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Banks see opportunity in Paytm implosion, look to corner QR code, sound box business

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Seeing an opportunity in the pickle Paytm Payments Bank (PPBL) finds itself in following action by the Reserve Bank of India (RBI), some banks are moving in to corner a larger share of the QR code and sound box business.


Recently,  frequently asked questions (FAQs) released by the central bank  on the PPBL issue had clarified that in order to continue receiving payments, merchants need to obtain fresh QR codes linked to an account with a different bank or wallet before March 15, 2024.


On January 31, the RBI imposed major business restrictions on PPBL, including a bar on accepting fresh deposits and doing credit transactions after February 29. On February 16, it extended the deadline to March 15.


A senior Bank of India (BoI) official told Moneycontrol that the lender has told all branches to work on greater penetration of its QR codes after the Paytm crisis.


“We have asked all our branches to increase the penetration of QR codes across India,” the official said on condition of anonymity.


Also, BoI has hired an agency to advise the bank on increasing the penetration of sound boxes, the official said. He, however, did not mention the agency’s name. Per BoI’s December quarter investor presentation, the bank has 1.8 crore UPI users.


Similarly, YES bank has started promoting its UPI application and QR codes after the PPBL crisis.


“We have launched Yes Pay Next recently, and the initial response has been encouraging enough for us to continue investment in this app, and service the UPI needs of customers,” Naveen Chaluvadi, Chief Digital Officer, Yes Bank told Moneycontrol.


Chaluvadi said that of late, the bank has seen a surge of enquiries regarding QR codes at its branches.


“However, we shall offer the merchant solution only where we believe it will help us service a wider range of merchant needs, and not just remain as a one-point solution provider to the merchant,” he explained.


He added that YES Bank has been issuing QR codes in the market through aggregators like Phonepe, Bharatpe, and others, and has been a leading player in this space.


An email sent to Bank of India remained unanswered.

Share Market Wrap Up For 14 Feb,2023:

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Share Market Closing Note


Nifty at 21,850, Sensex up 270 pts; oil & gas, PSU Banks shine:


Indian benchmark indices ended on a positive note in the highly volatile market with Nifty at 21,800.


SBI, Axis Bank, Maruti Suzuki, Tata Steel and IndusInd Bank are among the top gainers on the Sensex, while losers are Tech Mahindra, Sun Pharma, Infosys, TCS and UltraTech Cement.


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Topic :- Time:3.00 PM


Nifty spot if manages to close above 21780 level then expect some further quick upmove in coming sessions and close below above mentioned level will result in some sluggish move. Avoid open short positions for tomorrow.


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Topic :- Time:2.40 PM


Just In:

M&M Q3 Results: Profit jumps 61% YoY on strong automotive show; in-line with estimates.


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Topic :- Time:2.30 PM


NATURALGAS Trading View:

NG is trading at 139.70. If it breaks and trade below 139.50 level then expect some further decline in it and if it manages to trade and sustain above 142 level then some pull back can be seen.


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Topic :- Time:2.10 PM


Just In:

ED Begins investigating paytm payment bank.


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Topic :- Time:2.00 PM


Nifty is trading volatile. Nifty spot if manages to trade and sustain above 21680 level then expect some upmove in it and if it breaks and trade below 21640 level then some decline can fol.ow.


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Topic :- Time:1.55 PM


Just In:

MAHINDRA Q3 RESULTS


Profit rises 61% to Rs 2,454 crore, meets estimates.


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Topic :- Time:1.50 PM


Just In:

South Korean automaker Hyundai Motor Company has picked law firm Shardul Amarchand Mangaldas (SAM) as counsel for the proposed IPO of its Indian subsidiary, #Hyundai Motors India Ltd.


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Topic :- Time:1.30 PM


SILVER Trading View:

SILVER is trading at 69199. If it breaks and trade below 69000 level then expect some decline in it and if it manages to trade and sustain above 69350 level then some upmove can follow in Silver.


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Topic :- Time:1.05 PM


Just In:

HDFC Bank share price hits 52-week low, down 20% in 2024 so far.


