Stock Market Today: GIFT Nifty Indicates a Flat Start for Indian Indices

The Indian equity market ended in the red on Budget Day. Finance Minister Nirmala Sitaraman’s Budget speech failed to impress investors as Sensex shed 106 points at 71,645 while Nifty declined 28 points and ended the session at the 21697 mark.

Around 1122 stocks advanced and 1432 declined while 103 stocks remained unchanged in the stock market.

Among the sectors, Nifty PSU Bank jumped over 3 percent and was the top-performing sector.

GIFT Nifty

Trends on GIFT Nifty indicates a flat start of Indian indices.

US Markets

US stocks rebounded on Thursday as investors looked to a spate of high-profile earnings and the Friday’s employment report a day after the Federal Reserve quashed lingering bets that interest rate cuts could begin as early as March. The S&P 500 climbed 1.25% to end the session at 4,906.19 points. The Nasdaq gained 1.30% to 15,361.64 points, while Dow Jones Industrial Average rose 0.97% to 38,519.84 points, according to a Reuters report.

Asian Markets

Most Asian markets were trading higher in the early hours of trade on February 2. Japan’s Nikkei jumped over 1 percent while Hang Seng gained 1.68 percent. Kospi was up 1.72 percent at 2,586.

Also read: Why Paytm share price hit 20% lower circuit?

Stocks in the news

• NMDC: The firm recorded iron ore production of 4.54 million metric tons (mt) in January this year, a growth of 8 percent against last year. Its sales grew 18.8 percent YoY to 4.56 million metric tons.
• Mahanagar Gas: The company has acquired Unison Enviro Pvt Ltd in a strategic acquisition for a cash consideration of Rs 562 crore. This is MGL’s first strategic acquisition and is part of its long-term growth strategy.
• Panacea Biotech: The US FDA has classified Panacea Biotech’s Baddi facility in Himachal Pradesh as ‘Official Action Indicated’ (OAI). The facility was issued a form-483 with nine observations in October, which were related to improvements in existing procedures.
• Ashok Leyland: The auto company recorded sales of 15,939 units in January 2024, missing analysts’ estimates and falling 7 percent compared to 17,200 units sold in the year-ago period. Its total medium and heavy commercial vehicle sales dropped 8 percent YoY to 10,218 units.
• Hero MotoCorp: The company recorded total sales at 4,33,598 units in January 2024, rising 21.6 percent over a year-ago period, with domestic sales increasing 20.5 percent on-year to 4.2 lakh units and exports surging 74.6 percent to 12,664 units for the quarter.
• TVS Motor: The firm’s total sales grew 23 percent YoY to 3.39 lakh units in January. Motorcycle sales rose 29 percent YoY to 1.55 lakh units. EV sales rose 34 percent to 16,276 units and total exports came 22 percent higher at 69,343 units.
• Eicher Motors: Royal Enfield sold 76,187 motorcycles in January this year, rising 2 percent over the 74,746 units sold in the same month last year. However, export sales dropped 20 percent YoY to 5,631 motorcycles during the month.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,879.58 crore in the stock market. Domestic institutional investors (DIIs) purchased Rs 872.49 crore worth of stocks on February 1, provisional data from the NSE showed.

Bulk Deals

• Salasar Techno Engineering: Nomura Singapore Limited sold 34,70,000 shares at Rs 28.2
• Indus Tower: Silverview Portfolio Investments PTE Ltd sold 13,08,03,065 shares at Rs 210.21. Canada Pension Plan Investment Board sold 5,76,69,394 shares at Rs 212.15
• PB Fintech: Caymore Investments (Mauritius) Pte. Ltd. sold 2,44,30,015 shares at Rs 992.8

Results today

Tata Motors, UPL, Delhivery, Bank of India, Aegis Logistics, Bikaji Foods International, Devyani International, Engineers India, InterGlobe Aviation, JSW Infrastructure, LIC Housing Finance, Metropolis Healthcare, MOIL, Samhi Hotels, Torrent Pharmaceuticals, and Ujjivan Financial Services will be in focus in the stock market.

Stocks under F&O ban on NSE

The NSE has added India Cements, and Indus Towers to the F&O ban list for February 2

Disclaimer: The content of this blog post is intended solely for informational purposes and should not be interpreted as investment or trading advice. The author does not assure the accuracy or completeness of the information presented. Any decisions or actions taken based on the content of this blog post are undertaken at your own risk.