Opening Bell

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PM Modi sees India as $10-trillion economy with countless startups

Prime Minister Narendra Modi on Sunday laid out his vision for making India a USD 10-trillion economy, and the third-largest in the world, saying he wants the nation to have countless startups, and be a global leader in electric vehicles.

Speaking at the Global Business Summit here, he said his government inherited an economy in complete policy paralysis, plagued by runaway inflation and rising current account deficit.

Reforms in the last four and half years have changed the picture. "Change is clearly visible today," he said.

BJP-led NDA rule witnessed highest post-liberalisation growth rate of 7.4 percent, and lowest inflation of less than 4.5 percent, he said adding that reforms like goods and services tax (GST) have laid solid foundation for higher gross domestic product (GDP) growth.

Source:https://www.moneycontrol.com/news/business/economy/pm-modi-sees-india-as-10-trillion-economy-with-countless-startups-3574701.html

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Closing Bell: Sensex, Nifty end a rangebound session flat; metal stocks outperform

Market Close: Benchmark indices ended flat on Friday after trading in narrow range throughout the day.

The Sensex was down 26.87 points at 35871.48, while Nifty was up 1.80 points at 10791.70. About 1602 shares have advanced, 906 shares declined, and 148 shares are unchanged. 

IOC, HPCL, JSW Steel, Vedanta and Yes Bank were the top gainers on the Nifty, while losers include Kotak Mahindra Bank, GAIL, HDFC Bank, Reliance Industries and Cipla.

Among the sectors, except energy and bank all other sectoral indices ended in green.

Source:https://www.moneycontrol.com/news/business/markets/sensex-nifty-end-a-rangebound-session-flat-metal-stocks-outperform-3570331.html

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Kotak Mahindra Bank falls over 4% on block deals; ING may have sold stake

Kotak Mahindra Bank shares fell over 4 percent in morning trade as 8.3 crore shares worth Rs 10,307 crore traded on both indices.

"5.87 crore shares (3% stake) equity trade in multiple blocks. ING may have sold stake in Kotak Mahindra Bank via block deal," said CNBC-TV18.

There were media reports which suggested that ING Mauritius Investments is likely to sell 1.2 percent in Kotak Mahindra Bank (KMB) via block deal at ~3-5 percent discount.

ING Group may sell 23 lakh shares, or 1.20 percent equity, at the price of Rs 1,125-1,250 per share, said multiple media reports.

On February 21, the Kotak Mahindra stock closed marginally lower at Rs 1,288.90 on the BSE.

ING Group merged its banking unit, ING Vysya Bank, with Kotak Mahindra Bank in November 2014. After the deal, the former held 6.5 percent stake in the merged entity, but offloaded some its stake later.

At 10:00 hrs, the Kotak Bank stock was trading at Rs 1,242, down 46.90 points or -3.64%, on the BSE.

Source:https://www.moneycontrol.com/news/business/markets/kotak-mahindra-bank-falls-over-4-on-block-deals-ing-may-have-sold-stake-3570881.html

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Sensex, Nifty open flat with negative bias; Kotak Mahindra Bank falls 4%

Market Opens: Benchmark indices opened flat with negative bias on Friday with Nifty holding above 10,750 level.

At 09:17 hrs IST, the Sensex is down 36.45 points at 35861.90, while Nifty was down 15.10 points at 10774.80. About 400 shares have advanced, 347 shares declined, and 38 shares are unchanged. 

Bajaj Auto, Maruti Suzuki, ICICI Bank, HUL, BPCL, HPCL, IOC, HDFC Bank are the top gainers in the morning, while losers is Kotak Mahindra Bank.

Rupee Opens: The Indian rupee opened flat at 71.25  per dollar on Friday versus previous close 71.25.

Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-sensex-nifty-opens-flat-with-negative-bias-kotak-mahindra-bank-falls-4-3570331.html

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Opening Bell

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Nifty forms bullish candle for 2nd day; 10,900 crucial resistance

Bulls remained in control of D-Street for the second consecutive day in a row on Thursday after falling for eight consecutive days in a row and formed a bull candle on the daily charts.

The index is comfortable trading above 100-day moving average as well as 5, and 13-DEMA on the daily charts which is a positive sign for the bulls, but for bulls to regain control, the index has to hold above 10,900 levels, suggest experts.

But, it somebody plans to go long on the index then trading with strict stop losses is a better bet for capital preservation. A trailing stop loss below 10640 should be kept for all long positions, they say.

The touch-and-go moment with 10,800 suggests that there is some pressure at higher levels. The Nifty50 which opened at 10,744 slipped to an intraday low of 10,721 before it bounced back towards 10800. The index hit an intraday high of 10808 before closing at 10,789 up 54 points.

Source:https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-bullish-candle-for-2nd-day-10900-crucial-resistance-3568641.html

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