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Topic :- Time:1.00 PM


Nifty spot is trading at 21673. If it manages to trade and sustain above 21700 level, then expect some upmove in it and it breaks and trade below 21640 level then some decline can follow in the market.


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Topic :- Time:12.50 PM


Just In:

Infosys faces criticism in the Karnataka assembly for not creating sufficient employment opportunities at its Hubballi campus.


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Topic :- Time:12.30 PM


COPPER Trading View:

COPPER is trading at 704.80. If it breaks and trade below 704 level then expect some decline in it and if it manages to trade and sustain above 705.50 level then some upmove can follow in it.


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Topic :- Time:12.00 PM


Nifty is trading in deep red with banknifty showing some good pull back. Nifty spot if manages to trade and sustain above 21620 level then expect some further upmove in the market and if it breaks and trade below 21580 level then some dips can further be seen. Currently nifty spot is at 21608.


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Topic :- Time:11.30 AM


News Wrap Up:

1. Sensex tanks 450 pts; Nifty IT top sectoral loser

2. Govt officials warn of a disaster in making as MSP talks get stuck

3. Paytm investors lose Rs 26,000 crore in 10 days

4. India working on a major rice export rule tweak

5. India-UAE has a comprehensive partnership: FS

6. IndiGo set to add more muscle to its 6E fleet

7. Zee Entertainment seeks Rs 69 cr refund

8. S Korea says North Korea fired cruise missiles

9. BPCL Trust sells 68.4 lakh shares in block deal, stock gains

10. Jana Small Finance Bank lists at 4% discount to IPO price


Nifty Trading Wrap Up For 9 Feb,2024

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Share Market Closing Note


Nifty at 21,780, Sensex up 175 pts; SBI, Sun Pharma, ICICI Bank, Axis Bank top gainers:


Stock Market LIVE Updates: BSE Midcap and Smallcap indices down 1 percent each. On the sectoral front, auto, capital goods, oil & gas, metal, power and realty down 0.5-2 percent each. On the other hand, PSU Bank and pharma indices up 0.5 percent each.


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Topic :- Time:3.00 PM


Nifty spot if holds above 21750 level on closing basis then expect some quick upmove in coming sessions and if it closes below above mentioned level then some sluggish movement can be seen. Avoid open positions for Monday.


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Topic :- Time:2.30 PM


GOLD Trading View:

GOLD is trading at 62431. If it manages to trade and sustain above 62480 level then expect some upmove in it and if it breaks and trade below 62380 level then some decline can be seen.


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Topic :- Time:2.00 PM


Nifty is in no trading zone however it is trading in green now. Nifty spot if manages to trade and sustain above 21760 level then expect some upmove in the market and if it breaks and trade below 21720 level then some decline can follow.


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Topic :- Time:1.10 PM


Just In:

Paytms oversight lapses on politically exposed people forced RBIs hand.


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Topic :- Time:1.00 PM


Nifty is trading at 21745. If it manages to trade and sustain above 21780 level then expect some upmove in the market and if it breaks and trade below 21720 level then some decline can further follow in the Nifty.


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Topic :- Time:12.30 PM


COPPER Trading View:

COPPER is trading at 706.80. If it manages to trade and sustain above 707 level then expect some quick upmove in it and if it breaks and trade below 706 level then some decline can be seen in it.


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Topic :- Time:12.00 PM


Nifty spot is trading at 21730. If it manages to trade and sustain above 21760 level then expect some upmove in the market and if it breaks and trade below 21700 level then some decline can follow in the Nifty.


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Topic :- Time:11.30 AM


News Wrap Up:

1. Sensex, Nifty trade flat amid volatility; PSU Bank, metal, oil & gas top drag

2. Tata Sons to invest $1 billion more in digital arm

3. Panel wants govt hand to control airfares; airline stocks tank

4. We have Rs 12K cr of unrecognised revenue: Sobha MD

5. HDFC Bank increases FD rates by up to 25 bps

6. Inflation likely at 3-mth low in Jan: Poll

7. Adani Power wins Lanco unit bid at ₹4,101 cr

8. I-T department alleges evasion by insurers, likely to send Rs 25,000 cr tax notices


Nifty Round Up For 07 Feb,2024

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Share Market Closing Note


Sensex, Nifty flat amid volatility; eyes on RBI policy:


 Indian benchmark indices ended on a flat note in the highly volatile session on February 7 ahead of RBI policy outcome.


