Sensex, Nifty Updates on February 10: After a volatile trading session, share market indices closed flat with neagtive bias for the second consecutive session on Wednesday, amid mixed cues from global equities. Sensex ended 19 points lower at 51,309 and Nifty fell by 2 points to close at 15,106. Meanwhile, quarterly earnings announcements by Eicher Motors, Titan Company, GAIL India, Hindalco Industries, Aurobindo Pharma, ABB India will also set the tone for the stock market today. Yesterday, Sensex ended 19 points lower at 51,329 and Nifty fell 6 points to 15,109. Sensex hit a record high of 51,753 and Nifty hit a lifetime high of 15,237 in early trade yesterday.
Here's a look at the updates of the market action on BSE and NSE today
3. 50 PM: Closing session on Wednesday
After a volatile trading session, share market indices closed flat with neagtive bias for the second consecutive session on Wednesday, amid mixed cues from global equities. Sensex ended 19 points lower at 51,309 and Nifty fell by 2 points to close at 15,106.
3. 45PM: Market outlook
Vinod Nair, Head of Research at Geojit Financial Services said,"The market witnessed a slip in its momentum during a volatile day as losses in banking stocks weighed on the sentiment. Auto, realty and consumer stocks remained firm along with mid and smallcap indices outperforming. US markets remained positive, supported by upbeat quarterly earnings while the trend was followed by most of the global peers"
3. 32 PM:Indraprastha Gas Ltd (IGL) Q3FY21 result preview
HDFC Securities said in its report today,"IGL could report revenue fall by 12.5% YoY to Rs 1450 crore and Company could report net profit growth of 6.4% YoY to Rs 385 crore in Q3FY20. We expect CNG volume at 4.9 mmscmd vs. 4.91 mmscmd in Q3FY20 and PNG Volume could be at 1.76 mmscmd vs. 1.78 mmscmd in Q3FY20. IGL took a price cut of Rs 1.5-1.7/kg in the quarter due to downward revision in the APM prices."
3. 20 PM: USDINR Outlook
Ajit Mishra, VP - Research, Religare Broking said in a note," The USDINR pair traded in a narrow range down by 0.11% in the previous week, marking its fourth week of decline. On four hourly charts, prices are consolidating in a triangle pattern. On the higher side, 73.40 remains the crucial hurdle for the pair, while immediate support emerges at 72.93. The pair is trading in a narrow range for almost two weeks; breach on either side may lead to strong move in the pair. As a strategy, short positions are advised below 72.90 for downside targets of 72.50 keep-ing stops above 73.20."
3.10 PM: City Union Bank Q3 update
Geojit Financial Services said,"We expect Advances to grow at a CAGR of 8.8% and Deposits to grow at CAGR of 10.5% over FY20-23. GNPA/NNPA stands at 2.94%/1.47% against 3.44%/1.81% during Q1FY21 on account of lower recognition. We expect elevated slippage levels, however, expect it to be in control due to restructuring of MSME books. We recommend Buy rating on the stock with a revised roll forward target price of Rs 208 based on 2.5x Adj BVPS of FY23E
3.05PM: Adani Ports & SEZ outlook
Keshav Lahoti- Associate Equity Analyst, Angel Broking said," For Q3FY21, Adani Ports & SEZ revenue registered strong growth of 29% YoY to Rs 3,746 cr due to pick up in cargo volume was above street expectation . On the other hand, net profit registered a growth of 16% YoY to Rs 1,576 cr was also above street expectation. PAT increased due to appreciation in the rupee. Company reported numbers better than the street estimates. During the quarter, the Company has outperformed all the ports in India in terms of cargo and container volume growth."
3.01 PM : Godrej Consumer Products Ltd - 3QFY21 -Result Update
Amarjeet Maurya - AVP - Mid Caps, Angel Broking said," During the 3QFY21, godrej consumer products Ltd (GCPL) reported revenue of ~Rs3,055cr (up 10% YoY) due to overall growth in domestic and international business. On the EBITDA front, the company has reported Rs693cr and EBITDA margin at 22.7%, which is marginally up by 1bps yoy. On the bottom-line front, PAT grew by ~13% to Rs502cr. Overall 3Q results were in line with expectation. Hence, we are positive on stock."
