Stock Market Live Updates: Sensex, Nifty50 Drop Over 1%; Sbi, Bank Of Baroda Hit 52-Week Highs

Stock Market LIVE Updates: Indian equity benchmarks Sensex and Nifty50 started Monday’s session on a sluggish note amid weakness across most other Asian markets.

After market hours on Friday, the steelmaker reported a consolidated net profit of Rs 9,598.1 crore for the October-December period, as against a net profit of Rs 4,010.9 crore for the corresponding period a year ago.

Goldman Sachs upgraded Paytm to ‘buy’ from ‘neutral’, and reduced its target price for the stock to Rs 1,460 from Rs 1,600.

He remains bullish on SBI, and is positive on the real estate space.

Samir Arora of Helios Capital said in an interview to CNBC-TV18 that he thinks it is going to be a tough year for making money.

On Saturday, the state-run lender reported a net profit of Rs 2,197 crore for the October-December period, as against a net profit of Rs 1,061.1 crore for the corresponding period a year ago.

Geojit Financial Services expects Tech Mahindra to perform well in the coming quarters on the back of improvement in EBIT margins, restructuring within segments and its continued pace of deal wins.

Market expert Prakash Diwan is positive on State Bank of India after the lender reported its financial results for Q3.

Of course, today is a difficult day in other respects because of the kind of inflation-related pressure, RBI policy announcements coming this week, so it could probably stay for some time in this zone and consolidate,” he said.

UltraTech, Tata Steel and JSW Steel were also among the gainers.

Mohit Nigam, Head-PMS at Hem Securities, sees immediate support for the Nifty50 at 17,450 and resistance at 17,700.

The Reserve Bank of India has taken centre stage on Dalal Street, after equity benchmarks finished the Budget week with gains of more than two percent.

The Nifty50 appears to be facing resistance around its 20-day exponential moving average and forming a lower top, according to Yesha Shah, Head of Equity Research, Samco Securities.

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