At close, the Sensex was down 34.09 points or 0.05 percent at 72,152.00, and the Nifty was up 1.10 points or 0.01 percent at 21,930.50. About 1932 shares advanced, 1339 shares declined, and 60 shares unchanged.


State Bank of India, Grasim Industries, JSW Steel, HDFC Life and Axis Bank were among the top gainers on the Nifty, while losers included Tech Mahindra, Power Grid Corporation, Infosys, Adani Ports and TCS.


On the sectoral front, PSU Bank, metal, power, pharma and realty up 0.5-3 percent, while Information Technology index shed 1 percent.


BSE Midcap index rose 1.3 percent and Smallcap index added 0.4 percent.


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Topic :- Time:3.00 PM


Nifty spot if holds above 21900 level on closing basis then expect some further upmove in coming sessions and if it closes below above mentioned level then some sluggish move is expected. Avoid open short positions for tomorrow.


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Topic :- Time:2.45 PM


Just In:

Oil cos losing money on diesel, profit on petrol down.


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Topic :- Time:2.30 PM


SILVER Trading View:

SILVER is trading at 70140. If it breaks and trade below 70100 level then expect some further decline in it and if it manages to trade and sustain above 70250 level then some upmove can follow.


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Topic :- Time:2.05 PM


Just In:

Tata Steel completes proposed amalgamation of five of nine subsidiaries


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Topic :- Time:2.00 PM


Nifty spot is trading at 21917. Its still trading in same small range. Nifty spot above 21940 level will show some upmove and below 21900-21880 levels decline is possible.


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Topic :- Time:1.30 PM


COPPER Trading View:

COPPER is trading at 716.75. If it breaks and trade below 716 level then expect some decline in it and if it manages to trade and sustain above 717.50 level then some upmove can be seen in Copper.


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Topic :- Time:1.00 PM


Nifty is trading in a range. Nifty spot if manages to trade and sustain above 21920 level then expect some upmove and if it breaks and trade below 21900 level then some decline can be seen.


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Topic :- Time:12.50 PM


Just In:

NESTLE Q4 RESULTS


Profit rises 4% to Rs 655.6 crore, misses estimates.


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Topic :- Time:12.00 PM


Nifty spot is trading at 21882. From gap up opening it is now trading in red zone. Nifty spot if manages to trade and sustain above 21900 level then expect some upmove in the market and if it breaks and trade below 21860 level then some decline can further follow in the Nifty.


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Topic :- Time:11.50 AM


Just In:

Brokers Body Approves Proposal To Extend Derivatives Trading Hours.


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Topic :- Time:11.30 AM


News Wrap Up:

1. Sensex, Nifty off days high, turn flat; Nifty Midcap 100 hits record high

2. Paytm stock continues to recover, up 9%; sees large trade of Rs 103 crore

3. Nykaa jumps 5% on robust Q3 results

4. RBI may cancel licence of Paytm Payments Bank

5. Lupin hit 52-week high on USFDA approval for cataract drug

6. Nazara Tech shares rise 6% after Q3 net profit surges 45%

7. Kotak Mahindra Bank gains as CCI clears Zurich Insurance to buy 70% in general insurance arm

8. WeWork founder Adam Neumann trying to buy back company

9. Canara Bank board to consider stock split on Feb 26

10. Rashi Peripherals IPO


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Deepfake scam: Company loses around Rs 207 crore after employee connected to a video call

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multinational company based in Hong Kong has incurred a colossal loss of $25 million (around Rs 207 crore) due to a sophisticated deepfake scam. According to reports, scammers utilized advanced deepfake technology to deceive an unsuspecting employee at the Hong Kong branch.


