Mahindra & Mahindra signed a pact with Embraer Defense & Security to acquire the C-390 Millennium multi-mission aircraft by the Indian Air Force in its upcoming Medium Transport Aircraft (MTA) procurement project, the company said in an exchange filing.

Grasim Industries, Sun Pharma, Apollo Hospitals, SBI, and ICICI Bank were the major leading stocks in the Nifty 50 today. While M&M, Hindalco, ONGC, Tata Steel, and Bharti Airtel were majorly lagging in the Nifty 50.

Signatureglobal (India) has entered into a joint development agreement for 20.32 acres in Gurugram, with an overall potential developable area of approximately 2.84 million square feet. This strategic move aligns with the company’s expansion plans and signifies a noteworthy real estate development in the region. The shares of Signatureglobal (India) traded flatline to Rs 1,289 in the intra-day trade on Friday.

Equity mutual funds experienced a surge in inflows, marking a 22-month high in January. Sustained investments in sectoral, small- and mid-cap funds were the primary drivers, while even large-cap funds exhibited robust performance, reaching an 18-month high.

According to data released by the Association of Mutual Funds in India (Amfi) on Thursday, net equity mutual fund inflows recorded a substantial 28% sequential increase, reaching Rs 21,780.56 crore in January.

Also Read: Equity Mutual Fund inflows, reach 22-Month high in January

Grasim Industries, Sun Pharma, Apollo Hospital, SBI, and ICICI Bank were the top gainers in the Nifty 50. On the flip side, ONGC, M&M, Bharti Airtel, Coal India, and Hindalco were the major laggards in the Nifty 50 today.

Shares of One97 Communication fell over 8% to Rs 410 for the second straight day.

Shares of Grasim Industries rose 4.7% to Rs 2,154.95. The stock was the top gainer in the Nifty 50.

TVS Supply Chain Solutions has reached a settlement agreement addressing certain disputes. As part of the resolution, TVS Australia will make aggregate payments totaling $6 million. The shares of TVS motor traded flatline to Rs 2030.55 in the intra-day trade on Friday

The NSE Nifty 50 was up 32.10 points or 0.15% at 21,750.05. While the BSE Sensex was up 128.95 points or 0.18% at 71,557.38. The Nifty Bank was trading 414.60 points or 0.92% higher at 45,426.60.

Jefferies has revised its stance on Lupin, upgrading it from Underperform to a Hold rating, while concurrently increasing the target price from Rs 1,190 to Rs 1,460 per share.

The recommendation comes on the heels of a projected 4-7% increase in FY25/26 revenue, attributed to heightened revenue from India and gSpiriva, the latter enjoying a greater market share in the absence of competition. Jefferies identifies these segments as high-margin contributors, foreseeing an 8-14% rise in earnings per share (EPS).

Also Read: Jefferies upgrades Lupin to hold from an underperform; raises target price to Rs 1,460

Shares of InterGlobr Aviation fell 4.7% to Rs 2,982.40 on the BSE after a parliamentary panel proposed to cap airfares on some specific routes.

Bharat Heavy Electricals has secured a substantial order worth Rs 5,500 crore from Haryana Power Generation Corp. The order pertains to the development of a 1×800 MW ultra-supercritical expansion unit in Haryana. Despite this order the share dipped more than 4% to Rs 221.05 in the intra-day trade on Friday.

Shares of BPCL fell nearly 4.2% to Rs 594.70. The stock was among the key losers in the Nifty 50. It hit its 52-week high of Rs 635.35 on Thursday.

Shares of ONGC fell 4.1% to Rs 261.80 after the company hit its fresh 52-week high of Rs 275.65. The stock was the key laggard in the Nifty 50.

The Union Cabinet has granted approval for a spectrum auction encompassing 10,523 MHz during this fiscal year. With a reserve price set at Rs 96,317 crore, the auction will span multiple frequency bands, including 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz, and 26 GHz, all with a 20-year validity period. Key players such as Reliance Industries, Bharti Airtel, and Vodafone Idea are anticipated to be in the spotlight during this crucial development.

ITC, ICICI Bank, SBI, Reliance, and Sun Pharma were the top gainers in the Nifty 50 today. While M&M, ONGC, Hindalco, Coal India, and BPCL were the major losers in the Nifty 50 today.

“The Bank Nifty index experienced a robust comeback by bears, encountering substantial selling pressure following the RBI policy announcement. The critical support zone of 45500 has been breached and is now expected to act as a resistance level. Pullbacks towards this mentioned resistance are considered opportune levels for selling. The subsequent support is positioned at 44400, and a break below this level is likely to intensify selling pressure, potentially leading the index towards the 44000 mark,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

LIC experienced a remarkable surge in its shares, rising over 6%, and reaching a market valuation of Rs 6.99 lakh crore. This elevation in valuation has positioned LIC as the fifth most valued company in India.

Also Read: LIC’s market cap crosses Rs 7 lakh crore, becomes fifth most valued Indian company

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty experienced a sharp decline as follow-up selling emerged following profit booking in the previous trading session. However, on the lower end, it found initial support at the 20DMA. The trend could weaken if it drops below 21,690, at which point the index may decline towards 21,500. On the contrary, if it remains above 21,700, we might observe a recovery in the near term.

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty experienced a sharp decline as follow-up selling emerged following profit booking in the previous trading session. However, on the lower end, it found initial support at the 20DMA. The trend could weaken if it drops below 21,690, at which point the index may decline towards 21,500. On the contrary, if it remains above 21,700, we might observe a recovery in the near term.

The NSE Nifty 50 opens higher by just 0.04% to settle at 21,727, while the BSE Sensex opens lower by 0.03% to 71,410.29 in the opening trade.

The NSE has added Ashok Leyland, Aurobindo Pharma, Balrampur Chini Mills, Biocon, Delta Corp, Hindustan Copper, India Cements, Indus Tower, National Aluminium, PNB, SAIL, UPL on February 9, 2024.

Foreign institutional investors (FII) offloaded shares worth net Rs 4.933.7 crore, while domestic institutional investors (DII) bought shares worth net Rs 5.512.3 crore on February 8, 2023, according to the provisional data available on the NSE.

Shares in the Asia-Pacific region will be partially or fully closed on Friday as the region enters the Lunar New Year holiday period. The Asia Dow is trading up by 0.20%, where as the Japan’s Nikkei 225 is trading in green, up by 0.68%, Hong Kong’s Hang Seng index is ended lower by 1.27% and the benchmark Chinese index Shanghai Composite is ended higher by 1.28% on Thursday.

WTI crude prices are trading at $76.45 up by 0.30%, while Brent crude prices are trading at $81.68 up by 0.06%, on Friday morning.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.01% at 104.16.

The U.S. stock market lost a bit of steam after hitting a fresh record, with traders awaiting a $25 billion sale of Treasuries that will test Wall Street’s appetite for longer-term bonds following solid debt sales this week, Bloomberg reported. The tech-heavy Nasdaq Composite ended up by 25.96 points or 0.16% at 15,782.60. The S&P 500 gained by just 2.28 points or 0.05% at 4,997.34, while the Dow Jones Industrial Average gained by 22.84 points or 0.06% at 38,700.20.