The Indian stock market is expected to open in the green on February 9 as trends in the SGX Nifty indicate a positive opening for the broader index with a gain of 23 points.
In the previous session, the BSE Sensex jumped 378 points to close at 60,664, while the Nifty50 advanced 150 points to settle at 17,872 and formed bullish candle on the daily charts with making higher high higher low formation, indicating positive mood among market participants.
As per the pivot charts, we have the key support level for the Nifty at 17,779, followed by 17,743, and 17,684. If the index moves up, the key resistance levels to watch out for are 17,897, followed by 17,934 and 17,993.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
US Markets
US stocks ended down on Wednesday, paring most of the previous session's strong gains, with tech-focused shares leading the way lower.
Alphabet Inc was the biggest drag on the S&P 500 and Nasdaq. Its shares sank 7.7 percent after its new AI chatbot Bard delivered an incorrect answer in an online advertisement.
The Dow Jones Industrial Average fell 207.68 points, or 0.61%, to 33,949.01, the S&P 500 lost 46.14 points, or 1.11%, to 4,117.86 and the Nasdaq Composite dropped 203.27 points, or 1.68%, to 11,910.52.
Asian Markets
Stocks in the Asia-Pacific traded lower on Thursday, as investors assessed further risks of more rate hikes to come. A number of Federal Reserve speakers reiterated the central bank is yet to be finished with its hiking cycle, including Fed Governor Christopher Waller.
The S&P/ASX 200 fell 0.24 percent. Nikkei 225 fell 0.58 percent, the Topix fell 0.21 percent. In South Korea, the Kospi shed 0.56 percent.
SGX Nifty
Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 23 points. The Nifty futures were trading around 17,913 levels on the Singaporean exchange.
Oil settles up for third day as interest rate concerns ease
Oil rose for a third straight day on Wednesday as investors felt more comfortable with risk a day after the Federal Reserve chair's remarks eased concerns about future interest rate hikes.
Brent crude settled up $1.40, or 1.7%, to $85.09 a barrel while US West Texas Intermediate (WTI) crude settled up $1.33, or 1.7%, to $78.47.
SEBI seeks stricter norms for related party transactions by companies with high debt
The Securities and Exchange Board of India (SEBI) on February 8 proposed a strengthened protocol for monitoring related party transactions by High-Value Debt Listed Entity (HVDLEs), which will incorporate objections from debenture holders in select cases.
HVDLEs are listed companies which have listed their non-convertible debt securities and have an outstanding value of listed non-convertible debt securities of Rs 500 crore and above.
Results on February 9
Hindalco Industries, Hindustan Petroleum Corporation, Life Insurance Corporation of India, Lupin, Zomato, Adani Total Gas, Aurobindo Pharma, Bajaj Consumer Care, Bombay Dyeing & Manufacturing Company, Devyani International, Force Motors, General Insurance Corporation of India, Greaves Cotton, Hindustan Aeronautics, Indian Railway Catering and Tourism Corporation, Jet Airways, Kalpataru Power Transmission, MRF, Natco Pharma, Page Industries, Pfizer, Sapphire Foods India, Suzlon Energy, United Breweries, Ujjivan Financial Services, and Voltas will be in focus ahead of quarterly earnings on February 9.
FII and DII data
Foreign institutional investors (FII) sold shares worth Rs 736.82 crore, while domestic institutional investors (DII) purchased shares worth Rs 941.16 crore on February 8, as per provisional data available on the NSE.
Adani plans to prepay $500 million loan to banking group
The Adani Group plans to prepay a $500 million loan due next month to a group of banks as the Indian conglomerate looks to bolster its finances following a short seller attack.
Barclays Plc, Standard Chartered Plc and Deutsche Bank AG are among banks that lent Adani $4.5 billion to finance the purchase of Holcim Ltd. cement assets last year. A portion of that loan is due March 9.
An Adani spokesperson said the conglomerate had been in talks with banks to refinance that part of the loan but has decided to prepay it. The spokesperson said discussions with the banks have not stalled.
Fitch raises China's growth forecast to 5% for 2023
Rating agency Fitch has revised its forecast for China's economic growth in 2023 to 5.0% from 4.1% previously as consumption and broader activity are recovering faster than initially anticipated after the end of the "zero-COVID" regime.
Fitch said the recovery will be primarily led by consumption, noting that many high-frequency indicators have recently rebounded though still remain below pre-pandemic. Despite the forecast upgrade, the rating agency expected the economic rebound this year to be less vigorous than that in 2021, when the economy posted GDP growth of 8.4%.
Stocks under F&O ban on NSE
The National Stock Exchange has added Indiabulls Housing Finance and retained Ambuja Cements to its F&O ban list for February 9. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
With inputs from Reuters and other agencies
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
