7

Thursday
22nd February, 2024
Sensex Drops 434 Points, Nifty
Holds at 22,050; ZEE Plummets
14%
In today’s trading session,
the Indian equity markets
experienced a late-day
downturn, with the S&P BSE
Sensex slipping 434 points
to close at 72,623 levels.
Similarly, the Nifty50 ended
at 22,055, down 142 points.
The indices reached intraday
lows of 72,451 and 21,998,
respectively. The decline was
primarily driven by losses
in IT, financial, and pharma
sectors. Power Grid, NTPC,
Wipro, and Infosys were
among the top laggards. In
contrast, the Nifty Realty
index saw a gain of 1.96%.
Meanwhile, the broader
markets also witnessed
a decline, with the BSE
MidCap index falling 1.27%
and the BSE SmallCap index
declining 0.84%. Notably, the
Nifty Media index recorded
a significant drop of 4.8%,
while ZEE stock plummeted
ECONOMY
SEBI’s Investigation Reveals $241 Million
Accounting Issue at Zee Entertainment
Enterprises Ltd
by 14%.
Nifty February futures are
expected to face resistance at
22,180 while finding support
at 22,000. These levels serve
as crucial benchmarks for
traders and investors to
monitor potential price
movements. Breaching
the resistance could signal
bullish momentum, while
breaking below support may
indicate a bearish trend.

Recommended stocks to buy at any dip Today :

Tata Investments: As of February 21, 2024, Tata Investments’ share price closed at 6474.70,
marking a significant increase of 622.7 points from its previous day’s
close of 5852.00. While it’s impossible to predict the precise movement
of the share, certain key levels are crucial for understanding potential
sharp decline, dropping by of the merger, which had
price action. If the share price moves upwards, 6713.68 could serve as a
resistance point. Conversely, if it moves downwards, 6235.73 could act as a In a significant development as much as 15% in Mumbai been in the works for two
support level. for India’s media landscape, trading following the news, years, came in January amid
the Securities and Exchange before partially recovering. disagreements over leadership
Raymond : On February 21, 2024, Raymond’s share price closed at 1873.70, experiencing Board of India (SEBI) has Meanwhile, the broader of the combined entity.
a notable rise of 102.5 points from its previous day’s close of 1771.20. Similar uncovered a substantial market, as indicated by the
to Tata Investments, while predicting share movements is uncertain, accounting discrepancy at Zee benchmark S&P BSE Sensex, Reports suggest that Zee is
identifying significant levels is essential. If the share price moves upwards, Entertainment Enterprises remained relatively stable. exploring the possibility of
1912.16 could function as a resistance point, whereas 1835.24 could serve as Ltd., indicating a potential reviving the merger with Sony,
a support level if it moves downwards. diversion of funds amounting It’s worth noting that the exact but significant differences
to approximately 20 billion amount in question is subject persist between the two
Chem Plast : Chemplat witnessed a positive movement in its share price on February rupees ($241 million). This to change pending further parties. Zee clarified in a filing
21, 2024, closing at 474.00, marking an increase of 18.95 points from the revelation comes as another review by SEBI, which is that it is not engaged in any
previous day’s close of 455.05. While predicting share price movement is setback for the beleaguered currently seeking explanations negotiations to revive the deal,
uncertain, key levels have been identified for potential reactions. If the media conglomerate, coming from senior executives at Zee, indicating the complexities
stock moves upwards, it might encounter resistance at 483.63. Conversely, less than a month after its including founders Subhash surrounding such discussions.
if it trends downwards, support could be observed around 464.38. Further merger deal with Sony Group Chandra and his son Punit
support and resistance levels should also be monitored for potential Corp’s local unit fell through. Goenka, along with certain The regulatory scrutiny into
price reactions.
board members. Despite alleged financial irregularities
According to sources familiar repeated inquiries, neither involving the father-and-son
Sobha : Sobha Limited, a multinational real estate developer, saw its share price with the matter, SEBI’s SEBI nor Zee has provided duo has been ongoing since
close at 1481.95 INR on February 21, 2024. While specific movement forecasts investigation into the founders immediate comments on these mid-2023 and has played a
are uncertain, analyzing key levels is crucial. Further support and of Zee has unveiled a financial recent developments. pivotal role in the collapse of
resistance levels should be monitored for a comprehensive understanding irregularity far greater than the Sony-Zee merger. SEBI’s
of potential price movements initially estimated. The For Punit Goenka, Zee’s actions in August, which barred
regulatory body has identified CEO, the revelation adds to Subhash Chandra and Punit
Indusind Bank : On February 21, 2024, Indusind Bank’s share price closed at 1517.25, marking a discrepancy exceeding $240
an increase of 13.05 points from its previous day’s close of 1504.20. While the challenges he faces in Goenka from holding executive
million in Zee’s accounts, reassuring investors following or directorial positions in any
predicting exact share movements is challenging, identifying significant suggesting a possible diversion
levels is vital. If the share price moves upwards, 1523.93 might serve as the collapse of the company’s listed firm, underscore the
of funds from the company. proposed $10 billion merger seriousness of the allegations.
a resistance point, while 1510.57 could act as a support level if it moves
Zee’s shares experienced a with Sony. The termination
downwards

