Market Live Updates Today: Trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of around 146 points.
image for illustrative purpose
On the first day of February series, January 28, the market started with a bounce back but failed to sustain it and lost more than 270 points from day's high on the Nifty50 in last couple of hours of trade to close with moderate loss. Heavy FII selling, caution ahead of Union Budget and weak global cues weighed on the sentiment.
According to pivot charts, the key support levels for the Nifty are placed at 16,994.83, followed by 16,887.77. If the index moves up, the key resistance levels to watch out for are 17,291.23 and 17,480.57.
US Markets
Wall Street surged on Friday, notching its best day so far in 2022 after another zigzag session, ending a tumultuous week marked by mixed corporate earnings, geopolitical turmoil and an increasingly aggressive Federal Reserve.
All three major US stock indexes began the day in the red, but turned increasingly green as the session progressed, with tech shares doing the heaviest lifting.
The Dow Jones Industrial Average rose 564.69 points, or 1.65%, to 34,725.47, the S&P 500 gained 105.34 points, or 2.43%, to 4,431.85 and the Nasdaq Composite added 417.79 points, or 3.13%, to 13,770.57.
Asian Markets
Asian share markets made a cautious start to a week that is likely to see a rise in UK interest rates and mixed reports on U.S. jobs and manufacturing, while surging oil prices added to worries over inflation.
Lunar New Year holidays made for thin conditions and MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.1% in slow trade. Japan's Nikkei dipped 0.3% as data on industrial output and retail sales undershot forecasts.
GDP in focus for Economic Survey despite recent misses
The Economic Survey, which is tabled in Parliament a day before the Union Budget to present the state of the economy and suggest policy prescriptions, quite often misses on the GDP forecast, sometimes by a significant margin.
Finance Minister Nirmala Sitharaman will table the Economic Survey for 2021-22 in the Lok Sabha today soon after the President's Address to both Houses of Parliament. She will present the Union Budget for the next financial year beginning April 1, 2022, tomorrow.
One of the most-watched numbers in the pre-Budget Economic Survey, authored by a team led by the Chief Economic Advisor (CEA), is the projection of the Gross Domestic Product (GDP) for the next fiscal. The previous economic survey was presented in the midst of the COVID-19 pandemic.
SGX Nifty
Trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 146 points. The Nifty futures were trading around 17,238 levels on the Singaporean exchange.
Live Updates
- 31 Jan 2022 2:54 PM IST
Karur Vysya Bank Q3: Net profit at Rs 185.5 crore against Rs 34.6 crore (YoY). NII grew 17.8% at Rs 687.2 crore against Rs 583.6 crore (YoY). Gross NPA at 7% against 7.4% (QoQ); Net NPA at 2.6% against 3% (QoQ).
- 31 Jan 2022 2:54 PM IST
Exide Industries Q3: Consolidated net profit went down 26% to Rs 178 crore against Rs 240 crore (YoY). Consolidated revenue was up 14.5% at Rs 3,312 crore against Rs 2,891 crore (YoY). Consolidated EBITDA slipped 5% at Rs 380.2 crore against Rs 400 crore (YoY). Consolidated EBITDA margin at 11.5% against 13.8% (YoY).
- 31 Jan 2022 12:54 PM IST
Finance Minister Nirmala Sitharaman tables The Economic Survey 2022 in Lok Sabha. Government forecasts 8-8.5% GDP growth in FY23. India has fiscal space to ramp up capex. FY22 GDP growth seen at 9.2%.
- 31 Jan 2022 12:53 PM IST
Poly Medicure Q3: Net profit slipped 2.3% at Rs 34.5 crore against Rs 35.3 crore (YoY). Revenue was up 13.2% at Rs 230.3 crore against Rs 203.5 crore (YoY). EBITDA went down 10.5% at Rs 51.8 crore against Rs 57.9 crore (YoY). EBITDA margin at 22.5% against 28.5% (YoY).
- 31 Jan 2022 12:53 PM IST
Bharti Airtel announced an agreement to acquire approximately 25% equity stake in Bengaluru based technology startup, Lavelle Networks. The agreement is subject to applicable statutory approvals. The home grown Lavelle Networks specialises in Software-defined Wide Area Network solutions and it serves a range of industry segments. Its platform has connected several thousands of Indian enterprises from the nation's largest financial institutions to e-commerce networks. Bharti Airtel was trading at Rs 729.65, up Rs 13.75, or 1.92 percent. It has touched an intraday high of Rs 731.70 and an intraday low of Rs 719.40.
- 31 Jan 2022 12:52 PM IST
AU Small Finance Bank reports lower profit at Rs 302 crore in Q3FY22
AU Small Finance Bank reported lower profit at Rs 302 crore in Q3FY22 against Rs 479 crore in Q3FY21.
However, its revenue rose to Rs 820.5 crore from Rs 633.1 crore YoY.
AU Small Finance Bank was quoting at Rs 1,326.05, up Rs 55.35, or 4.36 percent.
- 31 Jan 2022 12:52 PM IST
Adani Wilmar IPO updates: The initial public offering (IPO) of Adani Wilmar, the joint venture between Adani Group and Wilmar Group of Singapore, was subscribed 1.92 times by the morning of January 31, the final day of bidding, garnering bids for 23.46 crore equity shares against an offer size of 12.25 crore units.
Qualified institutional investors put in bids for 1.78 times of the portion reserved for them. QIB are vital to a public issue as their portion has to get at least 90 percent subscription. Retail investors remain at the forefront, subscribing 2.62 times their part of allotted shares, while the portion set aside for non-institutional investors was booked 1.53 times. Adani Wilmar has also reserved a part of IPO shares for its employees and shareholders, which has seen a subscription of 33 percent and 1.02 times, respectively.
- 31 Jan 2022 9:52 AM IST
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 5,045.34 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 3,358.67 crore in the Indian equity market on January 28, as per provisional data available on the NSE.
- 31 Jan 2022 9:52 AM IST
India gold demand surges in 2021, jewellery purchases almost double: World Gold Council
Gold demand in India overcame pandemic woes to stage a remarkable recovery, surging 79 percent in 2021 on the back of pent-up purchases in the last quarter of the year. Demand for the precious metal climbed to 797.3 tonnes last year from 446.4 tonnes in 2020, the World Gold Council said in a report on January 28.
“India’s gold demand recovered by 79 percent, chiefly a result of an exceptional Q4 demand of 343 tonnes that surpassed even our most optimistic expectation articulated in Q3 and turned out to be the best quarter in our recorded data series,” said Somasundaram PR, regional CEO, India, World Gold Council.
- 31 Jan 2022 9:51 AM IST
FPIs withdraw Rs 28,243 crore from Indian equities as US Fed signals rate hike
Foreign portfolio investors (FPIs) pulled out a whopping Rs 28,243 crore from Indian equities in January as US Fed signalled interest rate hike. As per the depositories data, FPIs took out Rs 28,243 crore from equities between January 3-28.
During the same period, they pumped in Rs 2,210 crore into debt segment and Rs 1,696 crore into hybrid instruments. The total net outflow stood at Rs 24,337 crore. The total net outflow stood at Rs 24,337 crore.
With the latest pull out of funds from Indian markets, FPIs have become net sellers for fourth consecutive month. "With US Fed signalling that it will start hiking interest rates soon and shrink its bond holdings, FPIs went on a selling spree in the Indian equity markets," said Himanshu Srivastava, Associate Director - Manager Research, Morningstar India.
