Stock Market Highlights: Nifty forms bearish shooting star candle. What traders should do

08:17:00 PM IST, 02 February 2024

Nasdaq, S&P 500 open higher on tech earnings cheer; strong jobs data weighs

The benchmark S&P 500 and the tech-laden Nasdaq opened higher on Friday as investors cheered robust quarterly reports from Meta Platforms and Amazon.com, while a strong jobs report kept the upbeat sentiment in check.

The S&P 500 opened higher by 9.87 points, or 0.20%, at 4,916.06, while the Nasdaq Composite gained 41.52 points, or 0.27%, to 15,403.16 at the opening bell.

The Dow Jones Industrial Average fell 71.74 points, or 0.19%, at the open to 38,448.10.

08:12:04 PM IST, 02 February 2024

Century Ply Q3 Results: Net down 24% YoY to Rs 62 crore

Century Plyboards India posted a Rs 62.66 crore consolidated net profit for the third quarter ended December 2023, down by 24% over the corresponding quarter profit of Rs 82.34 crore. The plyboards leader’s net revenue from the operation was higher at Rs 937 crore against Rs 883 crore in the same period. “The company has performed well considering the pressure that was there in the market,” Keshav Bhajanka, Executive Director said.

07:58:00 PM IST, 02 February 2024

Sebi panel suggests abolishing security deposit requirement in public issues

An expert committee formed by Sebi on Friday suggested to abolish the requirement of a mandatory security deposit with the exchanges before a public issue, a move that could make it easier for companies to access the primary market. Under the current rule, any company that is looking to launch a public or rights issue of equity shares has to deposit with the stock exchanges an amount equal to 1 per cent of the issue size. The deposit is returned to the company after the public issue.

07:37:26 PM IST, 02 February 2024

Sebi mulls revamping nominations framework to reduce unclaimed assets in securities mkt

Capital markets regulator Sebi on Friday proposed revamping the nominations framework in a bid to reduce unclaimed assets in the securities market as well as smoothen the process for claiming the assets by surviving successors of the deceased investors. In its consultation paper, the regulator proposed revisions to nomination facilities for securities such as shares, bonds, units of REITs (Real Estate Investment Trusts), InvITs (Infrastructure Investment Trusts), AIFs (Alternative Investment Funds) and other securities held in dematerialized form and for units of mutual fund schemes that are expressed in a statement of account.

07:18:28 PM IST, 02 February 2024

US Treasury yields race higher following stronger-than-expected jobs report

U.S. Treasury yields surged Friday after the closely watched nonfarm payrolls report showed a much stronger job market in January than investors anticipated, upending market expectations of imminent interest rate cuts by the Federal Reserve.

Markets now expect the Federal Reserve to cut benchmark interest rates by 127 basis points by the end of the year, down sharply from more than 160 basis points in cuts expected at the start of January.

07:17:13 PM IST, 02 February 2024

Bottom fishing? Morgan Stanley buys 0.8% stake in Paytm via open market for Rs 244 crore

Morgan Stanley on Friday acquired a marginal 0.8% stake in Paytm parent One 97 Communications Ltd through the open market for around Rs 244 crore. Morgan Stanley Asia Singapore Pte (ODI) acquired 50,00,000 shares of the company at Rs 487.2 each, according to bulk deals data on the National Stock Exchange.

05:50:34 PM IST, 02 February 2024

Tech View: Nifty forms bearish shooting star candle. What traders should do next week

Nifty on Friday ended 156 points higher to form a candle resembling bearish shooting star on the daily chart.The short-term uptrend status of Nifty remains intact. But the overall chart pattern suggests a possibility of high volatility at the new highs. Any attempt of upmove from here could encounter strong resistance around 22100-22200 levels and that could possibly result in short-term weakness from the highs. Immediate support is at 21700 levels, said Nagaraj Shetti of HDFC Securities.

On the derivative front, 22200CE added the highest open interest.

