Good morning!
The GIFT Nifty is trading 50 points or 0.2% higher at 25,917 as of 6:50 a.m., after an overnight surge of as much as 4.5%. India and the United States have agreed to a trade deal under which reciprocal tariffs on Indian goods will be slashed to 18% from 25% and the additional 25% duty linked to the purchases of Russian crude oil will be eliminated.
Asia Market Update
Asian stocks climbed after their steepest two-day drop since April as markets found footing following sharp swings in gold and silver that sent ripples across assets. The MSCI Asia Pacific Index climbed over 1.5%, with technology shares leading. Stocks in South Korea — a poster child for artificial intelligence and one of the world’s best-performing indexes this year — recovered after plummeting 5.3% on Monday.
US Market Check
US stocks rebounded on Monday, after stronger-than-expected manufacturing data outweighed lingering questions about the interest-rate outlook following President Donald Trump’s decision to pick Kevin Warsh as the next Federal Reserve chair. The S&P 500 Index closed 0.5% higher in New York, falling short of a fresh record high as it snapped three consecutive sessions of losses. The technology-heavy Nasdaq 100 Index rose 0.7%.
ALSO READ: Market Rally On Cards: GIFT Nifty Soars Nearly 800 Points As India, US Sign Trade Deal; Wipro, Infosys ADRs Jump
India Market Recap
Indian equities opened in the red but gave up losses to close in green extending snapping its two-day fall. Intraday, both Nifty and Sensex fell nearly 0.60% but gained over 1%. Nifty ended 262.95 points or 1.06% higher at 25,088.40. Sensex ended 909.11 points or 1.13% higher at 81,632.05.
Foreign portfolio investors offloaded shares worth Rs 1,859.72 crore on a net basis, according to provisional data on the National Stock Exchange Ltd. On the other hand, the domestic institutional investors (DIIs) net purchased shares worth Rs 1,764 crore.
ALSO READ: Trade Setup For Feb 3: Nifty Finds Resistance At 25,400-25,500 Levels As Volatility Remains Heightened
Stocks In News
- IRB Infra: The company completes transfer of project to arm; receives Rs 513 crore. Will use this to cut debt by Rs. 700 crore.
- Power Grid Corporation of India: The company’s arm commissions 4.5 GW transmission scheme.
- Tata Chemicals: The company will invest Rs 515 crore to set up an IVSD manufacturing facility.
- NTPC Green: The company inks MOU with Assago Industries to supply green ammonia, CO2, RE Power & other utilities.
- Pb fintech: The company schedules a board meeting on Feb 5, to consider QIP fund raising for inorganic investments.
- Sundaram Finance: The company revises the limit for raising funds from Rs. 13,000 crore to Rs. 16,000 crore.
- Aditya Birla Lifestyle: The company approves issuance of NCDs up Rs. 500 crore.
- Infosys: The company renews & expands multi-year partnership with Madison Square Garden.
- Ujaas Energy: The company shares the sad news of their Chairman & Managing Director, Mr. Shyamsundar Mundra.
- Unichem: USFDA inspection at the company’s Kolhapur API facility results in 5 observations.
- BPCL: The company clarifies that crude oil supply agreement with Trafigura is in normal course of business. It shall not be considered the cause of price movement.
- eMudhra: The company informs merger of US based AI Cyber Forge Inc, with eMudhra Inc.
- Aditya Infotech: The company incorporates subsidiary in Taiwan for R&D activities.
- BLS International: The company acquires 95% in MVA International which does visa & passport processing for 1000 BHD.
- Brightcom Group: The company approves cancellation of preferential allotments to LGOF Global Opportunities & Connecor Investment Enterprise.
- Tata Power: The company commissions 198 MW group captive project in Tamil Nadu.
- Interarch Building Solutions: The company approves commencement of Phase 2 of Andhra plant with 24,000 MT capacity addition.
- Jash Industries: NCLT approves the merger of Shivpad Engineers with Jash Engineering.
- Zen Technologies: The company appoints Mr. Hari Chalat as CFO & re-appoints Mr. Ashok Atluri as Chairman & MD for 3 years.
- ACME Solar: The company’s arm receives certificate of commissioning for 16 MW out of it 100 MW wind power project.
- Tata Steel: The company infuses Rs 5754 crore in its foreign arm, T Steel Holdings.
- Oil India: The company clarifies that news of seismic studies of blocks acquisition is general in nature & not linked to price variation.
- Brigade Hotel Ventures: The company signs MOU with Tamil Nade govt to invest Rs 1100 crore in Chennai, to add 500+ keys in 3 Chennai hotels.
- Rites: The company resigns MOU with SAIL for loco leasing & maintenance services.
- CreditAccess Grameen: The company clarifies that no decisions have been taken regarding any potential sale of shares by promoters.
- Shriram Piston: The company approves raising Rs 1,000 crore through NCDs.
- Interarch Building Solutions: The company will raise Rs 100 crore through QIP.
- Artemis Medicare: The company approves raising funds upto Rs 700 crore.
- Orient Green Power: The company’s arm approves an expansion plan by entering into an EPC contract with Renfra Energy India worth Rs 85 crore.
- Coal India: The company informs that the upgraded pay scale of executives has a financial impact of Rs 3400 crores.
- Bharti Airtel: The company appoints Mr. Shashwat Sharma as Managing Director & CEO for a period of 5 years.
Bulk & Block Deals
- Clean Science & Tech: Amansa Holding bought 11.8 lakh shares at Rs.791.84 apiece.
- India Home: Lloyds Enterprises bought 75 lakh shares at Rs.13.3 apiece.
ALSO READ: India Mulls 49% FDI Limit In PSU Banks To Fund Growth
Trading Tweaks
- Vaibhav Global: Interim Dividend – Rs 1.50 per share
- Symphony: Interim Dividend – Rs 2 per share
- GPT Infraprojects: Interim Dividend – Rs 0.75 per share
- Garden Reach Shipbuilders & Engineers: Interim Dividend – Rs 7.15 per share
- Cochin Shipyard: Interim Dividend – Rs 3.50 per share
- Studds Accessories: 3 months lock-in of 1 million shares ends, 3% of total of outstanding equity.
- Akums Drugs and Pharma: 1.5 years and beyond lock-in on 31.5 million shares, 20% of total of outstanding equity.
- List of securities shortlisted in Short – Term ASM Framework Stage: Mtar Technologies, Sterlite Technologies
- List of securities to be excluded from ASM Framework: Baazar Style Retail
F&O Cues
- Nifty Feb futures is up 1.19% to 25,149.60 at a premium of 62 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: Sammaan Capital
ALSO READ: India Auto Sales Surge In January As Maruti, Tata, Mahindra, Hyundai Post Strong Growth
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