The elaborate scheme unfolded in January when an employee in the company's finance department received a message purporting to be from the company's UK-based chief financial officer, as reported by the South China Morning Post (SCMP) and Business Insider. Subsequently, the employee engaged in a video call with the alleged CFO and other company employees, only to discover later that all participants were skillfully crafted deepfake personas.


During the manipulated video call, the employee received instructions that led to the transfer of HK$200 million (equivalent to $25.6 million/ Rs 207 crore) across 15 transactions to various Hong Kong bank accounts, as outlined by SCMP. The fraudulent activity remained undetected until a week into the scam when the deceived employee, sensing something fishy contacted the company's headquarters.

The Hong Kong police, refraining from disclosing specific company and employee details, disclosed that the scammers generated deepfakes of meeting participants using video and audio footage that were available online. Remarkably, the victimized employee did not recognize the artificial nature of the deepfakes during the video conference.


Investigations are currently underway, but as of now, no arrests have been made, highlighting the challenges authorities face in combating such technologically advanced cybercrimes.


The incident underscores the growing threat of deepfake technology in perpetrating financial fraud and corporate deception. Beyond financial scams, deepfake videos have become a global concern, as highlighted by the recent wave of sexually explicit deepfake videos involving international pop sensation Taylor Swift circulating on platforms like X and Telegram.


Just recently, prominent personalities such as Alia Bhatt, Katrina Kaif, Rashmika Mandanna and more have become the victim of deepkfakes that raised a lot of security as well as privacy concerns in the country. The latest one to fall in this was Akshay Kumar who expressed disappointment as a deepfake of him promoting a game app circulated online. He also took legal action and filed a cyber complaint against the unauthorized use of his identity. It now remains to be seen how the issue of deepfakes will be countered globally to prevent it from happening.


Stock Market Trading Wrap Up For 05 Feb,2024:

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Share Market Closing Note


Sensex down 354 pts, Nifty below 21,800; bank, FMCG drag, auto, metals shine:


Benchmark indices ended lower in the volatile session on February 5 with Nifty below 21,800.


At close, the Sensex was down 354.21 points or 0.49 percent at 71,731.42, and the Nifty was down 82.10 points or 0.38 percent at 21,771.70. About 1528 shares advanced, 1858 shares declined, and 103 shares unchanged.


Top losers on the Nifty included UPL, Bharti Airtel, Bajaj Finance, HDFC Life and Grasim Industries, while gainers were Tata Motors, Coal India, BPCL, Sun Pharma and Cipla.


On the sectoral front, bank, capital goods, Information Technology and FMCG down 0.3-0.9 percent, while auto, pharma, metal, oil & gas and realty up 1 percent each.


The BSE midcap and smallcap indices ended on flat note.


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Topic :- Time:3.00 PM


Sudden selling is griping market now. Nifty spot if holds above 21720 level on closing basis then expect some further upmove in the market in coming sessions and if it closes below above mentioned level then some sluggish movement can be witnessed in coming sessions. Avoid open positions for tomorrow.


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Topic :- Time:2.30 PM


GOLD Trading View:

GOLD is trading at 62278. If it breaks and trade below 62220 level then expect some further decline in it and if it manages to trade and sustain above 62340 level then some upmove can be seen in Gold.


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Topic :- Time:2.15 PM


Just In:

Jharkhand Chief Minister Champai Soren proves majority in assembly with support of 47 MLAs.


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Topic :- Time:2.00 PM


Nifty is sideways to positive with very less movement right now. Nifty spot if manages to trade and sustain above 21940 level then expect some quick upmove and if it breaks and trade below 21900 level then some decline can be seen in the market.


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Topic :- Time:1.50 PM


Just In:

Park IPO: Issue fully booked on day 1; retail, NII portion sees strong demand


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Topic :- Time:1.00 PM


Nifty is trading in a range with positive bias. Nifty spot if manages to trade and sustain above 21960 level then expect some further upmove in the market and if it breaks and trade below 21920 level then some decline can follow. 21900-21880 to act as immediate support for now.


