Divi’s Laboratories continues to slide after a weak quarterly earnings report; drops 4% in today’s early trading. Nifty opens in red on Monday as Adani Enterprises and Divi’s Lab drag the benchmark index; Sensex is down 150 pts and Nifty around 70 pts
Adani stocks to remain in focus along with RBI MPC meeting. IT index drags in early trading as it sheds more than a percent; almost all stocks inred. 1:10 stock split: Multibagger circuit to circuit stock turns ₹1 lakh to ₹2.4 crore in 3 years: Deep Diamond India.
Indian stock market opened flat but quickly moved to red on Monday. Adani Enterprises sheds 6% and Divi’s Lab and Tata Steel trade in red at the start. ITC and Axis Bank gain in the early trading. Metal, IT and Energy drag the market, while Bank indices are stable.
Adani crisis will continue to cast a shadow on the investors’ sentiment this week despite the government assuring that the fundamentals of the Indian economy remain strong. RBI MPC meeting scheduled to be conducted from Feb 6 to 8 will also be in focus. It is expected that the RBI will increase the interest rates by 25 bps
Paytm shares jump over 7% after surprise Q3 operating profit, narrowing loss
Shares of One 97 Communications Ltd (Paytm) rose more than 7% on the BSE to ₹563 apiece in Monday’s opening deals after the fintech company posted its first-ever quarterly operating profit as a listed firm and the company’s losses also narrowed during the third quarter of the current fiscal (Q3 FY23).
Paytm’s net loss in the quarter through December narrowed to ₹392 crore as compared to ₹779 crore a year earlier whereas the leading digital payments brand’s revenue from operations rose 42% to ₹2,062 crore.
It appears that the Adani crisis’ impact on the market is slowly dying down
After the Adani crisis broke out, the market has been on a twin track – crash in Adani stocks and stability in the rest of the market. The banking segment, which also came under pressure on fears of the crisis impacting banks, has recovered. The crisis is unlikely to pose any systemic risk to the Indian banking system. It appears that the Adani crisis’ impact on the market is slowly dying down. Excellent results from ITC and SBI are likely to support the market.
Globally, the surprise element is the robust job numbers in the US which came at 517000 in January. This tight labour market in the US indicates continuing strength in the U.S. economy and the possibility of US recession receding. At the same time the Fed will be forced to remain hawkish for an extended period of time. The US CPI data to be published on 14th February will be keenly watched by the market.
IT index drags in early trading as it sheds more than a per cent; almost all stocks in red
1:10 stock split: Multibagger circuit to circuit stock turns ₹1 lakh to ₹2.4 crore in 3 years
BSE-listed Deep Diamond India shares are one of the multi bagger stocks that Dalal Street has produced in the last one year. The small-cap stock with a market cap of ₹118 crore has delivered almost mu bagger return in year-to-date (YTD) time. However, for long-term investors, the recent stock split in a 1:10 ratio was like icing on the cake as their shareholding surged 10 times in the stock. Now, Re 1 appreciation in the scrip is ₹10 ascendance in the absolute investment of the stock split beneficiary investors.
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