Sensex, Nifty End Flat Ahead of RBI Policy; IT Stocks Witness Selling Pressure

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by Sandip Das on 7 February 2024,  5 min read

Sensex, Nifty End Flat Ahead of RBI Policy; IT Stocks Witness Selling Pressure - MyDhanush Blogs by Ashika
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The Indian stock market ended on a flat note on February 7, 2024, amid a choppy session. At close, the Sensex shed 34.09 points or 0.05 percent higher at 72,152 ahead of RBI policy on February 8, 2024. Nifty shed 1.10 points or 0.01 percent up at 21,930.

Around 1,927 shares advanced and 1,329 declined while 75 stocks remained unchanged.

Among the sectors, buying was seen in PSU Bank and realty space which added 1.5-2 percent each. On the other hand, the IT index shed over 1 percent.

Top Nifty50 Gainers
Company Name Last Traded Price (Rs) % Change
State Bank of India 677.5 4.19
Grasim Industries 2115.2 2.38
HDFC Life Insurance 606 2.24
JSW Steel 836.5 2.17
Axis Bank 1072 2.09
Top Nifty50 Losers
Company Name Last Traded Price (Rs) % Change
Tech Mahindra 1315 -2.67
Power Grid 267.4 -2.50
Infosys 1695 -1.99
Adani Ports 1256.25 -1.32
Tata Consultancy Services 4085 -1.23
Asian markets end up mixed

Asian markets ended on a mixed note on February 7. Nikkei shed 0.11 percent at 36,119 while Hang Seng was down 0.34 percent at 16,081. Kospi gained 1.28 percent and closed the session at the 2,609 mark.

European markets trade weak

European markets were trading in the red on February 7. FTSE shed 0.44 percent at 7,646 while CAC slipped 0.13 percent at 7,628. German DAX was down 0.34 percent at the 16,979 mark.

Stocks in action
Trent: up 19.48% after robust Q3 results

After reporting a consolidated net profit of Rs 370.6 crore for the December quarter of FY24, the share price of Trent soared by almost 20 percent. This marked a significant increase of 39.4 percent from Rs 154.81 crore in the same quarter of the previous financial year.

Also read: Can Fin Homes, Castrol India Top 2 Stocks Which Can Give Up To 19% Return
EIH: up 20% after record Q3 earnings

After reporting record earnings for the December quarter, EIH, the company operating the Oberoi chain of hotels, witnessed a surge of 20 percent in its share price. The company’s profit saw a remarkable 52 percent year-on-year increase, reaching Rs 229.94 crore. The total income rose to Rs 769.87 crore. EIH achieved an Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) of Rs 324 crore in the third quarter. It marked a 55 percent on-year growth. The company also experienced an improvement in its margin, rising to 43.7 percent from 35.6 percent compared to the previous year.

TRF: Hits 20% upper circuit after Tata Steel calls off merger

TRF stock price hit 20 percent upper circuit after Tata Steel called off the merger. “Since the announcement of the intended merger of TRF in September 2022, Tata Steel has been providing significant operational and financial support by way of placement of orders and infusion of funds,” Tata Steel said in an exchange filing.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.

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