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Benchmark equity indices, BSE Sensex and Nifty50, opened higher on Thursday, February 6, amid mixed global cues.
Stock Market Today
Sensex Today: On Thursday, February 6, the benchmark equity indices BSE Sensex and Nifty50 were trading lower, influenced by mixed global cues.
As of 12 PM, the BSE Sensex had dropped by 272.20 points, or 0.35%, to 77,999.08, while the Nifty50 stood at 23,610.45, down by 85.85 points, or 0.36%.
In a separate development, internet company Info Edge exceeded expectations with its December quarter (Q3FY25) results, posting strong revenue and profit growth. Brokerages are generally optimistic about Info Edge’s future, especially given its sustained strength in recruitment billings across both IT and non-IT sectors. Analysts noted double-digit growth in recruitment billings for two consecutive quarters, which has contributed to the company’s growth.
Stocks in Focus Due to Interim Dividends
Shares of companies such as GAIL (India), Oil and Natural Gas Corporation (ONGC), NLC India, Nestle India, Marico, and Computer Age Management Services (CAMS), among others, are expected to remain in focus during today’s trading session. These companies announced interim dividends for their shareholders, and according to BSE data, their shares will trade ex-dividend tomorrow, Friday, February 7, 2024.
Global Cues
Asian markets were mostly higher on Thursday, following a rally on Wall Street driven by strong earnings reports from major companies.
Japan’s Nikkei 225 rose nearly 0.2%, reaching 38,888.04. Australia’s S&P/ASX 200 surged 1.1% to 8,507.60, while South Korea’s Kospi gained 0.7%, reaching 2,526.21. Hong Kong’s Hang Seng added 0.2% to 20,640.73, and the Shanghai Composite climbed 0.6%, settling at 3,248.34.
In Japan, Honda Motor Co. shares, which had surged the previous day after media reports of ongoing talks to create a joint holding company with Nissan Motor Corp., trimmed some of their gains. Nissan’s stock, on the other hand, rebounded to trade higher. While the media reports continued on Thursday, neither company has confirmed the details.
On Wall Street, the S&P 500 gained 0.4%, while the Dow Jones Industrial Average rose by 317 points, or 0.7%. The Nasdaq Composite added 0.2%.
Toymaker Mattel saw a notable 15.3% jump after it surpassed analysts’ profit expectations for the latest quarter, buoyed by strong performance from its Hot Wheels brand, which helped offset weaker sales of Barbie and other dolls. The company also gave an optimistic profit forecast for the coming year, exceeding analyst estimates.
Amgen surged 6.5%, becoming one of the strongest contributors to the S&P 500’s gain. The company reported stronger-than-expected profits, driven in part by growth in its Repatha drug, which lowers bad cholesterol and reduces the risk of heart attacks.
These gains helped counteract a 7.3% drop in Alphabet’s stock. Despite the company reporting stronger-than-expected profits, investors focused on slower growth in its cloud business, where revenue fell short of projections. Additionally, concerns arose over Alphabet’s $75 billion budget for investments this year, about $15 billion more than analysts had anticipated, as the company continues its push to develop artificial intelligence technologies.