Barometers end almost flat, Nifty holds 17,200

The key equity indices ended near the flat line with some negative bias on Thursday. The Nifty closed a tad above the 17,200 mark after hitting the day`s high of 17,264.05. IT, consumer durables and healthcare stocks were in demand. Trading was volatile on account of monthly F&O expiry today.

The barometer index, the S&P BSE Sensex, slipped 12.17 points or 0.02% to 57,794.32. The Nifty 50 index lost 9.65 points or 0.06% to 17,203.95.

Gains were capped due to the rapid spread of the new omicron variant of the coronavirus. However, some early studies pointing to a reduced risk of hospitalization in omicron cases have eased some investors concerns.

In the broader market, the S&P BSE Mid-Cap index shed 0.22% while the S&P BSE Small-Cap index gained 0.19%.

The market breadth was positive. On the BSE, 1853 shares rose and 1509 shares fell. A total of 98 shares were unchanged.

The NSE`s VIX index, a gauge of market`s expectation of volatility over the near term, rose 1.98% to 16.57.

COVID-19 Update:

India reported 13,154 new cases in the last 24 hours. The country`s active caseload currently stands at 82,402. Active cases account for less than 1% of total cases, currently at 0.24%. Recovery rate currently stands at 98.38%. 7,486 recoveries were reported in the last 24 hours, which increases total recoveries to 3,42,58,778.

With the administration of 63,91,282 vaccine doses in the last 24 hours, India`s COVID-19 vaccination coverage has exceeded 143.83 crore as per provisional reports till 7:00 IST today.

Numbers to Watch:

The yield on 10-year benchmark federal paper rose to 6.471% as compared with 6.461% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 74.4250, compared with its close of 74.7175 during the previous trading session.

MCX Gold futures for 4 February 2022 settlement fell 0.41% to Rs 47,641.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, rose 0.22% to 96.135.

In the commodities market, Brent crude for February 2022 settlement fell 53 cents to $78.68 a barrel.

Global Markets:

Shares in Europe and Asia were mixed on Thursday as holiday-thinned trading continued.

Meanwhile, data on Wednesday showed the US trade deficit in goods mushroomed to the widest ever in November as imports of consumer goods shot to a record, as the coronavirus pandemic has limited spending by Americans on services.

Buzzing Index:

The Nifty IT index rose 1% to 38,658.80. The index declined 22% yesterday.

Coforge (up 4.26%), MindTree (up 2.05%), HCL Technologies (up 1.94%), Wipro (up 1.77%), Mphasis (up 1.21%), TCS (up 1.14%), Tech Mahindra (up 0.67%), Larsen & Toubro Infotech (up 0.77%), Infosys (up 0.61%) and L&T Technology Services (up 0.28%) advanced.

Stocks in Spotlight:

Rama Steel Tubes hit an upper circuit of 10% at Rs 311.15 after the company procured orders worth Rs 4.33 crore from Uttar Pradesh Power Corporation (UPPCL). This order is mainly for supplying 2500 electrical poles amounting to 580 MT.

Kimia Biosciences hit an upper circuit of 20% at Rs 56. The company has been validated for supply of pharmaceutical raw material (Bilastine) to Bangladesh by Government of Bangladesh. This certificate of source validation is valid for 3 years from date of issue.

Kalpataru Power Transmission jumped 5.43% after the EPC company received new orders of Rs 1,560 crore across various businesses.

Indian Hotels Company fell 2.80%. Following the acquisition of balance 14.28% equity stake in ELEL Hotels and Investments (ELEL), which is holding the leasehold rights of the erstwhile Sea Rock hotel, ELEL has become a wholly owned subsidiary of the company.

Deep Industries advanced 7.18%. The company has received letter of award from GSPC LNG (GLL) for hiring of gas compression services at GSPC LNG Terminal, Mundra, Gujarat, for a period of 5 years. The total estimated value of the contract is approximate Rs 44.40 crore.

KPI Global Infrastructure added 4.18%. The company has received confirmation of the order for executing solar power project of 10 MWDC capacity from Colourtex Industries, Surat under `captive power producer (CPP)` segment.

Swelect Energy Systems fell 1.29%. ICRA has downgraded rating on company`s long term - fund based term loan to BBB+/Stable, from A-/Negative.

Blue Dart Express advanced 1.45%. ICRA has reaffirmed the long-term rating at AA and short-term rating at A1+ assigned to the company`s banking facilities. The outlook on the long-term rating is stable.

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