2. 56 PM: Market weekly outlook
Ajit Mishra, VP - Research, Religare Broking said in a note,"Week ahead, US stimulus talks and foreign policy moves by the U.S President Joe Biden remain the key events to watch out for. Market participants would also eye the domestic industrial production data for December and CPI inflation for January that are slated to be out on Friday."
2. 40 PM:Nifty technical view
Sumeet Bagadia-Executive Director-Choice Broking said,"Technically, the benchmark index has formed a bearish candle at the top of the trend on the daily chart, which shows a negative bias. At present, Nifty has strong resistance at 15260 levels while downside support comes at 14850 levels."
2. 30 PM: Glenmark Pharma trades tad higher
Glenmark Pharmaceuticals rose tad higher and touched day's high of Rs 504.95 after the company said that the meeting of the board of directors of the company is scheduled on 12 February 2021, to consider repurchase of foreign currency debt.
2. 22PM: FDC Q3 outlook
Centrum Broking said in its note today," The export market stellar performance dominates the 9M growth and margins. We believe as IPM is showing strong recovery from Sep20 FDC's domestic business should recover faster in 2H. Beyond Covid-19 we expect domestic market should sustain early-mid double digit growth. FDC plans to launch one product in US market every year. Company has nearly 46% of its domestic portfolio under price control. We expect the export business to drive the growth over next two years. Key risks to our call include any expansion of NLEM products under price control. We have reduced FY22E earnings by 5% and roll over to FY23E. Maintain Buy with 18xFY23E and target price of Rs 470 At the CMP of Rs 280 the stock trades at 12.4x FY22E EPS of Rs 22.5 and 10.4x FY22E EPS of Rs 26.9
2. 18 PM: Raymond stock price falls 4% post Q3 earnings
Raymond shares fell over 4% on Wednesday after the company's consolidated net profit dropped 88.9% to Rs 21.69 crore for the third quarter ended December 2020 as against Rs 196.83 crore during the October-December period of the previous fiscal.
During the quarter under review, its revenue from operations was down 34.1% to Rs 1,243.44 crore as against Rs 1,885.43 crore in the corresponding period of the previous fiscal, Raymond said in a regulatory filing.
2.09 PM: Adani Ports share falls over 5%
Share of Adani Ports and Special Economic Zone Limited (APSEZ), a part of Gautam Adani-led Adani Group, fell over 5% in afternoon trade today even as the firm reported a 16 per cent rise in its Q3 net profit.
Adani Ports share touched an intraday low of Rs 550.6, down 5.38% against previous close of Rs 581.90 on BSE.
Adani Ports stock trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.
2.01 PM:Sundaram Finance Q3 outlook
Centrum Broking said in its note today," For FY21/22E we raise NII and lower provisions leading to a PAT upgrade of 19%/10%. Due to GoI's focus on growth, SUF could see better credit off-take over FY22/23E which may result in core multiple reverting to its mean of 4.0x. We roll to FY23E core ABV; raise multiple/SOTP based TP to 4.0x/Rs2100 (3.5x/Rs1620 earlier). Retain ADD. Risks: higher stress. "
1. 55 PM: Gujarat State Petronet (GSPL) Q3FY21 result preview
HDFC Securities said in its report today," GSPL is likely to report 3.5% YoY revenue growth to Rs 470 crore and Company could report net profit of Rs 235 crore, which is up by 4 per cent (YoY) in Q3FY21. We expect transmission volume could increase by 10-12% YoY. Update on commissioning of Mehsana-Bhatinda pipeline and further expansion/debottlenecking of three pipelines connecting three LNG terminals in Gujarat will be key monitorable."
1. 40 PM: Aurobindo Pharma Q3 FY21 result preview
HDFC Securities said in its report today," Aurobindo is expected to report 7.5% yoy growth in revenue at Rs 6338cr. EBITDA margin may improve 130bps yoy at 21.8%. PAT for the quarter may increase 12% yoy to Rs 794cr. Key things to watch out for would be progress on biosimilar product development and Covid-19 vaccine related opportunity".
