Stock Market Updates: Sensex, Nifty Trade Flat; Zee Tumbles, Hindalco Gains

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by Sandip Das on 21 February 2024,  5 min read

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The Indian stock market was trading flat on February 21, 2024, following mixed Asian cues. At 1:17 pm, Sensex was up 76 points at 73,133.38 while Nifty gained 25 points and was trading at 22,222.70.

Around 1228 stocks advanced and 1245 declined while 101 stocks remained unchanged.

Among the sectors, the realty index jumped over 2.5 percent followed by metal, PSU Bank, and FMCG. On the other hand, selling was witnessed in media space which declined 3 percent. The IT index was down 0.5 percent.

Top Nifty50 Gainers
Company Name Last Traded Price (Rs) % Change
Tata Steel 145.2 2.94
JSW Steel 843.9 2.76
State Bank of India 774.95 1.95
Adani Enterprises 3279.65 1.58
Hindalco Industries 518.05 1.26
Top Nifty50 Losers
Company Name Last Traded Price (Rs) % Change
Power Grid 282.3 -1.95
BPCL 645.4 -1.86
Coal India 440.05 -1.44
Infosys 1663.6 -1.28
NTPC 341.5 -1.21
Stocks on the Move
Zee Entertainment: down 10.77%

Bloomberg reported Securities and Exchange Board of India (SEBI) findings that approximately $241 million might have been diverted from the company, causing Zee Entertainment’s share price to drop more than 10 percent.

The report states that the Securities and Exchange Board of India (Sebi) has engaged in discussions with Zee’s senior officials, including its founders Subhash Chandra and his son Punit Goenka, along with some board members, to have them explain their position.

Also read: Hindalco Industries Gains After US arm Novelis files for IPO – Check Details

Sources, who requested anonymity, were quoted in the report saying, “Sebi’s discovery of the missing amount is not conclusive and might change following the review of responses from the company executives.”

Hindalco Industries: up 1.5%

The stock price of Hindalco Industries edged higher after its US arm Novelis filed for IPO. Novelis Inc., a leading sustainable aluminum solutions provider and the world leader in aluminum rolling and recycling, announced that it has confidentially submitted a draft registration statement on Form F-1 with the Securities and Exchange Commission (SEC) relating to the proposed initial public offering of its common shares, Hindalco 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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