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Closing Bell: Indian frontline indices S&amp;P BSE Sensex and NSE Nifty ended Monday in the red marking their seventh consecutive loss. While the Sensex ended at&nbsp;59,293.33, down by 170.6 points or 0.29 per cent the broader market Nifty50 settled at&nbsp;17,403.65, lower by&nbsp;62.15 points or 0.36 per cent. Banking gauge Nifty Bank finished at&nbsp;40,332.50, higher by&nbsp;423.10 points or 1.06 per cent.

In the 50-stock Nifty50, 17 stocks ended in the green with top gainers being ICICI Bank, Power Grid, Kotak Mahindra Bank, HDFC Life and State Bank of India (SBI). The top losers were Adani Enterprises, Bajaj Auto, UPL, Tata Steel and Infosys.&nbsp;&nbsp;&nbsp;

[[{"fid":"229263","view_mode":"default","type":"media","link_text":null,"attributes":{"height":439,"width":592,"class":"media-element file-default"}}]]Source: NSE

[[{"fid":"229264","view_mode":"default","type":"media","link_text":null,"attributes":{"height":435,"width":583,"class":"media-element file-default"}}]]Source: NSE

India VIX, a measure of volatility in Nifty was down 2.18 per cent at 13.88.

Out of 15 Nifty sectoral indices, 7 closed in the green against 8 in red. The top performing indices were Nifty Realty (+2.38 per cent), Nifty Bank&nbsp;(+ 1 per cent) and Nifty Private Bank (+ 0.78 per cent) while the worst performers were Nifty Media (-3.89 per cent), Nifty Metal&nbsp;(-2.39 per cent), Nifty IT (-1.95 per cent) and Nifty Auto (-1.51 per cent).

Selling pressure was witnessed even in the broader markets. Nifty Mid Cap 100 closed at 29,894.90, lower by 208.50 points or 0.69 per cent. In the 100-stock index, there were 28 advances, 71 declines while 1 remauned unchanged. The top gainers were Tube Investments of India, Emami, Canara Bank while the top losers were Tata Teleservices (Maharashtra), Adani Wilmar and Indian Bank.&nbsp;

The Nifty Small Cap 100 ended at 9,118.25, down by 103.55 points or 1.12 per cent. In the 100-stock index, 76 stocks declined. The top gainers were Chemplasts, IRB Infrastructure and Alok Industries while the top losers were PVR, Zensar Technologies and GNFC.

The rupee depreciated by 10 paise to close at 82.85 (provisional) against the US currency on Monday as a stronger dollar in the overseas market and a muted trend in domestic equities weighed on investor sentiments. At the interbank foreign exchange market, the rupee opened at 82.87 against the greenback and closed at 82.85 (provisional), registering a fall of 10 paise over its previous close of 82.75. 
During the session, the domestic unit witnessed an intra-day high of 82.82 and a low of 82.94 against the American dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally lower at 105.15.

Global oil benchmark Brent crude futures advanced 0.46 per cent to USD 83.54 per barrel.

The Indian rupee depreciated on weak domestic markets and a strong greenback. Surge in crude oil prices and FII outflows also weighed on rupee, said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas.

Dollar strengthened on concerns over higher interest rates for longer amid higher inflation and upbeat economic data from the US, Choudhary added.

"We expect the rupee to trade with a negative bias on risk aversion in global markets and positive greenback. Month-end Dollar demand from importers may weigh on Rupee. However, any intervention by the Reserve Bank of India may prevent sharp fall in Rupee," Choudhary said.&nbsp;

Inputs from PTI&nbsp;

Expert Take

"The Nifty opened on a weak note and witnessed volatile trading action throughout the day. It closed the day on a negative note for the seventh consecutive trading session. On the daily charts we can observe that the nifty has broken the support of the rising support trend line and&nbsp; also closed below it which is a sign of weakness. The Nifty is hovering around the 200-day moving average (17376) which is likely to provide cushion and attract interest from long term investors. The hourly momentum indicator has a positive divergence along with a positive crossover which indicates that selling pressure is weakening on the downside. After a continuous fall for seven trading sessions a pullback is possible, however it is unlikely to be a trend reversal. Overall, the downtrend is still intact and any bounce should be used as an opportunity to create fresh short positions. Today, Nifty has achieved our short-term target of 17350 and hence we are revising it downwards to 17200." --&nbsp;Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

In the 50-stock Nifty50, 17 stocks ended in the green with top gainers being ICICI Bank, Power Grid, Kotak Mahindra Bank, HDFC Life and State Bank of India (SBI). The top losers were Adani Enterprises, Bajaj Auto, UPL, Tata Steel and Infosys


Closing Bell: Sensex, Nifty record 7 successive loss on Monday; Adani Enterprises top loser

Food delivery services platform&nbsp;Zomato&nbsp;Limited&nbsp;has launched home-made food service ‘Everyday’ at just Rs 89. The company claims to be offering&nbsp;fresh home-style meals at affordable prices. On Wednesday, Founder and Chief Executive Officer Deepinder Goyal tweeted to inform about the launch.&nbsp;

“Introducing Zomato Everyday - experience the comfort of affordable homely meals delivered to your doorsteps. With menus designed by real home chefs, we hope this reminds you a little of your home,” the tweet said.&nbsp;

<blockquote class="twitter-tweet">
Introducing Zomato Everyday - experience the comfort of affordable homely meals delivered to your doorsteps. 
 
With menus designed by real home chefs, we hope this reminds you a little of your home.&nbsp; 
 
Read more here: <a href="https://t.co/y3FzSFBETE">https://t.co/y3FzSFBETE</a><a href="https://twitter.com/hashtag/ZomatoEveryday?src=hash&amp;ref_src=twsrc%5Etfw">#ZomatoEveryday</a>
— Deepinder Goyal (@deepigoyal) <a href="https://twitter.com/deepigoyal/status/1628274166863642626?ref_src=twsrc%5Etfw">February 22, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Zomato shares were trading at Rs 55.80 on the NSE at 12 pm and were up by Rs 0.85 or 1.55 per cent from the Monday closing price. This is the second successive gain for the stock since the launch of the service, couple of days back.&nbsp;

Zee Business’ Varun Dubey brings this report. &nbsp;

The service has been launched to offer people home-made food and the company has tied-up with chefs who provide home-cooked food. &nbsp;

People can visit Zomato app to avail of this service. The service is open between 8:30 am and 3:30 pm and is available only in Gurgaon as of now and not countrywide. The base price is just Rs 89 and the customers can customise the order as per their requirements. &nbsp;

The breakfast service will be available between 8:30 am and 11:30 am while the lunch will be available from 11:30 am to 3:30 pm.&nbsp;

Brokerage firm Morgan Stanley has given an ‘Overweight’ rating to the counter for a price target of Rs 82. It said that the service launch should be seen as an experiment which could be discontinued if it does not work. Meanwhile, Citi has put the target at Rs 76. &nbsp;

The research also pointed out that the experiment may increase its total addressable market but the profit pool could take a dent. The rationale is food available at cheaper prices.&nbsp;

People who have used this service in Gurgaon have said that the food is delivered within 10-15 minutes. &nbsp;

Zee Business Managing Editor said that the attempt is to institutionalize tiffin service and there is now an ecommerce platform for that.&nbsp;

<a href="https://www.linkedin.com/posts/zeebusiness_zomato-launches-home-made-food-service-everyday-activity-7034749443065163776-iKOE/?utm_source=share&amp;utm_medium=member_desktop">Watch Full Research Video Here</a>

Market Expert Ambareesh Baliga opines that the service may be successful as customers may continue ordering food from Zomato on a daily basis.&nbsp;

Market Expert Ambareesh Baliga opines that the service may be successful as customers may continue ordering food from Zomato on a daily basis.


Zomato shares rally on home-style food service launch; Morgan Stanley is Overweight, recommends buy

Closing Bell: Selling pressure&nbsp;in markets continued for the fourth straight session&nbsp;on Thursday as frontline indices S&amp;P BSE Sensex and NSE Nifty50 ended the February series in the red. While Sensex closed the day at&nbsp;59,605.80, down by 139.18 points or 0.23 per cent, the broader market Nifty50 settled at 17,511.25, down by&nbsp;43.05 points or 0.25 per cent. Banking gauge Nifty Bank mnaged a flat ending at 40,001.55, up by&nbsp;5.65 points or 0.01 per cent. Nine stocks advanced in the 12-share index.

In the 50-stock Nifty50, 24 stocks gained. The top gainers were Hindalco Industries, Coal India, Axis Bank, JSW Steel and Tata Motors while top losers were Asian Paints, Larsen &amp; Toubro, Titan, Divi's Laboratories and Indusind Bank.&nbsp;

[[{"fid":"228829","view_mode":"default","type":"media","link_text":null,"attributes":{"height":434,"width":586,"class":"media-element file-default"}}]]Source: NSE

[[{"fid":"228830","view_mode":"default","type":"media","link_text":null,"attributes":{"height":433,"width":583,"class":"media-element file-default"}}]]Source: NSE

India VIX, a measure of volatility in Nifty ended at&nbsp;15.08, down by&nbsp;3.28 per cent.&nbsp;

Out of 15 Nifty Sectoral indices, 11 finished in the red. The top performing indices were Nifty PSU Bank (+0.53 per cent), Nifty Metal (+0.35 per cent) and Nifty FMCG (+0.26 per cent) while the worst performers were Nifty Realty (-1.78 per cent), Nifty Media (-1.77 per cent) and Nifty Consumer Durables (-0.88 per cent).

Profit booking prevailed in the broader markets as well. The Nifty Mid Cap 100 ended at 30,165.65, up by&nbsp;45.35 points or&nbsp;0.15 per sent. In the 100-stock index, 53 gained while 47 declined. The top gainers were The Indian Hotels Company, Polycab India and Federal Bank while the biggest losers were Vodafone Idea, Adani Wilmar and JSW Energy. Meanwhile, the Nifty Small Cap 100 index ended 7 points or 0.08 per cent lower at&nbsp;9,237.65. The top gainers were Alok Industries, Bharat Dynamics and Zensar Technologies while the top losers were IRB Infrastructure, Indiabulls Housing Finance and Elgie Equipments.

