Market Today
The benchmark Sensex and Nifty are likely to open gap-down on February 14 as trends in the GIFT Nifty indicate a weak start for the broader index with a loss of 185 points.
Backed by favourable macroeconomic data, the Indian equity market on February 13 erased most of its losses in the previous session and ended higher with the Nifty above 21,700, led by banking stocks.
At close, the Sensex was up 482.70 points or 0.68 percent to 71,555.19, and the Nifty was up 127.30 points or 0.59 percent at 21,743.30.
The pivot point calculator indicates that the Nifty is likely to take immediate support at 21,599, followed by 21,546 and 21,461 levels, while on the higher side, it may see immediate resistance at 21,764, followed by 21,823 and 21,908 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 weak start for the broader index in India, with a loss of 185 points or 0.85 percent. The Nifty futures were trading around the 21,633 level.
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US Markets
Wall Street’s main indices tumbled on Tuesday after a higher-than-expected consumer inflation reading pushed back market expectations of imminent interest rate cuts, driving US Treasury yields higher.
The Dow Jones Industrial Average posted its biggest one-day percentage drop in nearly 11 months, after a Labor Department report showed US consumer prices increased above forecasts in January amid a surge in the cost of shelter.
The S&P 500 lost 68.14 points, or 1.37 percent, to end at 4,953.70 points, while the Nasdaq Composite lost 282.64 points, or 1.79 percent, to 15,659.91. The Dow Jones Industrial Average fell 522.05 points, or 1.36 percent, to 38,275.33.
Asian Markets
Asian markets were trading lower in the early trade on Wednesday with Nikkei down 0.7 percent and Kospi down 1.4 percent.
Zee Ent Q3 profit up 1.4x to Rs 58.5 crore, revenue increases 14.8%
Television broadcaster Zee Entertainment reported a 140 percent increase in profit at Rs 58.5 crore in the December quarter of FY24, up from Rs 24.32 crore during the same period a year ago.
The company reported a 15 percent increase in income at Rs 223 crore as against Rs 194 crore in Q3 FY23.
Zee which is reeling under the pressure of the terminated merger deal with Sony, saw a 52 percent drop in profits sequentially with the company reporting a profit of Rs 122.96 crore in Q2 FY24.
Zee reported advertising revenue of Rs 1027.4 crore, down 3.3 percent from Rs 1063.4 crore during the same period a year ago. Subscription revenue grew 3 percent year-on-year to Rs 921.3 crore from Rs 894.4 crore.
US consumer inflation cooled down in January, but less than expected
The first measure of inflation for 2024, the Consumer Price Index, showed that prices rose by 3.1 percent for the 12 months ended in January, according to Bureau of Labor Statistics data released Tuesday. That marks a step back from December’s 3.4 percent rate and a dramatic cooling from the 6.4 percent increase seen in January 2023.
On a monthly basis, CPI rose by 0.3 percent in January, with stubbornly high shelter costs accounting for two-thirds of the gain, according to the BLS. Consumers got a bit of relief from falling gas prices; however, food prices (which thankfully are no longer outpacing overall inflation) rose at the highest monthly rate in a year.
Moody’s revises ratings outlook on 4 Adani Group firms
Moody’s Investor Group on February 13 said it has changed the outlook on debt papers of four Adani Group companies to stable from negative, and maintained the stable outlook on the other four companies. It affirmed the ratings of all eight companies.
The companies for which rating outlook have been revised are Adani Green Energy Limited (AGEL), Adani Green Energy Restricted Group (AGEL RG-1), Adani Transmission Step-One Limited (ATSOL), and Adani Electricity Mumbai Limited (AEML)
Those for which rating outlook have been kept the same are Adani Green Energy Restricted Group (AGEL RG-2), Adani Energy Solutions Limited Restricted Group 1 (AESL RG1), Adani Ports and Special Economic Zone Limited (APSEZ) and Adani International Container Terminal Private Ltd (AICTPL).
The action comes after weeks of S&P upgrading credit outlook to ‘stable’ from ‘negative’ for Adani Ports and Adani Electricity.
US dollar gains after inflation data, hits 150 yen
The dollar turned higher on Tuesday, hitting 150 against the yen for the first time since November, after data showed U.S. inflation rose more than expected in January, reinforcing expectations that the Federal Reserve will hold interest rates in March.
The greenback surged to 150.34 yen, the highest since November. It was last up 0.6 percent at 150.305 yen. The dollar index turned positive after the data, and was last up 0.4 percent at 104.59.
Crude Oil
Oil prices settled higher on Tuesday as geopolitical tensions continued in the Middle East and eastern Europe, but gains were curtailed as investors reined in expectations for the US Federal Reserve interest rate cuts.
Brent futures settled 77 cents higher or 0.94 percent at $82.77 a barrel at 2:30pm EST (19:32 GMT). US West Texas Intermediate (WTI) crude settled 95 cents higher, or 1.24 percent, at $77.87 a barrel.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 376.32 crore, while domestic institutional investors (DIIs) purchased Rs 273.94 crore worth of stocks on February 13, provisional data from the NSE showed.
Stocks under F&O ban on NSE
The NSE has added National Aluminium Company to the F&O ban list for February 14, while retaining Aditya Birla Fashion & Retail, Ashok Leyland, Aurobindo Pharma, Balrampur Chini Mills, Bandhan Bank, Biocon, Delta Corp, India Cements, Indus Towers, Punjab National Bank, SAIL and Zee Entertainment Enterprises to the said list. However, Hindustan Copper was removed from the said list.
With inputs from Reuters and other agencies
