Good morning! The Indian equity market extended gains a day after Finance Minister Nirmala Sitharaman presented her fourth consecutive Union Budget.
Positive global cues also helped the indices end higher for the third consecutive session. Sensex ended 695 points higher at 59,558 and Nifty rose 203 points to 17,780.
Here's a look at the latest updates of the market action on BSE and NSE today.
15:30 pm: Market closing
The benchmark indices ended sharply lower amid mixed global cues on Thursday. The 30-share BSE index ended 770 points lower at 58,788.02, and the broader NSE Nifty ended 219.8 points to 17,560.20.
ITC was the top gainer in the Sensex pack ahead of Q3 show. Maruti Suzuki, Asian Paints, SBI and Titan were the other top gainers.
HDFC and Infosys were among the top losers.
15:15 pm: Emami rejigs board; founders R S Agarwal, R S Goenka make way for their sons
R S Agarwal and R S Goenka, the founders of fast-moving consumer goods (FMCG) company Emami, have decided to step down from their current executive positions while continuing on the board of the company.
Accordingly, the company's board has unanimously decided to appoint Goenka as non-executive chairman while re-designating Agarwal as Chairman Emeritus effective from April 1, 2022, the company said.
"Both the founders will not accept any emoluments from the company for taking up their new positions. The decision comes in the wake of board restructuring that was part of the succession planning of the FMCG business of the Group," a release said.
15:00 pm: Market check
The benchmark indices were trading sharply lower on Thursday. Sensex tanked over 700 points to 58,840 and Nifty plunged over 200 points to 17,572.
14:45 pm: Titan shares trade higher
Shares of Titan Company Limited were trading higher the company reported a 135 per cent year-on-year rise in its net profit for October-December quarter at Rs 987 crore.
Revenue from the sale of products and services grew 36 per cent to Rs 9,381 crore, while total income rose 31 per cent to Rs 9,570 crore.
The company's earnings before interest, tax, depreciation and amortisation (EBITDA) rose 62 per cent to Rs 1,454 crore.
14:15 pm: HDFC shares tank 3%
Shares of Housing Development Finance Corporation (HDFC) were trading lower a day after the company reported a 11 per cent year-on-year rise in its net profit for October-December quarter at Rs 3,261 crore.
The total revenue from operations registered a marginal growth at Rs 11,784 crore during the December quarter as against Rs 11,707 crore in the corresponding quarter of the previous year. The company's net interest income (NII) grew 7 per cent to Rs 4,284 crore during the quarter under review from Rs 4,005 crore in the year-ago quarter.
14:00 pm: India's imports from China grew by 8% from 2014
Chinese imports to India have increased by 7.94 per cent from $60.41 billion in 2014-15 to $65.21 billion in 2020-21, according to the Lok Sabha reply by the commerce minister based on data by the Directorate General of Commercial Intelligence and Statistics(DGCI).
Data show that the imports from China decreased from $65.21 billion in 2020-21 to $59.03 billion till November 2021. Last year, India's imports from China were $59 billion, more than thrice the amount of exports ($15.63 bn) to the neighbouring country in the same period.
13:30 pm: Sensex tanks over 600 points
Sensex extended losses and plunged over 600 points to hit an intraday low of 58,918. Nifty also fell 180 points to 17,597.
12:30 pm: Maruti Suzuki shares gain 2%
Shares of Maruti Suzuki jumped 2 per cent after the country's largest carmaker posted a marginal year-on-year increase of 408 units in January production volume owing to the shortage of electronic components.
In a regulatory filing, the auto major reported total production of 1,61,383 units in January 2022 as compared with 160,975 units in January 2020.
12:05 pm: Market check
The benchmark indices were trading sharply lower amid mixed global cues. The 30-share BSE index was trading 436 points lower at 59,122.13, and the broader NSE Nifty was down 138 points to 17,641.45.
Maruti Suzuki was the top gainer in the Sensex pack, advancing over 2 per cent, followed by Asian Paints, Titan, ITC and Axis Bank.
HDFC and L&T were among the top losers.
11:30 am: Vedant Fashions IPO to hit tomorrow
The initial public offering (IPO) of Vedant Fashions, owner of ethnic wear brand Manyavar, will hit the primary market on February 4, Friday. For the Rs 3,150-crore public offer, the company has fixed a price band of Rs 824 to Rs 866 per share. The issue will close on February 8. The IPO will be entirely an offer for sale (OFS) of 3.63 crore equity shares by existing shareholders of the company.
At present, shares of the company are available at a premium of Rs 50 in the unlisted market against the upper price band, according to IPO Watch. Below are the key things you should know before subscribing the issue.
11:00 am: MapmyIndia in focus
Digital maps company CE Infosystem, which operates under the MapmyIndia brand, on Wednesday said it will acquire 9.9 per cent stake in geospatial company Pupilmesh Private Limited for about Rs 49 lakh.