Out of&nbsp;3,599 stocks that traded on the BSE,&nbsp;advances were seen in&nbsp;1,580, declines in&nbsp;1,862 while 157 stocks remained unchanged. 72 stocks hit their 52-week high while 278 hit their 52-week lows.

The rupee appreciated by 15 paise to close at 82.73 (provisional) against the US dollar on Thursday, tracking its regional peers and lower crude oil prices, PTI reported. Forex traders said a muted trend in domestic equities and foreign fund outflows weighed on investor sentiments and restricted the appreciation bias.&nbsp;During the trading session, the rupee touched a high of 82.71 and a low of 82.79 against the dollar, the report said.

"The Indian rupee appreciated after two days of downtick on stronger regional peers and lower crude oil prices. After last night's February FOMC minutes, the US yields strengthen while the dollar has been quite muted," said Dilip Parmar, Research Analyst, HDFC Securities. "In the near-term, we believe spot USDINR to consolidate between 82.50 to 83 but the directional trend remains bullish as long as it holds 81.70,"&nbsp;Parmar added.&nbsp;

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.02 per cent to 104.61.

Global oil benchmark Brent crude futures advanced 0.34 per cent to USD 80.87 per barrel, PTI reported.

Gold and Silver futures were trading muted. April Gold futures were trading at Rs 55,774 per 10 gram on the MCX, down by Rs&nbsp;309 or&nbsp;0.55 per cent while March Silver futures were trading at Rs 64,965 per, down by Rs 473 or&nbsp;0.72 per cent.

Expert Take

"The Nifty opened on a positive note, however as the day progressed it witnessed selling pressure and closed the day in the negative for the fifth consecutive day. On the daily charts we can observe that the Nifty has reached the daily lower Bollinger band and is also trading around a rising trendline support derived at by joining the previous two swing lows which makes a case for a pullback over the next few trading sessions. The hourly momentum indicator has a positive crossover which is a buy signal. Thus, a bounce is likely however it is just a counter trend rally and the bounce is likely to face resistance around the 17665 – 17740 where resistance in the form of the key hourly moving averages are placed. Overall, the trend continues to be negative, and, on the downside, we expect the Nifty to target levels of 17300 from short term perspective." --&nbsp;Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

Sensex closed the day at&nbsp;59,605.80, down by 139.18 points or 0.23 per cent, the broader market Nifty50 settled at&nbsp;17,511.25, down by&nbsp;43.05 points or 0.25 per cent


Closing Bell: Sensex, Nifty end February series in red; Hindalco top gainer while Asian Paints biggest laggard

Closing Bell: Indian frontline indices S&amp;P BSE Sensex and NSE Nifty50 witnessed rout on Wednesday marking their third consecutive loss this week. The market breadth was skewed in favour of bears ahead of the monthly expiry on Thursday. While Sensex slipped below 60,000 to settle at&nbsp;59,744.98, down by 927.74 points or 1.53 per cent while the broader market Nifty50 closed at 17,554.30, lower by&nbsp;272.40 points or 1.53 per cent. The banking gauge Nifty Bank finished at 39,995.90, down by&nbsp;677.70 points or 1.67 per cent. All 12 stocks closed in the red, today.

In the 50 stock Nifty50, 2 stocks advanced against 48 declines. The gainers were ITC and Bajaj Auto while the top losers were Adani Enterprises (-11 per cent), Adani Ports (-7.24 per cent), Grasim Industries, Bajaj Finance and JSW Steel.

India VIX, a measure of volatility in Nifty was up over 11 per cent from the previous closing as the index ended at 15.59.&nbsp;

[[{"fid":"228607","view_mode":"default","type":"media","link_text":null,"attributes":{"height":437,"width":598,"class":"media-element file-default"}}]]Source: NSE

[[{"fid":"228608","view_mode":"default","type":"media","link_text":null,"attributes":{"height":351,"width":584,"class":"media-element file-default"}}]]Source: NSE

All 15 Nifty sectoral indices closed the day in the red with Nifty Metal (-2.64 per cent), Nifty Media&nbsp;(-1.91 per cent) and Nifty PSU Bank&nbsp;(-1.93 per cent) among the worst performing indices.

Selling pressure was widespread in the broader markets as well. The Nifty Mid Cap index fell&nbsp;345.80 points or 1.13 per cent at 30,211.00.&nbsp;In the 100-stock index, 21 advanced, 78 declined while 1 remained unchanged. The top gainers were Linde India, Aurobindo Pharma and PB Fintech while top losers were Aditya Birla Faishon and Retail, Adani Wilmar and Astral Limited. Meanwhile Nifty Small Cap 100 ended at 9,244.80, lower by 106.65 points or 1.14 per cent. In the index which had 20 advances and 80 declines, the top gainers were IRB Infrastructure, Alok Industries and Cyient while the top losers were Justdial, Redington and IDBI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Rupee Vs Dollar: The rupee depreciated by 10 paise to settle at 82.89 (provisional) against the US dollar on Wednesday, as intense selling pressure in domestic equities and a strong greenback overseas dented the sentiment, PTI reported. However, a sharp decline in crude oil prices in the international market restricted the rupee's fall, forex traders said. At the interbank foreign exchange market, the rupee opened flat at 82.79, and it moved in a tight range of 82.89 to 82.79 during the session. It finally closed at 82.89 against the US dollar, registering a fall of 10 paise over its previous close of 82.79.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.12 per cent higher at 104.23 ahead of the release of the Federal Open Market Committee meeting minutes later in the day.

Bond yields in the US have shot higher this month on anticipation of a firmer action by the Federal Reserve in its efforts to stamp out inflation, this PTI report further said.

Jateen Trivedi, VP Research Analyst at LKP Securities said, "Rupee traded weak below 82.85 amid increasing bond prices in the US which have spiked above November 2022 rates. Keeping the hawkish view on rate hikes the participants keep increasing positions in safer dollars against risky assets. "Rupee weakness can be seen further below if RBI avoids intervention near 83.00."

Commodities

April Gold futures were also trading lackluster on MCX around 4:31 pm. They were down by Rs 47 or 0.08 per cent from the Tuesday closing price and were traing at&nbsp;Rs&nbsp;56121 per 10 gram. As for March Silver futures, prices were down by Rs 262 or 0.40 per kg at Rs 65,790.&nbsp;&nbsp;&nbsp; 
&nbsp;

[[{"fid":"228620","view_mode":"default","type":"media","attributes":{"height":499,"width":869,"class":"media-element file-default"},"link_text":null}]]Source: MCX 
 
Global oil benchmark Brent crude futures declined 1.48 per cent to USD 81.82 per barrel.

Expert Take

"The Nifty opened gap down and continued to witness selling pressure throughout the day to close deep in the red down ~272 points for the day. On the daily charts we can observe that the Nifty has closed decisively below the 61.82% fibonacci retracement level (17650) and is currently trading below the 40 week moving average (17594) which is a sign of weakness. The daily momentum indicator has triggered a negative crossover from the equilibrium line which is a sell signal. Thus, both price and momentum indicator is suggesting a further decline in the coming trading session. On the way down we expect Nifty to retest the recent swing low of 17350 which coincides with the 200 day simple moving average and the recent swing low it touched on the day of Budget. On the upside the hourly moving averages and the gap area formed today in the range 17775 - 17820 shall act as a stiff resistance." --&nbsp;Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

&nbsp;&nbsp;

In the 50 stock Nifty50, 2 stocks advanced against 48 declines. The gainers were ITC and Bajaj Auto while the top losers were Adani Enterprises (-11%), Adani Ports (-7.24%), Grasim Industries, Bajaj Finance and JSW Steel


Bears maul bulls as Sensex tanks over 900 points, Nifty plunges 250 points; rout in Adani Group stocks

Closing Bell: Indian frontline indices S&amp;P BSE Sensex and NSE Nifty50 ended negative for second consecutive&nbsp;day on Tuesday. Both Sensex and Nifty50 traded in a range with former moving within a 400-points range while latter in 120-points range. The 30-share Sensex ended at&nbsp;60,672.72, down by 18.82 points or 0.03 per cent while the broader market Nifty50 settled at&nbsp;17,826.70, down by 17.90 points or 0.1 per cent. Banking gauge Bank finished at Nifty 40,673.60,&nbsp;28.10 points 0.07 per cent.

In the 50-share Nifty50, 20 stocks gained while 30 declined. The top gainers were NTPC, Britannia Industies, Tata Steel, Reliance Industries and Power Grid while the top losers were Adani Enterprises, Apollo Hospitals, Coal India, Bajaj Auto and Tata Motors.&nbsp;

[[{"fid":"228401","view_mode":"default","type":"media","link_text":null,"attributes":{"height":438,"width":592,"class":"media-element file-default"}}]]Source: NSE&nbsp;&nbsp;&nbsp;

[[{"fid":"228402","view_mode":"default","type":"media","link_text":null,"attributes":{"height":431,"width":582,"class":"media-element file-default"}}]]Source: NSE

&nbsp;

India VIX, a measure of volatility in Nifty, was up 4.67 per cent at&nbsp;14.01.

Out of 15 Nifty sectoral indices, 12 ended in the red with Nifty PSU Bank (-1.79 per cent), Nifty Realty&nbsp;(-1.20 per cent) and Nifty IT (-0.88 per cent) ending up as worst performers. Nifty FMCG, Nifty Financial Services and Nifty Consumer Durables closing the day with minor gains.

Selling pressure was seen in broader markets as well. Nifty Mid Cap 100 ended at&nbsp;30,556.80, down by 110.10 points or 0.36 per cent. In the 100-stock index, 35 stocks advanced, 63 declined and 2 remained unchanged. The top gainers were IEX, PB Fintech and Tube Investments of India while the top losers were Tata Teleservices (Maharashtra), Bank of India and Prestige Estates. Nifty Small Cap 100 finished at 9,351.45, down by 33.75 points or 0.36 per cent. The top gainers were Zensar Technologies, IRB Infrasructure and NLC India while the losers were Alok Industries, Medplus Health Services and IIFL.

