Nifty futures were trading 111 points or 0.77 per cent higher at 14469.50 on Singaporean Exchange, hinting a further rally on Dalal Street on Tuesday
Market particpiants will continue to look at the fine print of the Union Budget 2021, along with corporate earnings, foreign fund inflows, oil prices, rupee movement and other global developments for further cues.
Nifty futures were trading 111 points or 0.77 per cent higher at 14469.50 on Singaporean Exchange, hinting a further rally on Dalal Street on Tuesday. Market participants will continue to look at the fine print of the Union Budget 2021, along with corporate earnings, foreign fund inflows, oil prices, rupee movement and other global developments for further cues. Market watchers lauded the Union Budget announcements on Monday, made by the Finance Minister Nirmala Sitharaman. One of the key reasons behind the previous day rally was the absence of any negatives. Technical analysts see immediate support for Nifty 50 near 14200-14070 zone.
Indigo Paints: The most subscribed issue of 2021 so far, is all set to make market debut today. Most of the research and brokerage firms had given a ‘subscribe’ rating to the issue, as they see strong listing gains. Indigo Paints was subscribed a massive 117 times during the three-day bidding process.
Bank stocks: In the previous session, Nifty Bank index zoomed over 8 per cent led by strong buying in IndusInd Bank, ICICI Bank, State Bank of India, among others, surging up to 15.14 per cent. The rally in bank stocks was seen after the Finance Minister announced the setting up of an Asset Reconstruction Company and further introducing a plan to recapitalise public sector banks. Along with these steps, the government has also announced the intention to privatise two state-run lenders.
Auto stocks: Auto stocks will remain in focus as auto companies have started announcing the sales numbers for January 2021. Besides, the government announced voluntary vehicle scrapping policy to incentivise people to replace their older vehicles with newer ones. Under this, there will be a fitness test conducted after 20 years for personal vehicles and after 15 years for commercial vehicles. Stock such as Maruti Suzuki, Hero Motocorp, Ashok Leyland, Mahindra & Mahindra, Tata Motors, among others will be on radar.
Adani Green Energy: Adani Green Energy’s subsidiary, Adani Solar Energy Four Private (ASE4PL) commissioned its 100 MW (2×50 MW) solar power plants at Jalalabad in Shahjahanpur district and Sahaswan in Budaun district of Uttar Pradesh
Reliance Infrastructure: RInfra on Monday reported 76.8 per cent decline in its consolidated net profit at Rs 80.08 crore for the quarter ended December 31, 2020. The company had posted a consolidated net profit of Rs 345.51 crore in the year-ago period, RInfra said in a filing to BSE.