On Tuesday, Indian equity indices were very volatile, bouncing between gains and losses but closing on a positive note. The top indices fell as a result of weakness across sectors, with utilities, power, capital goods, and real estate stocks being the major drags.

The Nifty50 has formed a small positive candle on the daily chart with a long lower shadow, suggesting the making of a bullish hammer or doji-type pattern, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

Buying appears to have emerged near the crucial lower support of the ascending trend line, around 17,000, which had offered a reasonable bounce around Union Budget 2022, he said.

Indian Indices

Sensex rose 187.39 points or 0.33% to 57,808.58 and the Nifty was up by 53.15 points or 0.31% to 17,266.75 in the previous session. Sensex touched high and low of 57,925.82 and 57,058.77, respectively. There were 19 stocks advancing against 11 stocks declining on the index while Nifty traded in a range of 17,306.45 and 17,043.65 and there were 28 stocks advancing against 22 stocks declining on the index.

Broader Indices

The broader indices ended in red with the BSE Midcap index falling 0.45%, while the Small cap index was down by 1.40%. The top gaining sectoral indices on the BSE were Metal up by 1.06%, Energy up by 0.94%, Bankex up by 0.16%, Auto up by 0.15% and Telecom up by 0.13%, while Utilities down by 2.82%, Power-down by 2.80%, Capital Goods down by 1.07%, Realty down by 0.84% and Industrials down by 0.80% were the top losing indices on BSE.

Support and Resistance levels

Key support levels for the Nifty are placed at 17,104.87, followed by 16,942.93. If the index moves up, the key resistance levels to watch out for are 17,367.57 and 17,468.34, according to pivot charts.

SGX Nifty

The trends on SGX Nifty indicate a positive opening for the index in India with a 27-points gain. The Nifty futures were trading at 17,305.50 on the Singaporean Exchange around 06:50 hours IST.

Asian Markets

Asian markets finished mixed. The Shanghai Composite gained 0.67% and the Nikkei 225 rose 0.13%. The Hang Seng lost 1.02%.

US Markets

The S&P 500 rose 37.67 points, or 0.8%, to 4,521.54.

The Dow Jones Industrial Average rose 371.65 points, or 1.1%, to 35,462.78.

The Nasdaq rose 178.79 points, or 1.3%, to 14,194.45.

The Russell 2000 index of smaller companies rose 32.77 points, or 1.6%, to 2,045.37.

European Markets

European markets finished mixed. The CAC 40 gained 0.27% and the DAX rose 0.24%. The FTSE 100 lost 0.08%.

Bharti Airtel has approved a debt-based raise of up to Rs 7,500 crore

Bharti Airtel’s board on Tuesday gave an enabling approval for raising up to Rs 7,500 crore through debt instruments. The board has also authorised the Special Committee of Directors to decide (based on market conditions) on all matters related to such issuance of securities, including finalisation and approval of terms and conditions, the quantum of the tranche, and the timing. In a regulatory filing, Airtel said the Board of Directors in its meeting on Tuesday reviewed the company’s routine financing and re-financing strategies, including any market maturities in due course. It has “granted enabling approvals for such re-financing vide debt instruments (as and when deemed appropriate) through the issuance of secured/ unsecured, listed/unlisted non-convertible debt securities including debentures, bonds etc. up to Rs 7,500 crores (or in equivalent foreign currency) in one or more tranches from time to time…subject to all applicable regulatory/ statutory approvals,” the company said.

Vedanta says it would not alter its corporate structure and declares a dividend of 30% of PAT

Vedanta Ltd on February 8 said it has dismissed the plans to rejig its corporate structure, after completing its reorganisation review. The company has arrived at the conclusion that its current structure is optimal, it informed the stock exchanges. The regulatory filing also noted that Vedanta would be distributing a minimum of 30% of the attributable profit after tax (excluding profits of HZL) as dividends. Notably, Vedanta had, in November last year, decided to undertake a review of the company’s corporate structure and evaluate a range of options, including demerger or spin-off of its existing businesses. Based on the inputs received from experts and advisors, the company has decided against adopting the above plans, it said.

Adani Wilmar surges 16.4% after tepid debut

Adani Wilmar made a weak debut on February 8 with the stock listing at a 4% discount to the issue price before rallying 7%. The stock opened at Rs 227 on the NSE and Rs 221 on the BSE against an issue price of Rs 230. After a subdued opening, the stock rallied 18% from the day’s low to Rs 267.90 apiece. It has surged 16.4% from the issue price of Rs 230. On the National Stock Exchange, Adani Wilmar (AWL) closed at Rs 267.35 against the opening price of Rs 230. The Rs 3,600 crore public issue had received a good response from investors as it was subscribed 17.3 times during January 27-31, 2022. The portion reserved for non-institutional investors was subscribed 56.30 times and the shareholders’ quota was booked 33.33 times. The portions kept for retail investors and qualified institutional buyers were subscribed 3.92 times and 5.73 times, respectively.

PTC India has been awarded contracts of Rs 10 crore

Power trading solutions provider PTC India on Tuesday said it has bagged new contracts worth Rs 10.08 crore under consulting services. As per the contracts, PTC will provide services to Madhya Pradesh Industrial Development Corporation (MPIDC). “PTC India has received Letter of Award for Operations & Management including allied activities for power distribution licence for electrical network situated in the area of Industrial Area of Madhya Pradesh Industrial Corporation located at Mohasa Babai in Hoshangabad district for a period of 3 years at a total value of Rs 10.08 crore,” PTC said in a statement. This is a unique project in India where services to an industrial area for distribution licensee were granted after following due regulatory process as per Electricity Act 2003 by SERC.

Crypto industry to move Centre, seeking revision of 30% levy on transactions

Days after the 2022 Union Budget proposed a 30% tax on the sale or purchase of virtual digital assets like cryptocurrencies, the Indian crypto industry plans to seek a revision of the rate from the government. Drafting a memorandum to that effect, the proposal, which will be headed by the Blockchain and Crypto Assets Council (BACC), will take into consideration the various implications of the new tax rules and their impact on the domestic crypto ecosystem and the economy at large. The Budget also mandated an additional 1% TDS to be levied on crypto transactions exceeding a certain limit with the intention of establishing a record trail. While such a virtual digital gift would be made taxable at the hands of the recipient, any losses incurred during the course of the transaction would not be eligible for a write-off against any other source of income. Except for deductions involving the cost of acquisitions, nothing else would be allowed.

Bulk Deal data

Shankar Sharma bought 7 lakh shares in Ishan Dyes and Chemicals Ltd. at Rs 121.71 per share and Standard Greases and Specialities purchased 1 lakh shares at Rs 123 per share, as per the BSE bulk deals data.

MITTAL RONAK bought 64,900 shares of Jet Freight Logistics Ltd Rs 76.50 per share on NSE.

RAMLAL KANWARLAL JAIN sold 3,96,251 shares in Compuage Infocom Ltd at Rs 37.41 per share on the NSE.

PARAM CAPITAL bought 1,25,000 equity shares in Shankara Bldg Product Ltd at Rs 583.27 per share on the NSE, the bulk deals data showed.

PUSHPENDER JAIN sold 2,14,000 shares in Dynamic Srvcs & Sec Ltd. at Rs 26.50 per share on the NSE.

DII and FII data

Foreign institutional investors (FIIs) sold shares worth a net Rs 1,967.89 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs Rs 1,115 crore in the Indian equity market on February 8, as per provisional data available on the NSE.

NSE F&O Ban

BHEL is under the F&O ban for February 9. 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.