In the 50-share Nifty50, 20 stocks gained while 30 declined. The top gainers were NTPC, Britannia Industies, Tata Steel, Reliance Industries and Power Grid while the top losers were Adani Enterprises, Apollo Hospitals, Coal India, Bajaj Auto and Tata Motors


Closing Bell: Lackluster closing for Sensex, Nifty as profit booking weighs on D Street; Adani Enterprises top loser

Closing Bell: Indian frontline indices S&amp;P BSE Sensex&nbsp;and NSE Nifty50 began the week on a negative&nbsp;note. While the 30-stock Sensex ended the session at 60,691.54, down by 311.03 points or 0.51 per cent, the broader market Nifty50 settled down by 99.60 points or 0.56 per cent at 17,844.60. Banking gauge Nifty Bank finished at&nbsp;40,701.70, down by 430 points or over 1 per cent. Bandhan Bank was the sole gainer in the 12-share pack.

In the 50-share Nifty50, 20 stocks advanced while remaining 30 declined. The top gainers were Divi's Laboratories, UltraTech Cement, Tech Mahindra, Power Grid and Hindalco Industries while the top losers were Adani Enterprises, Cipla, Britannia Industries, BPCL and UPL.

[[{"fid":"228158","view_mode":"default","type":"media","link_text":null,"attributes":{"height":436,"width":593,"class":"media-element file-default"}}]]Source: NSE

[[{"fid":"228159","view_mode":"default","type":"media","link_text":null,"attributes":{"height":394,"width":585,"class":"media-element file-default"}}]]Source: NSE

&nbsp;

Markets traded amid high profit booking across sectors. Out of 15 Nifty sectoral indices, 13 declined with advances seen in Nifty IT&nbsp;(+0.56 per cent) and Nifty Auto (+0.28 per cent). The worst performers were banks &amp; financial services and energy stocks. Nifty Bank and Nifty PSU Bank ended down over 1 per cent while Nifty Oil &amp; Gas declined 1.14 per cent.&nbsp;&nbsp;&nbsp;

Zomato shares ended with 6 per cent gains while Nyka ended up over 3 per cent from the Friday closing price.&nbsp; &nbsp;

Broader markets witnessed stock specific action with Nifty Mid Cap 100 closing the day with minor gains. The 100-stock index ended at&nbsp;30,666.90, up by 24.85 points or 0.08 per cent. Gains were seen in 43 stocks while 57 declined. The top gainers were Yes Bank, Delhivery and Fortis while the top losers were Vodafone Idea, Tata Teleservices (Maharashtra) and Adani Wilmar.&nbsp;

Meanwhile, the 100-share Nifty Small Cap index closed at&nbsp;9,385.20, down by 32.35 points or 0.34 per cent. 35 stocks ended in the green, 64 in the red while 1 remained unchanged. The top gainers were Bharat Dynamics, Creditaccess Grameenand MapMyIndia while the top losers were Alok Industries, Borosil Renewables and Suzlon.&nbsp;

In the 50-share Nifty50, 20 stocks advanced while remaining 30 declined. The top gainers were Divi's Laboratories, UltraTech Cement, Tech Mahindra, Power Grid and Hindalco Industries while the top losers were Adani Enterprises, Cipla, Britannia Industries, BPCL and UPL


Closing Bell: Nifty slips 99 points, Sensex down by over 300 points as Reliance, HDFC play spoilsport

Stock Market on Friday, 10 February 2023: Indian frontline indices S&amp;P BSE Sensex and NSE Nifty50 will resume trading on Friday amid a host of local and global triggers. Zee Business has collated 10 factors that are likely to impact movement tomorrow.

Thursday Market Recap &nbsp;

Indian frontline indices <a href="http://zeebiz.com/market-news/news-closing-bell-sensex-ends-140-points-up-nifty-with-marginal-gains-as-adani-enterprises-adani-ports-shares-drag-markets-221451">S&amp;P BSE Sensex and NSE Nifty50</a> traded in a narrow range on Thursday. Sensex traded within a 400-point range and ended the session at 60,806.22, up 142.43 points or 0.23 per cent while the broader market Nifty50, which traded in 140 point range, closed at 17,893.45, higher by 21.75 points or 0.12 per cent. Banking gauge Nifty Bank traded lackluster, managing a positive closing on the day of weekly expiry. It ended at 41,554.30, up by 16.65 points or 0.04 per cent.

Market breadth was equally split in favour of advances and declines. In the 50-stock Nifty50, 25 ended in the red. The top gainers were Bajaj Finserv, Hindalco Industries, HDFC Life, Asian Paints and Indusind Bank while the top losers were Adani Enterprises, Adani Ports, Hero MotoCorp, Cipla and JSW Steel.

Top Triggers for Friday

1) US Markets: Domestic markets will take cues from US stock market closing on Thursday while keeping a track on Friday morning movement in Dow Futures when they resume trading. Singapore-listed SGX Nifty futures, an early indicator of movement in Nifty50 will also give indications on how Indian benchmark indices move.

Benchmark indices on Wall Street were trading with strength on better earnings by listed companies. Dow 30 was trading at 34,188.40, up 239.43 points or 0.71 per cent while S&amp;P 500 was up ny 29 points or 0.72 per cent at 4,147.64. Nasdaq Composite was 1 per cent or over 100 points higher at 12,029.40.

[[{"fid":"226482","view_mode":"default","type":"media","link_text":null,"attributes":{"height":289,"width":316,"class":"media-element file-default"}}]]&nbsp;Source: NSE

At the time of filing of the story Dow Futures were trading at 34,163.40, up by 214.40 points or 0.63 per cent. SGX Nifty was trading at 17,937.5, up by 7 points or 0.04 per cent.

2) Rupee Vs Dollar: The rupee pared initial losses and settled on a flat note at 82.54 (provisional) against the US dollar on Thursday, supported by a rebound in domestic equities. At the interbank foreign exchange market, the local unit opened at 82.59 against the American currency and touched a low of 82.66 and a high of 82.48 intra-day. It finally settled at 82.54 against the greenback, unchanged from its previous close.

The dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.36 per cent to 103.03.

"The Indian rupee depreciated against the US dollar amid fund outflows and risk-averse sentiments. However, the loss was limited following the state-run banks' dollar supply following inflows from the issuance of green bonds," said Dilip Parmar, Research Analyst, HDFC Securities. Parmar further noted that the sentiment for the local unit remains weak on the expectation of the dollar outflows from one of the big corporates for repaying debt. PTI

"Rupee continued to remain in a range of 82.50 to 82.66 as dollar index fell to 102.96 from a high of 103.57. Brent oil continued to remain in a small range at USD 85.35 per barrel. Asian currencies were slightly up against the dollar," Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP said.

"As markets remain in a range rupee looks to be in a small range of 82.30 to 82.90 with RBI possibly selling at one end. Oil companies and FPIs seem to be on the sidelines," Bhansali said.

[[{"fid":"226486","view_mode":"default","type":"media","link_text":null,"attributes":{"height":282,"width":309,"class":"media-element file-default"}}]]&nbsp;Source: Comex

3) Q3 Results 2023:&nbsp; Scores of listed companies announced their December quarter earnings on Thursday. Among them were <a href="https://www.zeebiz.com/market-news/news-irctc-q3-results-share-price-profit-revenue-margin-indian-railways-train-ticket-rate-221453">IRCTC</a>, <a href="https://www.zeebiz.com/companies/news-q3-results-2023-hpcl-voltas-suzlon-energy-iob-indian-overseas-bank-report-profit-voltas-declares-rs-110-crore-net-loss-nse-bse-stock-market-221480">HPCL, Voltas, Suzlon Energy, IOB</a>, Voltas, <a href="http://zeebiz.com/companies/news-q3-results-2023-natco-pharma-kalpataru-power-transmission-devyani-international-nse-bse-stock-market-221486">Natco Pharma, Kalpataru Power, Devyani International</a>, <a href="https://www.zeebiz.com/market-news/news-hindalco-industries-q3-results-2023-consolidated-net-profit-down-63-to-rs1362-crore-despite-jump-in-revenue-221441">Hindalco Industries</a>, <a href="https://www.zeebiz.com/companies/news-zomato-q3-results-2023-net-loss-widens-to-rs-3466-crore-from-rs-672-crore-in-q3fy22-221499">Zomato</a>&nbsp;and several others.

Several companies will announce their quarterly earnings on Friday. They include ABB, Abbott India, Alkem Lab, Apollo Hospitals, BHEL, Delhivery, Fortis, Indigo Paints, Inox Green, Naukri, OIL, PNC, PB Fintech, Wabag and others. In the Nifty50 pack, Mahindra &amp; Mahindra will declare its December quarter earnings.

4) Stocks in News: Kotak Mahindra Bank hikes interest rates of fixed deposits by up to 0.25 per cent; Pfizer names Meenakshi Nevatia as managing director; Icra said rate hikes will not impact NBFCs' collections and this could impact movement in these stocks; Lupin bags USFDA nod to market generic product in US market. Investors must keep a track of these stocks on Friday.

5) Stocks in Ban: Securities in Ban for trade on 10 February 2023: Ambuja Cements and Indiabulls Housing Finance.

6) FII / DII Action: Foreign institutional investors were net sellers on Thursday and sold equities worth Rs 144 crore while domestic institutional investors Rs 205.25 crore.

7) Bulk Deals: At least 9 companies witnessed bulk deal action today. Among them were Atul Auto, AKG Exim, Jet Freight Logistics, Stampede Capital and others.

8) Most Active Underlying

[[{"fid":"226489","view_mode":"default","type":"media","link_text":null,"attributes":{"height":481,"width":978,"class":"media-element file-default"}}]]Source: NSE

[[{"fid":"226490","view_mode":"default","type":"media","link_text":null,"attributes":{"height":483,"width":980,"class":"media-element file-default"}}]]&nbsp;Source: NSE

9)&nbsp;Anil Singhvi Strategy on Nifty, Bank Nifty: Zee Business Managing Editor said that Nifty has support at 17,750-17,800 while resistance at 17,975-18,025. As for Bank Nifty, support is seen at 41,100-41,250 while resistance at 41,950-42,075. Nifty will look to move towards 18,000 if global factors remain favourable, Singhvi said.