05:36:21 PM IST, 02 February 2024

Nifty Bank tests 50-DMA; 45000 likely to act as support next week

The Nifty Bank snapped a 2-day winning streak to close in the red on Friday; however, on a weekly basis, the index closed with gains of over 2%. The Nifty Bank fell 217 points after retesting 50-DMA placed at 46607 to close at 45970 on Friday. The Nifty50 rose more than 200 points to close at 21853. On a weekly basis, the Nifty Bank rose from 44866 as on 25th January 2024 to 45970 recorded on 2nd February 2024 which translates into a rise of 2.4%.

04:27:10 PM IST, 02 February 2024

Tata Motors Q3 Results: Consolidated PAT soars 2.4x YoY to Rs 7,025 crore, beats estimate

Tata Motors Ltd reported earnings for the quarter ended December, with the consolidated net profit surging 2.4 times year-on-year (YoY) to Rs 7,025 crore. The bottomline was way higher than an ETNow poll of Rs 4,660 crore.

Consolidated revenue from operations increased by 25% YoY to Rs 1.11 lakh crore.

04:23:48 PM IST, 02 February 2024

Tata Motors Q3 Results: Key Highlights

04:22:17 PM IST, 02 February 2024

Tata Motors Q3 Results: PAT at Rs 6592 cr vs ET NOW poll of Rs 4660 cr

EBITDA: Rs 15419 cr vs ET NOW poll of Rs 14167 cr
Revenue: Rs 1.10 lakh crore vs ET NOW poll of Rs 1.06 lakh crore

04:16:56 PM IST, 02 February 2024

Rupee rises 7 paise to close at 82.91 against US dollar

The rupee appreciated 7 paise to close at 82.91 (provisional) against the US dollar on Friday, supported by a firm trend in domestic equities and a weak greenback against major currencies overseas amid rising appetite for riskier assets. The interim Budget 2024-25, especially the focus on fiscal prudence, left a positive impact on the domestic currency, forex traders said.

03:57:08 PM IST, 02 February 2024

Nifty surpassed the 22,000 mark during the first half of the Friday session but subsequently formed a double top on the hourly chart. Confirmation of a bullish trend resumption would only occur with a decisive breakout above the double top, which is currently identified around 22,125. Conversely, a break below the support level at 21,500 could indicate a bearish momentum. In the scenario of a breakout above 22,150, Nifty may experience upward momentum, potentially reaching levels such as 22,500 and beyond.

– Rupak De, Senior Technical Analyst, LKP Securities

03:58:29 PM IST, 02 February 2024

IndiGo Q3 Results: PAT at Rs 2998 cr vs ET NOW poll of Rs 2127 cr

Revenue: Rs 18452 cr vs ET NOW poll of Rs 18242 cr
Margin: 26.7% vs ET NOW poll of 24.6%

03:51:48 PM IST, 02 February 2024

Adani Enterprises could replace Wipro in S&P BSE Sensex index; announcement by May 3rd week: MOSL

03:43:01 PM IST, 02 February 2024

Rupee rises 7 paise to close at 82.91 (provisional) against US dollar.

03:39:50 PM IST, 02 February 2024

Top gainers & losers in closing trade

03:43:51 PM IST, 02 February 2024

Closing Bell: Sensex erases 1,000-pt gains, ends 441 pts higher; Nifty above 22K; SJVN climbs 12%, BPCL 9%

03:26:17 PM IST, 02 February 2024

Torrent Pharma Q3 Results: Profit rises 30% YoY on strong domestic demand

Indian drugmaker Torrent Pharmaceuticals reported a 30% rise in its pre-tax profit for the third-quarter on Friday, buoyed by robust domestic demand.
Consolidated profit before exceptional items and tax grew to Rs 543 crore for the quarter ended December 31 from Rs 419 crore a year earlier.

02:56:24 PM IST, 02 February 2024