MapmyIndia expects the acquisition to support its business opportunity in the area of navigation, it said in a regulatory filing.
According to the filing, the company requires no government approval for the acquisition and expects the transaction to be completed in a month.
10:40 am: Adani Wilmar IPO share allotment today
Adani Wilmar is likely to finalise its IPO share allotment on Thursday. Earlier, the public offer of the company was subscribed 17.37 times on the final day of subscription on January 31.
The three-day IPO received bids for 212.87 crore shares against 12.25 crore shares offered by the company. The equity shares of the company will be listed on NSE and BSE.
9:50 am: Jubilant Foodworks shares tank 6%
Shares of Jubilant Foodworks tanked 6 per cent after the company posted its earnings for the quarter ended December 2021.
Jubilant Foodworks Ltd (JBL), which operates fast-food chains Domino's Pizza and Dunkin' Donuts, reported a 9.8 per cent year-on-year (YoY) rise in net profit at Rs 137.3 crore.
The company's revenue from operations grew 12.9 per cent to Rs 1,193.5 crore on the back of an improved recovery in dine-in channel, which was well supported by continued strong momentum in the delivery channel.
9:16 am: Market opening
The benchmark indices opened flat amid mixed global cues. At 09:16 hours, the 30-share BSE index was trading 30 points lower at 59,528.16, and the broader NSE Nifty was down 13 points to 17,766.45.
Titan was the top gainer in the Sensex pack, advancing over 2 per cent, followed by Maruti Suzuki, Asian Paints, NTPC and Reliance Industries.
Tata Steel and Tech Mahindra were among the top losers.
8:55 am: Pre-market comment by Mohit Nigam, Head - PMS, Hem Securities
Benchmark Indices are expected to open on a flat to negative note as suggested by trends on SGX Nifty. US stock markets closed higher on Wednesday, NASDAQ added 71 points followed by upbeat earning from Google parent Alphabet.
European Indices also closed positive on Wednesday. Asian markets were showing mix cues in the early trade as there is some concerns about global growth and geopolitical tensions. Nikkei down 1%, and Kospi trading +1.0% higher . Oil prices rises on Wednesday after OPEC+ stick to their plans for moderate output increases.
Results for today: ITC, Titan, Gail, lupin, AB Capital, Adani power, Godrej properties, HCC, Jk Tyre, PI Industries, Torrent Power, Radico Khaitan, Welspun India etc
On the technical front, 17,680 and 17,900 are immediate support and resistance in Nifty 50. For Bank Nifty 38,700 and 39,900 are immediate support and resistance respectively.
8:45 am: Global Updates
All three Wall Street benchmarks ended higher on Wednesday, rising for a fourth straight session after a turbulent start to the year, aided by upbeat earnings from Google-parent Alphabet and chipmaker Advanced Micro Devices.
The Dow Jones Industrial Average rose 224.09 points, or 0.63 percent, to 35,629.33, the S&P 500 gained 42.84 points, or 0.94 percent, to 4,589.38 and the Nasdaq Composite added 71.54 points, or 0.5 percent, to 14,417.55.
In Asia, the Nikkei Weighted index was down 1.11 per cent and Hang Seng was trading 1.07 per cent higher. Shanghai Composite was down 0.97 per cent.
8:40 am: Rupee pares initial gains to settle flat at 74.83
The rupee pared its initial gains to settle on a flat note at 74.83 (provisional) against the U.S. dollar on February 2, even as the domestic equities closed on a positive note.
Forex traders said higher-than-expected borrowing in the next financial year and weak fiscal deficit projections from the government weighed on investor sentiments.
8:35 am: FII and DII action
Foreign institutional investors (FIIs) sold shares worth Rs 183.60 crore on February 2, and domestic institutional investors (DIIs) bought shares worth Rs 425.96 crore, as per provisional data available on NSE.
8:30 am: SGX Nifty
The Indian equity market is likely to open on a negative note as SGX Nifty was down 65 points at 17,789.20 at 8:30 am.
Singapore Nifty (SGX Nifty) is the Indian Nifty index that is traded in the Singapore Stock Exchange and is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Wednesday
The Indian equity market extended gains a day after Finance Minister Nirmala Sitharaman presented her fourth consecutive Union Budget. Positive global cues also helped the indices end higher for the third consecutive session. Sensex ended 695 points higher at 59,558 and Nifty rose 203 points to 17,780.
IndusInd Bank, Bajaj Finserv, HCL Tech were the top Sensex gainers, rising up to 5.57%. TechM , Nestle, Ultratech Cement, and Maruti were among the top Sensex losers, falling up to 1.61%.
Of 30 Sensex stocks, 21 ended higher.
Market cap of BSE-listed firms rose to Rs 270.68 lakh crore.
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