1. 33PM: JK Cement Q3 outlook
JMFL said in its note today," JK Cement (JKCE) 3QFY21 results were largely inline with JMFe. Revenue recorded a growth of 25% YoY, led by market share gains as new capacities were ramped up. Volumes were up 24% YoY; driven by 25%/16% volume growth in grey/white cement segment. Other expenses grew marginally, by 6% YoY on absolute basis, despite 26% growth in volumes. Board approved an expansion of 4MTPA at Panna, MP with an outlay of INR 29.7bn with expected commissioning by 1QFY24. Project will be housed in a subsidiary and will be funded through INR 17bn of debt and INR 13bn of equity (infused by JK Cement). Net debt (at INR 14bn currently) is expected to peak at INR 25bn by FY23, as company spends on Nimbahera modernisation, OLBC, infusion in Fujairah and Panna. Going forward, we expect the ramp up in new capacities, along with the cost initiatives, will drive strong FCF generation helping the company to fund its expansion projects. We value the company at 11x FY23 EBITDA, to arrive at a TP of INR 2,500."
1. 20 PM: Berger Paints stock jumps 4% post Q3 earnings
Berger Paints India shares gained over 4% on Wednesday after the company reported a 51.2% jump in consolidated net profit to Rs 275 crore for the third quarter ended December 2020. as against Rs 181.9 crore in the October-December quarter a year ago.
Berger Paints stock opened with a gain of 3.64% today at Rs 789 and later touched an intraday high of Rs 792.1, rising 4.05% on BSE. Although later, the stock erased early gains and fell to the day's low at Rs 746.20, down 1.9% against last close of Rs 761.30. The stock has fallen after 2 days of consecutive gain.
1. 14PM: Britannia Industries Q3 outlook
Centrum Broking said in its note today," We believe improved operating performance and strong execution capabilities provide healthy returns to long-term investors. Moreover, considering 9MFY21 performance and demand outlook we maintain FY21E/FY22E earnings and introduce FY23E estimates. We retain Buy rating with DCF-based revised TP Rs.4,409 (implying 46x FY23E EPS). Risks to our call include rising input costs, abrupt competition and unsecured loans to promoter group."
1. 09 PM: YES Bank share falls nearly 4% in two sessions
Share of YES Bank was trading 2% lower in Wednesday's early session. The stock has fallen 3.8% in 2 days. The stock of private lender opened at its day's high of Rs 16.80 against previous close of Rs 16.65. Later, the stock erased gains and fell 12% to the intraday low of Rs 16.30.
YES Bank stock trades higher than 100-day moving averages but lower than 5, 20, 50 and 200-day moving averages.
The share has fallen 9% in a month. Year-to-date, the stock is down 8.45%. However, it has risen 0.31% in one week.
12. 54 PM: Tata Steel share climbs 3.54% after firm reports Rs 3,989-crore profit in Q3
Tata Steel share rose over 3% in early trade after the firm reported a net profit of Rs 3,989 crore in Q3 against net loss of Rs 1,166 crore in the year-ago quarter. Tata Steel stock touched an intraday high of Rs 724.4, rising 3.55% on BSE.
Tata Steel share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 55.08% in one year and risen 6.91% since the beginning of this year.
12. 43PM: MGL Q3 outlook
Yash Gupta Equity Research Associate, Angel Broking said," MGL reported numbers inline with our expectation, Mahanagar Gas Limited reported revenue from operations for Q3FY21 at Rs 727 crores down by 2.4% YoY from Rs 745 crores in Q3FY20. EBITDA for the quarter at Rs 337 crores in Q3FY21 as compared to Rs 287 crores up by 17.5% in Q3FY20. Profit before tax for the quarter at Rs 292 crores in Q3FY21 as compared to Rs 244 crores up by 19.6% in Q3FY20. Profit after tax for the quarter at Rs 218 crores in Q3FY21 as compared to Rs 185.6 crores up by 17.3% in Q3FY20. MGL reported the numbers in line with our expectations volumes are still lower than the pre covid levels, company reported healthy EBITDA margins of 46% up by 280 basis points from Q2FY21, We expect margins to come down a little bit in next quarters as international Gas prices have gone up this month. We maintain our BUY with a target price of 1356."
12. 38 PM: Gold and silver outlook
Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research said," Gold Spot trading above $1840 levels, It took the minor support near the 1810.It look like continued to move up and retest trend line support near $1854. Downside strong support is $1780 - $1760 levels, Resistance is at $1820 - $1840 levels. MCX Gold February closed with strong positive momentum near 47800, The Treasury Secretary Yellen continued to push for a stimulus bill of $1.9 trillion coronavirus rescue package, Downside support for the metal is 46200 - 45800. Resistance for the metal is 48050 - 48400.
