Benchmark indices opened higher with Nifty above 17,700 on Wednesday amid positive global cues. The Sensex was up 493.27 points or 0.84 per cent at 59355.84, and the Nifty was up 144.30 points or 0.82 per cent at 17721.10. About 1204 shares have advanced, 483 shares declined, and 85 shares are unchanged. Kotak Mahindra Bank, ITC, Bajaj Finance, Power Grid Corporation and HDFC Life were among major gainers on the Nifty, while losers were Tech Mahindra, Adani Ports, UltraTech Cement, Britannia Industries and Sun Pharma.
On the Nifty, Eicher Motors, up nearly 2 per cent was the additional gainer. On the flip side, Tech M was the top loser on the bourses, down 3 per cent as the company’s Q3 results missed street estimates. It reported a 6.8 per cent rise in net profit at Rs 1,378.2 crore, with the growth in profits being compressed by supply-side challenges.
Sectorally, all indices were trading higher, led by the Nifty Private Banks, and Financial services indices, up 1.6 and 1.4 per cent, respectively. Nifty Auto, Realty, and Pharma indices, trading 0.6-1 per cent up. Among stocks, Vodafone Idea was trading 4 per cent higher on the BSE after rating agency CARE Ratings reportedly upgraded the company’s long term bank facility and NCDs to ‘stable’. In the broader markets, the BSE MidCap and SmallCap indices were also in green and were up 0.5 and 0.8 per cent, respectively.
Equity benchmarks concluded the Union Budget session on a cheerful note. The Nifty ended the volatile session at 17577, up 237 points or 1.4 per cent. Sectorally, barring auto, all other indices ended in the green led by metal, pharma and financials.
“The index witnessed a roller coaster move as the Nifty saw a 1,300-points intraday movement during the session. The daily price action formed a bull candle with long lower shadow, highlighting elevated buying demand as despite elevated volatility the Nifty managed to hold Monday’s low of 17,245. The formation of higher high-low on the weekly chart signifies rejuvenation of upward momentum, which makes us confident that the Nifty would surpass the intermediate resistance of 17,600 and gradually head towards 17900 in coming weeks as it is 80 per cent retracement of last corrective phase (18,350-16,836). Nevertheless, after past four session’s 800-points rally, a couple of days breather at higher levels cannot be ruled out. However, a temporary breather from here on should not be construed as negative. Instead dips should be capitalised on to accumulate quality stocks,” ICICI Securities said.
Foreign institutional investors (FIIs) net sold shares worth Rs 21.79 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,597.70 crore in the Indian equity market on February 1, as per provisional data available on the NSE.
Global Cues
The US stocks ended higher for the third straight day overnight amid high volatility, reflecting underlying nervousness in the markets. The Dow Jones and Nasdaq rose 0.8 per cent each, while the S&P 500 was up 0.7 per cent. After soaring over 17 per cent in January, oil prices started the new month on a flat note ahead of the crucial OPEC+ meeting hoping for a boost in supply. The OPEC+ members will meet tonight. Brent Crude was down 0.1 at $89.16 a barrel, and WTI Crude also added almost unchanged at $88.20 a barrel.
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