Indices rebound, Nifty above 23,700, VIX calms

The domestic equity indices staged a rebound on Tuesday, ending with modest gains after two consecutive days of declines. The Nifty 50 index closed above the 23,700 mark, driven by gains in energy and metal stocks.

Trading commenced on a positive note, mirroring a buoyant global market sentiment. The Nifty continued its upward trajectory throughout the day, briefly touching near the 23,800 level. However, profit-booking emerged in the afternoon session, paring some of the intraday gains.

The S&P BSE Sensex gained 234.12 points or 0.30% to 78,199.11. The Nifty 50 index added 91.85 points or 0.39% to 23,707.90. In the previous two trading sessions, the Sensex and Nifty dropped by 2.18% and 1.99%, respectively.

 

Tata Motors (up 2.25%), Reliance Industries (up 1.86%) and ICICI Bank (up 1.28%) boosted the indices.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rallied 0.77% and the S&P BSE Small-Cap index advanced 1.74%.

The market breadth was strong. On the BSE, 2,624 shares rose and 1,355 shares fell. A total of 107 shares were unchanged.

A key indicator of market volatility, the NSE VIX, tumbled 6.32% to 14.66, suggesting a decrease in investor anxiety.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.42% to 6.845 as compared with the previous close of 6.874.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.7400, compared with its close of 85.6850 during the previous trading session.

MCX Gold futures for the 5 February 2025 settlement rose 0.16% to Rs 77,284.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.28% to 107.94.

The United States 10-year bond yield added 0.65% to 4.644.

In the commodities market, Brent crude for the March 2025 settlement gained 33 cents or 0.43% to $76.63 a barrel.

Global Markets:

The Dow Jones index futures were up 34 points, signaling a flat-to-positive opening for U.S. stocks today, with focus remaining on key nonfarm payroll data due later in the week.

Most European and Asian stocks advanced, mirroring overnight gains in U.S. technology shares.

The Euro area annual inflation came at 2.4% in December 2024, up from 2.2% in November 2024.

Regional markets drew positive momentum from a robust Wall Street session, where technology stocks rebounded from a sluggish start to the year. NVIDIA Corporation, an AI leader, surged to a record high ahead of CEO Jensen Huang's keynote address at the Consumer Electronics Show in Las Vegas.

The S&P 500 advanced 0.55% on Monday, while the NASDAQ Composite soared 1.24%. The Dow Jones Industrial Average underperformed, edging down 0.06%. Despite these gains, Wall Street indices remain under pressure due to concerns over a potential slowdown in interest rate cuts in 2025, driven by persistent inflation and a robust labor market.

New Listing:

Shares of Indo Farm Equipment closed at Rs 272.70 on the BSE, a premium of 26.84% as compared with the issue price of Rs 215.

The scrip was listed at Rs 258.40, a premium of 20.19% to the issue price. The stock has hit a high of 286.50 and a low of 257.95. On the BSE, over 24.07 lakh shares of the company traded in the counter.

Stocks in Spotlight:

Equinox India Developments hit an upper limit of 20% after the National Company Law Appellate Tribunal (NCLAT) approved the merger with Embassy Group.

One Mobikwik Systems jumped 9.25%. The company reported consolidated net loss of Rs 3.59 crore in Q2 FY25 as compared with net profit of Rs 5.22 crore posted in Q2 FY24.

GM Breweries shed 0.74%. The breweries & distilleries companys net profit declined 2.97% to Rs 21.97 crore in Q3 FY25 as against Rs 22.60 crore posted in the similar quarter previous year.

S H Kelkar & Company tumbled 7.26% after the company said that gross margins were under pressure during the Q3 FY25 quarter, primarily due to supply constraints for strategic raw materials.

Shyam Metalics and Energy advanced 2.61% after the company announced that its stainless steel production surged 59% YoY to 7,889 MT in December 2024 as compared with 4,960 MT produced in December 2023.

Paras Defence and Space Technologies jumped 10% after the company announced the grant of license under the Arms Act, 1959.

Zomato dropped 4.6% after as a foreign broker downgrades the stock to "hold," cutting the target price to Rs 275 from Rs 335.

Mahindra & Mahindra shed 0.2%.The company said that its total production rose 19.93% to 53,361 units in the month of December 2024 as compared with 44,495 units produced in the same period last year.

Biocon spurts 6.62% to Rs 382.35 after a foreign brokerage firm upgrades the stocks rating from "Underperform" to "Hold" and raises its target price to Rs 400 from the previous Rs 280.

Dynamic Services & Security surged 4.53% after the firm entered into memorandum of understanding (MoU) with Orion Security Solutions for award of work contract worth Rs 476 crore.

Kalyan Jewellers India declined 3%. The company concluded the quarter by recording a consolidated revenue growth of approximately 39% when compared to the same period in the previous financial year.

Zydus Lifesciences rallied 4.10% after the companys wholly-owned subsidiary, Sentynl Therapeutics, and Fortress Biotech received U.S. Food and Drug Administration approval for filing and priority review of new drug application (NDA) for CUTX-101.

Info Edge (India) fell 4.31%.The company announced that its standalone billings jumped 15.84% to Rs 668.3 crore in Q3 FY25 compared with Rs 576.9 crore in Q3 FY24.

IPO Update:

The initial public offer (IPO) of Standard Glass Lining Technology received bids for 72,53,55,782 shares as against 2,08,29,567 shares on offer, according to stock exchange data at 17:00 IST on 7 January 2025. The issue was subscribed to 34.82 times.

The issue opened for bidding on 6 January 2025, and it will close on 8 January 2025. The price band of the IPO is fixed between Rs 133 and Rs 140 per share. An investor can bid for a minimum of 107 equity shares and in multiples thereof.

Quadrant Future Tek's IPO received bids for 9,18,47,850 shares as against 57,99,999 shares on offer, according to stock exchange data at 17:00 IST on 7 January 2025. The issue was subscribed to 15.84 times.

The issue opened for bidding on 7 January 2025, and it will close on 9 January 2025. The price band of the IPO is fixed between Rs 275 and Rs 290 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.

Capital Infra Trust's IPO received bids for 3,44,89,200 shares as against 8,83,83,750 shares on offer, according to stock exchange data at 17:00 IST on 7 January 2025. The issue was subscribed to 0.39 times.

The issue opened for bidding on 7 January 2025, and it will close on 9 January 2025. The price band of the IPO is fixed between Rs 99 and Rs 100 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.

Powered by Capital Market - Live News