MCX Silver is trading below 70000 and closed however it still sustain above 9 days SMA placed near 69235, Downside support shift for the metal is 68400 - 67500. Resistance for the metal is 70500 - 71200."
12. 20 PM: Tata Steel shares top gainer on NSE
Tata Steel shares traded as the top gainer on NSE, rising around 2% today after the steel maker reported 54.03% drop in consolidated net profit to Rs 1,565.41 crore on 7.4% rise in total income to Rs 37,531.67 crore in Q3 December 2020 over Q3 December 2019.
Tata Steel is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Amid high volume, the stock touched an intraday high of Rs 724.4, rising 3.55% on BSE.
12.10 PM: Top losers and gainers today
Tata Motors, L&T , Infosys, Airtel, SBI, ONGC, ITC, Nestle were among the top losers today while HUL, Titan, M&M, TCS, Bajaj Finance, HDFC traded among the top gainers.
12. 04 PM: Nifty technical view
Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking): said," The markets continued its positive momentum in the first hour of the trade yesterday. However, as the day progressed, the stock specific momentum witnessed some sluggishness which resulted in profit booking at the end. The Nifty has resistance in the range of 15250-15300 while the Banking index too is facing some resistance around 36600 mark since last three sessions. Thus, it is necessary to surpass these respective levels for a continuation of the up move. However, since we have seen a sharp run up post budget without any correction, some consolidation or a correction would be healthy to set up the next leg of upmove. Yesterday's low around 15060 is around the hourly 20 EMA which is an important short term support. In case the index breaches this, then some more correction upto 14870-14900 cannot be ruled out. On the flipside, a move above the mentioned range of 15250-15300 would mean a continuation of the trend."
11. 53 AM: Eicher Motors Q3 FY21 result preview
HDFC Securities said in its note," Eicher Motors is revenues is expected to increase +32/19% QoQ/YoY to Rs 2790cr on back of 33/9% QoQ/YoY increase in volumes to 200k units. EBITDA margin at 22.4%, -280bps YoY, +10bps QoQ. PAT is likely to grow by 50/3% QoQ/YoY to Rs 510cr. Key things to watch out for would be progress on production ramp up, demand trends for the new productMeteor and impact of competition (new Honda Highness launch)."
11. 43 AM: This NBFC stock zoomed 80% in 8 days
IIFL Finance share has delivered strong returns for its investors in the last few days. The non-banking finance company (NBFC) stock has risen 82 per cent in the last eight sessions after it reported strong earnings for December quarter of 2020. IIFL Finance share price has rallied 283 per cent in the last 8 months from its 52-week low of Rs 58.15, touched on May 3, 2020, to Rs 222.50 on February 9 this year.
11. 39 AM: Star Cement Ltd - Q3 FY21 Result Update
YES Securities said in its note today," Key takeaway for us during Q3FY21 would be capacity expansion plans highlighted by company (from 5.7 MTPA currently to 10-12 MTPA over next 5 years) wherein STAR is contemplating to add 1.5-2 MTPA grinding unit in Guwahati, Bihar and Durgapur each alongside setting up clinker unit of ~3 MTPA in Madhya Pradesh/Chhattisgarh. STAR mentioned about procuring limestone block in Madhya Pradesh through group company. We believe that STAR's growth strategy is a focused one as company would continue to target demand growth in NER, Bihar and North Bengal regions - markets which are hedged against pricing disruption due to high cost of dispatch for peers."
11. 23AM: Max Financial Q3 FY21 Result Update
YES Securities said in its note today," Max Life Insurance has been outperforming its private peers in the past three quarters in terms of premium growth as well as profitability (VNB Margins). The company through an aggressive pricing strategy has been able to gain significant market share in the protection segment. Also, new product launches along with favorable environment for interest rate hedging mechanism has allowed them to strengthen their non-par business. The trajectory is likely to sustain. However, key to future business trajectory lies in the approval for Max Financial deal with Axis Bank. The stock currently trades at a FY23E P/EV of 2x and is at discount to peers owing to uncertainty over the Axis Bank deal and high promoter pledge. (Not Rated)."