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Topic :- Time:12.30 PM


COPPER Trading View:

COPPER is trading at 722. If it manages to trade and sustain above 723.50 level then expect some upmove in it and if it breaks and trade below 721 level then some decline can follow in Copper.


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Topic :- Time:12.00 PM


Nifty is trading with minor gains however it is flat now. Nifty spot if manages to trade and sustain above 21920 level then expect some upmove in the market and if it breaks and trade below 21880 level then some decline can be seen in the Nifty.


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Topic :- Time:11.30 AM


News Wrap Up:

1.  Sensex, Nifty trade marginally higher; UPL, Bharti Airtel drag

2. Hyundai Motor India may launch Indias largest IPO ever this Diwali

3. Russias energy elite, Indian govt officials try to keep oil flowing

4. Fuel retailers post Rs 69K cr profit in Apr-Dec, higher than pre-oil crisis

5. Tata Motors zooms 7% on beating the Street with 137% surge in Q3 profit

6. SBI Q3 results miss estimates on one-time loss.

7. Paytm stock crashes another 10%, hits lower circuit again; loses over 42% in 3 days

8. Ambanis eyeing Paytm wallet? Jio Fin shares jump 4%

9. Park Hotels IPO

10. Paytm at near record low. Investors lose ₹20,500 crore


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Topic :- Share Market Opening Note


Indian Stock Market Trading View For 05 Feb,2024:


Sentiments are again positive in the market. PSU companies are outshining at the moment. On Monday SBIN will be dictating trend.


For Monday:

Market will remain volatile, traders should trade as per market trend. Nifty spot if manages to trade and sustain above 21900 level then expect some upmove in the Nifty and if it breaks and trade below 21800 level then some decline can be seen. 


Please note this is just opening view and should not be considered as the view for the whole day.


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Stock Market Round Up For 2 Feb,2024:

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Share Market Closing Note


Nifty at 21,850, Sensex up 440 pts; oil & gas, IT, metal gain, banks fall:


Benchmark indices ended on a positive note in the volatile session on February 2 with Nifty around 21,850.


Top gainers on the Nifty were BPCL, Power Grid Corporation, ONGC, Adani Ports and Coal India, while losers were Eicher Motors, Axis Bank, HDFC Life, HDFC Bank and HUL.


Among sectors, oil & gas index up 4 percent and Information, Technology, metal, realty, power indices up 1.5-2 percent each, while bank index down 0.5 percent.


BSE Midcap index rose 1 percent and Smallcap index added 0.6 percent.


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Topic :- Time:3.10 PM


Nifty spot if manages to close above 21840 level then expect some upmove in the market and if it closes below above mentioned level then some sluggish move can follow. Avoid open positions for Monday.


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Topic :- Time:2.30 PM


CRUDEOIL Trading View:

CRUDEOIL is trading at 6133. If it holds above 6110 level then expect some quick upmove in it and if it breaks and trade below 6110 level then some decline can follow in it. Watch out for 6110 level.


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Topic :- Time:2.15 PM


Just In:

1. Tamil actor Vijay announces his political party, names it Tamilaga Vettri Kazha


2. New CM Champai Soren takes an oath to form the government in Jharkhand, a day after the resignation of Hemant Soren.



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Topic :- Time:2.00 PM


Nifty is trading highly volatile now. Nifty spot if manages to trade and sustain above 21900 level then expect some upmove in the market and if it breaks and trade below 21860 level then some decline can be witnessed.


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Topic :- Time:1.00 PM


Nifty spot if manages to trade and sustain above 21920 level then expect some upmove in it and if it breaks and trade below 21880 level then some decline can be seen in the market.


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Topic :- Time:12.30 PM


COPPER Trading View:

COPPER is trading at 721.50.If it breaks and trade below 721 level then expect some decline in it and if it manages to trade and sustain above 722.40 level then some upmove can be seen in it.


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Topic :- Time:12.15 PM


Just In:

Suzlon confident of better results in March quarter, to execute order book in two years


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Topic :- Time:12.00 PM


Nifty just tested life time high. Nifty spot if manages to trade and sustain above 22100 level then expect some further upmove in the market and if it breaks and trade below 22040 level then some decline can be seen.


