Market Live Updates Today: Trends on SGX Nifty indicate a cautious opening for the broader index in India with a gain of 16 points.
image for illustrative purpose
The BSE Sensex plunged 1,023.63 points to 57,621.19, while the Nifty50 declined 302.70 points to 17,213.60 and formed a big bearish candle on the daily charts, wiping out all gains registered around Budget.
According to pivot charts, the key support levels for the Nifty are placed at 17,043.07, followed by 16,872.54. If the index moves up, the key resistance levels to watch out for are 17,460.47 and 17,707.34.
US Markets
Wall Street ended lower on Monday, as investors digested recent quarterly results from Facebook owner Meta Platforms and other megacaps, while Peloton jumped following reports of interest from potential buyers, including Amazon. Meta Platforms fell 5.1 percent, adding to losses after its bleak forecast last week caused a record plunge in the social media company's stock market value.
The Dow Jones Industrial Average remained unchanged to end at 35,091.13 points, while the S&P 500 lost 0.37 percent to 4,483.87. The Nasdaq Composite dropped 0.58 percent to 14,015.67.
Asian Markets
Shares in Asia-Pacific were mixed in Tuesday trade, as investors in the region continue to assess the inflation and central bank policy outlook. Japan's Nikkei 225 gained 0.46 percent, while the Topix index climbed 0.55 percent.
Live Updates
- 8 Feb 2022 9:02 AM IST
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,157.23 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 1,376.49 crore in the Indian equity market on February 7, as per provisional data available on the NSE.
- 8 Feb 2022 9:01 AM IST
Time ripe for 20 bps reverse repo rate hike to help find buyers for G-secs supply: SBI
The budget 2023 has pegged the Centre's gross borrowing at a record Rs 14.3 lakh crore and for the FY22 at Rs 10.5 lakh crore, lower than Rs 13.5 lakh crore this fiscal, while together with the states, the gross borrowing will be Rs 23.3 lakh crore and net will be Rs 17.8 lakh crore. The budget seeks to pay back Rs 3.1 lakh crore next fiscal, up from Rs 2.7 lakh crore this fiscal.
Given this and the rising interest scenario elsewhere and along with the fact the budget did not speak about the government bond inclusion into global bond indices, Soumya Kanti Ghosh, group chief economic adviser at State Bank of India, feels that the RBI cannot but hike the repo rate by 20 bps outside the MPC meeting because rising deposit rates means lending rates will also have to go up else banks will have to cut into their margins.
- 8 Feb 2022 9:01 AM IST
Gold steady near 1-week high as inflation risks lift demand
Gold prices were steady on Tuesday as inflationary pressures kept the safe-haven metal supported near previous session's one-week high, while market participants awaited US inflation data that is crucial for the Federal Reserve's tapering timeline.
Spot gold was steady at $1,821.26 per ounce, as of 0052 GMT, hovering close to Monday's high of 1,823.21. US gold futures were flat at $1,821.30.
- 8 Feb 2022 9:00 AM IST
Oil prices
Oil prices settled lower on Monday on faint signs of progress in nuclear talks between the United States and Iran, which could lead to the removal of US sanctions on Iranian oil sales.
Brent crude settled down 58 cents, or 0.6 percent, at $92.69. It session high of $94 was the highest since October 2014. US West Texas Intermediate crude fell 99 cents, or 1.3 percent, to settle at $91.32 after touching $92.73.
- 8 Feb 2022 8:59 AM IST
Adani Wilmar to debut today
Adani Wilmar, one of the largest FMCG companies in India, is expected to start the first day of trade with around 15 percent premium over issue price on Tuesday, experts feel, citing market leadership in branded edible oil industry and packaged food business, diversified products portfolio, healthy financials, strong brand recall, and broad customer reach.
The public issue received good response, getting subscribed 17.37 times during January 27-31, with support from all kinds of investors, though market volatility impacted a bit. Non-institutional investors took lead, putting in bids that were 56.30 times the allotted quota, followed by shareholders whose reserved portion was subscribed 33.33 times.
- 8 Feb 2022 8:58 AM IST
RBI may allow NBFCs to issue credit cards: Report
In a first-of-its-kind move, the Reserve Bank of India (RBI) is in discussions with a few non-banking financial companies (NBFCs) over the possibility of allowing to issue credit cards on a standalone basis, according to a Business Standard report. So far, NBFCs can only issue co-branded credit cards with banks.
The RBI may specify the subject to such terms and conditions on this behalf from time to time, as per the circular. The circular did not place any regulatory ban over NBFCs issuing credit cards.