11. 11 AM: Nifty Outlook
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"A major trend in the market is the sustained equity mutual fund redemptions. Redemptions for 7 months in a row, when the markets are rising steadily, is a bit perplexing and unhealthy. Redemptions peaked in November when the market rose sharply. Profit booking is fine, but huge redemptions on expectations that the market would correct is a wrong investment strategy. Sectoral rotations are happening and likely to accelerate, going forward. Pharma was a darling of the market in 2020 when the pandemic was raging. This year economy facing segments like banking, autos, cement, metals and capital goods are likely to do well. IT, of course, is on a strong wicket."
11.00 AM: Muthoot Finance Q3FY21 Result Update
Muthoot Finance shares gained over 4% intraday on Wednesday after the gold loan financier reported its earnings for the quarter ending December 2020.
HDFC Securities said in its note,"Net interest income for the quarter increased by 12.4/11.4% YoY/QoQ to Rs. 1895 crore as consolidated AUM increased 28% YoY to Rs 55,800 crore. PAT increased 16.9/8.7% YoY/QoQ to Rs 1007 crore. Net Interest Margin at 14.54% in Q3FY21, against 16.93% in Q3FY20. Asset quality improved marginally with GNPA/NNPA contracting by 4/3bps to 1.30/0.04% sequentially. Disbursements increased by 12% YoY to Rs 10200 crore. Capital adequacy ratio stood at 27% with Tier-1 capital at 26.4%."
10. 50 AM:Torrent Pharma shares fall post earnings
Torrent Pharma share were trading 1.5% lower today, after a 8% intraday fall yesterday. This comes after the drug firm reported a 18.32 per cent rise in its Q3 consolidated net profit to Rs 297 crore against net profit of Rs 251 crore in the corresponding period of the previous fiscal. The pharma stock touched an intraday low of Rs 2,545, falling 7.73% on BSE. The stock has fallen after 5 days of consecutive gain.
Torrent Pharma share stands lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 27.71% in one year and fallen 7.83% since the beginning of this year.
10. 42 AM: SEBI rolls out new disclosure format under insider trading rules
Capital markets watchdog Sebi on Tuesday came out with a new format for disclosures to be made under the insider trading norms.
In light of amendments to the PIT Regulations affecting the inclusion of members of the promoter group, and designated person in place of employee and on the basis of feedback received from market participants and exchanges, the relevant disclosure formats have been suitably revised, Sebi said in a circular.
10. 30 Market turns red
Share market indices urned volatile and traded negative on Wednesday, amid mixed cues from global equities. Sensex traded 250 points lower at 51,030 and Nifty fell by 60 points to trade at 15,040. On the BSE, 1183 shares rose and 793 shares fell. A total of 103 shares were unchanged.
10. 23 AM: Global markets mixed today
Asian markets are trading slightly higher taking cues from US earnings and hopes of economic recovery. US markets closed slightly higher with tech heavy NASDAQ gaining backed by better than expected earning numbers. European markets closed slightly lower as investors resorted to taking profits off the table after the recent global rally. Covid19 cases and vaccine rollout to dominate sentiments. Oil price rose to 13 month high backed by supply cuts, hopes of demand recovery and weak dollar.
10. 11 AM: Nifty Outlook
Geojit Financial said in its note today," Yesterday, we had highlighted the unsustainable nature of upmoves once 15200 is broken. But the drop thereof bounced off 15158, the first support we had marked for yesterday. This buying interest off such a minor support suggests that bulls are still in play. Such upside hopes will be tested at 15190 today, and a break of which would open rooms for 15500 again, with intermediate challenge expected at 15300."
10.02 AM: Currency Outlook
Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research said," The rupee opened on flat at 72.84 against the US dollar in opening trade on Wednesday morning, strengthened to 72.85 earlier in the session due to news for more U.S Fiscal stimulus. FII bought 1301 CR into domestic equity market helped local currency to be strong. However, gains were capped on amid speculation of RBI's intervention in the markets. The U.S. Dollar Index is at 90.43 against currency basket and broke the support of 21 days SMA indicating short term bearishness in the dollar. Asian Equity market trading positive in the morning."
He added," Technically, USDINR Feb Future closed at 73.02. It is expected to trade with bearish momentum for the day, RBI defending 72.80 so once it break with sustain volume then further bearishness come towards 72.62, For spot pair 73.00 will the crucial as market is not giving sustain closed above these levels. Breakout above this level with good volume take dollar further upside towards 73.20 levels. It is expected to open near 72.85, Weak Dollar index and FPI data will help local currency to trade strong."
