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Sensex today: Stock Market Highlights: Nifty charts hint at chances of pullback rally.

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Tech View: Headline index Nifty today formed a bullish candle with minor upper and lower shadows, indicating that the market is in a near-term bottom reversal mode and the Nifty is expected to show a pullback rally in the coming sessions.

Now, it needs to cross and hold above 17650 zones, for an up move towards 17777 then 17950 zones whereas supports are placed at 17500 and 17350 zones, said Chandan Taparia of Motilal Oswal.

Fear gauge index India VIX moved down by 6.24% from 16.78 to 15.73 levels. Volatility cooled down from higher levels and needs to hold below 14 zones for market stability.

Option data suggests a broader trading range in between 17,200 and 18,200 zones while an immediate trading range between 17,350 and 17,900 zones due to higher volatility.

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NSE puts some Adani firms in additional surveillance mechanism

The National Stock Exchange on Thursday placed Adani Enterprises, Adani Ports and Ambuja Cements under additional surveillance mechanism that will require 100% margin to trade in their shares.
The move by the stock exchange comes after a rout in the shares of the billionaire Gautam Adani’s group companies in the aftermath of a scathing report by a U.S. short seller.

US stocks open higher on Meta surge, Fed relief

U.S. stocks jumped on Thursday, with the Nasdaq adding 2% as Meta Platforms surged on rigorous cost controls, while a dovish message from Federal Reserve Chair Jerome Powell boosted bets of a softer landing for the U.S. economy.

The Nasdaq Composite gained 248.83 points, or 2.11%, to 12,065.15 at the opening bell.

Mahindra Lifespace Developers Q3 profit up 33% to Rs 33.21 crore

Realty firm Mahindra Lifespace Developers Ltd on Thursday reported a 33 per cent increase in its consolidated net profit at Rs 33.21 crore for the quarter ended December. Its net profit stood at Rs 25.02 crore in the year-ago period.
Total income rose sharply to Rs 198.14 crore in the third quarter of the current financial year from Rs 33.32 crore a year ago, according to a regulatory filing.

Net profit during the April-December period of this fiscal jumped to Rs 100.88 crore from Rs 17.67 crore in the corresponding period of the previous year.

Total income also rose to Rs 389.30 crore in the first nine months of FY23 from Rs 253.22 crore in the same period last year.

Mahindra Lifespace, which is part of Mahindra Group, is one of the leading real estate firms in the country.

Mahindra Lifespace Developers Q3 profit up 33% to Rs 33.21 crore

Lagarde comments at ECB press conference

The European Central Bank raised interest rates again on Thursday and pencilled in at least one more hike of the same magnitude next month.
Following are highlights of ECB President Christine Lagarde’s comments at a news conference after the policy meeting.

Bottlenecks Easing

“Supply bottlenecks are gradually easing. The supply of gas has become more secure, firms are still working off large order backlogs, and confidence is improving.

“Moreover, output in the services sector has been holding up, supported by continuing reopening effects and stronger demand for leisure activities.”

Headwinds
“Subdued global activity and high geopolitical uncertainty, especially owing to Russia’s unjustified war against Ukraine and its people, continue to act as headwinds to euro area growth. Together with high inflation and tighter financing conditions, these headwinds dampen spending and production, especially in the manufacturing sector.”
Weak growth
“Economic activity has slowed markedly since mid-2022 and we expect it to stay weak in the near term.”

Lagarde comments at ECB press conference

Mobius says Adani’s debt raised questions about share sale

Veteran emerging-markets investor Mark Mobius said his firm didn’t participate in Adani Enterprises Ltd.’s stock sale before it was pulled due to concerns about the debt of the Indian tycoon’s firms.
“We were not interested in Adani companies because they did not meet our investment criteria, particularly as regards to debt,” Mobius said by email in response to Bloomberg’s questions on Thursday. The $2.4 billion share sale, which was first announced on Jan. 18, was abruptly pulled on Wednesday as the fallout from a short-seller report by Hindenburg Research continued to spiral.

Mobius says Adani’s debt raised questions about share sale

Tech View: Nifty charts hint at chances of pullback rally. What traders should do on Friday

NEW DELHI: Headline index Nifty today formed a bullish candle with minor upper and lower shadows, indicating that the market is in a near-term bottom reversal mode and the Nifty is expected to show a pullback rally in the coming sessions.

Now, it needs to cross and hold above 17650 zones, for an up move towards 17777 then 17950 zones whereas supports are placed at 17500 and 17350 zones, said Chandan Taparia of Motilal Oswal.

Fear gauge index India VIX moved down by 6.24% from 16.78 to 15.73 levels. Volatility cooled down from higher levels and needs to hold below 14 zones for market stability.

Option data suggests a broader trading range in between 17200 to 18200 zones while an immediate trading range in between 17350 to 17900 zones due to higher volatility.

BoE raises key interest rate by 50 bps to 4%, highest since October 2008

BoE raises key interest rate by 50 bps to 4%, highest since October 2008

Tata Consumer Products Q3 Results: It reported 32% growth in consolidated net profit at Rs 351 crore for the quarter ended December. The same was Rs 265 crore in the corresponding quarter of last year.

