On Wednesday, Indian equity benchmarks extended their advances for the third consecutive session, powered by increases in financial, banking, and healthcare equities, as well global market sentiment.
The Nifty50 has formed a long bull candle on the daily chart, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
“Though the index is placed at the swing high of the current upswing, there is still no indication of any reversal pattern unfolding at the highs,” he said.
Indian Indices
Sensex rose 695.76 points or 1.18% to 59,558.33 and the Nifty was up by 203.15 points or 1.16% to 17,780.00 in the previous session. Sensex touched high and low of 59,618.51 and 59,193.05, respectively. There were 21 stocks advancing against 9 stocks declining on the index while Nifty traded in a range of 17,794.60 and 17,674.80 and there were 40 stocks advancing against 9 stocks declining, while 1 stock remained unchanged on the index.
Broader Indices
The broader indices ended in green with the BSE Midcap index rising 1.08%, while the Small cap index was up by 1.54%. The top gaining sectoral indices on the BSE were Bankex up by 2.08%, Finance up by 2%, Consumer Durables up by 1.50%, Healthcare up by 1.44% and Realty up by 1.38%, while there were no losing sectoral indices on the BSE.
Support and Resistance levels
Key support levels for the Nifty are placed at 17,705, followed by 17,630. If the index moves up, the key resistance levels to watch out for are 17,824.8 and 17,869.6, according to pivot charts.
SGX Nifty
The trends on SGX Nifty indicate a negative opening for the index in India with a 68-points loss. The Nifty futures were trading at 17,786.00 on the Singaporean Exchange around 07:20 hours IST.
Asian Markets
Asian markets finished mixed. The Nikkei 225 gained 1.68% and the Hang Seng rose 1.07%. The Shanghai Composite lost 0.97%.
US Markets
The S&P 500 rose 42.84 points, or 0.9%, to 4,589.38.
The Dow Jones Industrial Average rose 224.09 points, or 0.6%, to 35,629.33.
The Nasdaq rose 71.54 points, or 0.5%, to 14,417.55.
The Russell 2000 index of smaller companies fell 21.22 points, or 1%, to 2,029.52
European Markets
European markets finished mixed. The FTSE 100 gained 0.63% and the CAC 40 rose 0.22%. The DAX lost 0.04%.
Bharat Dynamics inks an agreement with the Indian Army to manufacture and supply anti-tank guided missiles
The Indian Army has signed a contract with Bharat Dynamics Limited (BDL) for the manufacture and supply of Konkurs – M, anti-tank guided missiles. The contract worth Rs 3,131.82 crore was signed on February 2 and will be executed in three years. Konkurs – M is a Second Generation, mechanised infantry anti-tank guided missile, to destroy armoured vehicles equipped with Explosive Reactive Armour. The missile can be launched either from a BMP-II tank or from a ground launcher. It has a range between 75 to 4,000 metres with a flight time of 19 secs. It is manufactured by BDL under a license agreement with a Russian OEM (Original Equipment Manufacturer). The missile has been indigenised up to the maximum extent.
LIC is the tenth most valuable insurance brand in the world, valued at $8.65 billion
Life Insurance Corporation, which is bound for the nation’s largest share sale by March, is the strongest and the largest brand in the country with a valuation of $8.656 billion (around Rs 64,722 crore), which also makes it the third strongest insurance brand globally, according to a brand valuation report. According to the London-based Brand Finance, which is a brand consultancy, the market value of LIC will become Rs 43.40 lakh crore or $59.21 billion by 2022, and Rs 58.9-lakh crore or $78.63 billion by 2027. LIC’s brand value also climbed in overall global brand rankings by 32 places to become the world’s 206th most valuable brand in 2021, from 238th slot in 2020.
Kubota Corporation’s acquisition of equity in Escorts is approved by CCI
Fairtrade regulator CCI on Wednesday approved the acquisition of certain additional equity in Escorts Ltd by Kubota Corporation. The transaction involves Kubota’s acquisition of certain additional equity shares of Escorts by way of preferential allotment and a mandatory tender offer in compliance with the Securities and Exchange Board of India’s norms, according to a statement. Kubota is an agriculture product manufacturer and offers various machinery. It also offers engineering, procurement and construction to maintenance, among others. Escorts is engaged in the business of manufacturing and sale of agri-machinery, construction equipment and railway equipment in India.
Adani Green Energy’s net profit increased by 20% to Rs 49 crore in the December quarter
Adani Green Energy on Wednesday posted a nearly 20% rise in its consolidated net profit to Rs 49 crore in the October-December quarter compared to the year-ago period mainly on the back of higher revenues. The company had reported a consolidated net profit of Rs 41 crore in the quarter ended on December 31, 2020, a BSE filing stated. The total income of the company rose to Rs 1,471 crore in the quarter from Rs 843 crore in the same period a year ago. Commenting on the results, Vineet S. Jain, MD & CEO, Adani Green Energy said in a statement, “The continued robust operational performance and improving the visibility of growth with firm PPAs performance and improving the visibility of growth with firm PPAs demonstrate that we are well on track to become the largest renewable player by 2030”.
According to BPCL, there will be no bidder visits in the third quarter, and the privatization may be delayed until the next fiscal year
Privatisation of India’s second-largest oil refiner BPCL may have been pushed back to the next fiscal year as no bidder visited the firm’s premises in the last quarter, a senior company official said on Wednesday. The government is selling its entire 52.98 per cent stake in BPCL for which three expressions of interest (EoIs), including one from billionaire Anil Agarwal-led Vedanta Group, have been received. Financial bids are yet to be called. At a conference call with analysts, BPCL Director-Finance V R K Gupta said the firm continues to update data for bidders in the fray for the government stake and is also replying to their queries. During the third quarter (October-December 2021) “no major events happened in terms of bidder visits to our company premises and the status quo is same,” he said. “We don’t have any significant role in the disinvestment process,” he said.
Bulk Deal data
PLUTUS WEALTH MANAGEMENT LLP bought 6,51,543 shares of AGS Transact Tech Ltd at Rs 160.10 per share on NSE.
KAUSHIL RAJEN SHAH sold 96,000 shares in Debock Industries Limited at Rs 128.75 per share on the NSE.
SHUBHAM FINANCIAL SERVICES bought 90,000 equity shares in Ajooni Biotech Limited at Rs 75.05 per share on the NSE, the bulk deals data showed.
VINEETA CHIRIPAL picked up 3,71,100 equity shares in Vishal Fabrics Limited at Rs 130.23 per share respectively on the NSE.
AG DYNAMIC FUNDS LIMITED sold 1,02,780 shares in HP Adhesives Limited at Rs 410.27 per share on the NSE.
DII and FII data
Foreign institutional investors (FIIs) sold shares worth a net Rs 183.60 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 425.96 crore in the Indian equity market on February 2, as per provisional data available on the NSE.
NSE F&O Ban
No security/stock has been put under the F&O ban for February 3. 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.
