8:24 AM

Nifty, Bank Nifty: Wait for confirmed breakout from trading range

The Nifty 50 Index, currently at 21,853.80, faces a notable resistance zone around 22,200. Should the index breach this level, a near-term correction on the charts becomes plausible.


On the downside, breaking below 21,650 could trigger a corrective phase, with support levels at 21,200 and 20,800. The most prudent trading strategy in this scenario is to wait for these critical levels to be breached before initiating trades in the direction of the violation. Read
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8:19 AM

Stocks to Watch today, Feb 5: Paytm, SBI, TaMo, IndiGo, ZEE, Airtel, VBL

State Bank of India: The country’s largest lender, reported a net profit of Rs 9,164 crore in the October-December quarter (Q3FY24), down 35.5 per cent from Rs 14,205 crore in the same period of the previous year (Q3FY23), due to a Rs 7,100 crore provision for pension liabilities. Sequentially, the public sector lender’s profit was down by 36.05 per cent.


Paytm (One97 Communications): The company, which has been under the Reserve Bank of India’s line of fire, may react to multiple news reports.


First, a report in the Hindu BusinessLine suggests the company is in exploratory talks with a few interested investors to sell the wallets business, which is housed under Paytm Payments Banl. HDFC Bank and Jio Financial Services are said to be among the forerunners to acquire the same, the report added.


Second, the RBI had reportedly found hundreds of thousands of accounts at the bank created without proper identification. The central bank is concerned some of these accounts may have been used to launder money. 


Paytm Payments Bank, however, has clarified that neither the firm nor Vijay Shekhar Sharma, One97 CEO, were under enforcement directorate scrutiny for money laundering.


Third, stock exchanges have revised the circuit limits for Paytm to 10 per cent from 20 per cent, after the stock crashed 36 per cent in two days

Tata Motors: On Friday, the Tata group company reported a 137.5 per cent Y-o-Y jump in consolidated net profit at Rs 7,025 crore for Q3FY24. READ

8:14 AM

Bond traders pin hopes on dovish RBI pivot to extend Budget rally

Bond traders in India are anticipating that a fiscally prudent budget may prompt the central bank to signal a dovish monetary policy tilt, and extend the best rally in more than year.


Yields slid to a seven-month low last week after New Delhi unveiled a borrowing plan that was below market estimates. That’s strengthening the case for the Reserve Bank of India to shift from the withdrawal of accommodation to a neutral stance in its Feb. 8 meeting or the next, according to traders. Read


8:09 AM

China securities regulator vows to guide more funds into equity market

China Securities Regulatory Commission on Sunday said it would act to prevent abnormal fluctuations, and guide more medium- and long-term funds into the market.

This comes after Chinese shares sank to a five-year low in chaotic trading on Friday, but policymakers offered no specifics on how they plan to end a selloff that’s erased more than $6 trillion of value and dented confidence in the world’s second-largest economy.

Via Bloomberg

8:04 AM

Fed Powell: To be cautious with beginning rate cuts

Federal Reserve Chair Jerome Powell said in an interview Sunday that policymakers will likely wait beyond March before cutting interest rates and will take a cautious approach to the timing of rate cuts this year. 

Via Bloomberg 

US Federal Reserve Chair Jerome Powell

7:59 AM

US 10-year bond yield extends gains on Fed comments

The US 10-year yield climbed as much as seven basis points as Powell spoke on CBS’s 60 minutes, extending its advance made Friday when the benchmark rose 14 basis points. 

Via Bloomberg

7:29 AM

Good morning readers! Catch all the live market updates here with Business Standard

Catch all the live market updates here with Business Standard

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