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Research Periodic Report TATA Group crosses Rs. 30 lakh crore market cap, Zydus Lifescience buyback and more.

TATA Group crosses Rs. 30 lakh crore market cap, Zydus Lifescience buyback and more.

Written by - Fisdom Research

February 6, 2024 3 minutes

Indian markets:

  • Indian equity benchmarks maintained early gains and closed near the day’s highs on February 6, as investors remained unfazed by concerns regarding a delay in rate cuts by the US Federal Reserve.
  • Despite subdued global cues, except for China and Hong Kong, which closed higher, the market opened higher and continued to gain momentum throughout the session.
  • Sector-wise, auto, energy, oil and gas, information technology, infrastructure, metals, and pharmaceuticals witnessed gains of 1-3 percent.
  • Conversely, banks and FMCG sectors experienced marginal declines of 0.1 percent each.

Global Markets:

  • China stocks reversed losses on Monday, rebounding off five-year lows, while most Asia markets kickstarted the holiday-shortened week largely lower on fears of higher-for-longer interest rates.
  • The U.S. Federal Reserve Chair Jerome Powell said the central bank would likely move at a considerably slower pace on rate cuts compared with market expectations.
  • European markets move higher as investors ponder Fed Powell’s comments; Unicredit jumps 9.7%
  • The pan-European Stoxx 600 rose 0.2% by late morning, with the majority of sectors slipping into negative territory. Autos were down 0.7% while food and beverage stocks rose 1.1%.
  • Gold prices slipped to a one-week low on Monday after a robust U.S. jobs data last week and remarks from Federal Reserve Chair Jerome Powell dented hopes for early rate cuts, lifting the dollar and bond yields higher.

Stocks in Spotlight

  • TCS, the IT bellwether, achieved a historic milestone as its market capitalization crossed Rs 15 lakh crore for the first time, accompanied by record highs. Additionally, Tata Group’s combined market capitalization surpassed Rs 30 lakh crore on the same day, marking a significant achievement as the first Indian business house to do so. The surge in shareholder wealth can be attributed to increased buying interest observed in shares of Tata Consultancy Services, Tata Motors, Tata Power, and Indian Hotels throughout the year.
  • Zydus Lifesciences surged by 5.12 percent following the announcement that its board would deliberate on a share buyback proposal scheduled for February 9. If sanctioned, this would mark the second instance of the pharmaceutical company initiating a share buyback, with the first occurring in June 2022.
  • Following the exchange’s third-quarter profits falling below expectations, BSE witnessed a decline of 3.54 percent. The shortfall in profits was attributed to increased contributions to the Settlement Guarantee Fund (SGF) for the currency derivatives segment.

News from the IPO world🌐

  • Bumper Debut | BLS E-Services stock lists at 129% premium to IPO price
  • Entero Healthcare sets price band for Rs. 1600 cr IPO at Rs. 1,195-1258
  • Exicom Tele Systems may launch IPO by Feb end

Daily Leader board:

Sectoral Performance

Top SectorsDay change (%)

Advance Decline Ratio

Advance/DeclinesDay change (%)

Numbers to track

Indices NameLatest% 1D% YTD
Dow Jones (US)38,380(0.7) %1.8 %
10 Year Gsec India7.10.0 %(0.7) %
WTI Crude (USD/bbl)72(2.1) %2.7 %
Gold (INR/10g)62,542(0.2) %0.5 %
USD/INR82.97(0.0) %(0.1) %

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