Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity indices rallied over 1.5% on Friday with Sensex closing above 60,800 and Nifty 50 settling above 17,850. During the day indices remained volatile, but towards the end of the session, they surged, ending broadly in green. The NSE Nifty 50 surged 243 points or 1.38% to 17,854.05 and BSE Sensex skyrocketed 909 pts or 1.52% to 60,841.88. Top gainers on the Nifty 50 were Titan, Adani Ports, Bajaj Finserv, Bajaj Finance and HDFC Bank while the losers were Divis Lab, Adani Enterprises, BPCL, Tata Consumer and Hindalco. Bank Nifty surged 830.40 pts or 2.04% to 41,499.70. The index’s top gainers were Bank of Baroda, HDFC Bank, State Bank of India, IndusInd Bank and PNB while IDFC First Bank was the lone loser.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Highlights, Friday, February 3
Indian equity indices rallied over 1.5% on Friday with Sensex closing above 60,800 and Nifty 50 settling above 17,850 led by heavy buying in banking shares and recovery in Adani Group stocks. During the day indices remained volatile, but towards the end of the session, they surged, ending broadly in green. The NSE Nifty 50 surged 243 points or 1.38% to close at 17,854.05 and BSE Sensex skyrocketed 909 pts or 1.52% settling at 60,841.88.
“The Nifty, in the week gone by, had breached its 40 WEMA on an intraweek basis; however received support near the lower end of the downward sloping channel & the 200 DMA & recovered thereon. The recovery picked up momentum on February 03 as the index surpassed the hurdle zone of 17650-17700. Consequently, the Nifty is approaching to climb above the 20 DMA & can test the level of 18000 on the higher side. On the other hand, the near-term support is placed at 17700 with the major support near 17350.” – Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas.
Bank Nifty surged 830.40 pts or 2.04% to 41,499.70. The index’s top gainers were Bank of Baroda, HDFC Bank, State Bank of India, IndusInd Bank and PNB while IDFC First Bank was the lone loser.
Top gainers on the Nifty 50 were Titan, Adani Ports, Bajaj Finserv, Bajaj Finance and HDFC Bank while the losers were Divis Lab, Adani Enterprises, BPCL, Tata Consumer and Hindalco.
The NSE Nifty 50 surged 243 points or 1.38% to 17,854.05 and BSE Sensex skyrocketed 909 pts or 1.52% to 60,841.88.
Bank Nifty surged 842 pts or 2% to 41,512.15. The index's top gainers are Bank of Baroda, HDFC Bank, State Bank of India, IndusInd Bank and PNB while IDFC First Bank, Federal Bank, Bandhan Bank, AU Bank and ICICI Bank are the losers.
State Bank of India (SBIN) shares rose 3% to Rs 544 ahead of the quarterly results announcement. It touched an intraday high of Rs 546 and a low of Rs 425.
ITC share price saw a volatile day of trade on Wednesday as a result of the tax hike in cigarettes, announced in Budget 2023. The ITC scrip saw a 6.6% fall intraday before soaring to touch a fresh 52-week high at Rs 365.65 on the BSE, up 3.7%. The tobacco giant continued to extend its gains on Thursday, gaining 7.4% over the course of two sessions. The share price traded at a discount of 0.5% at Rs 376.65 on Friday, ahead of its Q3FY23 earnings.
Titan shares rose 6% to Rs 2,444 on Friday, February 3 2023 despite the company’s EBITDA missing market estimates. Titan topped the list of late Rakesh Jhunjhunawala’s favourite stocks, and hasn’t shown any significant movement since the demise of the big bull. In the last one month, the stock has fallen over 7% while it has risen nearly 200% in the past five years. Several brokerages hold a buy rating for Titan shares with a target price of up to Rs 3070.
Bank Nifty rose 233 pts or 0.57% to 40,902.80. The top gainers of the index are HDFC Bank, Bank of Baroda, IndusInd Bank, State Bank of India and AU Bank while IDFC First Bank, PNB, Federal Bank, Bandhan Bank and ICICI Bank are the top losers.