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Topic :- Time:11.30 AM


News Wrap Up:

1. Sensex soars over 1,200 pts, Nifty above 22,050 as budget uncertainty ends

2. PaytmKaro even beyond Feb 29, assures Vijay Shekhar

3. Tata wants a tie-up to fast-charge Apple output

4. Byjus US unit files for Chapter 11 bankruptcy

5. Tata Motors Q3 results today

6. Zee petition to NCLT: Sony dashed Goenkas efforts to save the merger

7. EV push may create 250,000 jobs

8. Urban infra gears up for metro push


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Share Market Trading Wrap Up as on 29 Jan,2024

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Share Market Closing Note


Nifty at 21,750, Sensex gains 1,200 pts led by oil & gas, power, banks:


Biggest gainers on the Nifty included ONGC, Reliance Industries, Adani Enterprises, Coal India and Adani Ports, while losers included Cipla, ITC, LTIMindtree, Bajaj Auto and Infosys


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Topic :- Time:2.30 PM


CRUDEOIL Trading View:

CRUDEOIL is trading at 6470. If it breaks and trade below 6450 level then expect some decline in it and if it manages to trade and sustain above 6505 level then some pull back can be seen in Crudeoil.


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Topic :- Time:1.30 PM


SILVER Trading View:

SILVER is trading at 72191.If it manages to trade and sustain above 72240 level then expect some upmove in it and if it breaks and trade below 71060 level then some decline can follow in the Silver.


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Topic :- Time:1.00 PM


Nifty spot is trading at 21699. If it manages to trade and sustain above 21720 level then expect some upmove in the market and if it breaks and trade below 21660 level then some decline can be seen in the Nifty.


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Topic :- Time:12.40 PM


Just In:

Reliance share price hits record high, m-cap crosses ₹19 lakh crore


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Topic :- Time:12.30 PM


COPPER Trading View:

COPPER is trading at 727.90. If it breaks and trade below 727.50 level then expect some decline in it and if it manages to trade and sustain above 728.80 level then some upmove can be seen in it.


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Topic :- Time:12.00 PM


Nifty is flying high. Nifty spot if manages to trade and sustain above 21680 level then expect some further upmove in the market and if it breaks and trade below 21640 level then some decline can be seen in the Nifty.


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Topic :- Time:11.30 AM


News Wrap Up:

1. Sensex gains 800 pts, Nifty above 21,600

2. ED reaches Jharkhand CMs residence in Delhi

3. Trading halts for Evergrande after winding-up order

4. IRB wins Rs 1,720 crore arbitration

5. Indias gas demand to rise 6% in 2024: IEA

6. Colgate chief bets big on Indias rural recovery

7. Adani Green completes funding of reserves for $750 million Holdco Bond

8. Promoter family to increase stake in Zee to 26% eventually: Subhash Chandra


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Topic :- Nifty Opening Note


Indian Stock Market Trading View For 29 Jan,2024:


Interim Budget, Fed, auto sales to watch out for in coming week. Expect nifty to turn highly volatile now. News will impact nifty movement so strategy needs to be to use trailing stoploss in this week.


For Monday:

Nifty spot if manages to trade and sustain above 21400 level then expect some upmove in the market and if it breaks and trade below 21300 level then some decline can follow. Prefer day trading and avoid overnight open positions.



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Trading View Wrap Up For 25 Jan,2024

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Share Market Closing Note


Sensex pares losses, ends down 360 pts lower, Nifty below 21,400; IT, FMCG see selling:


The Sensex was down 359.64 points or 0.51 percent at 70,700.67, and the Nifty was down 75.80 points or 0.35 percent at 21,378.20. About 1811 shares advanced, 1422 shares declined, and 56 shares unchanged.


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Topic :- Time:3.00 PM


Nifty spot if holds above 21240 level on closing basis then expect some pull back in the market in coming session and close below above mentioned level will result in more dips. Avoid open positions for Monday as we are heading towards long weekend. NSE/BSE/MCX will remain closed on 26 Jan,2024 on account of Republic day.