<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/BazaarAajAurKal?src=hash&amp;ref_src=twsrc%5Etfw">#BazaarAajAurKal</a> में देखिए आज के शेयर बाजार का लेखा-जोखा और कल के बाजार का अनुमान <a href="https://twitter.com/rainaswati?ref_src=twsrc%5Etfw">@rainaswati</a> | <a href="https://twitter.com/AnilSinghvi_?ref_src=twsrc%5Etfw">@AnilSinghvi_</a> <a href="https://t.co/iE0KIdukLF">https://t.co/iE0KIdukLF</a>
— Zee Business (@ZeeBusiness) <a href="https://twitter.com/ZeeBusiness/status/1623682460927262721?ref_src=twsrc%5Etfw">February 9, 2023</a></blockquote>
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10) Commodity Markets: Dollar movement will remain key to how commodity markets move tomorrow. MCX April futures were trading flat at the time of filing the story at Rs 57,213 per 10 gram, down by Rs 2 from the Wednesday closing price. Meanwhile, March Silver futures were trading at Rs 67,538 per kg, down by Rs 95 or 0.14 per cent. &nbsp;&nbsp;

[[{"fid":"226493","view_mode":"default","type":"media","link_text":null,"attributes":{"height":536,"width":877,"class":"media-element file-default"}}]]Source: MCX

Expert Take

"The Nifty witnessed range bound price action throughout the day and closed with marginal gains for the day. On the hourly charts we can observe that zone of 17790 –17820 where the key hourly moving averages are placed acted as a strong support zone and intraday the Nifty witnessed a sharp pullback from that support zone. On the way up the Nifty has managed to close above the 20-day moving average (17872) which is a sign of strength. The daily momentum indicator has a positive crossover which is a buy signal. Thus, both price and momentum indicator is suggesting further upside in the Index. On the upside the zone of 17972 – 18000 is immediate hurdle zone and once it is crossed we can upside a sharp upside. Until the zone of 17970 - 18000 is not taken out decisively we can expect the consolidation to continue. Range of consolidation from short term perspective is 17350 – 18000." -- Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

"The frontline index on the weekly expiry day witnessed a muted opening and registered an intraday low at 17779.80 in the initial 30 minutes candle. Nifty gradually inched higher as the day progressed and the buying aggression was witnessed after crossing the resistance around 17,850 levels. Nifty closed the day at 17,893.

Nifty on the daily chart has closed above its 21 EMA, which is a positive sign for the Indian markets in the short term. Technically, Nifty is gathering momentum, reviving bullish hopes for a test of near-term resistance at 18,000 levels. On the lower side, immediate support for the prices is placed at 17,650 levels. A successful closing above 18,000 will indulge a breakout in the index and which may lead the prices towards 18,200 – 18,250 levels." -- Rohan Patil, Technical Analyst, SAMCO Securities

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

Anil Singhvi Strategy on Nifty, Bank Nifty:&nbsp;Zee Business Managing Editor said that Nifty has support at 17,750-17,800 while resistance at 17,975-18,025. As for Bank Nifty, support is seen at 41,100-41,250 while resistance at 41,950-42,075


10 key things to know before markets open on Friday

Growth or equity oriented schemes witnessed nearly 72 per cent jump in net inflows at Rs 12,546.51 crore in January 2023 as against Rs 7,303.39 crore seen in December 2022. The inflows were recorded in 381 schemes according to a data released by Amfi. Meanwhile, Income or Debt Oriented schemes saw outflows of Rs 10,316.15 crore for January 2023.

The top performer was Small Cap Fund which received a net inflow of Rs 2,255.85 crore. It was followed by Large &amp; Mid Cap fund and Multi Cap fund with inflows at Rs 1,901.99 crore and Rs 1,773.02 crore, respectively.&nbsp;

[[{"fid":"226421","view_mode":"default","type":"media","link_text":null,"attributes":{"height":478,"width":850,"class":"media-element file-default"}}]]&nbsp;Source: Amfi

In the Debt fund category, the outliers were Money Market Fund and Ultra Short Duration Fund which saw inflow worth Rs 6,459.99 crore and Rs 1,765.14 crore, respectively. The worst performing schemes were Liquid Fund, Short Duration Fund and Overnight Fund with outflows worth Rs 5,041.68 crore, 3,858.73 core and 3,687.90 crore, respectively.

[[{"fid":"226424","view_mode":"default","type":"media","link_text":null,"attributes":{"height":478,"width":850,"class":"media-element file-default"}}]]Source: Amfi

Gold ETF Schemes which are a type of open ended schemes witnessed outflows worth Rs 199.43 crore during the month gone by.

Open ended funds are mutual fund schemes which are open for buying and selling at any time. There is no maturity period in such funds, which means that one can remain invested in the scheme for as long as he or she wants.

In the closed ended schemes, the equity oriented schemes saw outflows of Rs 74.92 crore while debt schemes saw inflows of Rs 583.09 crore.

A closed ended mutual fund scheme is where investments are locked-in for certain duration. The issue can be subscribed only at the time of NFO or new fund offer period. Redemption of units can be made only after the expiry of lock-in period.

During the month, 12 new mutual fund schemes were launched which mobilised funds worth Rs 3,571 crore.&nbsp;

[[{"fid":"226429","view_mode":"default","type":"media","link_text":null,"attributes":{"height":472,"width":990,"class":"media-element file-default"}}]]Source: Amfi

The Mutual Fund industry grew by 1 per cent on a monthly basis in Average Assets Under Management (AAUM) to 40.8 lakh crore in January 2023, Gautam Kalia, Senior Vice President and Head, Super Investor at Sharekhan by BNP Paribas said.

The Mutual Fund industry has grown by four times in less than a decade (the industry was 10 lakh crore in May 2014), he said.

“But as interest rates rise, gold prices continue higher and the equity market returns stagnate, there is a real concern that retail clients will lose patience and reallocate resources back to fixed deposits, real estate and gold. It will be interesting to see whether retail clients continue to stay invested and truly buy the long term wealth creation promise of Mutual Funds,” Kalia opined.

Top performer was Small Cap Fund which received a net inflow of Rs 2,255.85 crore. It was followed by Large &amp; Mid Cap fund and Multi Cap fund with inflows at Rs 1,901.99 crore and Rs 1,773.02 crore, respectively


At Rs 12,546 crore, January inflows up 72% MoM in equity mutual funds; debt sees outflows worth Rs 10,316 crore

Closing Bell: Indian frontline indices S&amp;P BSE Sensex and NSE Nifty50 traded in a narrow range on Thursday. Sensex traded within a 400-point range and ended the session at&nbsp;60,806.22, up 142.43 points or 0.23 per cent while the broader market Nifty50, which traded in 140 point range,&nbsp;closed at&nbsp;17,893.45, higher by&nbsp;21.75 points or 0.12 per cent. Banking gauge Nifty Bank traded lackluster, managing a positive closing on the day of weekly expiry. It ended at&nbsp;41,554.30, up by 16.65 points or 0.04 per cent.

Market breadth was equally split in favour of advances and declines. In the 50-stock Nifty50, 25 ended in the red. The top gainers were Bajaj Finserv, Hindalco Industries, HDFC Life, Asian Paints and Indusind Bank while the top losers were Adani Enterprises, Adani Ports, Hero MotoCorp, Cipla and JSW Steel.&nbsp;&nbsp;

[[{"fid":"226386","view_mode":"default","type":"media","link_text":null,"attributes":{"height":436,"width":581,"class":"media-element file-default"}}]]Source: NSE

[[{"fid":"226387","view_mode":"default","type":"media","link_text":null,"attributes":{"height":434,"width":594,"class":"media-element file-default"}}]]Source: NSE

India VIX, a measure of volatility in Nifty ended at 13.04, down 4.08 per cent.

Out of 15 Nifty sectoral indices, 9 were in the red. The top losers were Nifty Metal (-1.58 per cent), Nifty Realty (-0.58 per cent) and Nifty Auto (-0.50 per cent) while the top gainers were Nifty IT (+0.70&nbsp;per cent) and Nifty Media (+0.60 per cent).&nbsp;

There was stock specific action in the broader markets as well. The 100-stock Nifty Mid Cap 100 closed at&nbsp;30,956.65, up 12.65 points or 0.04 per cent. The top gainers were Trent, PB Fintech and Cummins India while the top losers were MRF, Gujarat State Petronet and Page Industries. 44 stocks ended up as winners, 54 as losers while 2 stocks remained unchanged. In the 100 stock Nifty Small Cap 100, 46 stocks gained while 54 declined as the iindex closed at 9,475.05, lower by 3.85 points or 0.04 per cent from the Wednesday closing. The top gainers were Campus Activewear, Route Mobile and Ease Trip Planners while the top losers were Carborundum Universal, JB Chemicals &amp; Pharmaceuticals and Radico Khaitan.&nbsp;&nbsp;

Metal major <a href="http://zeebiz.com/market-news/news-hindalco-industries-q3-results-2023-consolidated-net-profit-down-63-to-rs1362-crore-despite-jump-in-revenue-221441">Hindalco Industries</a> Limited reported a 63 per cent drop in its net profit for the quarter ended 31 December 2022. The earnings were announced during market hours.

Out of&nbsp;3,613 stocks that traded on the BSE today,&nbsp;adances were seen in&nbsp;1,700, declines in&nbsp;1,767 while 146 stocks remained unchanged.&nbsp;

The rupee pared initial losses and settled on a flat note at 82.54 (provisional) against the US dollar on Thursday, supported by a rebound in domestic equities. At the interbank foreign exchange market, the local unit opened at 82.59 against the American currency and touched a low of 82.66 and a high of 82.48 intra-day. It finally settled at 82.54 against the greenback, unchanged from its previous close.

The dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.36 per cent to 103.03.

