The stock market today saw a mix of gains and losses, with various developments impacting different sectors. In the IT software pack, the top 5 gainers were making waves, while the Sensex traded flat overall. European shares rose on the back of energy boosts and hopes for rate cuts, with Spanish firm Indra reporting strong profits.
In India, the Indegene IPO subscription crossed the halfway mark, with the NII portion fully booked. Inox Wind announced plans to become net debt-free in H1 FY25, while HCLTech and Amazon Web Services entered a strategic collaboration.
However, PSU bank stocks took a hit, falling up to 6% due to new RBI guidelines on project financing. This led to a decline in shares of Canara Bank, Punjab National Bank, Bank of Baroda, and SBI.
On the positive side, Kotak Mahindra Bank emerged as a top performer, surging 4% after reporting strong profits for Q4 FY24. The bank’s net interest income also saw a significant increase.
Overall, the market was influenced by global factors such as the Fed cut bets, oil price hikes, and the performance of US stocks. Investors were advised to keep an eye on key earnings reports and technical breakout stocks for potential trading opportunities.