Titan shares were trading 4.04% higher at Rs 2398.05 despite the company’s quarterly results missing the market estimates. “Titans adjusted EBITDA for Q3 was 6-9% below estimates, on weaker margins in TEAL subsidiary and intl. investments. Standalone margins were in line with our estimates. The Jewellery segment saw UCP growth of 15% in Q3, led by 15-18% growth in Oct-22/Dec-22, while Nov-22 saw relatively-weaker growth trends. Interestingly, Jan-23 has seen robust growth trends of >20% on 3Y CAGR basis which should drive Street’s earnings upgrades, in our view,” said analysts at Emkay Global.
Adani Enterprises shares tanked 35% to hit a lower circuit in the morning trade after the National Stock Exchange (NSE) put Adani Enterprises, Adani Port, and Ambuja Cement under additional surveillance measure (ASM) framework starting on 3 February, especially after a massive stock rout in most of Adani group stocks. The stock hit an intraday low of Rs 1017.51 on BSE. The sharp fall in the share price for three consecutive sessions comes after the conglomerate cancelled its Rs 20,000 crore FPO.
Titan, IndusInd Bank, Bajaj Finance, State Bank of India and Bajaj Finserv were the top gainers while Power Grid, Nestle India, Tech Mahindra, HCL Tech and Reliance Industries Ltd (RIL) were the top losers.
The BSE Sensex rose 422.7 or 0.71% to 60,354.94 and NSE Nifty 50 climbed 112.00 pts or 0.64% to 17,722.40.
Indices ended pre-opening session in green. The BSE Sensex rose 417.77 pts or 0.70% to 60,350.01 and NSE Nifty 50 climbed 111.35 pts or 0.63% to 17,721.75.
Ambuja Cements and Adani Ports are the stocks/securities placed on the National Stock Exchange’s futures and options (F&O) ban for trade on Friday, February 3.
Foreign institutional investors (FII) sold shares worth a net Rs 3065.35 crore while domestic institutional investors (DII) bought shares worth a net Rs 2371.36 crore on Thursday, February 2, 2023, according to the data available on NSE. For the month till February 2, FIIs sold shares worth a net Rs 1,280.14 while DIIs bought shares worth a net Rs 2,900.83 crore.
The US stock indices ended in mixed as well on Thursday. The Dow Jones Industrial Average (DJIA) fell 39.02 pts or 0.11% to 34,053.94, S&P500 rose 60.55 pts or 1.47% to 4,179.76 and the Nasdaq composite rose 384.50 pts or 3.25%, settling at 12,200.82.
Asian markets were trading mixed on Friday. China’s Shanghai Composite index fell 42.70 or 1.30% to 3,242.88, Hong Kong’s Hang Seng dropped 458.20 pts or 2.09% to 21,500.16 while Japan’s Nikkei 225 rose 116.70 or 0.43% to 27,518.75 and South Korea’s KOSPI climbed 6.21 pts or 0.25% to 2,475.09.
“Despite a growth-oriented budget, drop in crude prices and upside in the global market, the domestic market is not able to gain because of the Adani saga having a ripple impact on the investors. In addition, the premium valuation of India continues to weigh down the performance compared to other emerging markets which are expecting an upside in the economy. The global markets are positive in an assumption of being in the last phase of the rate hikes.” – Vinod Nair, Head of Research at Geojit Financial Services.
“The Bank Nifty index witnessed extreme volatility throughout the day, but the index managed to hold the support level of 40,000 on the downside. The index's immediate hurdle on the upside stands at 41000, and if breached decisively, we will witness a short covering towards 41500. The index remains in “buy on dip” mode as long as the mentioned support levels are held.” – Kunal Shah, Senior Technical Analyst at LKP Securities.
“The benchmark Nifty has been hovering within a falling channel, where it has found support at the lower band of the said channel. The trend looks negative, with the RSI trending upside down. A resistance level on the higher end is visible at 17750, above which the Nifty may move up towards 17950. On the lower end, support is pegged at 17450, below which the correction may resume.” – Rupak De, Senior Technical Analyst at LKP Securities.