On Thursday, Indian market indexes gained for the third day in a row, powered by robust performance in Power, Metal, and Banking companies. Following the RBI’s decisions, benchmark indexes rallied significantly after a cautious start.

The Nifty50 has formed a small positive candle on the daily chart with upper and lower shadows, in a sign that selling pressure could emerge from the higher levels, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

“The current up-move is expected to halt below 17,800, before another round of downward correction,” he warned.

Indian Indices

Sensex rose 460.06 points or 0.79% to 58,926.03 and Nifty was up by 142.05 points or 0.81% to 17,605.85 in the previous session. Sensex touched high and low of 59,060.24 and 58,332.28, respectively. There were 26 stocks advancing against 4 stocks declining on the index. Nifty traded in a range of 17,639.45 and 17,427.15 and there were 37 stocks advancing against 13 stocks declining on the index.

Broader Indices

The broader indices ended in green with the BSE Midcap index rising 0.30%, while the Small cap index was up by 0.04%. The top gaining sectoral indices on the BSE were Power up by 1.40%, Metal up by 1.34%, Bankex up by 1.07%, Utilities up by 1.04% and Finance up by 1.06%, while Capital Goods down by 0.07% was the lone losing index on BSE. 

Support and Resistance levels

Key support levels for the Nifty are placed at 17,475.53, followed by 17,345.27. If the index moves up, the key resistance levels to watch out for are 17,687.73 and 17,769.67, according to pivot charts.

SGX Nifty

The trends on SGX Nifty indicate a negative opening for the index in India with a 53-points loss. The Nifty futures were trading at 17,431.80 on the Singaporean Exchange around 07:20 hours IST.

Asian Markets

Asian markets finished higher yesterday with shares in Japan leading the region. The Nikkei 225 was up 0.42% while Hong Kong’s Hang Seng was up 0.19% and China’s Shanghai Composite was up 0.17%.

US Markets

The S&P 500 fell 83.10 points, or 1.8%, to 4,504.08.

The Dow Jones Industrial Average fell 526.47 points, or 1.5%, to 35,241.59.

The Nasdaq fell 304.73 points, or 2.1%, to 14,185.64.

The Russell 2000 index of smaller companies fell 32.34 points, or 1.6%, to 2,051.16.

European Markets

European markets finished mixed as of the most recent closing prices. The FTSE 100 gained 0.33% and the DAX rose 0.14%. The CAC 40 lost 0.45%.

Inflation in the United States has increased by 7.5% in the last year, reaching a 40-year high

The Labor Department said Thursday that consumer prices jumped 7.5 % last month compared with 12 months earlier, the steepest year-over-year increase since February 1982. Shortages of supplies and workers, heavy doses of federal aid, ultra-low interest rates and robust consumer spending combined to send inflation accelerating in the past year. When measured from December to January, inflation was 0.6 %, the same as the previous month and more than economists had expected. Prices had risen 0.7 % from October to November and 0.9 % from September to October.

Retail shareholding in NSE-listed businesses reaches an all-time high of 7.32% in December

The share of retail investors in NSE- listed companies has reached an all-time high of 7.32 % in December 2021, and in rupee terms, it has touched a record high of Rs 18.98 lakh crore, says a report. However, there was an overall fall in institutional shareholding, largely due to the massive Rs 38,521 crore net outflows from foreign portfolio investors (FPIs) during the quarter, which resulted in their share declining to a nine-year low of 20.74 %, from 21.46 %. According to data compiled by Primeinfobase.com, an arm of Prime Database Group, retail shareholding in NSE-listed companies touched an all-time high of 7.32 pc in December, up from 7.13 % in September 2021. Moreover, the value of retail shareholders in rupee terms has touched a record high of Rs 18.98 lakh crore, up from Rs 18.16 lakh crore in September, an increase of 4.54 %. The analysis is based on shareholding patterns of 1,714 of the total 1,768 NSE companies.

LIC IPO | SEBI filing expected on February 11, IRDAI okays draft papers

Life Insurance Corporation of India’s initial public offering (IPO) is expected to file it’s Draft Red Herring Prospectus (DRHP) on February 11, sources told CNBC-TV18. It has been learned that the Insurance Regulatory and Development Authority (IRDAI) had cleared the LIC IPO proposal in a board meeting on February 9. The quantum of divestment and EV numbers will be mentioned in the DRHP, it said. While presenting the Union Budget for 2022-23, Finance Minister Nirmala Sitharaman had told the Parliament that the initial public offering of Life Insurance Corporation of India is expected shortly. Recently Bloomberg reported that the government is looking for a valuation of $203 billion for the life insurance giant, which will make it the second-largest listed company by market capitalisation.

RBI monetary policy: Repo rate unchanged, GDP projected to grow at 7.8%

Reserve Bank of India (RBI) on Thursday kept the repo rate and the reverse repo rate unchanged in its first monetary policy review after Union Budget 2022. The current repo rate in 2021 is at 4% and the reverse repo rate is at 3.35%. The pandemic holds the world economy hostage once again, Governor Shaktikanta Das made the said while announcing the review. RBI also kept the benchmark lending rate unchanged the 10th time in a row at 4% and informed that Inflation will peak in the current quarter with a tolerance band, moderating in the second half of next fiscal. Real GDP growth for the next financial year is projected at 7.8% and RBI would continue to insulate the domestic economy from global spillovers said, Governor Shaktikanta Das.

Cryptocurrencies have no underlying value: RBI governor

The Reserve Bank of India (RBI) has yet again warned investors about the risks posed by private cryptocurrencies. Private cryptocurrencies, according to RBI governor Shaktikanta Das, are a danger to macroeconomic and financial stability, and individuals who are investing at their own risk should be aware of the hazards. “Private cryptocurrencies or whatever name you call them are a threat to our macroeconomic stability and financial stability. They will undermine the RBI’s ability to deal with issues of financial stability and macroeconomic stability,” Das told reporters. Cautioning investors, the governor said such assets have no underlying value whatsoever, “not even a tulip”. Previously, the Union Budget suggested a 30% tax on virtual digital assets such as Bitcoin and Ethereum.

Bulk Deal data

JAI SALASAR BALAJI INDUSTRIES PRIVATE LIMITED bought 5,79,224 equity shares in Balaji Telefilms Limited at Rs 84.22 per share on the NSE, the bulk deals data showed.

E TRAV TECH PRIVATE LIMITED sold 95,000 shares of Rama Steel Tubes Limited at  Rs 339.00 per share on NSE.

VASANI ATUL ARVIND BHAI sold 6,30,000 shares in Vaishali Pharma Limited at Rs 41.75 per share on the NSE.

BABALBHAI MANILAL PATEL bought 48,000 shares of Pulz Electronics Limited at Rs 34.20 per share on NSE.

RASHI FINCORP LTD  sold 1,60,000 shares in Lyka Labs Ltd at Rs 161.50 per share on the NSE.

E TRAV TECH PRIVATE LIMITED sold 95,000 shares in Rama Steel Tubes Limited at Rs 339.00 per share on the NSE.

DII and FII data

Foreign institutional investors (FIIs) sold shares worth a net Rs 1,732.58 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 2,727.23 crore in the Indian equity market on February 10, as per provisional data available on the NSE.

NSE F&O Ban

BHEL, Punjab National Bank and SAIL are under the F&O ban for February 11. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.