Market Moves & Stock Picks: LIC Tops Charts, UCO Bank Surges, Nifty Predictions, Paytm with Jio

LIC dethrones SBI, UCO Bank skyrockets, Nifty faces election test, Paytm seeks saviors in Jio & HDFC, PI Industries shines in agrochemicals. Get insights on these hot trends and investment picks in a single read!
Market Moves & Stock Picks: LIC Tops Charts, UCO Bank Surges, Nifty Predictions, Paytm with Jio

LIC's Milestone Achievement: Surpasses Rs 1,000 and Outshines SBI

]LIC's stock has achieved a significant milestone by crossing the Rs 1,000 mark for the first time, simultaneously surpassing SBI to become the most valuable public sector company. Despite a gradual decline since its IPO in May 2022, LIC's share prices have experienced a remarkable resurgence since November, culminating in a nearly 9% surge on February 5, reaching an unprecedented high of Rs 1,028.

UCO Bank Riding High: Shares Soar Amid Positive Market Trends

UCO Bank
UCO Bank

Following the presentation of the interim budget on February 1, public sector bank stocks, including UCO Bank, are enjoying positive trends. UCO Bank's shares skyrocketed by 20% on February 5 and have witnessed an impressive 47% surge in the last six trading days.

Market Moves & Stock Picks: LIC Tops Charts, UCO Bank Surges, Nifty Predictions, Paytm with Jio
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Market Predictions Amid Volatility: Nifty's Potential Journey

As the Indian stock market remains volatile, market movements are anticipated to be influenced by the forthcoming 2024 parliamentary election results. ICICI Securities predicts that the Nifty index on the National Stock Exchange (NSE) will reach 23,400 points by June. However, a potential dip is expected in February-March, with foreseen gains in IT, capital goods, and the power sector.

Paytm's Strategic Shift: Talks with Jio and HDFC Bank Amid Regulatory Restrictions

Paytm | Paytm
Paytm | Paytm

The Reserve Bank of India (RBI) has imposed strict restrictions on the operations of Paytm Payments Bank. As a result, Paytm's share price has fallen by more than 42% in three trading days. In response to these regulatory challenges, Paytm is reportedly in talks with Jio Financial Services and HDFC Bank to sell its wallet business. Consequently, Jio Financial Services witnessed a share price increase of over 16% on February 5, reaching a new high of Rs 295.70.

Calling the report a speculation, a source at Paytm said the company is not in any talks to sell its wallet business.

Axis Securities' Stock Recommendation: PI Industries Shows Promise

Stock broking firm Axis Securities recommends investing in PI Industries this week, citing the company's impressive product line, robust order book, and a favorable industry environment. PI Industries, known for manufacturing agrochemicals, including pesticides exported globally, currently has a target price of Rs 3,750 per share, trading at Rs 3,282.

Market Moves & Stock Picks: LIC Tops Charts, UCO Bank Surges, Nifty Predictions, Paytm with Jio
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Data in this section is not a buy/sell recommendation but only a compilation of information on various technical/volume-based parameters

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