January 31, 2024
3 min
On Wednesday, January 31, the Nifty 50 and the Sensex registered robust advancements, buoyed by optimism surrounding the forthcoming Interim Budget 2024 and the pending US Federal Reserve meeting results.
Finance Minister Nirmala Sitharaman is set to present a Vote on Account for Interim Budget 2024-2025 before the Lok Sabha Elections, with market analysts predicting a lack of significant announcements. Nonetheless, there's anticipation that the government will persist in prioritizing fiscal consolidation and capital expenditure to sustain growth momentum.
With all eyes on the US Federal Reserve's policy outcome, the conclusion of its two-day meeting today garners significant attention. Many analysts now predict that the Fed will likely commence rate cuts from May or June onwards, citing the robust US job market and persistent inflation surpassing the Fed's 2 percent target.
The Nifty 50 ended the session at 21,725.70, marking a rise of 204 points, or 0.95 percent, while the Sensex concluded the day with an increase of 612 points, or 0.86 percent, settling at 71,752.11.
The Nifty NSE witnessed notable gains among top performers, with Dr. Reddy's trading at 6106.8, marking a 4.55% increase, followed by Sun Pharma at 1422.4 with a gain of 3.69%, and Eicher Motors at 3822.6 with a 3.18% rise. Conversely, L&T experienced the most significant decline, trading at 3480 with a 4.20% loss, trailed by Titan at 3681.45 with a 1.45% decrease, and BPCL at 499.15 with a 1.00% loss. Notably, ONGC remained the most active stock by volume, trading at 251.35 with a volume of 2,75,83,711.
Nifty is anticipated to find immediate support levels around 21,579 and 21,433, with resistances at 21,871 and 22,017. Presently, Nifty appears poised for a volatile trading session.
On the other hand, Bank Nifty is projected to encounter immediate support at 45,442 and 44,888, while resistances are likely at 46,550 and 47,104. Bank Nifty is currently signaling potential volatility in trading.
PCR Analysis: Nifty PCR-OI has increased with nifty has positive close which shows PUT WRITING.
Open Interest Analysis: Nifty future Feb contract OI has increased with negative close which shows Long Buildup.
Cost of Carry Analysis: Nifty FEB month contract has ended in low compare with MARCH contract and low range compare with previous session which indicates a negative bias.
India VIX Analysis: India VIX has closed at 16.05 vs 16.25 (DoD) basis which shows decrease in volatility.
Jindal Steel & Power reported a substantial rise in consolidated net profit for the third quarter of FY24, reaching Rs 1,928 crore, a remarkable 272 percent increase compared to the previous year, attributed to recent price hikes and enhanced realizations amid robust domestic demand. In Q3FY23, the company had recorded a consolidated net profit of Rs 518 crore. Despite a 5.9 percent decline in consolidated net revenue to Rs 11,736 crore due to lower volumes, the company witnessed a sequential net profit surge of 38.7 percent alongside a 4 percent revenue drop. On a standalone basis, Jindal Steel reported a net profit of Rs 1,484 crore, a significant turnaround from the Rs 4,512 crore loss reported in the same quarter last year, with gross revenue for the quarter amounting to Rs 13,485 crore, down 3 percent from the previous year. The company attributed its robust performance to improved net sales realization supported by lower raw material costs, benefiting from captive thermal coal mines in India, although partially offset by reduced volumes during the quarter. Adjusted EBITDA for Q3FY24 stood at Rs 2,802 crore, marking a 19 percent year-on-year increase. As of December 31, 2023, the company's net debt rose by 18 percent to Rs 9,115 crore, according to its statement.
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