US equities ended higher despite mixed corporate earnings and slightly weaker-than-expected GDP data. European markets advanced as the ECB cut interest rates for the fifth time since June, citing easing inflation and sluggish eurozone growth. Asian markets opened on a mixed note, while GIFT Nifty indicates a flat start.
Domestically, Nifty’s Jan-Feb rollover stood at 81%, surpassing the three-month average of 76%. Nifty witnessed intraday volatility but closed higher for the third straight session, forming higher highs and higher lows ahead of the Union Budget. We maintain a cautious approach. Today, market participants will focus on the Economic Survey discussion at 11 AM. Markets will remain open on Budget Day (tomorrow).
Actionable:
Buy: BEL, SRF, IRFC
Global Markets
DOW: +168
GIFT NIFTY: +10 (Prev. Close: 23,425)
NIFTY 50: 23,249
SENSEX: 76,759
Institutional Flows
FII: -₹4,583 Cr
DII: +₹2,165 Cr
Market Breadth (BSE)
Advances: 2,138 | Declines: 1,812
Currency
Dollar: ₹86.62
Dollar Index: 108.13
Commodities
Gold: $2,797 per ounce
Crude Oil: $76.25 per barrel
Bonds
10-Year US Bond Yield: 4.53%
10-Year Indian Bond Yield: 6.74%
Derivatives
PCR: 0.75
VIX: 17.39
Earnings Today
Oil & Natural Gas Corp, IndusInd Bank, Sun Pharma, Nestle India, PNB, Bandhan Bank, UPL, Vedanta, Aster DM Healthcare, Cholamandalam Investment, City Union Bank, Equitas Small Finance Bank, Five-Star Business Finance, Flair Writing Industries, Godrej Agrovet, Inox Wind, IRB Infra, Jubilant Pharmova, Jyothy Labs, Karnataka Bank, LIC Housing Finance, Marico, Pfizer, Poonawalla Fincorp, Vishal Mega Mart.
Earnings Review
Above Estimates: Bharat Electronics, Bharti Airtel (Africa), Shree Cement, Adani Ports, Max Healthcare, Waaree Energies, Navin Fluorine, Kalyan Jewellers, Coromandel International, Strides Pharma, PB Fintech, Deep Industries, Moschip, UFO Moviez.
In-Line Estimates: Dabur India, Phoenix Mills, Dr Lal PathLabs, Bank of Baroda, Astral, Ajanta Pharma, Concor, Dodla Dairy, Pokarna, Aavas Financiers.
Below Estimates: L&T, GAIL, Jindal Steel & Power, Tata Consumer, Prestige Estates, Praj Industries, Adani Enterprises, Aditya Vision, Raymond Lifestyle, Welspun Living, Heidelberg Cement, Voltamp.
Market Updates
• Wipro: Selected by Etihad Airways to modernize its technology infrastructure, including migration of legacy systems and operational efficiency improvements.
• PNB Gilts: Indian government bonds will be included in the Bloomberg Emerging Market (EM) Index from Jan 31, 2025, boosting foreign inflows. FAR bonds will also be added to Bloomberg’s Emerging Market Local Currency Government Index.
• F&O Updates: NSE adds six new stocks to the F&O segment (Castrol India, Gland Pharma, NBCC, Phoenix Mills, Solar Industries, Torrent Power) effective Jan 31, 2025. Sixteen stocks will exit the segment on Feb 28, 2025.
• Securities in Ban: None.
Derivative Outlook
• Max Call OI: 25,000, followed by 24,000.
• Max Put OI: 23,000, followed by 22,500.
• Expected Trading Range: 22,900 – 23,700.
• Immediate Range: 23,000 – 23,500.
No comments: