Sensex rises 612 pts ahead of interim Budget, US Fed; all sectors gain

Stock market highlights on Wednesday, January 31: In the broader markets, the BSE MidCap and SmallCap indices advanced 1.57 per cent and 1.83 per cent, respectively

3:50 PM

Tech View :: Key levels to watch on Nifty, Bank Nifty ahead of interim Budget

Nifty50
On the daily charts, we can observe that the Nifty is broadly trading within the range of 21,100 – 21,800 since the past nine trading sessions.

The momentum setup is providing a divergent signal as both daily and hourly momentum indicators have a negative crossover but prices are moving higher.

Under such a situation, when the price and momentum indicator are not in sync, it generally leads to a range bound move.

Considering the event of interim budget, volatility is likely to continue. Key support levels are 21,550 – 21,500 while immediate hurdle zone is placed at 21,850 – 21,900.

 

Bank Nifty

Bank Nifty witnessed a sharp surge during the day and marched towards 46,000. On the upside, it is approaching key hurdles placed in the range 46,370 – 46,640 where the key daily moving averages are placed. Thus, the current rally can extend towards this zone from a couple of days perspective. On the downside, 45,200 shall act as a crucial support zone.

 

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:46 PM

Comment :: 'Overall trend in the market is akin to a seesaw'

A positive build-up was reflected in Indian markets prior to the interim budget, although expectations are low, the market anticipates a lower fiscal deficit supported by buoyant tax revenues.

The overall trend in the market is akin to a seesaw, and the buy-on-dips strategy is effective as of now.

The pharma sector stood out with a positive earnings outlook.

Global market cues are mixed ahead of the FOMC meeting, and US 10-year yields were marginally down.

An immediate rate cut seems improbable, but indications about the future trajectory could ease volatility.

Views by: Vinod Nair, Head of Research, Geojit Financial Services

3:44 PM

Currency check :: Rupee gains 7 paise vs USD, ends at 83.04/$

3:41 PM

Broader markets :: Mid, SmallCap indices outperform benchmarks

3:38 PM

NIFTY HEATMAP :: 46 of 50 index stocks rally; L&T, Titan drop

3:36 PM

CLOSING BELL :: Nifty holds 21,700 ahead of interim Budget 2024

3:35 PM

CLOSING BELL :: Sensex gains 612 pts amid rally in pharma, PSB stocks

3:26 PM

Q3 result :: Jubilant Food posts net profit of Rs 65.8 crore

>> Revenue at Rs 1,378 crore

>> Ebitda at Rs 280 crore, margin 20.3%

3:18 PM

BoB Q3 results: Profit rises 19% to Rs 4,579 cr, earnings at Rs 31,416 cr

Gross Non-Performing Assets (NPAs) of the bank declined to 3.08 per cent of gross loans by the end of December 2023 from 4.53 per cent a year ago. READ MORE

3:05 PM

Sebi reviewing small, mid-cap funds' capacity to bear sharp falls: Report

India's markets regulator is looking at whether local mutual fund schemes investing in small and mid-cap stocks would be able to withstand sharp falls in stock prices or sudden outflows, according to two sources with direct knowledge of the matter. READ MORE

2:56 PM

Earnings ALERT:: Dabur Q3 net up 6%; stock advances 1%

Dabur Q3 consolidated net profit was up 6.2 per cent at Rs 506.44 crore for the quarter ended December 2023 when compared with Rs 476.65 crore in the year ago period. Total income rose 7.6 per cent YoY to Rs 3,382.43 crore.

2:44 PM

Earnings ALERT:: Suzlon Energy Q3 net rises 17%; stock surges 4%

Suzlon Energy Q3 consolidated net soared 159.4 per cent to Rs 203.04 crore for the quarter ended December 2023 when compared with Rs 78.28 crore in the year ago period. Total income was up 7.2 per cent YoY at Rs 1,569.71 crore.

2:33 PM

Earnings ALERT:: Sun Pharma Q3 net rises 17%; stock rallies 4%

Sun Pharma Q3 consolidated net profit rose 16.5 per cent to Rs 2,523.75 crore for the quarter ended December 2023 as against Rs 2,166.01 crore in the year ago period. Total income increased by 10.7 per cent YoY to Rs 12,630.90 crore.

2:22 PM

Stock of this smallcap power generation company has zoomed 123% in 3 months

Shares of KPI Green Energy were locked in the 10-per cent upper circuit at Rs 1,823.80, hitting a new high on the BSE in Wednesday's intraday trade, after the company announced that it has received a new order of 5 MW solar power plant under Captive Power Producer (CPP) segment. READ MORE

2:08 PM

Earnings ALERT:: Ambuja Cements Q3 net surges 39%; stock dips 2%

Ambuja Cements reported a 39.2 per cent jump in Q3 net profit at Rs 513.68 crore for the quarter ended December 2023 when compared with Rs 368.99 crore in the year ago period. Total income increased by 8.2 per cent YoY to Rs 4,547.73 crore.

1:56 PM

Earnings ALERT:: Maruti Q3 net jumps 33%; stock up 1%

Maruti Suzuki India reported a 33.3 per cent rise in Q3 consolidated net profit at Rs 3,206.80 crore for the quarter ended December 2023 as against Rs 2,406 crore in the year ago period. Total income was up 14.6 per cent YoY at Rs 34,509.20 crore.