RBI Bulletin Forecasts Positive
Economic Outlook for India in 2024
The Reserve Bank of India
(RBI) has recently unveiled
its February bulletin, offering
a glimpse into the evolving
economic landscape of India,
projecting a path of stabilizing
inflation and promising growth
prospects for the nation in 2024.
Highlighting key indicators, the
bulletin underscores a positive
trajectory for India’s inflation
scenario, with retail inflation
reaching a three-month low
of 5.1 percent in January.
This development signals
encouraging progress in curbing
inflationary pressures, paving
the way for a more favorable
economic environment.
Titled ‘State of the Economy,’
the RBI’s monthly bulletin
accentuates the emerging
favorable conditions both
domestically and globally.
Notably, the Indian economy
is depicted as maintaining
its momentum, bolstered
by promising high-frequency
indicators, indicating resilience
and adaptability amidst global
uncertainties.
Optimism permeates the
corporate landscape, with
the bulletin spotlighting
expectations of a fresh round
of corporate capital expenditure
(capex) driving the next phase of
growth. This sentiment aligns
with projections of increased
demand, fueling expansion
TCS CEO and MD, K. Krithivasan Advocates
for employees returning to the office
strategies across various sectors. spending towards employment-
generating avenues is seniors handle client situations, cannot
Moreover, the bulletin delves highlighted as a potent tool for be adequately replicated through virtual
into fiscal matters, projecting a reducing the debt-GDP ratio over training. He highlighted the preference of
promising trajectory for India’s the long term. the majority of TCS customers for employees
debt-to-GDP ratio. Internal to work from the office, emphasizing the
simulations indicate a potential Addressing inflation dynamics, value of face-to-face interactions in client
decrease to 73.4 percent by 2030- the bulletin analyzes the impact engagements.
31, showcasing substantial of recent shocks on headline and
improvement compared to core inflation. Despite supply- On the global market outlook, Krithivasan
earlier forecasts. The RBI’s side disruptions triggered struck a cautiously optimistic tone,
stance dismisses immediate by events like the COVID-19 particularly in the medium term, citing
calls for fiscal tightening, pandemic and geopolitical abundant opportunities for technology
emphasizing the importance of tensions, core inflation work and modernization. He emphasized
developmental expenditure to measures have demonstrated the growing interest in leveraging
sustain growth momentum. resilience. The long-term artificial intelligence (AI) and anticipated
convergence of non-core to core improvements over the current year, citing
In a detailed article titled inflation signifies stability in early green shoots observed in some large
‘The Shape
Compatible
of Growth
F i s c a l
pricing dynamics, albeit with
some short-term fluctuations.
Tata Consultancy Services (TCS) CEO and industry verticals.
MD, K Krithivasan, recently emphasized the
value of employees returning to the office for Addressing the decoupling between revenue
Finally, the bulletin underscores and headcount, Krithivasan acknowledged
in-person collaboration and camaraderie.
the resilience of Indian services the term as strong but explained that TCS
and infrastructure sectors, Speaking at the Nasscom Technology and
Leadership Forum, Krithivasan highlighted has begun utilizing its existing workforce
despite pandemic-induced more efficiently, including the bench,
challenges. The Services and the significance of informal conversations
that occur in an office environment, amid demand stabilization. Despite a lower
Infrastructure Outlook Survey
underscoring their absence in virtual number of employee hires in FY24 compared
(SIOS) conducted by the RBI
settings facilitated by tools like Zoom and to recent years, he attributed this shift to
reflects a gradual rebound
Microsoft Teams. organizations hiring ahead of demand and
in confidence within these
emphasized TCS’s readiness to adapt to
sectors, signaling optimism
While acknowledging the efficiency of video evolving market dynamics.
and adaptability in the face of
adversity. conferencing tools, Krithivasan pointed out
the missed opportunities for collaboration Krithivasan’s remarks underscore the
Overall, the RBI’s February and camaraderie, particularly among nuanced approach that TCS is taking in
bulletin paints a cautiously associates who have joined remotely in the navigating the transition back to office-
Consolidation,’ the RBI optimistic picture for India’s past two to three years and have yet to visit based work while capitalizing on emerging
outlines strategies for fiscal economic outlook in 2024, the office. He emphasized the importance opportunities in the global market. As
consolidation, advocating emphasizing the importance the company continues to prioritize
of informal conversations or “chitchat” in
for targeted investments in of sustained reforms, targeted collaboration, camaraderie, and client
fostering a sense of belonging and shared
critical sectors such as health, investments, and prudent engagement, it remains poised to leverage its
experiences among employees.
education, digitalization, fiscal management to navigate strengths and drive growth in the evolving
and climate risk mitigation. challenges and capitalize on landscape of technology and business.
Krithivasan also noted that crucial learning
Redirecting government emerging opportunities. experiences, such as observing how