Mar 2, 2024
Sensex rises 400 pts, Nifty above 17700 in early trade on Fri, Feb 3; Adani Ent shares fall 20%, Titan gains 4%
Domestic indices were trading broadly higher in the early morning session on Friday, February 3. The BSE Sensex opened above 60350 while the Nifty was above 17700. 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. The top gainers of Sensex were Titan (up 4.28%), IndusInd Bank (up 3.81%), Bajaj Finserv (up 2%), Bajaj Finance (up 1.89%) and HDFC Bank (up 1.61%) while Power Grid (down 0.66%), Tech Mahindra (down 0.80%), Reliance Industries Ltd (down 0.63%), HCL Tech (down 0.47%) and Tata Steel (down 0.46%) were the top laggards.
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.
Sectoral Indices
The sectoral indices were trading mixed. Bank Nifty rose 1.11%, Nifty Auto rose 0.24%, Nifty PSU Bank climbed 0.43%, Nifty Pharma gained 0.40% while Nifty Metal fell 2.06%, Nifty Pharma was down 0.37%, Nifty IT and Oil & Gas fell 0.19% and 1.55% respectively.
Asian and US stock markets
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.
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.
FII and DII data
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.
NSE F&O Ban
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. During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
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