"The Indian rupee depreciated against the US dollar amid fund outflows and risk-averse sentiments. However, the loss was limited following the state-run banks' dollar supply following inflows from the issuance of green bonds," said Dilip Parmar, Research Analyst, HDFC Securities. Parmar further noted that the sentiment for the local unit remains weak on the expectation of the dollar outflows from one of the big corporates for repaying debt. PTI

"Rupee continued to remain in a range of 82.50 to 82.66 as dollar index fell to 102.96 from a high of 103.57. Brent oil continued to remain in a small range at USD 85.35 per barrel. Asian currencies were slightly up against the dollar," Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP said.&nbsp;

"As markets remain in a range rupee looks to be in a small&nbsp; range of 82.30 to 82.90 with RBI possibly selling at one end. Oil companies and FPIs seem to be on the sidelines," Bhansali said.&nbsp;

Global oil benchmark Brent crude futures advanced 0.19 per cent to USD 85.25 per barrel.

In the commodities market, MCX April gold futures were trading positive and were up by Rs 113 or 0.20 from the Wednesday closing price at Rs 57,328 per 10 gram. March Silver futures were futures trading at Rs 67,727 per kg, up by Rs 94 or&nbsp;0.14 per cent.

Expert Take

"The Nifty witnessed rangebound price action throughout the day and closed with marginal gains for the day. On the hourly charts we can observe that zone of 17790 –17820 where the key hourly moving averages are placed acted as a strong support zone and intraday the Nifty witnessed a sharp pullback from that support zone. On the way up the Nifty has managed to close above the 20-day moving average (17872) which is a sign of strength. The daily momentum indicator has a positive crossover which is a&nbsp; buy signal. Thus, both price and momentum indicator is suggesting further upside in the Index. On the upside the zone of 17972 – 18000 is immediate hurdle zone and once it is crossed we can upside a sharp upside. Until the zone of 17970 - 18000 is&nbsp; not taken out decisively we can expect the consolidation to continue. Range of consolidation from short term perspective is 17350 – 18000." --&nbsp;Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

"The frontline index on the weekly expiry day witnessed a muted opening and registered an intraday low at 17779.80 in the initial 30 mins candle. Nifty gradually inched higher as the day progressed and the buying aggression was witnessed after crossing the resistance around 17,850 levels. Nifty closed the day at 17,893.

Nifty on the daily chart has closed above its 21 EMA, which is a positive sign for the Indian markets in the short term. Technically, Nifty is gathering momentum, reviving bullish hopes for a test of near-term resistance at 18,000 levels. On the lower side, immediate support for the prices is placed at 17,650 levels. A successful closing above 18,000 will indulge a breakout in the index and which may lead the prices towards 18,200 – 18,250 levels." --&nbsp;Rohan Patil, Technical Analyst, SAMCO Securities

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

Market breadth was equally split in favour of advances and declines.&nbsp;In the 50-stock Nifty50, 25 ended in the red. The top gainers were Bajaj Finserv, Hindalco Industries, HDFC Life, Asian Paints and&nbsp;Indusind Bank while the top losers were Adani Enterprises, Adani Ports, Hero MotoCorp, Cipla and JSW Steel


Closing Bell: Sensex ends 140 points up, Nifty with marginal gains as Adani Group stocks drag markets

Hindalco Industries Q3 Results 2023: Metal major Hindalco Industries Limited on Thursday reported a consolidated net profit of Rs1,362 crore for the quarter ended 31 December 2023, down 63 per cent year-on-year despite a 6 per cent YoY jump in Rs 53,151 crore.&nbsp; The results were announced during market hours.

Hindalco shares were trading at Rs&nbsp;445.40, up by Rs&nbsp;8.90 or 2.04 per cent.

Hindalco Q3 Results 2023 Highlights

-- Consolidated revenue at ₹53,151 crore, up 6% YoY ▪ Quarterly&nbsp;

-- Quarterly consolidated EBITDA at ₹3,930 crore, down 48% YoY

--&nbsp;Record total shipments of India primary aluminium at 349Kt (vs 345Kt) up 1% YoY

-- Aluminium Upstream EBITDA at ₹1,591 crore with EBITDA margins at 19.8%

-- Aluminium Downstream EBITDA at ₹157 crore, up 24% YoY; EBITDA per ton at $210, up 7% YoY

-- Quarterly Copper EBITDA at ₹546 crore, up 40% YoY; All-time high copper rod sales at 88 Kt, up 24% YoY

-- Novelis Adjusted EBITDA* at $341 million ($506 million) down 33% YoY

-- Consolidated Net Debt to EBITDA at 1.60x as of December 31, 2022 vs 1.62x as of December 31, 2021

-- Hindalco in S&amp;P Global Sustainability Yearbook 2023 for the second consecutive year

Metal major Hindalco Industries Limited on Thursday reported a&nbsp;consolidated net profit of Rs1,362 crore for the quarter ended 31 December 2023, down 63 per cent year-on-year despite a 6 per cent YoY jump in Rs 53,151 crore


Hindalco Industries Q3 Results 2023: Consolidated net profit down 63% to Rs 1,362 crore despite jump in revenue

SBI&nbsp;share target price:&nbsp;Investors are likely to earn Rs 171 per share on State Bank of India stock over the next 12 months, according to an Emkay report. The brokerage has raised SBI’s earnings for FY23E by 11 per cent and FY24E by 4 per cent on expectations of better margins, lower treasury drag, while estimating a 31 per cent upside in the stock. It expects the bank to report a decadal-high RoE (Return on Equity) of 17-17.5 per cent without equity dilution. &nbsp;

SBI shares today ended at Rs 550.85 on the NSE, up by Rs 1.10 or 0.20 per cent.&nbsp;

SBI&nbsp;share:&nbsp;Triggers&nbsp;

1) Q3 Results 2023: SBI reported its highest-ever quarterly Profit After Tax (PAT) in December quarter at Rs 142 billion on continued strong margin uptick and reversal of MTM provisions, partly offset by higher standard asset provisions, Emkay said in its report. Bank continues to guide for sustained healthy growth/margin and reduction in NPAs which should drive-up its RoA to 1 per cent in the medium term.&nbsp;

2)&nbsp;SBI reported its highest-ever quarterly Profit After Tax (PAT) in December quarter at Rs 142 billion on continued strong margin uptick and reversal of MTM provisions, partly offset by higher standard asset provisions, Emkay said in its report. Bank continues to guide for sustained healthy growth/margin and reduction in NPAs which should drive-up its RoA to 1 per cent in the medium term.

3)&nbsp;Bank continues to outpace the system credit growth at 19 per cent YoY and 4 per cent QoQ led by strong traction in retail/SME growth, while deposit growth lags, leading to higher LDR at 73 per cent. This, coupled with continued asset re-pricing, led to an 18bps QoQ jump in NIM to 3.5 per cent.&nbsp;

4)&nbsp;&nbsp;Management believes that the improving LDR (Loan To Deposit Ratio) and higher share of the MCLR book will continue supporting margins.

6)&nbsp;&nbsp;Bank has seen steady improvement in asset quality, with NNPA at &lt; 1 per cent, given the aggressive write-offs and provisioning policy.

7)&nbsp; &nbsp;Bank stated that its exposure to the Adani Group is at 0.9 per cent of loans (Rs 269 billion)/8.4 per cent of NW, but believes that the exposure is well collateralized and does not pose any immediate default risk.&nbsp;

SBI Share Price Movement&nbsp;

PSU Bank stocks including SBI are trading at corrected levels. The Nifty PSU Bank index has outperformed the broader market Nifty50 index over a 1-year period giving nearly 30 per cent returns according to data sourced from Trendlyne. However, it has underperformed Nifty50 over a 1-month period giving returns of negative 8.58 per cent as against 0.70 per cent returned by the 50-stock index during this period.&nbsp;

Meanwhile, SBI has outperformed Nifty50 by 3.5 percent in the 1-year period. The stock has corrected from lifetime highs of Rs&nbsp;629.55&nbsp;which the stock hit on 15 December 2022. The SBI share price is down 13 per cent.&nbsp;&nbsp;

The stock is trading at a Price to Book value of 1.74 which is above the industry median, Trendlyne says. The stock is volatile with a 1-year beta of 1.1. &nbsp;

Momentum indicator Relative Strength Index (RSI) stood at 40.1, while day's MFI stood at 33.7. A number below 30 is considered oversold and above 70 overbought.&nbsp;

[[{"fid":"226361","view_mode":"default","type":"media","link_text":null,"attributes":{"height":402,"width":868,"class":"media-element file-default"}}]]Source: NSE

SBI Share:&nbsp;Technical View&nbsp;

Analyst Nilesh Jain holds a positive view on this stock and recommends a 'Buy' in SBI. The stock has corrected from its highs and must be considered for buy on declines, Jain said. &nbsp;

Jain, who is Assistant Vice President - Lead Derivative and Technical Research at Centrum Broking puts a target between Rs 570 and Rs 590 with a stop loss of Rs 520. His view is for February series.

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

SBI reported its highest-ever quarterly Profit After Tax (PAT) in December quarter at Rs 142 billion on continued strong margin uptick and reversal of MTM provisions, partly offset by higher standard asset provisions, Emkay said in its report


SBI stock holds potential after 13% drop from life high, up to Rs 171 per share gain seen: Emkay

Stock Market on Thursday, 9 February 2023: Indian frontline indices <a href="http://zeebiz.com/market-news/news-closing-bell-sensex-hits-triple-ton-nifty-up-150-points-as-rbi-repo-rate-hike-on-expected-lines-adani-enterprises-adani-ports-bharti-airtel-rupee-221229">S&amp;P BSE Sensex and NSE Nifty 50</a> responded positively to the Reserve Bank of India monetary policy on Wednesday where the Indian Central Bank increased repo rate by 25 bps, it’s sixth since May 2022. When markets reopen on Thursday for trading, they will take cues from a host of global and local triggers. Zee Business has collated 10 factors that may have a bearing on the movement of benchmark indices.

