| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 84,628.16 | -150.68 | -0.18% |
| Nifty 50 | 25,936.20 | -29.85 | -0.11% |
| Nifty Bank | 58,214.10 | 99.85 | +0.17% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| JSW Steel | 1,184.20 | 33.60 | +2.92% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Trent | 4,725.40 | -73.30 | -1.53% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 10596.20 | 129.00 | +1.23% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 35860.40 | -268.70 | -0.74% |
The Nifty witnessed rangebound price action throughout the day and closed with marginal gains for the day. On the hourly charts we can observe that zone of 17,790 – 17,820 where the key hourly moving averages are placed acted as a strong support zone and intraday the Nifty witnessed a sharp pullback from that support zone.
On the way up the Nifty has managed to close above the 20-day moving average (17,872) which is a sign of strength. The daily momentum indicator has a positive crossover which is a buy signal. Thus, both price and momentum indicator is suggesting further upside in the Index.
On the upside the zone of 17,972 – 18,000 is immediate hurdle zone and once it is crossed, we can upside a sharp upside. Until the zone of 17,970 - 18,000 is not taken out decisively, we can expect the consolidation to continue. Range of consolidation from short term perspective is 17,350 – 18,000.
The Indian rupee depreciated against the US dollar amid fund outflows and risk-averse sentiments. However, the loss was limited following the state-run bank’s dollar supply following inflows from the issuance of green bonds.
The sentiment for the local unit remains weak on the expectation of the dollar outflows from one of the big corporates repaying debt and the MSCI stock review.
In the near term, spot USDINR has support at 82.20, the 50-day simple moving average and resistance at 82.80, the recent swing high formed on February 07.
The frontline index on the weekly expiry day witnessed a muted opening and registered an intraday low at 17779.80 in the initial 30 mins candle. Nifty gradually inched higher as the day progressed and the buying aggression was witnessed after crossing the resistance around 17,850 levels. Nifty closed the day at 17,893.
Nifty on the daily chart has closed above its 21 EMA, which is a positive sign for the Indian markets in the short term. Technically, Nifty is gathering momentum, reviving bullish hopes for a test of near-term resistance at 18,000 levels. On the lower side, immediate support for the prices is placed at 17,650 levels. A successful closing above 18,000 will indulge a breakout in the index and which may lead the prices towards 18,200 – 18,250 levels.
Following the shaky closing of the US markets, domestic markets traded close to the flatline as more Fed speakers echoed Powell's aggressive remarks. While FII selling continued to lower investor confidence, significant support from DIIs provided the domestic market a comforting cushion.
Investors need to adopt value buying as a strategy. Due to a decrease in valuation near long-term averages, smallcap companies are looking appealing over the long term.
Traders mostly remained on the sidelines in the absence of any fresh positive triggers, as worries of global slowdown and no signs of any pause on global rate hike cycle continued to weigh on the sentiment. Although markets were range-bound with a positive bias, fluctuation in the market could continue in the near term.
Technically, on daily charts, the index has formed a Doji candlestick indicating indecisiveness between the bulls and bears.
For traders, 17,800 could act as a sacrosanct support level while 17,950 could be the important hurdle. Post 17,950, the chances of hitting 18,000-18,100 would turn bright.
On the flip side, a fresh round of selling is possible only after the dismissal of 17,800, below which the index could retest 17,650-17,600 levels.
Indian rupee closed flat at 82.51 per dollar against previous close of 82.49.
Benchmark indices ended higher in the volatile session on February 10 with Nifty around 17,900.
At Close, the Sensex was up 142.43 points or 0.23% at 60,806.22, and the Nifty was up 21.80 points or 0.12% at 17,893.50. About 1670 shares have advanced, 1714 shares declined, and 142 shares are unchanged.
Adani Enterprises, Adani Ports, Hero MotoCorp, Cipla and JSW Steel were among the biggest losers on the Nifty, while gainers were Bajaj Finserv, HDFC Life, Hindalco Industries, Asian Paints and Infosys.
On the sectoral front, except capital goods and information technology, all other indices ended in the red.
The BSE midcap and smallcap indices ended on flat note.
Net profit down 56.3% at Rs 118 crore against Rs 270 crore
Revenue was up 3% at Rs 4,004 crore versus Rs 3,889 crore
Kalpataru Power Transmission was quoting at Rs 485.90, down Rs 1.80, or 0.37 percent.
Shares of Lupin erased early gains to trade flat on January 9 as investors bet in anticipation of the drugmaker's December quarter results due later in the day.
The Mumbai-based company’s operating margin is likely to witness a sequential improvement on the back of some recovery in the US market and cost cutting measures, brokerage firm ICICI Securities said in a report.
A poll of analysts by Moneycontrol pegged the company's EBIDTA margin at 13.4 percent in the October-December period, up 207 basis points (bps) from the previous quarter. However, year-on-year basis, the margin is likely to contract 101 bps. One basis point is one-hundredth of a percent. Read More
Net Profit was up 23.8% at Rs 1,155.2 crore versus Rs 933.4 crore, YoY
Revenue was down 3.9% at Rs 5,665.5 crore versus Rs 5,893.8 crore, YoY.
Oil prices were steady on Thursday, as optimism over recovering Chinese demand was offset by US oil inventories hitting their highest in months and signs the U.S. Federal Reserve could keep raising interest rates.
Brent crude futures gained 30 cents to $85.39 a barrel by 0856 GMT, while U.S. West Texas Intermediate (WTI) crude futures inched up 26 cents to $78.73 a barrel. Both benchmarks have gained around 7% so far this week.