Rupee traded weak by 0.30 rs at 82.22 against the dollar as foreign fund outflow kept pressure on rupee due to uncertainty over Adani group sell off in the last few days. The dollar index was weak yet the rupee was weak due to the Adani group sell off kept investors cautious. Rupee can be seen in range of 81.90-82.60.

– Jateen Trivedi, VP Research Analyst at LKP Securities

The Bank Nifty index witnessed extreme volatility throughout the day, but the index managed to hold the support level of 40.000 on the downside. The index immediate hurdle on the upside stands at 41000, and if breached decisively, we will witness a short covering towards 41500. The index remains in “buy on dip” mode as long as the mentioned support levels are held.

– Kunal Shah, Senior Technical Analyst at LKP Securitie

Despite a growth oriented budget, drop in crude prices and upside in the global market, the domestic market is not able to gain because of the Adani saga having a ripple impact on the investors. In addition, the premium valuation of India continues to weigh down the performance compared to other emerging markets which are expecting upside in the economy. The global markets are positive in assumption of being in the last phase of the rate hikes.

– Vinod Nair, Head of Research at Geojit Financial Services

The rout in Adani group stocks continued to play havoc as benchmark indices gyrated sharply intra-day before recouping lost ground on buying in IT and banking stocks. However, power, energy, oil & gas, and utility stocks were plundered as investors continued to exit in view of dampening sentiment. More than external factors, investors’ sentiments have been hurt by the domestic mood. Technically, the Nifty hovered between 17450 to 17650 range and also formed an inside body candle on daily charts which indicates the continuation of a range bound activity in the near future. However, a pullback rally is possible if the index trades above 17500. Above the same, it could move up to 17700-17750. On the flip side, a fresh selloff is possible only after the dismissal of 17500 and below the same the index could retest the level of 17380-17350.

– Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

Top gainers & losers in closing trade

Price as on 02 Feb, 2023 03:36 PM, Click on company names for their live prices.

Rupee ends down 0.31% at 82.1725 per U.S. dollar; previous close 81.9200

Closing Bell: Sensex ends 224 pts higher in seesaw trade; Nifty holds 16,600; Adani Enterprises plunges 27%, ITC rallies 5%

Closing Bell: Sensex ends 224 pts higher in seesaw trade; Nifty holds 16,600; Adani Enterprises plunges 27%, ITC rallies 5%

Dabur India Q3 Results: Profit drops on dull rural demand

Dabur India reported 5% drop in third-quarter profit on Thursday, as customers in rural areas, reeling from the impact of high living costs, tightened spending.
Net income fell to Rs 476 crore ($57.95 million) for the quarter ended December 31, from Rs 503 crore a year earlier, the shampoo and hair oil maker said in an exchange filing.

Titan Ltd saw its profit fall 4% to Rs 951 crore for the three months ended December, missing estimates. It was Rs 987 crore in the corresponding quarter of last year.

Price as on 02 Feb, 2023 03:08 PM, Click on company names for their live prices.

SENSEX RISES OVER 200 POINTS IN SEE-SAW TRADE

SENSEX RISES OVER 200 POINTS IN SEE-SAW TRADE

These IT stocks rally up to 4% in volatile market

Price as on 02 Feb, 2023 02:44 PM, Click on company names for their live prices.

India’s Bajaj Electricals Ltd reported a near 27% surge in third-quarter profit on Thursday, aided by higher demand for consumer goods such as room heaters and lighting products that helped cushion a hit from rising expenses. Consolidated net profit rose to 611.2 million rupees ($7.46 million) for the three months ended Dec. 31, compared to 482.1 million rupees a year earlier.

Price as on 02 Feb, 2023 02:12 PM, Click on company names for their live prices.

Auto stocks trade mixed post Jan sales data

Price as on 02 Feb, 2023 02:05 PM, Click on company names for their live prices.

HDFC Q3 Results: PAT at Rs 3691 crore vs ET NOW poll of Rs 3700 crore

HDFC Q3 Results: PAT at Rs 3691 crore vs ET NOW poll of Rs 3700 crore

Adani Enterprises among top 10 losers on NSE in afternoon trade

Price as on 02 Feb, 2023 01:06 PM, Click on company names for their live prices.

Budget View on Insurance | Parimal Head, Chief Investment Officer (CIO), Go Digit General Insurance

The Union Budget, while maintaining fiscal prudence, has provided an impulse to potential growth through higher allocation to capital expenditure. The announcements made this year have a host of both direct and indirect benefits for the insurance sector. The IRDAI from January 1, 2023, made KYC mandatory for all types of insurance policies. The proposal to simplify the KYC process through an amendable risk-based approach announced by the honourable Finance Minister will enable better adoption of many general insurance products, including bite sized policies. Announcement to build a digital public infrastructure for agriculture as an open source will also help insurance companies serve farmers better through seamless information on crop insurance.

The Union Budget also provides two indirect benefits to the insurance sector. Customs duty exemption extended to import of capital goods for manufacturing of lithium-ion cells for batteries used in electric vehicles will effectively reduce the overall cost of EV vehicles. This will likely lead to faster adoption of clean vehicles, and in turn will also trickle down to the insurance sector and boost EV insurance business of companies. Government’s renewed focus to boost domestic tourism through various schemes, too, will have a ripple effect on travel insurance as more travellers will plan their holidays in different parts of India.

Britannia hits record high on Q3…



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