Stock Market LIVE Updates: Wall Street gains, Asian markets trade higher; Tata Motors, Hero Moto in focus

Abbott India has registered a 26% on-year growth in net profit at Rs 311 crore for the quarter ended December FY24, backed by healthy operating numbers. Revenue from operations for the quarter grew by 8.7% to Rs 1,437 crore compared to same period last year.

Royal Enfield sold 76,187 motorcycles in January this year, rising 2% over 74,746 units sold in same month previous year. However, exports sales dropped 20% YoY to 5,631 motorcycles during the month.

Hero MotoCorp has recorded total sales at 4,33,598 unit in January 2024, rising 21.6% over a year-ago period, with domestic sales increasing 20.5% on-year to 4.2 lakh units and exports surging 74.6% to 12,664 units for the quarter.

: Indian indices opened on a positive note on February 2 with Nifty above 21,800.

The Sensex was up 576.04 points or 0.80 percent at 72,221.34, and the Nifty was up 172.50 points or 0.80 percent at 21,870. About 1928 shares advanced, 422 shares declined, and 73 shares unchanged.

Adani Ports, BPCL, ICICI Bank, Hero MotoCorp and SBI Life Insurance were among major gainers on the Nifty, while losers were Eicher Motors, L&T, Power Grid Corporation, Maruti Suzuki and Britannia Industries.

The benchmark Sensex and Nifty indices are likely to open on a positive note on February 2 as trends in the GIFT Nifty indicate a higher start for the broader index with a gain of 150 points.

Indian equity indices experienced minimal changes in a volatile session on February 1 after Finance Minister Nirmala Sitharaman presented the inline Interim Budget with no significant announcements. Analyzing the daily chart, Nifty traded sideways in the range of 21650 to 21850 levels on election day.

The support level is identified at 21650, and a substantial drop below this level may trigger a corrective phase in the market. Conversely, sustained trading above 21800 could pave the way for an upward movement, with the next resistance near the 22000 level.

Regarding the BankNifty index, it has consistently encountered resistance around the 46250 level in the past two days. If the price sustains above the 46500 level, it is likely to further rise to 47200 in the coming days. The overall trend in BankNifty is bullish.

Foreign institutional investors (FIIs) net sold shares worth Rs 1,879.58 crore, while domestic institutional investors (DIIs) purchased Rs 872.49 crore worth of stocks on February 1, according to provisional data from the NSE.

The non-event (interim budget) day ended marginally lower at 21,697.45. A small bearish candle was formed on the daily chart but the undertone remains bullish with the downside protected at 21,630 which is 21DMA support while the immediate resistance is placed at 21,810.

As per GIFT Nifty indication, Indian equities are likely to commence the day around its resistance level, while a decisive move above the same will push the Index further higher toward its next hurdle of 21,970.

In the case of BankNifty, strong support is placed at 45,690 while immediate resistance is 46,580 followed by 47,000.

The Auto counters will remain in focus (monthly sales numbers) while the PSU Banking segment continues to move on our expected lines which provides a cushion to remain bullish on the same.

Housing Finance stocks look promising as they were seen strengthening their uptrend and we have technical coverage on some stocks namely LIC Housing, Repco Home, and PNB Housing. From the Metal segment, we continue to hold our positive stance on HindCopper, NMDC, and SAIL.

The bull market at Dalal Street is thriving, fueled by positive developments such as Wall Street’s surge, a 3% drop in WTI Oil prices, and the promising Interim Union Budget. With a focus on sectors like consumption, defense, railways, hotels, services, and electronics, the goal of India’s USD 5 trillion economy is in sight.

Technical analyses suggest a potential FOMO-driven surge in Nifty to its all-time high, supported by favorable indicators. Bank Nifty outperformed, and stocks like SBI, BANK OF BARODA, and others show breakout potential.

The preferred trade suggests buying Nifty and Bank Nifty, with bullish sentiments on Indigo, State Bank Of India, Bank Of Baroda, Adani Enterprises, and RBL Bank. The top stock to buy is Indigo, with targets at 3100 and 3147, emphasizing a rebound play.

Indian rupee opened higher at 82.91 per dollar on Friday against Thursday’s close of 82.97.

Benchmark indices are trading firm in the pre-opening session.

The Sensex was up 232.74 points or 0.32 percent at 71,878.04, and the Nifty was up 15.30 points or 0.07 percent at 21,712.80.

-Outperform call, target Rs 1,243 per share

-Another strong quarter on all fronts, from volume to net income

-Management has revised their guidance upwards for FY24

-Global turmoil in red sea could impact near-term performance

-Capex for first 9MFY24 is at Rs 5,500 crore versus initial guidance of Rs 4,500 crore for full year