Taking stock: Sensex, Nifty make a smart recovery as investor confidence returns
The market was influenced by credit rating agencies reposing faith in Adani group companies, overnight rally in US stock markets and low-level buying
"The volume profile suggests that Nifty may find support around 17500-17400": Ameya Ranadive
Expect Rupee to trade with a slight positive bias as rebound in domestic equities, may led to fresh foreign inflows: Expert
Rupee ends at 81.83/$ against Thursday’s close of 82.17/$
Market closes in green after two days of red
Goldman Sachs, JPMorgan say Adani debt offers value to trading clients
Budget's impact will continue to hold the market high: FM Nirmala Sitharaman
Adani Enterprises makes a full recovery from the worst ever fall in history
About 1031 shares have advanced, 2224 shares declined, and 91 shares are unchanged
Bank of Baroda Q3 profit jumps 75%
CLSA maintains 'buy' call on Titan Company with a target of Rs 3,000
Divis Laboratories posts 66% fall in its Q3FY23 net profit at Rs 306.8 crore
GMM Pfaudler Q3 profit falls 41% to Rs 18.67 crore, revenue surges 23%
Mahindra Lifespace Developers Q3 profit jumps 37% to Rs 34.1 crore, revenue rises 8-fold
Fertilisers and Chemicals Travancore posts Q3 net profit at Rs 165.8 crore
BSE Healthcare index falls 0.5 percent dragged by Gujarat Themis Biosyn, Dr. Lal PathLabs, Hikal
Prabhudas Lilladher upgrades Titan Company to buy, target Rs 2905
TeamLease Services board approves buyback equity shares at Rs 3,050 per share
BSE Fast Moving Consumer Goods index sheds 0.6 percent dragged by S H Kelkar and Company, Shree Renuka Sugars, BCL Industries
Sensex gains 250 pts, Nifty around 17,650; metal, power, oil & gas drag
Eclerx Services Q3 profit grows 23% to Rs 131.3 crore, revenue jumps 23%
Apollo Tyres Q3 profit jumps 31% to Rs 292 crore
CLSA keeps 'outperform' rating on Dabur India with a target at Rs 620
India Cements posts standalone Q3 net profit at Rs 90.7 crore
Sharekhan keeps 'buy' call on Titan Company with a revised price target of Rs 2,950
Dredging Corp bags order worth Rs 204 crore from Ministry of Ports, Shipping & Waterways
Adani Enterprises sees worst ever fall, erodes 76% wealth since December
Indices trade in the green, Nifty above 17,600
Sanjeev Singhal gets additional charge of Chairman & MD in Mazagon Dock Shipbuilders
Tata Consumer Products falls on weak operating performance
Nifty Metal index falls more than 3 percent dragged by Hindustan Zinc, Jindal Steel, JSW Steel
Prabhudas Lilladher keeps 'accumulate' rating on Dabur India, target Rs 609
Berger Paints Q3 profit drops 20.5% to Rs 201 crore, revenue rises 5.6%
BSE Oil & Gas index declines 2 percent dragged by Adani Total Gas, Gail, Gujarat Gas
Likhitha Infrastructure bags order worth Rs 129.6 crore from GAIL
Inox Green Energy Services to buy 51% stake in I-Fox Windtechnik India
Promoters Hinduja Group look to increase stake in IndusInd Bank
Sebi approves sale of stake by abrdn Investment in HDFC AMC
BSE Power index sheds nearly 3 percent dragged by Adani Power, Adani Green, Adani Transmission
Nifty Bank index up 1 percent led by IndusInd Bank, Bandhan Bank, SBI
Dabur India shares fall as Q3 net profit falls 5.5%
Adani Enterprises, Adani Ports in focus today
Paytm non-executive, non-independent director Douglas Feagin resigns
Adani Ports' January 2023 cargo volumes up 11% YoY
Oil heads for weekly loss awaiting China recovery signs
Dollar climbs as central banks see inflation risks unwind
Tata Consumer Q3 net profit zooms 28% to Rs 369 crore
NSE adds Adani Ports to ban list for February 3
Adani Enterprises to be out of Dow Jones Sustainability Indices
SEBI allows abrdn Investment to sell stake in HDFC Asset Management Company
Bank of England raises interest rates, forecasts shallower recession
Dabur Q3 net profit falls 5% to Rs 477 crore, revenue crosses Rs 3,000-crore
Titan Q3 net profit dips 10% to Rs 904 crore, misses estimates
Nasdaq, S&P 500 post strong gains on Fed relief, Meta surge
Asian markets trade mostly lower with Hang Seng down 1 percent, Shanghai Composite down 0.7 percent
SGX Nifty indicates a positive start for the Indian indices
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 57,925.28 | -289.31 | -0.50% |
| Nifty 50 | 17,076.90 | -75.00 | -0.44% |
| Nifty Bank | 39,616.90 | -382.15 | -0.96% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Hindalco | 398.80 | 6.05 | +1.54% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| SBI | 512.75 | -8.80 | -1.69% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty FMCG | 45267.45 | 157.95 | +0.35% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 3643.60 | -64.70 | -1.74% |
USDINR spot closed 35 paise lower at 81.82, as sentiment improved in local and heavy intervention was suspected.
Over the next week, we could see USDINR trade within a broad range of 81.50 and 82.20 levels. Key event will be the RBI monetary policy, where RBI is expected to raise rates by 25 bps.
On the daily chart, the index has continued its range within the falling channel. However, on the daily chart, we find that the index has found support at the lower band of the falling channel before moving higher.
In the near term, the index may continue recovering towards 17,950–18,000. On the lower end, support is visible at 17,450.
Domestic equities are rising as a result of dovish comments from global central banks. The European Central Bank (ECB) and the Bank of England (BoE) followed suit a day later after the United States Federal Reserve acknowledged in its monetary policy meeting on Wednesday that the disinflationary process may have begun.
The volume profile suggests that the Index may find support around 17500-17400. In terms of OI data, the highest OI was observed on the call side at 18000, followed by 18100 strike prices, while the highest OI was observed on the put side at 17600 strike price. Bank Nifty, on the other hand, has support at 40500-41000 and resistance at 42000-42400.
The Nifty, in the week gone by, had breached its 40 WEMA on an intraweek basis; however received support near the lower end of the downward sloping channel & the 200 DMA & recovered thereon.
The recovery picked up momentum on February 03 as the index surpassed the hurdle zone of 17,650-17,700. Consequently, the Nifty is approaching to climb above the 20 DMA & can test the level of 18,000 on the higher side. On the other hand, the near term support is placed at 17,700 with the major support near 17,350.
During the week, the Nifty traded below the 20 day SMA (Simple Moving Average) mark and also breached the important support level of 17800 and also formed a long bearish candle on weekly charts. Technically, a minor pullback rally is possible if the index trades above 17650. On the flip side, selling pressure is likely to accelerate only after the dismissal of 17550 and below the same the index could slip till 17400. Extended correction could drag the index till the 200 day SMA or 17300.
We expect Rupee to trade with a slight positive bias as rebound in domestic equities, may led to fresh foreign inflows. Decline in crude oil prices and weak Dollar amid dovish Fed may support Rupee at lower levels. Markets participants may remain cautious ahead of non-farm payrolls and ISM services PMI data from US. While the payrolls data is expected to show slowdown in pace of job additions, services PMI is expected to show the sector move to the expansion territory.USDINR spot price is expected to trade in a range of Rs 81.20 to Rs 82.80.
Sensex gained 909.64 points or 1.52 percentto close at 60,841.88. Nifty gained 243.60 points or 1.38 percent at 17,854. About 1304 shares advanced, 2128 shares declined, and 127 shares were unchanged.
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Bank of Baroda | 163.65 | 6.23 | 70824310 |
| Canara Bank | 296.2 | 3.89 | 16154346 |
| SBI | 545.2 | 3.24 | 31642093 |
| Bank of India | 79.75 | 2.57 | 16943504 |
| PNB | 52.1 | 2.56 | 111300040 |