1:43 PM

Earnings ALERT:: Kalyan Jewellers Q3 net up 26%; stock tumbles 4%

Kalyan Jewellers today posted a 26.3 per cent growth in Q3 net profit at Rs 168.29 crore for the quarter ended December 2023 as against Rs 133.20 crore in the year ago period. Total income rose 40.4 per cent YoY to Rs 4,534.28 crore.

1:32 PM

Global gold demand down 5% in 2023 on continuing ETF outflows: WGC Report

Outflows from European funds have continued in the opening weeks of 2024, and North American-listed funds have resumed their decline after a two-month respite in November and December, the report said. READ MORE

1:15 PM

IRCTC, L&T, RVNL: How to trade rail, infra stocks ahead of Budget?

Larsen & Toubro

Resistance: Rs 3,560

Downside Risk: 8%

Owing to Wednesday's over 5 per cent fall, Larsen & Toubro has dipped below its 20-DMA (Daily Moving Average) for the first time since in more than three months. The stock is currently testing support around its super trend line at Rs 3,450, which also coincides with the lower-end of the Bollinger Bands and 50-DMA on the daily scale. READ MORE

1:01 PM

Reliance's Jio, Gortune pre-qualify for Sri Lanka Telecom stake bid: Report

This is a part of Sri Lanka's efforts to reduce government stake in state-owned firms under the $2.9 billion International Monetary Fund (IMF) programme. READ MORE

12:46 PM

Reliance Industries most valuable Indian company: Hurun Global 500 2023

Reliance Industries was followed by Tata Consultancy Services (60) and HDFC Bank (68). The net worth of TCS rose by 14 per cent to $158 billion during the year. Its rank improved by five spots in 2023. READ MORE

12:32 PM

Direct tax to GDP ratio in FY24 likely to be the highest since FY01

With nominal GDP estimated at Rs 296.58 trillion, the direct tax-GDP ratio will rise to 6.48 per cent in the RE for FY24. This will be the highest since 2000-01. The BE had projected a direct tax-GDP ratio at 6.04 per cent. Direct tax buoyancy will, however, be at 1.99, higher than the 1.3 pegged in the BE for FY24 and the 1.18 during 2022-23 READ MORE

12:16 PM

Govt should focus on capital expenditure in interim Budget: Former NITI VC

Former NITI Aayog vice chairman Rajiv Kumar on Wednesday said the government needs to continue its focus on capital expenditure in the upcoming interim budget, as private investment is 'still weak' and there is a need to bridge infrastructure gap, which has been 'plaguing' the Indian economy. Read

12:01 PM

L&T, Hero Moto, HUL, IRFC: Stocks to watch ahead of interim budget 2024

Equity market participants are eyeing sectoral budgetary outlays in the coming interim budget for 2024-25 (FY25) on February 1, especially across infrastructure and rural themes, which are expected to see the highest spending priority from the government. Read

11:52 AM

Union Budget session 2024 to start today: 10 things you must know

The Budget session of Parliament is all set to begin on Wednesday, a day before the Interim Budget 2024 is scheduled to be announced. Finance Minister Nirmala Sitharaman will present the Interim Budget, her sixth Budget in a row, on February 1. Read

11:40 AM

US-based Fidelity cuts SoftBank-backed Meesho's valuation to $3.5 bn

US-based Fidelity has again cut the valuation of Meesho, valuing the e-commerce start-up at $3.5 billion. This is a decline of about 29 per cent from the SoftBank-backed company’s peak valuation of $4.9 billion. Read

11:28 AM

Dr Reddy's rallies 4%; market cap touches Rs 1 trillion post Q3 results

Shares of Dr Reddy's Laboratories hit a record high of Rs 6,077.95 as they rallied 4 per cent on the BSE in Wednesday's intraday trade after it reported an 11 per cent rise in its consolidated net profit at Rs 1,379 crore for the third quarter ended December 2023 (Q3FY24), driven by higher market share in existing products in North America and growth in Europe. Read

11:14 AM

Tata Group, Texas Instruments among bidders for SCL Mohali revamp: Report

Nine companies have sent their bids to overhaul the government's Semiconductor Laboratory (SCL) in Mohali, Punjab. According to a report by The Economic Times (ET), citing people aware of the matter, the list of bidders includes the Tata Group, US-based Texas Instruments and Israel's Tower Semiconductor. Read

10:50 AM

PNB: Upsides capped as strong Q3 show, outlook reflected in valuations

Punjab National Bank (PNB) reported a healthy Q3FY24. Net profit surged 254 per cent YoY to Rs 2,220 crore, while net interest income (NII) grew 12 per cent YoY to Rs 10,300 crore as net interest margins (NIMs) improved 4 basis points QoQ to 3.15 per cent. Read

10:35 AM

L&T sinks 7% as margins disappoint, weakness likely in order wins till June

Shares of Larsen & Toubro (L&T) plunged 7 per cent in Wednesday's intra-day trade to Rs 3,387.40 on the BSE after the company reported lower-than-expected margins for the December quarter (Q3FY24) despite beating revenue estimates. Read