| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 84,404.46 | -592.67 | -0.70% |
| Nifty 50 | 25,877.85 | -176.05 | -0.68% |
| Nifty Bank | 58,031.10 | -354.15 | -0.61% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Coal India | 387.70 | 5.70 | +1.49% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Dr Reddys Labs | 1,202.20 | -48.70 | -3.89% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Energy | 36392.60 | 44.70 | +0.12% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Bank | 58031.10 | -354.20 | -0.61% |
Following a positive start, the Nifty remained volatile within a small band. The sentiment, however, remained a bit weak, favouring the sell-on-rally approach. The current trend may remain intact as long as it remains below 17,800.
On the lower end, support is visible at 17,400. Over the near term, the Nifty will remain in a broader range of 17,400–17,800. Any breakout on either side is likely to create a directional movement in the market.
In the case of Nifty, a gap up opening on January 31 was followed by a steep selling pressure in the beginning of the session. Nevertheless, the index managed to recover as the day progressed & closed in the green.
With this bounce, the index is heading towards the level of 17,800, which holds the key for further course of action from a short term perspective.
If the index manages to surpass 17,800 then it will be poised for a larger up move. Till then a consolidation in the range of 17,400-17,800 is possible.
Key indices eked out modest gains in an extremely volatile trading session, as investors resorted to profit-taking ahead of the Union Budget announcement. Also, the US Federal Reserve meeting on interest rate decision overnight tomorrow prompted investors to take selective bets with a cautious stance.
Technically, the Nifty found resistance near 17,750. As long as the index is holding the 17,500 support zone, the pullback formation is likely to continue.
Above the same, the index could move up to 17,800-17,850. On the flip side, below 17,500, the market may witness a sharp selloff and on further correction, the index could slip till 17,400-17,350.
The Indian market has been underperforming compared to the rest of the world because it has been trading at premium valuations, which are in contrast to the moderation forecasted in the domestic economy for FY24.
The premiumization has tapered, currently trading in-line with developed markets like the US; however, we continue to trade at a premium to other emerging markets.
The Adani saga has prolonged the correction as FII selling has increased. Now the focus is on the outcome of budget and Fed policy, on which the market has a mixed view.
Reliance Consumer Products Limited (RCPL), the FMCG arm and a wholly owned subsidiary of Reliance Retail Ventures Limited (RRVL), announced a strategic partnership with Sri Lanka headquartered Maliban Biscuit Manufactories (Private) Limited (Maliban).
Indian rupee closed 42 paise lower at 81.92 per dollar against previous close of 81.50.
: Benchmark indices ended on positive note in yet another volatile session on January 31.
At Close, the Sensex was up 49.49 points or 0.08% at 59,549.90, and the Nifty was up 13.20 points or 0.07% at 17,662.20. About 2368 shares have advanced, 1026 shares declined, and 131 shares are unchanged.
M&M, SBI, UltraTech Cement, Adani Ports and Adani Enterprises were among the top gainers on the Nifty, while losers were Bajaj Finance, TCS, Tech Mahindra, Britannia industries and Sun Pharma.
Except IT, pharma and oil & gas, all other sectoral indices are trading in the green.
The BSE midcap index gained 1.4 percent and the smallcap index rose 2.2 percent.
Oil prices fell on Tuesday as the prospect of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China.
March Brent crude futures fell by $1.01, or 1.19%, to $83.89 per barrel by 0920 GMT. The March contract expires on Tuesday and the more heavily traded April contract fell by 90 cents, or 1.07%, to $83.60.
The Follow-On Public Offering (FPO) of Adani Enterprises had got bids for 46.27 million shares against an offer size of 45.5 million shares, representing a 102 percent subscription, in the afternoon of January 31, the third and final day of bidding.
This excludes the anchor portion that was fully subscribed.
Retail investors have taken a backseat as the stock price slid below the FPO price band, bidding for only 11 percent of the shares set aside for them.
Qualified institutional buyers (QIB) are at the forefront. They have bid for 12.44 million shares of the 12.8 million shares set aside for them. This indicates 97 percent subscription.
Non-institutional investors have oversubscribed to 326 percent of the portion set aside for them. They have bid for 31.31 million shares against 9.6 million reserved. Meanwhile, employees have bid for 52 percent of the shares reserved for them.
Economic survey is optimistic that India will continue to grow at a healthy rate in the medium term, led by consumption and capital expenditure. And the growth can expand to as high as 7 to 8 percent in the future.
The fundamentals of the Indian economy are solid, however, in the short to medium-term, widening current account deficit for an extended period is a concern that could have an implication on growth and depreciation of the INR.
For the budget, it is going to be a challenge in FY24 to plan out the expenditures due to a short-term slowdown in the economy, high core inflation, and fiscal deficit.
The Follow-On Public Offering (FPO) of Adani Enterprises had got bids for 46.27 million shares against an offer size of 45.5 million shares, subscribed fully, on the third and final day of bidding.
