Good Morning !
The GIFT Nifty is trading with gains of around 0.3% at 25,910.00, indicating a positive open for the benchmark index. US and European index futures, meanwhile, are trading lower during Asian trading hours.
Market Recap
Indian equities ended its volatile session in red, extending its decline for the second session, logging the worst budget day in six years. Nifty was trading below the 24,600 levels but closed above 24,800. Intraday, both Nifty and Sensex fell nearly 3%. The NSE Nifty 50 ended 495.20 points or 1.96% lower at 24,825.45, posting its worst Budget day since 2020. Sensex ends 1,546.84 points or 0.36% lower at 80,722.94, posting its worst Budget day since 2020.
US Market Recap
U.S. markets were closed on Saturday and Sunday. On Friday, Wall Street rebounded sharply from session lows as dip buyers stepped in after a selloff fueled by concerns over whether massive spending on artificial intelligence will deliver adequate returns. Commodities were volatile, with gold tumbling while oil surged. Bitcoin slipped below $85,000.
Asian Market Update
Asian shares slid 0.3% while Nasdaq 100 futures eased 0.2%, though both were well off their session lows. The Bloomberg Dollar Spot Index erased early gains to trade flat, after the greenback logged its strongest day since May on Friday following Donald Trump's nomination of Kevin Warsh as the next chair of the Federal Reserve. The yen fluctuated after comments from Japan's prime minister suggesting a weaker currency could be a major boost for exporters.
Commodity Watch
Gold extended its steepest slide in more than a decade as precious metals pulled back from a record-setting rally that had moved too far, too fast. Silver also sank.
Spot gold slid as much as 4% in early Monday trading, while silver dropped by a similar margin, holding above $80 an ounce after briefly tumbling as much as 12%. The white metal logged its biggest-ever intraday decline in the previous session, reports Bloomberg.
“This isn't over,” said Robert Gottlieb, a former precious metals trader at JPMorgan Chase & Co. and now an independent market commentator. “We've got to see if it's going to find support. The bottom line is that the trade was way too crowded.”
Earnings To Watch
Aarti Industries, Akzo Nobel India, Ather Energy, Awfis Space Solutions, Bajaj Housing Finance, Campus Activewear, Chalet Hotels, Corona Remedies, City Union Bank, eMudhra, Honeywell Automation India, Hyundai Motor India, Indus Towers, Interarch Building Solutions, Mahindra Lifespace Developers, Olectra Greentech, Paradeep Phosphates, PG Electroplast, PB Fintech, RailTel Corporation of India, Saksoft, Tata Chemicals, Thermax, Transrail Lighting, UPL, Utkarsh Small Finance Bank, Veedol Corporation, Ventive Hospitality, WPIL
Business Update
Hero MotoCorp
January Auto Sales
Total sales rose 26% YoY to 5,57,871 units.
Domestic sales increased 26% YoY to 5,20,208 units
Exports grew 24% YoY to 37,663 units
Motorcycle sales rose 24% YoY to 4,95,889 units
Stocks In News
- Quess Corp: The company receives a tax demand of Rs. 160 crore from the Income Tax Department.
- Tourism Finance Corporation of India: The company will act as an investor for up to 5% of the corpus of Oxyzo Credit Fund I.
Trading Tweaks
List of securities shortlisted in Short - Term ASM Framework Stage: Manorama Industries
List of securities to be excluded from ASM Framework: Orient Technologies
F&O Cues
Nifty Feb futures is down 2.46% to 24,791.80 at a discount of 34 points.
Nifty Options 3rd Feb Expiry: Maximum Call open interest at 26,000 and Maximum Put open interest at 24,000.
Securities in ban period: SAMMAANCAP
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