Stock Market Highlights: Nifty forms bearish shooting star candle. What traders should do next week

05:40:47 PM IST, 02 February 2024

Tech View: Nifty forms bearish shooting star candle. What traders should do next week

Nifty on Friday ended 156 points higher to form a small positive candle on the daily chart but formed a candle resembling bearish shooting star on the weekly chart. The short-term uptrend status of Nifty remains intact. But the overall chart pattern suggests a possibility of high volatility at the new highs. Any attempt of upmove from here could encounter strong resistance around 22100-22200 levels and that could possibly result in short-term weakness from the highs. Immediate support is at 21700 levels, said Nagaraj Shetti of HDFC Securities.

On the derivative front, 22200CE added the highest open interest.

05:36:21 PM IST, 02 February 2024

Nifty Bank tests 50-DMA; 45000 likely to act as support next week

The Nifty Bank snapped a 2-day winning streak to close in the red on Friday; however, on a weekly basis, the index closed with gains of over 2%. The Nifty Bank fell 217 points after retesting 50-DMA placed at 46607 to close at 45970 on Friday. The Nifty50 rose more than 200 points to close at 21853. On a weekly basis, the Nifty Bank rose from 44866 as on 25th January 2024 to 45970 recorded on 2nd February 2024 which translates into a rise of 2.4%.

04:27:10 PM IST, 02 February 2024

Tata Motors Q3 Results: Consolidated PAT soars 2.4x YoY to Rs 7,025 crore, beats estimate

Tata Motors Ltd reported earnings for the quarter ended December, with the consolidated net profit surging 2.4 times year-on-year (YoY) to Rs 7,025 crore. The bottomline was way higher than an ETNow poll of Rs 4,660 crore.

Consolidated revenue from operations increased by 25% YoY to Rs 1.11 lakh crore.

04:23:48 PM IST, 02 February 2024

Tata Motors Q3 Results: Key Highlights

04:22:17 PM IST, 02 February 2024

Tata Motors Q3 Results: PAT at Rs 6592 cr vs ET NOW poll of Rs 4660 cr

EBITDA: Rs 15419 cr vs ET NOW poll of Rs 14167 cr
Revenue: Rs 1.10 lakh crore vs ET NOW poll of Rs 1.06 lakh crore

04:16:56 PM IST, 02 February 2024

Rupee rises 7 paise to close at 82.91 against US dollar

The rupee appreciated 7 paise to close at 82.91 (provisional) against the US dollar on Friday, supported by a firm trend in domestic equities and a weak greenback against major currencies overseas amid rising appetite for riskier assets. The interim Budget 2024-25, especially the focus on fiscal prudence, left a positive impact on the domestic currency, forex traders said.

03:57:08 PM IST, 02 February 2024

Nifty surpassed the 22,000 mark during the first half of the Friday session but subsequently formed a double top on the hourly chart. Confirmation of a bullish trend resumption would only occur with a decisive breakout above the double top, which is currently identified around 22,125. Conversely, a break below the support level at 21,500 could indicate a bearish momentum. In the scenario of a breakout above 22,150, Nifty may experience upward momentum, potentially reaching levels such as 22,500 and beyond.

– Rupak De, Senior Technical Analyst, LKP Securities

03:58:29 PM IST, 02 February 2024

IndiGo Q3 Results: PAT at Rs 2998 cr vs ET NOW poll of Rs 2127 cr

Revenue: Rs 18452 cr vs ET NOW poll of Rs 18242 cr
Margin: 26.7% vs ET NOW poll of 24.6%

03:51:48 PM IST, 02 February 2024

Adani Enterprises could replace Wipro in S&P BSE Sensex index; announcement by May 3rd week: MOSL

03:43:01 PM IST, 02 February 2024

Rupee rises 7 paise to close at 82.91 (provisional) against US dollar.

03:39:50 PM IST, 02 February 2024

Top gainers & losers in closing trade

03:43:51 PM IST, 02 February 2024

Closing Bell: Sensex erases 1,000-pt gains, ends 441 pts higher; Nifty above 22K; SJVN climbs 12%, BPCL 9%

03:26:17 PM IST, 02 February 2024

Torrent Pharma Q3 Results: Profit rises 30% YoY on strong domestic demand

Indian drugmaker Torrent Pharmaceuticals reported a 30% rise in its pre-tax profit for the third-quarter on Friday, buoyed by robust domestic demand.
Consolidated profit before exceptional items and tax grew to Rs 543 crore for the quarter ended December 31 from Rs 419 crore a year earlier.

