Stock market highlights: Markets rally for 2nd day on foreign fund inflows, buying in HDFC twins

Stock market live updates: Gainers and losers

From the Sensex pack, Tata Steel, Larsen & Toubro, HDFC, Wipro, HDFC Bank, Bharti Airtel, NTPC, ITC, Axis Bank and ICICI Bank were the prominent gainers. Tata Motors, UltraTech Cement, IndusInd Bank, Nestle, Bajaj Finserv, State Bank of India and Reliance Industries were the laggards.

Stock market live updates: Markets close in green

30-share BSE Sensex climbed 390.02 points or 0.64 per cent to settle at 61,045.74. During the day, it jumped 454.53 points or 0.74 per cent to 61,110.25. The broader NSE Nifty rallied 112.05 points or 0.62 per cent to end at 18,165.35.

Stock market live updates: Yes Securities gives ADD recommendation to ICICI Lombard

ICICI Bank distribution grew 30.9% YoY whereas non-ICICI distribution grew 44.2% YoY. Group health has been largely driven by credit growth and a bit by wallet increase but growth may slow somewhat from a high base

Stock market live updates: Yes Securities gives ADD recommendation to ICICI Lombard

We downgrade ICICIGI from BUY to an ADD rating with a revised price target of Rs 1475: We value ICICIGI at 32x FY24 P/E for an FY22-25E EPS CAGR of 29%. At our target, the implied FY24E P/B is 5.9x whereas the FY23/24/25E RoE profile is 18.0/18.3/18.9%.

Stock market live updates: Yes Securities gives ADD recommendation to ICICI Lombard

Sluggishness in the Motor segment was driven by ICICIGI focusing on the profitable sub-segments within the space: Motor segment grew 4.7% YoY within which, Motor TP has grown 10.1% YoY whereas, Motor OD has de-grown -0.9% YoY. The Motor segment growth is sluggish since ICICIGI continues to focus on profitable segments within the space. The market remains competitive in the private car space whereas, 2W and CV are relatively more profitable. The overall combined ratio of the motor industry is 124% and,while the company did not anticipate this competitive intensity, it did not make sense for it to pursue such business at this point in time.

Stock market live updates: Yes Securities gives ADD recommendation to ICICI Lombard

Recommendation : ADD

Current Price : Rs 1249

Target Price : Rs 1475

Potential Return : 18%

Stock market live updates: Anand Rathi gives BUY rating to Mastek

Rating: Buy

Target Price: Rs.2,180

Share Price: Rs.1,706

Stock market live updates: Anand Rathi gives BUY rating to Mastek

Estimates, target lowered ~4%. Adjusting for the weak organic performance we reduce our FY24e/FY25e ~4%. The reduction in sales estimate was offset by the better margin performance and, hence, EBIT level changes are not much. However, lower other income feeds into lower EPS estimates. The stock now trades at 13x FY25 P/E, which we find attractive. Our target is based on 16.5x FY25e EPS, unchanged, suggesting ~30% potential. Risks: M&A integration-related, worsening environment in the UK, says brokerage Anand Rathi. 

Stock market live updates: Anand Rathi gives BUY rating to Mastek

Mastek’s Q3 was weaker than expected on dollar organic growth (down 1.7% q/q, 4.8% y/y) but the order backlog was a strong $206m, reflecting good deals won in Q3. Meta Soft was fully integrated in Q3, and is likely to boost US growth in FY24 (lower organically in Q3). Overall, Mastek should return to growth in Q4 and cross-currency along with greater utilisation would help it regain margin momentum. We retain our FY24e/FY25e EBIT but lower other income leading to a ~4% cut in EPS. The TP we accordingly revise to Rs.2,180 (16.5x FY25e) from Rs.2280 earlier, says brokerage Anand Rathi. 