Wednesday Market Recap

The markets opened positive and build-on the leads as the session progressed. The monetary policy announcements by Reserve Bank of India's Governor Shaktikanta Das were in line with the street's expectations. While Sensex ended at 60,663.79, up by 377.75 points or 0.63 per cent from the Tuesday closing, the broader market Nifty50 closed with 150.20 points or 0.85 per cent gains at 17,871.70. Banking gauge Nifty Bank finished at 41,537.65, up by 46.70 points or 0.11 per cent.

In the 50-stock Nifty50, 38 stocks gained while 12 declined. The top gainers were Adani Enterprises, Adani Ports, HDFC Life, SBI Life and Bajaj Finance while the top losers were Larsen &amp; Toubro, Eicher Motors, Bharti Airtel, Hero MotoCorp and Axis Bank.

Top Triggers

1) US Markets: Federal Reserve Chair Jerome Powell’s exhortation that it would take a while for the US Central Bank to tame inflation did not go down well with the Wall Street. At the time of filing this story all three major indices were trading in the red. Dow 30 was trading at 34,047.80, down by 108.91 points or 0.32 per cent while S&amp;P 500 was down by 33.32&nbsp; points or 0.80 per cent at 4,130.68. Nasdaq Composite was lower by 155.60 points or 1.28 per cent at 11,958.20.

When markets resume trading tomorrow, they will take their cues from Wednesday’s closing of the US markets and Dow Futures status on Thursday. They were trading at 34,046.50, down 110.20 points or 0.32 per cent.

Investors must also watch out for the movement in Singapore-listed SGX Nifty on Thursday, an early indicator of momentum in the 50-stock Nifty50. They were trading at Rs 17,855, down by 35 points or 0.20 per cent.

[[{"fid":"226249","view_mode":"default","type":"media","link_text":null,"attributes":{"height":299,"width":318,"class":"media-element file-default"}}]]&nbsp;Source: Comex

2) Rupee Vs Dollar: The rupee appreciated 19 paise to close at 82.51 (provisional) against the US dollar on Wednesday after the Reserve Bank of India (RBI) hiked the repo rate by 25 basis points. A rally in the domestic equity markets and weakness in the greenback against major crosses overseas also supported the rupee, forex traders said. However, surging crude prices in the international market and persistent foreign fund outflows restricted the appreciation bias in the local unit, they added. At the interbank foreign exchange market, the local unit opened strong at 82.67 and touched an intra-day high of 82.47 and a low of 82.72 against the greenback. It finally settled at 82.51, up 19 paise over its previous close of 82.70. PTI

"The RBI remained hawkish in its inflation outlook and increased the repo rate by 25 bps. They did not give any guidance on future rate hikes as they wanted to be cautious&nbsp; in the uncertain world," Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP said.

"Rupee remained in a range of 82.5550/82.7350 even after the monetary policy as RBI Governor said that the currency was very resilient and not much volatile as compared to other currencies. Low volumes seems to be governing the currency at the moment and we expect it to remain in a range of 82.30 to 83.00 for tomorrow," Bhansali said.

[[{"fid":"226250","view_mode":"default","type":"media","link_text":null,"attributes":{"height":295,"width":308,"class":"media-element file-default"}}]]&nbsp;Source: Comex

3) Q3 Results 2023: <a href="https://www.zeebiz.com/companies-news/news-q3-results-2023-samvardhana-motherson-pennar-industries-escorts-kubota-symphony-declare-december-quarter-results-221314">Samvardhana Motherson, Pennar, Escorts Kubota, Symphony</a>, <a href="https://www.zeebiz.com/companies/news-q3-results-2023-skf-india-net-jumps-31-trent-pat-at-rs-15481-crore-shree-cement-profit-falls-41-nse-bse-stock-market-221311">SKF India, Trent, Shree Cement</a>, NHPC, Adani Power and many other listed companies announced their December quarter results on Wednesday. Expect stock specific action in these companies.

Scores of companies will announce their October-December quarter earnings on Thursday. Among them were Indian Overseas Bank (IOB), IRCTC, Jet Airways, KIMS, MRF, PFizer, Sapphire, Naukri and others. In the Nifty50 pack, Mahindra &amp; Mahindra will post its quarterly earnings.&nbsp;&nbsp;&nbsp;&nbsp;

4) Stocks in News: Cummins India announced Rs 12 dividend on Wednesday; IRCON International announces dividend of Rs 1.80 per share; Indian Bank revises repo linked benchmark rates by 25bps; RBL Bank approves re-appointment of Rajeev Ahuja as Executive Director for 3 years.

5) Stocks in Ban:&nbsp;Securities in Ban for trade on 9 February 2023:&nbsp;Ambuja Cements, Indiabulls Housing Finance

6) Bulk Deals: Over a dozen companies witnessed bulk deal action on Wednesday. Among them were&nbsp;Tracxn Technologies, SVP Global Textiles, TruCap Finance, Jet Freight Logistics, AKG Exim and others. Investors must keep a track on these stocks when markets open tomorrow.

8) FII / DII Action: Foreign institutional investors were net sellers of Indian equities at Rs 736.82 crore on Wednesday while domestic institutional investors were net buyers at Rs 941.16&nbsp;crore.

9) Anil Singhvi Strategy on Nifty, Bank Nifty:&nbsp;Nifty will have support at 17,700-17,750 while resistance at 18,000-18.025. Bank Nifty has support at 41,274-41,400 while resistance is seen at 41,825-41,950. The banking gauge will find new momentum if it settles above 42,000.

<blockquote class="twitter-tweet">
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10) Tomorrow is also a day of weekly expiry so markets could trade in a range bound manner.&nbsp;&nbsp;

11) Commodity Markets: Central banks added a whopping 1,136 tonnes of gold worth some $70 billion to their stockpiles in 2022, by far the most of any year in records going back to 1950, the World Gold Council (WGC) said on Tuesday.&nbsp; The central bank purchases took total gold global gold demand last year to 4,741 tonnes, up 18% from 2021 and the highest for any year since 2011. Commodity analyst Anuj Guta said that this was positive for Gold. Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities recommends a buy on April Gold Futures at Rs 57,000 per gram with a stop loss of Rs 56,720 and price target of Rs 57,500. As for March Sliver futures, buying is recommended at Rs 67,000 per kg with a stop loss of 66,450 and target of Rs 68,000.&nbsp;

MCX Snapshot

[[{"fid":"226248","view_mode":"default","type":"media","link_text":null,"attributes":{"height":543,"width":866,"class":"media-element file-default"}}]]&nbsp;Source: MCX

Expert Take

“NIFTY made a strong attempt on Wednesday to move above its consolidation zone and was partially successful in doing so. On the lower time frame (60 mins), prices have witnessed a triangle pattern breakout and have closed above the upper band of the pattern.

On the daily scale, the index is trading within the falling channel pattern and is hovering near its 9 &amp; 21 EMA, which is placed at 17,785 &amp; 17, 868 levels respectively. Nifty is still moving within the big budget-day candle from the past five trading sessions.

Technically, Nifty is gathering momentum, reviving bullish hopes, for a test of near-term resistance at 18,000 levels. On the lower side, immediate support for the prices is placed at 17,650 levels." --&nbsp;Rohan Patil, Technical Analyst, SAMCO Securities

"This morning the global set up was slightly pleasant, and in line with this, our markets started the session on a positive note. The strength continued ahead of the RBI's monetary policy, and since the outcome was very much in line with consensus (rate hike by 25 bps), we witnessed a consolidation thereafter. The buying resumed towards the latter part of the session to eventually conclude with over eight tenths of a percent gains tad above the 17850 mark.

In the last couple of sessions, the benchmark index remained sideways, and today, for the entire session, broad-based buying was clearly visible. This is what we had alluded in our previous commentary that the consolidation is probably a breather and market is likely to make an attempt in the upward direction. However, the banking space remained muted, and barring ICICI Bank, no other banking counter participated in today’s move. Hence, if we have to surpass the sturdy wall of 17900–18000, the banking heavyweights should contribute convincingly. Above which, the market will come out of the recent congestion zone, and we may see good broad-based participation thereafter. On the flipside, 17800 followed by 17700 should now be considered as immediate supports. The remaining two sessions of the week would be quite crucial as it is likely to dictate the near-term direction for our market."&nbsp;-- Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

&nbsp;Anil Singhvi Strategy on Nifty, Bank Nifty:&nbsp;Nifty will have support at 17,700-17,750 while resistance at 18,000-18.025. Bank Nifty has support at 41,274-41,400 while resistance is seen at 41,825-41,950. The banking gauge will find new momentum if it settles above 42,000


Weekly expiry, Q3 Results, global market action among triggers that may impact Sensex, Nifty on Thursday

Q3 Results 2023: More companies reported their December quarter earnings on Wednesday. Among them were Samvardhana Motherson International which reported a profit of Rs 500.73 crore in December quarter while&nbsp;Pennar Industries' PAT was up 97.2 per cent during the reporting quarter at Rs 21 crore.&nbsp;Meanwhile, Escorts Kubota posted 6 per cent decline in Q3 profit to Rs 180.8 crore.

Samvardhana Motherson International Q3 Results 2023: profit stood at Rs 500.73 crore in December&nbsp; quarter

Auto components maker Samvardhana Motherson International Ltd on Wednesday reported a consolidated net profit from continuing operations at Rs 500.73 crore in the December quarter.

The company had posted a consolidated net profit from continuing operations of Rs 225.95 crore in the year-ago period, Samvardhana Motherson International Ltd (SAMIL) said in a regulatory filing.

Consolidated total revenue from continuing operations stood at Rs 20,226.21 crore. It was at Rs 16,117.51 crore a year ago, it added.

Total expenses were at Rs 19,615.35 crore as against Rs 15,903.78 crore in the year-ago period.

The company said the results for the current quarter are not fully comparable with those for the earlier period due to the impact of a scheme, which included the demerger of the domestic wiring harness business.

"These results demonstrate strong fundamentals of the company and continued focus on operational efficiencies," Motherson Chairman Vivek Chaand Sehgal said.