9. 56 AM: Stocks to watch today on February 10
Berger Paints, Torrent Power, Tata Steel, Interglobe Aviation, Glenmark Pharma among others are the top stocks to watch out for in Wednesday's trading session
9. 40 AM: Global markets today
In US, Nasdaq extended their runs to fresh highs on Tuesday, S&P 500 and Dow ended slightly lower, however, breaking their six-day streak of gains,
Traders said strong earnings and economic recovery prospects by stimulus and an accelerated vaccine rollout buoyed investor sentiment, however, investors booked profit on overpriced stocks and rotated out of large-cap tech names into other sectors
President Joe Biden on Tuesday met with Treasury Secretary Janet Yellen and the chief executives of some of the country's largest businesses in the Oval Office to discuss his $1.9 trillion stimulus plan and the outlook for the economy.
Overseas, Asian stocks are trading mixed on Wednesday after China reported consumer inflation declining in January. European stock indices ended flat.
9. 32 AM: Outlook by market experts
Ajit Mishra, VP - Research, Religare Broking said, "We might see some consolidation in the index and it would be healthy. We thus advise using intermediate corrective moves to accumulate quality stocks on dips and avoid contrarian trades."
Sumeet Bagadia, Executive Director at Choice Broking said, "Technically, the benchmark index has formed a bearish candle at the top of the trend on the daily chart, which shows a negative bias. At present, Nifty has strong resistance at 15260 levels while downside support comes at 14850 levels."
Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking said, "Although the broader trend continues to be positive, it would be prudent to book timely profit and look for buying opportunities in stocks again on dips. It is advisable to avoid aggressive positions and take a stock specific approach with a tab on the above mentioned levels."
9. 20 AM: Opening session
Share market indices opened on a bullish note on Wednesday, amid positive global equities. Sensex traded 100 points higher at 51,470 and Nifty gained by 10 points to trade at 15,120.
9. 10 AM: Market outlook
Reliance Research said in its note today," Continuing its prior daily rising trend, NSE-NIFTY recorded new high of 15,257, but due to late trade volatility ended on a flat to negative note. Overall market breadth was negative and major sectors remained mix. Major technical indicators on the near-term timeframe chart reversed after oscillating into their overbought zone and give sell signal. As per the current set-up, near-term decline or consolidation cannot be ruled out before the index resumes its northward journey. In case of decline, the index will find support at around 14,850-level initially and 14,700-level subsequently. However a stable move above 15,250-level will strengthen the index for its next leg og up-move, which could take the index towards 16,000-level.
As for the day, support is placed at around 15,030 and then at 14,951 levels, while resistance is observed at 15,223 and then at 15,336 levels. "
9.05 AM: Earnings today
Eicher Motors, Titan Company, GAIL India, Hindalco Industries, Aurobindo Pharma, ABB India, Asian Granito India, Bank of India, Bata India, BEML, Gujarat State Petronet, Happiest Minds Technologies, Indraprastha Gas, Metropolis Healthcare, NBCC India, RITES, Shalimar Paints, SpiceJet and Ujjivan Financial Services are among others will announce their quarterly earnings.
9.00 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 1,300.65 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,756.24 crore in the Indian equity market on 9 February, provisional data showed.
8. 55 AM: Nifty technical outlook
On Nifty's technicals, Ashis Biswas, Head of Technical at CapitalVia Global Research said, "The market witnessed extend the gain further after the decisive break from the Nifty 50 Index level of 15000. The market has already attained the projected level of 15230-15250. The level of 15230-15250 act as short-term resistance. The momentum indicators like RSI, MACD to show divergence, supporting our view that the market is likely to pause around this level."
8. 45 AM: Closing on Tuesday
Share market indices Sensex and Nifty turned volatile on Tuesday amid mixed global equities and closed flat with negative bias. After rising for six straight sessions, Sensex ended 19 points lower at 51,329 and Nifty fell 6 points to 15,109.
Sensex hit a record high of 51,753 and Nifty hit a lifetime high of 15,237 in early trade yesterday. Both benchmark indices have gained over 11% in seven straight sessions.