Market Today
The benchmark Sensex and Nifty indices are likely to open strong on February 7 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 114 points.
The benchmark indices recouped losses incurred in the previous session and ended in the green with Nifty above 21,900 on February 6. At close, the Sensex was up 454.67 points or 0.63 percent at 72,186.09, and the Nifty was up 157.70 points or 0.72 percent at 21,929.40.
The pivot point calculator indicates that the Nifty is likely to take immediate support at 21,791, followed by 21,741 and 21,659 levels, while on the higher side, it may see immediate resistance at 21,949, followed by 22,005 and 22,087 levels.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.
GIFT Nifty
Trends in the GIFT Nifty indicate a positive start for the broader index in India, with a gain of 114 points. The Nifty futures were trading around the 22118 level.
Trade setup for today: Top 15 things to know before the opening bell
US Markets
The S&P 500 closed slightly higher on Tuesday, as investors scrutinized a mixed bag of earnings at big U.S. companies and digested comments from Federal Reserve policy makers for clues about its first planned interest-rate cut.
The Dow Jones Industrial Average rose 141.24 points, or 0.37 percent, to 38,521.36. The S&P 500 climbed 11.42 points, or 0.23 percent, to 4,954.23 and the Nasdaq Composite gained 11.32 points, or 0.07 percent, to end at 15,609.00.
Asian Markets
Asian markets were trading higher on Wednesday morning with Kospi gains nearly 2 percent, while Nikkei trading marginally in the green.
Britannia Industries Q3 profit tanks 40% YoY to Rs 556 crore
Britannia Industries has recorded consolidated profit at Rs 555.66 crore for the quarter ended December FY24, falling sharply by 40.4 percent compared to year-ago period due to high base. In Q3FY23, the net profit included exceptional gains of Rs 375.6 crore. Revenue from operations grew by 1.4 percent YoY to Rs 4,256.3 crore for the quarter.
CCI approves acquisition of 70% stake in Kotak Mahindra General Insurance Company by Zurich Insurance Company
The Competition Commission of India (CCI) has approved acquisition of 70% stake in Kotak Mahindra General Insurance Company by Zurich Insurance Company. Zurich Insurance will acquire a 51 percent stake in Kotak Mahindra General Insurance Company through a combination of fresh growth capital and share purchase. In addition, Zurich Insurance will also acquire an additional stake of up to 19 percent in Kotak Mahindra General Insurance, over a period of time.
Dollar
The dollar slid against major currencies on Tuesday, a day after it rose to its highest level in almost three months, as strong economic data and a hawkish stance on interest rates by Federal Reserve officials bolster the U.S. currency.
The dollar index, which measures the US currency against six others, fell 0.24 percent to 104.19, after touching 104.60 on Monday, its highest since November 14.
Gold Prices
Gold firmed on Tuesday after a pullback in the US dollar and Treasury yields, while traders positioned for remarks from several Federal Reserve officials this week to gauge the likely pace of interest rate cuts this year.
Spot gold rose 0.6 percent to $2,035.89 per ounce, after hitting its lowest since Jan. 25 in the previous session. US gold futures settled 0.4 percent higher at $2051.4.
Crude
Brent and US crude futures initially climbed over $1 a barrel on Tuesday after the US Energy Department said crude oil production would grow less than forecast but then gave up some of the gains on talk of a possible lengthy cease-fire in the Gaza War.
Brent crude futures settled at $78.59 a barrel, up 60 cents, or 0.77 percent, while US West Texas Intermediate crude futures rose 53 cents, or 0.73 percent, to settle at $73.51.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 92.52 crore, while domestic institutional investors (DIIs) purchased Rs 1,096.26 crore worth of stocks on February 6, provisional data from the NSE showed.
Stocks under F&O ban on NSE
The NSE has added Ashok Leyland to the F&O ban list for February 7, while retaining Hindustan Copper, India Cements, Indus Towers, National Aluminium Company, UPL and Zee Entertainment Enterprises to the said list.
With inputs from Reuters and other agencies
