Abbott India’s shares surge 8.55% on 26% profit rise, NBCC India climbs 20% post PMAY Gramin news, while Paytm falls 20% on RBI restrictions

Written by - Fisdom Research

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February 2, 2024 3 minutes

Indian markets:

During intraday trading on Friday, February 2, the frontline indices, the Nifty 50 and the Sensex, saw significant buying activity, culminating in substantial gains.
This surge was largely driven by strong performances from heavyweight stocks in the energy and IT sectors. The domestic market experienced widespread buying, buoyed by positive global indicators.
Additionally, experts noted that the pro-growth Interim Budget played a role in motivating investors to acquire quality stocks following a recent market correction.
Among sectors, oil & gas index was up 4 percent and information technology, metal, realty and power indices gained up to 2 percent each, while the banking index was down 0.5 percent.

On February 2, 2024, the US stock market closed significantly higher, rebounding from previous losses, with notable gains in consumer goods, retailers, mining, and tech sectors. The Dow Jones Industrial Average surged 0.97%, the S&P500 rose 1.25%, and the Nasdaq Composite jumped 1.3% at the closing bell.
On February 2, 2024, Japan’s stock market closed higher, driven by value buying following Wall Street’s overnight rally, especially in semiconductor-related companies, with the Nikkei Stock Average gaining 0.41% at the closing bell. The broader Topix index also increased by 0.22%.
On February 2, 2024, Australia’s stock market closed significantly higher, propelled by a strong Wall Street rally, with realty and technology shares leading the gains.
The S&P/ASX200 index fell 1.2% at the closing bell, while the broader All Ordinaries index dropped 1.19%.
On February 2, 2024, Mainland China’s shares plummeted due to economic uncertainties and manufacturing sector weakness, with healthcare, IT, semiconductor, and new energy stocks leading losses.
The Shanghai Composite fell 1.46% to 2,730.15, the Shenzhen Composite dropped 3% to 1,491.70, and the CSI300 index declined 1.18% to 3,179.63 at the close.

Abbott India’s shares soared by 8.55 percent following a remarkable 26 percent increase in the company’s net profits to Rs 311 crore. Additionally, its revenue saw a substantial uptick of nearly 9 percent, reaching Rs 1,437 crore.
The NBCC India stock surged by 20 percent, hitting the upper circuit the day after the finance minister announced in the interim budget that 2 crore houses would be developed over the next five years under the PM Awas Yojana (PMAY) Grameen.
Paytm’s stock has experienced a significant decline, reaching the 20% lower circuit limit for two consecutive trading sessions. This downturn followed the Reserve Bank of India (RBI) restricting Paytm Payments Bank from undertaking specific operations based on a system audit report and the subsequent compliance validation report from external auditors.

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