Stock Market Live: Indices are trading higher, Adani stocks in focus
Stock Market Live Updates Today 8 Feb 2023: Indian stock markets opened higher on Wednesday tracking gains from the Wall Street and Asian markets. The Nifty index opened at 17750.30 levels up by 28.8 points while Sensex made a positive opening of 46.95 points at 60332.99 levels. Indian markets were trading above their neutral lines since morning.
The domestic stock markets got global support in the morning as Fed Chair Jerome Powell comments that he expects 2023 to be a year of ‘significant declines in inflation’. Markets continued to trade higher in morning deals after the Reserve Bank of India’s Monetary Policy Committee (MPC) decided to increase the repo rate by 25 basis points to 6.5% as widely expected.
The central bank pegged the GDP growth for FY24 at 6.4 percent and lowered the inflation forecast to 5.3 percent. For FY23, the inflation estimate has been lowered to 6.5 percent versus 6.7 percent as expected earlier.
However, traders overlooked provisional data available on the NSE showing that foreign institutional investors (FII) sold shares worth Rs 2,559.96 crore on February 7.
Stock Market Live Today
Market Live at 1 pm IST, the Indian stock market indices, Sensex and Nifty are trading higher by 0.64 percent and 0.77 percent respectively. The Bank Nifty is trading slightly up by 0.13 percent at 1 pm IST. The broader markets are trading higher at this moment, as Nifty midcap and smallcap indexes are trading higher by 0.75 percent and 0.69 percent respectively at this time.
Among the sectors, Nifty Metals, IT, and Energy are trading higher whereas Auto, Realty, and FMCG are trading in the red. The top gaining stocks in the Nifty 50 index at this moment are Adani Ent, Adani Port, and HDFC Life and the losing stocks are Coal India, Power Grid, and Hero Motorco
Stocks in News Today
The IT major Tata Consultancy Services Ltd (TCS) has bagged its largest UK deal in 3 yrs through an agreement with an insurance services provider. According to TCS, London-based Phoenix Group Holdings Plc has agreed to a contract worth more than £600 million ($723 million) to digitally transform its product offering. The share price of TCS is trading higher by 1 percent at Rs 3519 per share
Macquarie Research has upgraded Paytm ( One97 Communication) to outperform from underperform and also raised the target price to Rs 800 per share from Rs 450. The company reported operating profitability in the December 2022 quarter, three quarters ahead of its earlier guidance of achieving this target by the September 2023 quarter. The share price of Paytm is trading higher by over 7% at Rs 360 per share
The Board of Dynamic Technologies is to meet on 10th February to consider the proposal for the issuance of equity shares by way of preferential allotment to investors other than the promoter and promoter group. The share price of Dynamic Technologies is trading higher by over 3% at Rs 2639 per share
Also, read Best Stock Market Books You Must Read-2023
Trade Setup for Wednesday 8 Feb: Stock Market News
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