Stock market live updates: Edelweiss NCDs oversubscribed 1.18 times

Retail category oversubscribed 1.6 times the Base Issue Size and 3.2 times the Tranche I Issue Size. Total collection of Rs 4,700.08 million. Out of the total subscription, 42.03% subscription is in 60 months tenure, as investors seek to subscribe for the longer term MUMBAI, India

Stock market live updates: Edelweiss NCDs oversubscribed 1.18 times

Edelweiss Financial Services Limited ("EFSL"), today announces that the public issue of Secured Redeemable Non-Convertible Debentures ("NCDs") has been oversubscribed. The Tranche I Issue has seen a considerable subscription in the Retail segment with a total collection of Rs 2,560.76 million as against the reserved portion of Rs. 800 million on the Base Issue Size. The Tranche I Issue saw good interest from its existing NCD investors, demonstrating continued trust and faith in the group. EFSL decided to do an early closure of the Tranche I Issue on January 16, 2023 against the scheduled Tranche I Issue closure on January 23, 2023

Stock market live updates: Cipla launches diagnostic device for multiple health conditions

Drug major Cipla on Wednesday said it has launched a diagnostic device for various conditions including diabetes, infectious diseases and thyroid function. The product -- Cippoint -- a point-of-care testing device offers a wide range of testing parameters including cardiac markers, diabetes, infectious diseases, fertility, thyroid function, inflammation, metabolic markers, and coagulation markers, the Mumbai-based drug maker said in a statement. The device is approved by the European In-Vitro Diagnostic Device Directive, thus ensuring reliable testing solutions, it added

Stock market live updates: OYO to refile updated draft IPO papers by mid February

Oravel Stays Ltd, which operates travel tech firm and brand OYO, on Wednesday said it will refile its draft public listing application by the middle of next month. Earlier this month capital markets regulator Sebi had asked the company to refile the draft initial public offering (IPO) papers with certain updates

Stock market live updates: Infosys Ranked in the Top 3 IT Services Brands in the World

Infosys has announced that it has been recognized as the top 3 most valuable IT services brands globally, according to Brand Finance, the world's leading brand valuation firm, in its Brand Finance Global 500 2023 report. Continuously accelerating brand growth, marked by 84% increase in its brand value since 2020, Infosys is now among the top 150 most valuable brands in the world.

Stock market live updates: Brent crude futures rise

In the oil market, prices jumped on hopes of Chinese demand rebounding. Brent crude LCOc1 futures rose 0.7% to $86.5 while US West Texas Intermediate (WTI) crude CLc1 settled up 0.8%, at $80.83.

Stock market live updates: Currency market updates

In the currency market, the yen eased 0.6% to 128.96 per dollar on Wednesday but was still not too far from Monday's seven-month high of 127.21 per dollar. The US dollar index hovered at 102.5, just a touch above its seven-month low of 101.77 hit on Monday. It has been undermined by falling US bond yields as markets wager the Federal Reserve can be less aggressive in hiking rates.

Stock market live updates: China's blue chips rise

China's blue chips rose 0.2%, while Hong Kong's Hang Seng Index was 0.2% lower.

Stock market live updates: S&P 500 and Nasdaq futures dip

S&P 500 futures ESc1 and Nasdaq futures NQc1 both dipped 0.2% on Wednesday. Overnight, the S&P 500 was 0.2% lower and the Nasdaq Composite rose 0.14%.

Stock market live updates: Dow lower

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2%, after weak earnings from Goldman Sachs overnight dragged the Dow 1% lower. The investment bank reported a bigger-than-expected 69% drop in fourth-quarter profit.

Stock market live updates: Nikkei gains

In early Wednesday trade, however, the 10-year yield fell to 0.485% before returning to 0.5%. Japan's Nikkei share index meanwhile gained 0.6%.

Stock market live updates: Mixed Asian cues

Asian shares were mixed on Wednesday while Japanese yields hugged a policy cap, with markets anxiously awaiting a pivotal Bank of Japan (BOJ) meeting that could see the world's third-largest economy shift away from decades of ultra-low interest rates