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Topic :- Time:2.20 PM


Just In:

Jindal Power quits race to acquire Lanco Amarkantak


In a sudden U-turn, Naveen Jindal-promoted Jindal Power has dropped out of the race to acquire Lanco Amarkantak Power. Just last week, the company had topped an offer by Adani Power for the distressed thermal power company undergoing corporate insolvency proceedings.


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Topic :- Time:2.30 PM


GOLD Trading View:

GOLD is trading at 61921. It will find important support at 61800 level. If it holds above 61800 level then expect some quick upmove in it and if it breaks and trade below 61800 level then some decline can be seen in the Gold.


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Topic :- Time:2.00 PM


Nifty spot if manages to trade and sustain above 21300 level then expect some further upmove in the market and if it breaks and trade below 21270 level then some decline can further follow in the market.


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Topic :- Time:12.30 PM


COPPER Trading View:

COPPER Feb is trading at 729.30. If it manages to trade and sustain above 730.50 level then expect some upmove in it and if it breaks and trade below 728 level then some decline can be seen in it.


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Topic :- Time:12.15 PM


Vijay Kedia backed TAC Security files IPO papers with SEBI, to list with NSE Emerge


TAC Security files Draft Red Herring Prospectus (DRHP) with SEBI for IPO. TAC Security plans to list shares on NSE Emerge platform through IPO.



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Topic :- Time:12.00 PM


After negative opening nifty is trading in deep red again. Nifty spot if breaks and trade below 21280 level then expect some decline in the market and if it manages to trade and sustain above 21320 level then some pull back can be seen. Use rise for going short for now.


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Topic :- Time:11.30 AM


News Wrap Up:

1. Smallcaps shine in weak session; SCI up 12%, RITES 11%

2. One year of Hindenburg: Adani group up, recouping market cap losses

3. Ranjan Pai to own 40% in Byjus Aakash Institute, make it debt-free

4. HDFC Bank says no evidence to suggest FPI selling is related to Sebi circular

5. DLF jumps 4% as Q3 show impresses brokerages with 27% rise in net profit

6. TVS slips 3% after brokerages turn cautious post Q3 results

7. Premji gifts Wipro shares worth Rs 500 crore to sons

8. Bain Capital on track to invest up to $10 bn in India


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Bajaj Auto Q3FY24 net profit up 37% YoY at Rs 2,042 crore on robust sales

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The Q3 results exceeded analysts’ expectations as the average estimate of six brokerage firms suggested that the automaker's net profit will increase by 32.25 percent on-year to Rs 1,976 crore

Bajaj Auto Ltd reported a 37 percent year-on-year (YoY) increase in net profit for the third quarter of FY24 at Rs 2,041.88 crore driven by robust sales of its two-wheelers, price hikes and higher realisations amid consistent demand. Its PAT during the corresponding period last year stood at Rs 1,491.42 crore.

Aided by a better product mix in favour of premium vehicles, leading to a higher average selling price (ASP), the Pune-based automaker’s revenue also increased by 30.1 percent to Rs 12,114 crore during October-December 2023. Its turnover during Q3FY23 stood at Rs 9,315 crore.

The Q3 results exceeded analysts’ expectations as the average estimate of six brokerage firms suggested that Bajaj Auto’s net profit will increase by 32.25 percent on-year to Rs 1,976 crore. The estimates had projected the company’s revenue to rise 28.5 percent on-year to Rs 11,971 crore.

Furthermore, its earnings before interest, tax, depreciation and amortisation (EBITDA), increased 36.8 percent YoY to Rs 2,430 crore against Rs 1,776 crore in the year-ago period. Its operating margin also increased to 20.1 percent from 19.1 percent in Q3FY23.


On the back of strong momentum in the domestic market, the automaker reported a 32 percent YoY growth in sales at 12,00,997 units in the December quarter. The company reported a total sales of 3,26,806 units in December 2023, registering a growth of 16 per cent from 2,81,514 units sold in December 2022

Bajaj Auto’s share price went up 1.71 percent at Rs 7,211.40 on BSE when the Q3 results were announced.

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