Further, he said, "With further improvement expected in business environment, we are poised to deliver greater value to our stakeholders."

Pennar Industries Q3 Results 2023: PAT up 97.2% at Rs 21 crore in Q3

Pennar Industries Ltd (PIL), on Wednesday said its consolidated profit after tax for the quarter ended December 31 was up by 97.2 per cent at Rs 21.12 crore compared to Rs 10.71 crore in Q3 FY22.

The city-based value-added engineering products and solutions company said net revenues during the quarter stood at Rs 692.22 crore up 29.9 per cent compared to Rs 532.97 crore in Q3 FY22.

For the first nine months period in the current fiscal, the company booked Rs 51.6 crore PAT on Rs 2,226.2 crore net revenue.

Escorts Kubota Q3 Results 2023: posts 6% decline in Q3 profit to Rs 180.8 crore

Farm and construction equipment manufacturer Escorts Kubota Ltd on Wednesday posted a 6.7 per cent decline in consolidated net profit to Rs 180.8 crore in the third quarter ended December 31, 2022.

The company had posted a consolidated net profit of Rs 193.71 crore in the same period last fiscal, Escorts Kubota Ltd said in a regulatory filing.

Consolidated revenue from operations during the quarter under review stood at Rs 2,291.35 crore as against Rs 1,998.29 crore in the year-ago period, it added.

Total expenses were higher at Rs 2,141.47 crore, up from Rs 1,756.7 crore in the corresponding quarter a year ago.

During the quarter the company sold 28,025 units, up 10.7 per cent from 25,325 units in the year-ago period. The agri segment revenue rose 12.4 per cent at Rs 1,708 crore as compared to Rs 1,519.3 crore in the same period last fiscal.

Construction equipment sales volume were at 1,209 machines, up 5 per cent as against 1,151 machines in the same period a year ago, with the segment posting revenue of Rs 306.1 crore, up 10.7 per cent year-on-year.

The railway products division had revenue of Rs 249.3 crore at a growth of 43.4 per cent from Rs 173.9 crore in the year-ago period, the company said.

Escorts Kubota Chairman and Managing Director Nikhil Nanda said, "There has been positive and continuous growth across businesses and we feel government spending on core sectors will favour demand across industry segments."

In the agri segment, he said rural sentiments continue to remain favourable owing to improved rabi sowing assisted by good monsoon this year.

On the outlook, Nanda said, "While inflation impact on margin may take some time to normalise, the overall macroeconomic factors remain favourable for overall economic growth."

Symphony Q3 Results 2023: profit rises 86 per cent to Rs 39 crore

Air cooler and appliances maker Symphony on Wednesday reported 85.71 per cent jump in consolidated net profit at Rs 39 crore for the third quarter ended December 2022.

The company had logged a net profit of Rs 21 crore in October-December period a year ago, Symphony said in a regulatory filing.

Revenue from operations rose 35.12 per cent to Rs 277 crore during the quarter under review against Rs 205 crore in the year-ago period.

This was led by robust off-season sales and quite positive and buoyant trade sentiment during the quarter, Symphony said in its earnings statement.

The company's revenue from the Indian market was at Rs 198 crore, while the global markets contributed Rs 79 crore.

Total expenses in the quarter were Rs 243 crore, up 32.06 per cent as compared to the year-ago period.

Symphony also said its board, in a meeting held on Wednesday, approved a share buyback of Rs 200 crore, buying back up to 10,00,000 equity shares at Rs 2,000 per scrip, subject to shareholders' approval.

Symphony Ltd stock on Wednesday settled at Rs 1,047, up 8.47 per cent, on the BSE.

Auto components maker Samvardhana Motherson International Ltd on Wednesday reported a consolidated net profit from continuing operations at Rs 500.73 crore in the December quarter


Q3 Results 2023: Samvardhana Motherson, Pennar, Escorts Kubota, Symphony declare December quarter results - HIGHLIGHTS

Closing Bell: Indian frontline indices <a href="https://www.zeebiz.com/market-news/live-updates-sensex-nifty-live-india-stock-market-rbi-anil-singhvi-view-rbi-mpc-repo-rate-home-loan-emi-interest-bharti-airtel-hero-motocorp-q3-results-trent-shree-fed-jerome-powell-221070">S&amp;P BSE Sensex and Nifty50</a> ended with gains on Wednesday. The markets opened positive and build-on the leads as the session progressed. The monetary policy announcements by Reserve Bank of India's Governor Shaktikanta Das were in line with the street's expectations. While Sensex ended at 60,663.79, up by&nbsp;377.75 points or 0.63 per cent from the Tuesday closing, the broader market Nifty50 closed with 150.20 points or 0.85 per cent gains at 17,871.70. Banking gauge Nifty Bank finished at&nbsp;41,537.65, up by 46.70 points or 0.11 per cent.&nbsp;

In the 50-stock Nifty50, 38 stocks gained while 12 declined. The top gainers were Adani Enterprises, Adani Ports, HDFC Life, SBI Life and Bajaj Finance while the top losers were Larsen &amp; Toubro, Eicher Motors, Bharti Airtel, Hero MotoCorp and Axis Bank.

[[{"fid":"226145","view_mode":"default","type":"media","link_text":null,"attributes":{"height":433,"width":590,"class":"media-element file-default"}}]]Source: NSE

[[{"fid":"226146","view_mode":"default","type":"media","link_text":null,"attributes":{"height":438,"width":596,"class":"media-element file-default"}}]]Source: NSE

India VIX, a measure of volatility in Nifty stood at 13.60, down by 3.75 per cent.

The market breadth was largely in favour of the bulls. All 15 Nifty sectoral indices ended in the green. However, the top performers were Nifty Metal (+3.78 per cent), Nifty IT (+1.53 per cent) and Nifty Pharma (+1.36 per cent).

Broader market moved in tandem with the benchmark indices. Nifty Mid Cap 100 ended at 30,944, higher by 280.20 points or&nbsp;0.91 per cent. In the 100-stock index, 66 were gainers, 31 declined while 3 remained unchanged. The top gainers were Aurobindo Pharma, PB Fintech and Max Financial Services while the top losers were Tata Teleservices (Maharashtra), ICICI Securities and Astral. While the Nifty Small Cap 100 closed at&nbsp;9,478.90, up by 79.25 points or 0.84 per cent. 69 stocks gained, 30 declined while 1 remained unchanged. The top gainers were Elgie Equipments, Credit Access Grameen and Intellect Design while the top losers were Bharat Dynamics, KEI Industries and Welspun Industries.

Newage stocks like <a href="https://www.zeebiz.com/market-news/news-paytm-share-price-bse-nse-target-history-one97-communications-vijay-shekhar-sharma-macquarie-rating-upgrade-paytm-q3-results-profit-revenue-221165">Paytm</a> and <a href="https://www.zeebiz.com/market-news/news-zomato-share-price-nse-bse-target-history-news-zomato-q3-results-profit-loss-revenue-gross-over-value-blinkit-order-deepinder-goyal-221225">Zomato</a> gained tracking the overall movement in the markets. One 97 Communications shares gained&nbsp;15.53 per cent or by Rs 91 at Rs 680 while Zomato closed at Rs 53, higher by Rs 4.45 or 9.02 per cent.

Out of&nbsp;3,631 stocks listed on the BSE, 1,994 advanced,&nbsp;1,492 declined while 145 remained unchanged. 75 stocks hit 52-week highs while 141 hit their 52-week lows.

The rupee appreciated 19 paise to close at 82.51 (provisional) against the US dollar on Wednesday after the Reserve Bank of India (RBI) hiked the repo rate by 25 basis points. A rally in the domestic equity markets and weakness in the greenback against major crosses overseas also supported the rupee, forex traders said. However, surging crude prices in the international market and persistent foreign fund outflows restricted the appreciation bias in the local unit, they added. At the interbank foreign exchange market, the local unit opened strong at 82.67 and touched an intra-day high of 82.47 and a low of 82.72 against the greenback. It finally settled at 82.51, up 19 paise over its previous close of 82.70. PTI

"The RBI remained hawkish in its inflation outlook and increased the repo rate by 25 bps. They did not give any guidance on future rate hikes as they wanted to be cautious&nbsp; in the uncertain world," Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP said.&nbsp;

"Rupee remained in a range of 82.5550/82.7350 even after the monetary policy as RBI Governor&nbsp; said that the currency&nbsp; was very resilient and not much volatile as compared to other currencies. Low volumes seems to be governing the currency at the moment&nbsp; and we expect it to remain in a range of 82.30 to 83.00 for tomorrow," Bhansali said.

Commodity Markets

MCX April Gold futures were trading at Rs 57,280, up by Rs 23 or 0.04 per cent at the time of filing the story while March Silver futures were trading at Rs 67,674 per kg, up by Rs 145 points or&nbsp;0.21 per cent.

[[{"fid":"226159","view_mode":"default","type":"media","link_text":null,"attributes":{"height":512,"width":861,"class":"media-element file-default"}}]]&nbsp;Source: MCX

Expert Take&nbsp;

“NIFTY made a strong attempt on Wednesday to move above its consolidation zone and was partially successful in doing so. On the lower time frame (60 mins), prices have witnessed a triangle pattern breakout and have closed above the upper band of the pattern.

On the daily scale, the index is trading within the falling channel pattern and is hovering near its 9 &amp; 21 EMA, which is placed at 17,785 &amp; 17, 868 levels respectively. Nifty is still moving within the big budget-day candle from the past five trading sessions.

Technically, Nifty is gathering momentum, reviving bullish hopes, for a test of near-term resistance at 18,000 levels. On the lower side, immediate support for the prices is placed at 17,650 levels." -- Rohan Patil, Technical Analyst, SAMCO Securities

"This morning the global set up was slightly pleasant, and in line with this, our markets started the session on a positive note. The strength continued ahead of the RBI's monetary policy, and since the outcome was very much in line with consensus (rate hike by 25 bps), we witnessed a consolidation thereafter. The buying resumed towards the latter part of the session to eventually conclude with over eight tenths of a percent gains tad above the 17850 mark.