02:56:24 PM IST, 02 February 2024

Whirlpool India Q3 Results: Net profit jumps 13% YoY to Rs 27.99 crore on higher demand for white goods

Whirlpool of India Ltd reported a nearly 13% jump in its third-quarter profit on Friday, supported by upbeat domestic demand for white goods.

Consolidated net profit rose to Rs 27.99 crore in the quarter ended December 31, from Rs 24.69 crore a year earlier.

Revenue from operations in Whirlpool’s Indian unit rose nearly 18% to 15.36 billion rupees for the first time in four quarters.

02:49:50 PM IST, 02 February 2024

Crude oil futures decline on low demand

Crude oil futures on Friday declined 0.73% to Rs 6,161 per barrel as participants trimmed their positions on low demand. On the Multi Commodity Exchange, crude oil for February delivery fell Rs 45 or 0.73% to Rs 6,161 per barrel with a business volume of 10,354 lots. Globally, West Texas Intermediate crude oil traded 0.42% higher at $74.13 per barrel, while Brent crude was trading 0.51% up at $ 79.10 per barrel in New York.

02:26:40 PM IST, 02 February 2024

Sensex Today | Stock Market LIVE Updates: Mahindra Holidays & Resorts posts Rs 11.65 crore profit vs Rs 11.9 crore loss YoY; revenue at Rs 635 crore vs Rs 602 crore YoY

02:25:17 PM IST, 02 February 2024

European shares jump as earnings continue to impress

European shares opened higher on Friday as traders assessed a flurry of upbeat corporate updates from the region and as the index mirrored overnight gains on Wall Street after softer economic data and upbeat tech results.

The pan-European STOXX 600 was up 0.4%, as of 0830 GMT.

02:24:47 PM IST, 02 February 2024

The Interim Budget for 2024 serves as a strategic blueprint for inclusive housing and infrastructure development. The targeted initiatives for rural housing, gender-inclusive housing provisions, and a focused approach to middle-class homeownership align seamlessly with the government’s vision for inclusive growth. The increased infrastructure outlay and innovative financial provisions further solidify the budget’s position as a forward-looking and comprehensive plan to address the evolving needs of the nation.

– Ujwal Landge, Partner and CEO, E. A. Patil and Associates LLP

02:21:04 PM IST, 02 February 2024

Sensex Today | Stock Market LIVE Updates: Whirlpool of India Ltd reported a nearly 13% jump in its third-quarter profit on Friday, supported by upbeat domestic demand for white goods. Consolidated net profit rose to 279.9 million rupees ($3.38 million) in the quarter ended Dec. 31, from 246.9 million rupees a year earlier.

02:08:00 PM IST, 02 February 2024

Stock Market View: Santosh Meena Head of Research at Swastika Investmart

The Nifty has recently reached a new all-time high, reaching 22,126. However, for a sustained upward momentum, it’s crucial for the index to maintain this level; otherwise, it might revert to a sideways trend. Should it successfully hold above 22,125, the next potential targets for the February series are identified at 22,500 and 22,700.

Conversely, on the downside, the range between 21,640 and 21,500 presents an immediate demand zone. Further down, the key demand zone is situated between 21,200 and 20,800.

01:50:39 PM IST, 02 February 2024

India’s sovereign debt to get a big boost from budget

India’s local currency sovereign bonds are set for a strong rally after the federal government announced a plan to curb its budget deficit and borrowings for the fiscal year beginning in April.

The lower supply of government bonds will meet strong demand from foreign buyers who have bought $6.3 billion in such securities in the last three months ahead of India’s inclusion in global bond indexes.

01:26:49 PM IST, 02 February 2024

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01:26:12 PM IST, 02 February 2024

Market view: Ajit Mishra – SVP, Technical Research, Religare Broking

Markets have reclaimed their record high after consolidating for two weeks but we feel it is early to assume that we are set for the next leg of the up move. Nifty needs sustainability above 22,150 to march towards 22,500+. Besides, consistency in the participation from the banking majors is also critical for a steady uptrend else the range bound bias would resume. Ideally, traders should focus more on stock selection in such scenarios and maintain positions on both sides.

