GIFT Nifty Opening Update
GIFT Nifty opened today at 26,032.50. It is up 101.00 points (0.39%) from yesterday’s close of 25,961.50— so the trend is positive.
The Indian stock market is expected to start positively on Wednesday, February 11, buoyed by robust global indicators. Asian markets commenced trading on a positive trajectory on Wednesday, while the US stock market concluded the day in negative territory. “Indian equity markets are anticipated to commence on a flat to slightly positive note today. The overall fundamental environment continues to be favorable, as foreign institutional investor flows have shifted to a notably positive stance this month, bolstering general sentiment. Domestic institutional investors persist in their accumulation during downturns, offering a robust underlying support even in periods of low trading activity. The rupee exhibits stability, contributing to macroeconomic comfort and mitigating currency-related volatility. However, markets are primarily in a cautious stance as they await significant macroeconomic indicators, especially the January CPI (new series) data, where any substantial deviation could impact expectations regarding future rate reductions. In the absence of fresh triggers, the near-term trend is likely to remain range-bound, with consolidation around current levels,” stated Ponmudi R.
On Tuesday, the Indian benchmark indices, Sensex and Nifty 50, continued their upward trend for a third consecutive session, bolstered by favorable global signals. The Sensex concluded at 84,273.92, reflecting an increase of 208 points or 0.25%, whereas the Nifty 50 rose by 68 points, or 0.26%, finishing at 25,935.15. Companies such as M&M, LG Electronics India, Lenskart Solutions, Ashok Leyland, AstraZeneca Pharma India, Max Financial Services, and Patanjali Foods are set to capture attention as they announce their Q3 results today.
Equities to monitor:
- Titan announced a significant year-on-year increase in net profit, reporting Rs 1,470 crore for the quarter, compared to Rs 990 crore in the same period last year, reflecting a 48.5% growth.
- Grasim Industries reported a net profit of Rs 1,037 crore for the third quarter, reflecting a 26.5% increase from Rs 820 crore recorded in the corresponding quarter last year.
- BHEL – The central government is set to divest a 3% stake in Bharat Heavy Electricals Ltd, a prominent state-run engineering company, with the possibility of selling an additional 2% through an offer for sale.
- Jubilant FoodWorks has announced a year-on-year consolidated revenue increase of 13.3%, reaching Rs 2,437 crore, with EBITDA rising by 20.2% to Rs 482.8 crore.
- Eicher Motors demonstrated robust performance in the December quarter, achieving a consolidated revenue growth of 23% year-on-year, reaching Rs 6,114 crore.
- Britannia Industries reported a net profit of Rs 682.1 crore for the December quarter, reflecting a 17% year-on-year growth from Rs 582.3 crore and aligning closely with market expectations.
- Tata Motors Commercial Vehicle division in Indonesia has achieved a significant milestone by securing its largest contract to date, with an order for 70,000 Yodha and Ultra T.7 vehicles set to be utilized throughout Indonesia.
- Shoppers Stop – The Board has appointed Pankaj Chaturvedi as the company’s Chief Financial Officer (CFO) and Key Managerial Personnel, effective April 1, following the resignation of Karunakaran Mohanasundaram, which took effect on February 17.
- Highway Infrastructure has entered into a contract for the operation and toll collection at the Mundka Fee Plaza, with the agreement amounting to Rs 64.68 crore.