Sensex rises 612 pts ahead of interim Budget, US Fed; all sectors gain

Stock market highlights on Wednesday, January 31: In the broader markets, the BSE MidCap and SmallCap indices advanced 1.57 per cent and 1.83 per cent, respectively

Closing Bell on January 31, 2024: Equity markets were quick to erase early losses as they staged a pre-interim Budget rally on Wednesday. The S&P BSE Sensex rallied 613 points, or 0.86 per cent, to end at 71,753 levels.

The Nifty50, on the other hand, ended at 21,726, up 204 points or 0.95 per cent led by Dr Reddy's Labs  (up 4.8 per cent), Eicher Motors, Sun Pharma, Divis Labs, Tata Motors, Cipla, Bajaj Finserv, and Maruti Suzuki (up 2 per cent).

In the broader markets, the BSE MidCap and SmallCap indices advanced 1.57 per cent and 1.83 per cent, respectively.

The broad-based rally in the markets today was led by the Nifty Pharma index (up 2.5 per cent), the Nifty PSU Bank index (2.28 per cent), and the Nifty Realty index (1.9 per cent). 

 

3:50 PM

Tech View :: Key levels to watch on Nifty, Bank Nifty ahead of interim Budget

Nifty50
On the daily charts, we can observe that the Nifty is broadly trading within the range of 21,100 – 21,800 since the past nine trading sessions.

The momentum setup is providing a divergent signal as both daily and hourly momentum indicators have a negative crossover but prices are moving higher.

Under such a situation, when the price and momentum indicator are not in sync, it generally leads to a range bound move.

Considering the event of interim budget, volatility is likely to continue. Key support levels are 21,550 – 21,500 while immediate hurdle zone is placed at 21,850 – 21,900.

 

Bank Nifty

Bank Nifty witnessed a sharp surge during the day and marched towards 46,000. On the upside, it is approaching key hurdles placed in the range 46,370 – 46,640 where the key daily moving averages are placed. Thus, the current rally can extend towards this zone from a couple of days perspective. On the downside, 45,200 shall act as a crucial support zone.

 

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:46 PM

Comment :: 'Overall trend in the market is akin to a seesaw'

A positive build-up was reflected in Indian markets prior to the interim budget, although expectations are low, the market anticipates a lower fiscal deficit supported by buoyant tax revenues.

The overall trend in the market is akin to a seesaw, and the buy-on-dips strategy is effective as of now.

The pharma sector stood out with a positive earnings outlook.

Global market cues are mixed ahead of the FOMC meeting, and US 10-year yields were marginally down.

An immediate rate cut seems improbable, but indications about the future trajectory could ease volatility.

Views by: Vinod Nair, Head of Research, Geojit Financial Services

3:44 PM

Currency check :: Rupee gains 7 paise vs USD, ends at 83.04/$

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3:38 PM

NIFTY HEATMAP :: 46 of 50 index stocks rally; L&T, Titan drop

3:36 PM

CLOSING BELL :: Nifty holds 21,700 ahead of interim Budget 2024

3:35 PM

CLOSING BELL :: Sensex gains 612 pts amid rally in pharma, PSB stocks

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Earnings ALERT:: Suzlon Energy Q3 net rises 17%; stock surges 4%

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2:33 PM

Earnings ALERT:: Sun Pharma Q3 net rises 17%; stock rallies 4%

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2:22 PM

Stock of this smallcap power generation company has zoomed 123% in 3 months

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2:08 PM

Earnings ALERT:: Ambuja Cements Q3 net surges 39%; stock dips 2%

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