01:16:45 PM IST, 02 February 2024

Crypto Price Today: Bitcoin jumps above $43,000; Internet Computer, Chainlink zoom up to 14%

Major crypto tokens were traded higher in Friday’s trade, led by Bitcoin, Ethereum, Solana, and XRP. The global cryptocurrency market cap also surged 2.3% to around $1.65 trillion in the last 24 hours.

At 12:45 p.m., Bitcoin was trading 2.4% higher at $43,150, while Ethereum was up 1.7% at $2,312. Other altcoin such as Solana, Chainlink, Internet Computer, and Polygon rose over 5-14%. While XRP, Cardano, BNB, Avalanche, Tron, Polkadot, and Shiba Inu surged 2-4%.

12:48:49 PM IST, 02 February 2024

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12:27:15 PM IST, 02 February 2024

Stock Market LIVE Updates | Stellar debut! delaPlex shares list at 61% premium at Rs 309

The stock of delaPlex was listed at a premium of 61% at Rs 309 on the NSE against the issue price of Rs 192. The uptick in stock continued as it hit the day’s high of Rs 324.45.

The initial public offering (IPO) of Delaplex was subscribed 118.19 times. The issue received over 28.36 crore share bids against 24 lakh equity shares available for subscription. The portion for retail individual investors was subscribed at 159.88 times, receiving over 12.74 crore shares bids against the reserved quota while the non-institutional investors’ (NII) portion was subscribed 335.56 times. The Qualified Institutional Buyers’ (QIBs) portion received 4.14 crore share bids against the quota reserved for them.

12:14:45 PM IST, 02 February 2024

Sensex Today | Stock Market LIVE Updates: Top gainers & losers in afternoon trade

11:54:21 AM IST, 02 February 2024

Stock Market LIVE Updates: NIFTY SURPASSES PREVIOUS HIGH TO HIT FRESH PEAK

11:46:00 AM IST, 02 February 2024

SENSEX SURGES 1,400 PTS: Here are the stocks that hit 52-week high

11:30:15 AM IST, 02 February 2024

Stock Market LIVE Updates | Aadhar Housing Finance files papers for Rs 5000 crore IPO

Blackstone to offload Rs 4000 crore worth shares via IPO
Fresh Issue: Rs 1000 crore

11:26:24 AM IST, 02 February 2024

SENSEX SURGES 1,000 PTS: RIL, Infy top contributors

11:18:12 AM IST, 02 February 2024

Stock Market LIVE Updates: SENSEX SOARS 1000 POINTS

11:16:51 AM IST, 02 February 2024

Stock Market LIVE Updates: NIFTY TOPS 22,000 LEVEL!

10:57:29 AM IST, 02 February 2024

Sensex Today | Stock Market LIVE Updates: Paytm investors lose $2.1 billion in value

Shares of Indian digital payments firm Paytm tumbled to near record lows on Friday after a central bank clampdown on its payments bank continued to weigh on investor sentiment despite the company’s attempts to assuage fears of a hit to its business.

Paytm shares were at 487.2 rupees, their lowest in more than a year and 48.85 rupees away from the previous record low of 438.35 rupees. The price was the bottom of the exchange-imposed daily trading limit for the second day in a row, leading the stock to lose a total $2.1 billion in value.

10:48:10 AM IST, 02 February 2024

India bond yields resume decline as US peers fall, budget boosts purchases

Indian government bond yields extended their decline on Friday, tracking moves in U.S. Treasury yields, a day after the federal budget’s tepid targets triggered aggressive debt purchases.

India’s benchmark 10-year yield was at 7.0265% as of 10:30 a.m. IST, following its previous close at 7.0583%. Thursday’s close was the lowest since July 18 and the yield logged its biggest single-session fall since May 3.

10:38:55 AM IST, 02 February 2024

Stock Market LIVE Updates | BLOCK DEAL | PB Fintech’s 36 lakh shares change hands

10:25:11 AM IST, 02 February 2024

Oil gains after OPEC+ maintains output cuts, but heads for weekly losses

Oil prices rose in early trade on Friday following a decision by OPEC+ to keep its oil output policy unchanged, though benchmarks were headed for weekly losses amid unsubstantiated reports of a ceasefire between Israel and Hamas.

