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On February 7, 2024, Domestic equity benchmark indices, the Sensex and Nifty 50, closed the session with minimal return.
The BSE Sensex slipped by 34.09 points or 0.05%, settling at 72,152.00, while the Nifty 50 edged up by 1.10 points or 0.01%, ending at 21,930.50.
Initially influenced by upbeat cues from the US and Asian markets and the return of foreign portfolio investors, both indices opened marginally higher.
Investors are awaiting the outcome of the three-day Reserve Bank of India (RBI) monetary policy meeting scheduled to conclude on Thursday, shaping market sentiments for the remaining week.
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Impact on the stock market
In sectoral indices, Nifty PSU Bank saw the highest gain of 2.86%, followed by Nifty Realty (up 1.84%) and Nifty Media (up 1.20%). Nifty Bank also rose by 0.28%.
However, Nifty IT was the only one to decline, falling by 1.25%.
| Sector/Index | Performance |
| Information Technology | -1.25% |
| Healthcare | +0.55% |
| Oil & Gas | +0.21% |
| Realty | +1.84% |
| PSU Banks | +2.86% |
Top gainers today
| Company | Price | Change (%age) |
| SBI | 675.25 | +3.84% |
| Grasim | 2,111.50 | +2.20% |
| JSW Steel | 836.60 | +2.18% |
| HDFC Life | 605.15 | +2.09% |
| Axis Bank | 1,069.10 | +1.81% |
Top losers today
| Company | Price | Change (%age) |
| Tech Mahindra | 1,318.00 | -2.45% |
| Power Grid Corp | 267.95 | -2.30% |
| Infosys | 1,693.75 | -2.06% |
| Adani Ports | 1,255.65 | -1.37% |
| TCS | 4,083.40 | -1.27% |
Market aftermath: Impact on stocks
Nykaa surges 5% on stellar Q3 results
Nykaa stock surges 5% post robust Q3 results, net profit up 106% yoy to ₹ 17.5 crore, revenue rises 22% to ₹ 1,788.8 crore. The beauty and personal care segment’s GMV (gross margin value) grows 29% yoy to ₹ 3,619.4 crore.
Despite margin challenges, the fashion segment shows growth and profitability. Nykaa’s EBITDA margin was slightly lower than expected at 9:16 am, the stock traded 5.3% higher at ₹ 168.95.
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Nestle India declares ₹7 dividend per share
Nestle India declared an interim dividend of ₹7 per share for FY 2023-24, with a record date set for February 15. The third interim dividend will be paid to eligible members starting March 5.
In Q4CY23, the company’s net profit rose 4.4% to ₹655.6 crore, with revenue from operations increasing by 8.1% to ₹4,600 crore. EBITDA rose 10.2% to ₹1,077 crore, with margins expanding to 23.4%.
LIC’s stake in listed stocks hits record low at 3.64% in Q3
LIC’s stake in listed stocks hit a record low of 3.64% in Q3 as insurance companies collectively sold ₹ 15,622 crore worth of equities. Domestic mutual funds see a peak share of 8.81% in NSE-listed firms driven by ₹ 58,198 crore net inflows.
Despite ₹ 54,925 crore inflow, DIIs’ overall share dips slightly to 15.96%. The combined institutional investors’ share falls to 34.15%, with DIIs closing the gap on FIIs at 12.23%.
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Crude oil futures inch up
Crude oil futures climb as US anticipates stable production. April Brent oil futures rose to $78.76, up 0.22%, while March WTI futures stood at $73.51, up 0.27%.
On MCX, February crude oil futures traded at ₹6115, a 0.51% increase from the previous close; March futures traded at ₹6140, up 0.44%. US projection buoyed prices in early Wednesday trading at 9:18 am.
Conclusion
In today’s market, the Sensex and Nifty 50 closed with minimal changes, reflecting cautious sentiment amid the ongoing RBI monetary policy meeting.
Nykaa surged on strong Q3 results, while Nestle India declared a dividend. LIC’s stake in listed stocks hit a record low, and crude oil futures edged up on US production stability projections.
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