Results on February 8: Grasim Industries, Life Insurance Corporation of India, Power Finance Corporation, Zomato, Biocon, Aarti Industries, Apollo Hospitals Enterprise, Aster DM Healthcare, Astrazeneca Pharma India, Balrampur Chini Mills, BEML, Concord Biotech, ESAF Small Finance Bank, Escorts Kubota, Hikal, Honeywell Automation, India Shelter Finance Corporation, ITD Cementation, JK Lakshmi Cement, NCC, Page Industries, Patanjali Foods, Rail Vikas Nigam, SKF India, Thermax, Torrent Power, and Zydus Wellness will release the December quarter earnings scorecard on February 8.
The benchmark Sensex and Nifty indices are likely to open on a higher note on February 8 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 26 points.
Equity benchmarks the Sensex and the Nifty ended February 7 flat after a choppy session, with the Nifty failing to defend the 22,000 mark despite opening above it. The indices squandered early gains as investors’ focus shifted to the Reserve Bank of India’s monetary policy decision to be announced on February 8.
The Sensex closed 34.09 points down at 72,152, while the Nifty close 1.1 points higher at 21,930.50. About 1,954 shares advanced, 1,314 declined and 63 were unchanged.
The pivot point calculator indicates that the Nifty is likely to take immediate support at 21,874 followed by 21,829 and 21,755 levels, while on the higher side, it may see immediate resistance at 21,948 followed by 22,067 and 22,141 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 26 points or 0.10 percent. The Nifty futures were trading around the 22,048.50 level.
Trade setup for today: Top 15 things to know before the opening bell
US Markets
Global equities climbed to a more than two-year peak and the S&P 500 closed at a record high on Wednesday, as strong earnings offset jitters related to U.S. regional banks and China’s markets.
Bonds yields rose as comments from Federal Reserve officials reaffirmed expectations that the central bank may not cut rates soon.
The U.S. dollar retreated and oil prices rose.
Asian Markets
Asian markets climbed across the board as investors look toward China’s inflation figures for and the Reserve Bank of India’s rate decision.
China’s consumer price index for January is expected to fall 0.5 percent year-on-year, while the Reserve Bank of India is forecast to hold rates at 6.5 percent.
According to a Moneycontrol poll, the RBI is likely to leave the key interest rates unchanged on February 8.
An overwhelming majority of the economists polled also said that the central bank would maintain the policy stance of withdrawal from accommodation in the meeting, thus largely continuing the policy approach taken in recent months.
ONGC inks JV pact with NTPC for renewable energy
India’s top oil producer ONGC and the nation’s biggest power firm NTPC on Wednesday signed a joint venture agreement to set up offshore wind energy projects as the two firms look to boost collaboration in renewable energy. The pact was signed during India Energy Week here.
“The JVA marks a pivotal collaboration aimed at spearheading renewable energy projects both within India and on the international stage,” Oil and Natural Gas Corporation (ONGC) said in a statement. “Specifically, the agreement encompasses ventures in offshore wind projects while also delving into potential opportunities in storage, e-mobility, carbon credits, green credits, green hydrogen business, and its derivatives such as green ammonia and green methanol.”
The joint venture agreement was signed by NTPC Green Energy Limited (NGEL) CEO Mohit Bhargava, and ONGC executive director Satish Kumar Dwivedi. The signing took place in the presence of ONGC chairman and CEO Arun Kumar Singh and NTPC Limited chairman and managing director Gurdeep Singh. In December, ONGC received the government nod to set up a new unit to house its gas business and clean energy projects like green hydrogen, as it looked to fast-track foray into new areas.
Mankind Pharma promoters to divest part stake to meet Sebi’s MPS norms
Mankind Pharma promoters Sheetal Arora, Arjun Juneja and Puja Juneja have decided to sell a combined stake of 1.62 percent in the firm to comply with the requirements of minimum public shareholding, according to an exchange disclosure by the company.
As per market regulator Sebi’s guidelines, all listed firms should maintain a minimum public shareholding of 25 per cent.
A block deal of around Rs 1,330 crores has been launched for the above divestment at a floor price of Rs 2,050 per share, sources told Moneycontrol on the condition of anonymity.
Kotak Mahindra Capital and IIFL Capital are acting as advisors on the proposed deal, they added. The Mankind Pharma stock has risen by nearly 20 per cent in the last six months. The company and the advisors could not be reached for an immediate comment.
Dollar oscillates on less dovish Fed comments; China inflation data awaited
The U.S. dollar was trading in a tight range on Thursday as traders digested less dovish remarks from policymakers overnight and looked ahead to fresh economic data from the United States.
The greenback slipped overnight after rising above its 100-day moving average on Monday and Tuesday for the first time since late November, propelled by Friday’s surging U.S. jobs data.
The dollar index, a measure of the U.S. currency against six major peers, was last hovering around 103.77.
Oil climbs on US fuel stocks draw, geopolitical tensions
Oil prices rose for a third consecutive day on Wednesday, boosted by a larger-than-expected fall in U.S. fuel stocks, and rising tensions in the Middle East.
Brent crude futures settled 62 cents higher, or 0.79 percent at $79.21 a barrel. U.S. West Texas Intermediate crude climbed 55 cents, or 0.75 percent to $73.86.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,691.02 crore, while domestic institutional investors (DIIs) purchased Rs 327.73 crore worth of stocks on February 7, provisional data from the NSE showed.
Stocks under F&O ban on NSE
The NSE has added Balrampur Chini Mills, Delta Corp, and SAIL to the F&O ban list for February 8, while retaining Ashok Leyland, 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