Brent crude futures climbed 37 cents, or 0.5%, to $79.07 a barrel at 0415 GMT, while U.S. West Texas Intermediate crude futures gained 30 cents, or 0.4%, to $74.12 a barrel.

10:09:24 AM IST, 02 February 2024

Sensex Today | Stock Market LIVE Updates: Mahindra & Mahindra appoints Amarjyoti Barua as CFO as Manoj Bhat resigns

10:03:14 AM IST, 02 February 2024

Stock Market LIVE Updates | EARNINGS IMPACT: Mphasis posted net profit of Rs 374 crore in the third quarter. Revenue from operations was at Rs 3,338 crore.

09:53:19 AM IST, 02 February 2024

Stock Market LIVE Updates | EARNINGS IMPACT: Titan reported 9% growth in its standalone net profit at Rs 1040 crore in the third quarter. Revenue from operations jumped 20% year-on-year to Rs 13,052 crore.

09:50:53 AM IST, 02 February 2024

Stock Market LIVE Updates | JPMorgan on Paytm: Downgraded to Underweight | Target Rs 600

JPMorgan downgraded Paytm to underweight from neutral earlier and has also reduced the target to Rs 600 from 900 earlier.

The regulator’s action impairs profit pools, network effects, and credibility. Paytm has to migrate its business to other banks which can dilute its economics and network effects.

The global investment bank is of the view that the order might not be the end of the road for Paytm. It materially impacts near-term growth.

09:49:18 AM IST, 02 February 2024

Sensex Today | Stock Market LIVE Updates: RIL shares hit fresh record high

RIL m-cap nears Rs 20 lakh crore mark
RIL biggest Sensex contributor at this hour

09:47:38 AM IST, 02 February 2024

Stock Market LIVE Updates | EARNINGS WATCH: Shares of IndiGo, Tata Motors, JSW Infra, Delhivery among others will be in focus as the companies will announce third quarter results today.

09:45:20 AM IST, 02 February 2024

Mornings view by Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Now that the two big events are behind us the market is likely to consolidate. The non-populist Budget focused on fiscal consolidation is a big positive. The big allocation for rural housing will benefit all construction-related segments like cement, steel, paints etc. Another important budget takeaway is the sharp decline in bond yields consequent to the net market borrowing kept low at Rs 11.75 trillion. This is beneficial for banks.

Global cues are better since the mother market US is appreciating the favourable trends in the US economy after the brief disappointment with the cautious Fed message. It is evident that the US is heading for a soft landing and rate cuts are coming. Correction in the dollar index to 103 and the US 10-year falling to 3.88% may restrain the FIIs from selling.

The near-term risk in the market is the high valuation which can trigger corrections on some negative news. Expect high volatility in the near-term.

09:33:17 AM IST, 02 February 2024

Sensex Today | Stock Market LIVE Updates: Paytm slumps 20% for the second straight day

09:24:39 AM IST, 02 February 2024

Sensex Today | Stock Market LIVE Updates: Top Sensex gainers at this hour

09:23:52 AM IST, 02 February 2024

Sensex Today | Stock Market LIVE Updates: Sensex extends rally, surges 800 points

09:22:50 AM IST, 02 February 2024

Sensex Today | Stock Market LIVE Updates: IOB, NBCC among most active stocks in morning trade

09:19:54 AM IST, 02 February 2024

Sensex Today | Stock Market LIVE Updates | HEATMAP: Most of the top stocks trade in green

09:17:53 AM IST, 02 February 2024

Opening Bell: Sensex jumps 500 points, Nifty tops 21,850; Paytm slumps 20%, Titan up 2%

09:11:53 AM IST, 02 February 2024

Sensex Today | Stock Market LIVE Updates: BLOCK DEAL IN PAYTM – 11.7 lakh shares changed hands

09:06:15 AM IST, 02 February 2024

Sensex Today | Stock Market LIVE Updates: Pre-open session: Sensex rises over 200 points; Nifty above 21,720

09:06:01 AM IST, 02 February 2024

Pre-opening market comment by Prashanth Tapse, Senior VP (Research), Mehta Equities

