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

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/$

3:41 PM

Broader markets :: Mid, SmallCap indices outperform benchmarks

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

3:26 PM

Q3 result :: Jubilant Food posts net profit of Rs 65.8 crore

>> Revenue at Rs 1,378 crore

>> Ebitda at Rs 280 crore, margin 20.3%

3:18 PM

BoB Q3 results: Profit rises 19% to Rs 4,579 cr, earnings at Rs 31,416 cr

Gross Non-Performing Assets (NPAs) of the bank declined to 3.08 per cent of gross loans by the end of December 2023 from 4.53 per cent a year ago. READ MORE

3:05 PM

Sebi reviewing small, mid-cap funds' capacity to bear sharp falls: Report

India's markets regulator is looking at whether local mutual fund schemes investing in small and mid-cap stocks would be able to withstand sharp falls in stock prices or sudden outflows, according to two sources with direct knowledge of the matter. READ MORE

2:56 PM

Earnings ALERT:: Dabur Q3 net up 6%; stock advances 1%

Dabur Q3 consolidated net profit was up 6.2 per cent at Rs 506.44 crore for the quarter ended December 2023 when compared with Rs 476.65 crore in the year ago period. Total income rose 7.6 per cent YoY to Rs 3,382.43 crore.

2:44 PM

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

Suzlon Energy Q3 consolidated net soared 159.4 per cent to Rs 203.04 crore for the quarter ended December 2023 when compared with Rs 78.28 crore in the year ago period. Total income was up 7.2 per cent YoY at Rs 1,569.71 crore.

2:33 PM

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

Sun Pharma Q3 consolidated net profit rose 16.5 per cent to Rs 2,523.75 crore for the quarter ended December 2023 as against Rs 2,166.01 crore in the year ago period. Total income increased by 10.7 per cent YoY to Rs 12,630.90 crore.

2:22 PM

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

Shares of KPI Green Energy were locked in the 10-per cent upper circuit at Rs 1,823.80, hitting a new high on the BSE in Wednesday's intraday trade, after the company announced that it has received a new order of 5 MW solar power plant under Captive Power Producer (CPP) segment. READ MORE

2:08 PM

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

Ambuja Cements reported a 39.2 per cent jump in Q3 net profit at Rs 513.68 crore for the quarter ended December 2023 when compared with Rs 368.99 crore in the year ago period. Total income increased by 8.2 per cent YoY to Rs 4,547.73 crore.