Today’s top morning headlines - 2nd February 2024

Good afternoon

Markets hit a new all-time high a day after the Interim Budget, with the NIFTY50 trading above 22,002 as of 12:30 pm. Here are the top stories for the day!

Top gainer: BPCL: 551 ▲ 43 (+8.5%)
Top loser: Eicher Motors: 3,881 ▼ 51 (-1.3%)

:star:Nifty50 hits all-time high
India’s benchmark Nifty 50 index hit an all-time high of 22,126 on Friday, helped by gains in heavyweight stocks like Maruti Suzuki (+4.4%), Axis Bank (+1.5%) and TCS (+1.0%). The government’s fiscal prudence in its budget boosted market sentiment. The NSE Nifty 50 index hit an all time high of 22,126 is currently up 1.71%, while SENSEX is up over 1100 points.

:star:Abbott India gains after strong Q3 numbers
Shares of pharmaceutical company Abbott India soar 8%. This comes a day after it reported a 26% rise in third-quarter profit on Thursday, as higher sales outpaced the impact of a pricing cap on certain medicines. The company, which makes popular antacid medicine Digene, said its profit rose to ₹311 crore ($37.5 million) from ₹247 crore a year earlier.

:star:Castrol India surges on robust Q3 numbers
Shares of the Engine oil maker Castrol India are up 3.7% today. This comes after it reported a 25% rise in fourth-quarter profit on Thursday, aided by higher demand for its automobile lubrication products. Castrol India’s profit after tax came in at ₹242 crore ($29.2 million), up from ₹193 crore a year ago, it said in an exchange filing.

:star:Paytm continues to face selling pressure
Shares of Indian digital payments firm Paytm tumble 20% today to near record lows. This comes at a time when the Indian central bank clamped down on its payments bank. The RBI’s rap is weighing on investor sentiment despite the company’s attempts to assuage fears of a hit to its business.