Sensex rallies 440 pts day after interim Budget, Nifty tops 21,850; PSEs up

Stock market highlights on Friday, February 02: In the broader markets, the BSE MidCap index gained 0.8 per cent, while the BSE SmallCap index added 0.5 per cent

Closing Bell on February 2, 2024: Equity markets surged a day after the presentation of the interim Budget 2024, aided by the positive global sentiment. 

The S&P BSE Sensex, which zoomed over 1,400 points intraday, erased nearly half of its gains and ended 440 points, or 0.6 per cent, higher at 72,086 levels.  

The broader Nifty50, meanwhile, hit a fresh record high of 22,127 before closing at 21,854, up 156 points or 0.72 per cent.

BPCL, ONGC, Adani Ports, Power Grid, NTPC, Coal India, Tata Consumer Products, Hero MotoCorp, Tata Steel, and JSW Steel were the top gainers, rising in the range of 3 per cent to 9.5 per cent. 

Eicher Motors, HDFC Life, Axis Bank, HUL, HDFC Bank, and L&T were the laggards, down up to 2.5 per cent. 

In the broader markets, the BSE MidCap index gained 0.8 per cent, while the BSE SmallCap index added 0.5 per cent.

Among sectors, the Nifty Metal index advanced 2.37 per cent, the Nifty IT 2.2 per cent, and the Nifty PSU Bank index 1.9 per cent. 

3:55 PM

Tech View :: Key levels on Nifty, Bank Nifty to watch out

Nifty50
The daily and hourly momentum indicator provide a divergent signal and prices are stuck within a range. Bollinger bands are contracting indicating range bound price action. Thus, parameters are suggesting that the consolidation is likely to continue. Stock specific action and sector rotation is likely to continue during this period of consolidation. Key support levels are 21,660 – 21,600 while immediate hurdle zone is placed at 22,100 - 22,150.

 

Bank Nifty

Bank Nifty witnessed selling pressure from the 46,900 – 47,000 zone which coincided with the 61.82% Fibonacci retracement level of the entire fall it has witnessed from 48,636 – 44,429. The Bank Nifty is likely to enter into a consolidation phase in the range 47,000 – 45,500 from short term perspective.

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

3:39 PM

Currency check :: Rupee ends 5 paise higher

3:38 PM

Broader Markets :: Midcaps outperform peers

3:37 PM

NIFTY HEATMAP :: Energy, PSUs march ahead on Friday

3:35 PM

CLOSING BELL :: Nifty reclaims 21,850; hits record high intraday

3:34 PM

CLOSING BELL :: Sensex ends sharply off day's high

3:27 PM

CPSE stocks on a roll; BEML Land, NBCC, Engineers India rally up to 20%

As many as 12 stocks from the index hit their respective all-time highs in the intraday trade today. These include NTPC, Power Finance Corporation (PFC), Power Grid Corporation of India, BEML, BEML Land Assets, Hemisphere Properties India, Housing & Urban Development Corporation (Hudco), NHPC, NLC India, and SJVN. READ MORE

3:15 PM

Blackstone-backed Aadhar Housing files Rs 5,000 cr IPO papers with Sebi

The company proposes to utilise the proceeds from the fresh issue to the tune of Rs 750 crore for meeting future capital requirements towards onward lending and a portion will also be used for general corporate purposes. READ MORE

3:04 PM

Earnings ALERT:: Bikaji Foods Q3 net rises 30%; stock drops 3%

Bikaji Foods today reported a 30.1 per cent growth in Q3FY24 net profit at Rs 49.09 crore when compared with Rs 37.74 crore in Q3FY23. Revenue from operations grew by 22.1 per cent YoY to Rs 613.14 crore.

2:57 PM

Earnings ALERT:: Jubilant Pharmova Q3 loss narrows; stock jumps 3%

Jubilant Pharmova narrowed its net loss in Q3FY24 to Rs 2.4 crore as against a loss of Rs 5.9 crore in Q3FY23. Total income was up 1.9 per cent YoY at Rs 194.20 crore.

2:48 PM

Sector ALERT:: Shares of Oil Marketing companies - BPCL, IOC zoom 10%

2:39 PM

US may intensify attacks on Iranian-backed Houthis after Jordan attack

Following the drone attack on a base in Jordan, the US forces are now preparing to hit Iran-backed proxies across the Middle East with increased intensity, as reported by Voice of America (VOA). READ MORE

2:25 PM

Govt to complete IDBI Bank strategic sale in FY25: Dipam Secy Pandey

The government expects to complete the strategic sale of IDBI Bank in the next financial year, a senior official said. READ MORE

2:13 PM

Budget cheer? Here's what drove 1,400-pt rally in Sensex, Nifty to new high

Bulls took centre-stage on Dalal Street on Friday, a day after the Interim Budget 2024 was presented, as markets cheered the fact that the government stuck to its stance on fiscal prudence, and avoided the temptation to announce populist measures, given the general elections year. The S&P BSE Sensex soared 1,444 points intraday to hit a high of 73,089 levels. Read

2:00 PM

Rashi Peripherals IPO: Priced at Rs 295-311 per share, to raise Rs 600 cr

Rashi Peripherals, an information and communications technology products distributor, on Friday said it has fixed a price band of Rs 295-311 apiece for its Rs 600 crore-Initial Public Offering (IPO).
 

The issue will be open for public subscription from February 7 to February 9 and the bidding for anchor investors will open for a day on February 6, the company said in a statement. Read