The bull market at Dalal Street is thriving, fueled by positive developments such as Wall Street’s surge, a 3% drop in WTI Oil prices, and the promising Interim Union Budget. With a focus on sectors like consumption, defense, railways, hotels, services, and electronics, the goal of India’s $5 trillion economy is in sight. Technical analyses suggest a potential FOMO-driven surge in Nifty to its all-time high, supported by favorable indicators. Bank Nifty outperformed, and stocks like SBI, BANK OF BARODA, and others show breakout potential. Q3 results are anticipated today. The preferred trade suggests buying Nifty and Bank Nifty, with bullish sentiments on INDIGO, STATE BANK OF INDIA, BANK OF BARODA, ADANI ENTERPRISES, and RBL BANK. The top stock to buy is INDIGO, with targets at 3100 and 3147, emphasizing a rebound play.

08:55:27 AM IST, 02 February 2024

Pre-market view by Avdhut Bagkar, Technical and Derivatives Analyst, StoxBox

The benchmark index had a gap opening of around 50 points in anticipation of the Union budget. With the zone near 21800 continuing to act as immediate overhead resistance, the price action succumbed to mild selling pressure after marking an intraday high of 21832. It closed marginally below 21700 in a volatile trading session on a relatively lower volume, while VIX plunged 9.9% intraday. With 20DMA now acting as immediate support, the index is anticipated to attract bullish strength on surfacing above the polarity resistance near 21800 decisively on a closing basis.

08:40:13 AM IST, 02 February 2024

Market View | Auto Jan sales review

The overall auto wholesales have registered an increase in volumes in January 2024 on a monthly basis. The recovery appears to have been significantly high in the passenger vehicles (PV) segment due to a low base, strong growth in SUV volumes, and a revival in the entry-level segment for Maruti. Post the festive season, the OEMs had focused on cutting down dealer inventory in November and December, and hence there was adequate room to replenish dealer stock from January 2024 onwards. Two-wheeler OEMs showed robust growth owing to the premiumization trend and an uptick in rural sales driven by the wedding season. On the other hand, the CV wholesales have declined across OEMs primarily due to the underperformance of the MHCV segment. The Red Sea issue impacted the export performance across all OEMs, except for Maruti Suzuki. The shipments to Europe have been impacted more than the shipments to the Americas. Further, several OEMs have announced price hikes effective from January-February 2024, citing an increase in input costs which we believe would be absorbed as demand in the higher-end segment is relatively better and entry-level products are supported by promotional schemes.

– Dhruv Mudaradi, Research Analyst, Stoxbox

08:12:32 AM IST, 02 February 2024

Sensex Today | Stock Market LIVE Updates: Asian shares buoyed by US tech bounce, payrolls in focus

Asian shares were buoyed by a late bounce in U.S. tech on Friday as results from Meta and Amazon beat expectations, while investors are bracing for U.S. jobs figures, which could hasten bets for rate cuts if they come in below forecast.

08:11:47 AM IST, 02 February 2024

Sensex Today | Stock Market LIVE Updates: Gold heads for best week in 7 ahead of US jobs data

Gold prices on Friday were set for their best week in seven, as the dollar and Treasury yields retreated, while traders awaited key U.S. jobs numbers due later in the day to gauge timing on when the Federal Reserve could start cutting interest rates.

08:00:36 AM IST, 02 February 2024

Sensex Today | Stock Market LIVE Updates: Dollar poised for weekly decline; US jobs data up next

The dollar fell broadly on Friday in a bout of positive risk sentiment following upbeat big tech earnings on Wall Street, while traders awaited U.S. jobs data due later in the day to gauge how soon the Federal Reserve could begin easing rates.

08:00:18 AM IST, 02 February 2024

Sensex Today | Stock Market LIVE Updates: Oil prices gain after OPEC+ maintains output cuts

Oil prices rose in early trade on Friday following a decision by OPEC+ to keep its oil output policy unchanged, clawing back some losses from the previous trading session triggered by unsubstantiated ceasefire reports between Israel and Hamas.

07:23:27 AM IST, 02 February 2024

Sensex Today | Stock Market LIVE Updates: Tokyo stocks open higher

Tokyo stocks opened higher on Friday supported by Wall Street rallies, with investors awaiting US jobs data due later in the day. The benchmark Nikkei 225 index was up 0.61 percent, or 218.77 points, at 36,230.23 in early trade, while the broader Topix index added 0.29 percent, or 7.39 points, to 2,541.43.

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