Market Outlook: US equities had another strong day yesterday, fueled by robust economic data, resulting in all three major benchmark indices up by over 1%, with the S&P500 and Nasdaq indices closing at near 14-month highs. The environment of slowing inflation and a resilient economy creates the perfect conditions for a rally in equity markets, which is happening around the world, especially in Indian and US markets. In contrast, the ECB raised interest rates to a 22-year high and indicated more to come on account of higher inflation pressure. Asian markets have started on a mixed note, while the SGX Nifty is indicating a positive opening. Yesterday, our market witnessed a profit booking correction, especially in financial stocks, on account of weak global cues. However, the overall direction of the market is still positive and we expect the uptrend momentum to continue with intermittent minor declines.
Actionable: Buy IDFC First Bank, Tata Steel, Ashok Leyland.
IPO listing: IKIO Lighting shares to start trading in exchanges today after oversubscribed by 66 times. Grey Market is indicating 30-35% premium.
Global market:
DOW: + 428
SGX NIFTY: + 40 (prev. close 18760)
NIFTY 50 : 18688
Sensex : 62917
Institution:
FII: + 3086 Cr
DII: - 298 Cr
NSE:
Advances: 1669 / Declines: 1870
Currency:
Dollar: $ 82.18
Dollar Index: 102.14
Commodity:
Gold: $ 1970 per ounce
Crude: $ 75.45 per barrel
Bonds:
10 year US bond rate: 3.74
10 year Indian Bond rate: 7.04
Derivative:
PCR: 0.93
VIX: 11.08
Updates:
TCS – As per reports, TCS's $2 billion, 10-year deal with the American arm of Dutch insurer Aegon NV has been scrapped five-and-a-half years after Transamerica Life Insurance Co. selected TCS. Transamerica plans to cut its dependence on third-party IT services firms such as TCS.
Reliance Industries - As per reports, Reliance Industries is in talks with lenders for a foreign-currency loan of up to $2 billion to fuel the ongoing expansion of its oil-to-telecoms business.
Titagrah Wagons/Ramkrishna Forgings - A consortium between Ramkrishna Forgings Limited and Titagarh Rail Systems Limited were awarded a contract worth Rs 12,226.5 crore under AatmaNirbhar Bharat Initiative by Ministry of Railways. They were lowest bidder earlier.
BHEL - Company signed a memorandum of understanding with Volvo Eicher Commercial Vehicles to jointly develop and deploy type-IV cylinders (Hydrogen/CNG) in the commercial vehicle segment alert.
Torrent Pharma - U.S. FDA has issued an Establishment Inspection Report after inspecting the drugmaker’s oral-oncology manufacturing facility at Bileshwarpura in Gujarat.
Natco Pharma - USFDA has issued an Establishment Inspection Report after inspecting its manufacturing facility at Visakhapatnam in Andhra Pradesh from Jan 30 to Feb 3.
The FTSE index rebalancing is taking place today around 3 PM in which India is likely to receive net inflows of nearly $250 million to $270 million. Medanta is likely to see inflows of $8.1 million, Piramal Pharma can see inflows of $11.1 million.
Securities in ban: BHEL, DELTACORP, IBULHSGFIN, IEX, INDIACEM, L&TFH, MANAPPURAM FINANCE, TATACHEM, ZEEL.
Derivative View: On option front, weekly maximum Call OI is at 18800 then 18700 strike while Maximum Put OI is at 18700 then 18600 strike. Option data suggests an immediate trading range in between 18600 to 18800 zones.
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