Sensex Today Ends 455 Points Higher | IT Stocks Shine | BPCL & TCS Top Gainers

Tue, 6 Feb Closing

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After opening the day on the positive note, Indian share markets continued the momentum as the session progressed and ended the day higher.

Benchmark indices settled higher as stocks in Hong Kong and China climbed on policy stimulus hopes.

At the closing bell, the BSE Sensex stood lower by 455 points (up 0.6%).

Meanwhile, the NSE Nifty closed higher by 158 points (up 0.7%).

BPCL, TCS and Maruti Suzuki were among the top gainers today.

ITC, Britannia and IndusInd on the other hand, were among the top losers today.

The GIFT Nifty ended at 22,001 up by 201 points.

Broader markets are trading on positive note. The BSE Mid Cap and the BSE Small Cap index is trading 1% higher.

Sectoral indices are trading mixed, with socks in media sector, metal sector and auto sector witnessing most buying. Meanwhile, stocks in power sector and banking sector witnessed selling pressure.

Shares of Abbott India, Sanofi India and BOSCH hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 83.06 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 62,294 per 10 grams.

Meanwhile, silver prices are trading marginally lower at Rs 70,390 per 1 kg.

Speaking of stock markets, smallcaps were not the only outperformers of 2023.

Stocks from the defence, railways and electric vehicle sectors also found their place under the sun.

Stocks of the largest public sector entities in defence and railway sectors fetched handsome gains every time the government ordered more spending.

But there were also plenty of private sector entities in defence ecosystem that commanded premium valuations.

The EV sector became a stock market favourite in 2023.

Am sure you wonder, what after these big-ticket gains?

Will the stars of 2023 continue to shine in 2024? Or should you consider a different set of potential wealth creators?

Research Analyst, Tanushree Banerjee answers this in below video.

TCS Surpasses Rs 15 Trillion Mark

In news from the IT sector, the market capitalisation of TCS has crossed Rs 15 trillion (tn) for the first time as the IT bellwether hit record highs on 6 February.

The Nifty IT index gains the most among the sectoral indices, up by 2.2%, on a day when the Nifty 50 is up 0.6%.

TCS is the top Nifty IT gainer after Wipro, HCL Tech and Mphasis, which rallied more than 3% each.

In the recent quarter, TCS announced marginal improvement in revenues, while reporting healthy margin expansion. For the Q3FY24, the operating margins expanded 75 basis points on-quarter and 0.5%. TCS also announced encouraging deal wins while registering a Total Contract Value (TCV) of US$ 8.1 billion (bn).

TCS and Infosys put together are seen contributing to 66% of the BSE Sensex gains, with TCS alone making 34% of the index gains, with Maruti leading the gainers.

Tata Consultancy Services (TCS) is a bright shining star in the galaxy of Tata Group companies.

TCS has been one of the favourite stocks of investors because of the performance it has delivered since its listing.

Yes Bank Near 52-Week High. Here's why.

Moving on to news from the banking sector, the Reserve Bank of India has allowed HDFC Bank Group to acquire up to 9.5% stakes in Yes Bank.

The approval for acquiring the stakes is intended for investments by HDFC Asset Management Company (AMC), HDFC Ergo and HDFC Life Insurance.

The approval is valid for one year, and if HDFC Bank fails to acquire the shareholding within that period, the approval stands cancelled.

The RBI approval is subject to compliance with the relevant provisions of the Banking Regulation Act, 1949, RBI's Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated 16 January 2023, FEMA.

Further, HDFC Bank has to ensure that the aggregate holding in IndusInd does not exceed 9.5% of the paid-up share capital or voting rights of IndusInd at all times.

Yes Bank is the sixth largest private sector bank in India. It offers services to retail, micro, small, and medium enterprises (MSME) and corporate clients.

Why Zydus Lifesciences Share Price is Rising

Moving on to news from the pharma sector, Zydus Lifesciences rose 4.88% to Rs 798 after the company said its board would consider a share buyback on Friday, 9 February 2024.

The board of Zydus Lifesciences is scheduled to meet on Friday, 9 February 2024. to consider buyback.

The company's board will also consider Q3FY24 results on Friday, 9 February 2024.

Zydus Lifesciences is a discovery-driven, global life sciences company that discovers, develops, manufactures, and markets a broad range of healthcare therapies.

The company's consolidated net profit surged 53.2% to Rs 8 bn on a 9.1% increase in revenue from operations to Rs 43.7 bn in Q2 FY24 over Q2 FY23.

It has its presence across the pharmaceutical value chain, including innovating (research & development), manufacturing, marketing, and selling of finished dosage human formulations, active pharmaceutical ingredients (APIs), animal healthcare products, and consumer wellness products.

The company has manufacturing facilities at Ahmedabad, Ankleshwar, and Vadodara in Gujarat, Ponda in Goa, Raigad in Maharashtra, and Solan in Himachal Pradesh.

For more, check out Equitymaster's stock screener for screening India's top pharma stocks

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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