In the last couple of sessions, the benchmark index remained sideways, and today, for the entire session, broad-based buying was clearly visible. This is what we had alluded in our previous commentary that the consolidation is probably a breather and market is likely to make an attempt in the upward direction. However, the banking space remained muted, and barring ICICI Bank, no other banking counter participated in today’s move. Hence, if we have to surpass the sturdy wall of 17900–18000, the banking heavyweights should contribute convincingly. Above which, the market will come out of the recent congestion zone, and we may see good broad-based participation thereafter. On the flipside, 17800 followed by 17700 should now be considered as immediate supports. The remaining two sessions of the week would be quite crucial as it is likely to dictate the near-term direction for our market." -- Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

In the 50-stock Nifty50, 38 stocks gained while 12 declined. The top gainers were Adani Enterprises, Adani Ports, HDFC Life, SBI Life and Bajaj Finance while the top losers were Larsen &amp; Toubro, Eicher Motors, Bharti Airtel, Hero MotoCorp and Axis Bank


Closing Bell: Sensex hits triple ton, Nifty up 150 points as RBI repo rate hike on expected lines

Stock Market on Tuesday, 7 February Tuesday: Indian frontline indices S&amp;P BSE Sensex and NSE Nifty50 will open on Tuesday amid a host of local and global cues. Zee Business has collated 10 factors that may have a bearing on how markets move tomorrow.

<a href="http://zeebiz.com/market-news/news-sensex-ends-330-points-down-monday-blues-for-nifty-too-as-metals-it-take-hit-220802">Monday Market Recap: </a>Sensex and Nifty 50 traded lackluster on Monday and ended with declines. While Sensex close at 60,506.90, down by 334.98 points or 0.55 per cent, the broader market Nifty50 settled at 17,764.60, down by 90 points or 0.50 per cent. The banking gauge Nifty Bank finished at 41,374.65, lower by 125.05 points or -0.3 per cent.

The ebbing in market sentiments was on strong non-farm payroll data reported in the US. Almost 517,000 jobs were added in January far ahead of the street's expectations of 193,000 jobs. This has led to a renewed fear that Federal Reserve will unlikely contemplate on rate pause. Moreover, ISM services PMI unexpectedly surged to 55.2 in January sharply above estimates of 50.5, PTI reported. Unemployment rate declined to 3.4 per cent in January compared to forecast of 3.6 per cent.

10 top triggers for Tuesday

1) US stocks fell: Wall Street appeared nervous ahead of Federal Reserve Chair Jerome Powell’s appearance at an event on Tuesday. The event is sponsored by the Economic Club of Washington, DC, Reuters reported. His statement assumes importance in-light of strong jobs data reported in the US. A week-back, Powell had indicated a strong job market even as inflations was off its peak.

All three top indices were trading in the red. Dow 30 was trading at 33,729.50, down by 196.51 points or 0.58 per cent while S&amp;P 500 was trading lower by 38 points or 0.92 per cent at 4,098.49. Nasdaq Composite was trading at 11,858.50, down by 148.50 points or 1.24 per cent.

[[{"fid":"225721","view_mode":"default","type":"media","link_text":null,"attributes":{"height":287,"width":307,"class":"media-element file-default"}}]]&nbsp;Source: NSE

When markets reopen tomorrow, they will take cues from the Monday closing. They will also track Tuesday morning movement in Dow Future and Singapore-based SGX Nifty, an early indicator of movement in Nifty50.

At the time of filing this story, SGX Nifty was trading at 17,787, up by 26 per cent or 0.15 per cent. Dow Futures were trading at 33,822, down by 104 points are 0.31 per cent.

2) Rupee Vs Dollar: US Dollar’s strength was the biggest undoing for the Indian Rupee. When markets reopen tomorrow, they are expected to track movement in INR against the greenback.

The rupee fell by 65 paise to close at 82.73 (provisional) against the US currency on Monday, weighed down by gains in the greenback in the overseas markets and a muted trend in domestic equities. Sustained foreign fund outflows and firm crude oil prices further dented investor sentiments, forex traders said and PTI reported.

"Rupee opened weaker by about 60 paise due to higher&nbsp; dollar&nbsp; index and&nbsp; lower Asian currencies. Oil and Gold remained on the down side as dollar index rose further to 103.20," Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP said.&nbsp;

"Rupee&nbsp;looks a bit vulnerable as oil companies continue with their buying but have a feeling that USD should get sold off at this level as rupee has not gained at lower dollar index. Market now awaits for the MPC meeting which is currently underway and decision will be announced&nbsp; on 8th February. Range for tomorrow&nbsp; 82.30 to 82.90," Bhansali said.

Currency Markets

[[{"fid":"225722","view_mode":"default","type":"media","link_text":null,"attributes":{"height":273,"width":299,"class":"media-element file-default"}}]]

3) Q3 Results 2023: Over <a href="https://www.bseindia.com/corporates/Forth_Results.html">150 companies</a> will announce their quarterly earnings tomorrow. Among them are, Adani Green, Ambuja Cement, Barbeque Nation, CAMS, Century Ply, Chambal Fertilizers and others. In the Nifty50 pack, <a href="https://www.zeebiz.com/market-news/news-bharti-airtel-q3-results-preview-profit-revenue-average-revenue-per-user-arpu-margin-5g-220736">Bharti Airtel,</a> Adani Ports and Hero MotoCorp will declare their quarterly results.

On Monday, several listed companies announced their Q3 earnings. <a href="http://zeebiz.com/companies/news-q3-results-2023-tata-steel-reports-rs-2502-cr-net-loss-sjvn-net-up-22-procter-gamble-profit-dips-220858">Tata Steel, Proctor &amp; Gamble, SJVN, Kolte Patil Developers</a>, Bank of Baroda and others. Expect stock specific action here.

4) RBI MPC: The three-day meeting of the Reserve Bank of India Monetary Policy Committee which began today will conclude on Wednesday. Governor Shaktikanta Das is expected to raise <a href="https://www.zeebiz.com/companies/news-expect-rbi-to-pause-rate-hike-from-next-quarter-as-inflation-abates-sbi-chairman-dinesh-khara-220825">interest rate</a> by 25 bps. D-Street is expected to follow the developments closely.

5) Stocks in News: <a href="https://www.zeebiz.com/companies/news-vodafone-idea-joins-hands-with-motorola-to-drive-5g-connectivity-across-5g-smartphone-portfolio-220819">Vodafone Idea</a> joins hands with Motorola to drive 5G connectivity across 5G smartphone portfolio; Huhtamaki India declares a dividend of Rs 2 per share; Kirloskar Ferrous Industries informs exchanges about increase in total coke production capacity;&nbsp;<a href="https://www.zeebiz.com/market-news/news-after-spate-of-corrections-patanjali-foods-is-ready-for-17-per-cent-upside-analyst-recommends-a-buy-220850">Patanjali Foods</a> shares looking at 17 per cent upside after spate of corrections: Analyst — Check target price

6) FII / DII Action: Foreign institutional investors were net sellers at Rs 1,218.14 crore while domestic institutional investors were net buyers of Indian equities at Rs 1,203.09 crore. If rates continue to increase in US, Indian markets could see a further exodus of overseas investment in search of greener pastures.

7) Bulk Deals: Over a dozen companies witnessed bulk deal action on Monday. Among them were Tracxn Technologies, SVP Global Textiles, Mold-Tek Technologies, Marshall Machines and others. Expect stock specific action in these stocks.

8) Stocks in Ban: Securities in Ban for trade on 7 February 2023: &nbsp;Adani Ports.

9) Most Active Underlying

[[{"fid":"225725","view_mode":"default","type":"media","link_text":null,"attributes":{"height":455,"width":1151,"class":"media-element file-default"}}]]&nbsp;Source: NSE

[[{"fid":"225726","view_mode":"default","type":"media","link_text":null,"attributes":{"height":500,"width":1152,"class":"media-element file-default"}}]]&nbsp;Source: NSE

10) Commodity Markets: MCX April Gold futures were trading at Rs 56,998, up by Rs 413 or 0.73 per cent while March Silver futures were trading at Rs 67,476, down by Rs 100 or 0.15 per cent. Meanwhile, crude oil futures were trading at Rs 6,123, up by Rs 26 or 0.43. Movement in Dollar Index will remain a key in how the key commodities move.

[[{"fid":"225727","view_mode":"default","type":"media","link_text":null,"attributes":{"height":542,"width":859,"class":"media-element file-default"}}]]&nbsp;Source: MCX

Expert Take

-- The Nifty opened on a negative note on February 06 &amp; moved lower in the beginning of the session. However, the key hourly moving averages offered support on the downside &amp; restricted further downside. Consequently, the index traded in a sideways manner as the day progressed &amp; ultimately formed an Inside bar on the daily chart. Going ahead, 17700 &amp; 17870 are key support &amp; resistance respectively. The index has a potential to stretch towards the 18000 mark as long as it stays above 17700."&nbsp;--&nbsp;Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas

-- “The RBI MPC will view the recent inflation prints favorably. 3QFY23 CPI inflation at 6.1% is around 50 bps lower than RBI’s estimate and 4QFY23 inflation is also likely to be 20-30 bps lower than RBI’s estimate. We estimate inflation to average around 5.2% over 
the next 12-15 months. On the other hand, domestic growth remains on a decent footing for now while expectations of a global slowdown remain uncertain. The real repo rate would be positive by around 100 bps at the current level. Global rate hike cycles are close to peaking though the central banks remain cautious.

While the MPC’s decision is finely balanced between pause and a 25 bps hike, we expect the MPC to hike by a last 25 bps to push the real rate comfortably into positive. This would help the RBI to be on a prolonged pause as it assesses the lagged impact of the past rate hikes and input price movements, the evolution of the global and domestic demand conditions, and behavior of global central banks.” -- Suvodeep Rakshit,&nbsp; Senior Economist, Kotak Institutional Equities

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(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.) &nbsp;&nbsp;

US Dollar’s strength was the biggest undoing for the Indian Rupee. When markets reopen tomorrow, they are expected to track movement in INR against the greenback


Shivendra Kumar