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Sensex, Nifty edge lower ahead of interim budget

Published on Feb 01, 2024 09:36

Indian equity indices traded with minor cuts in early trade. The Nifty traded below 21,750 mark. Auto, FMCG and oil & gas shares advanced while consumer durables, private bank and financial services stocks declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 69.95 points or 0.10% to 71,682.16. The Nifty 50 index lost 11.35 points or 0.05% to 21,714.35.

In the broader market, the S&P BSE Mid-Cap index added 0.01% and the S&P BSE Small-Cap index rose 0.15%.

The market breadth was positive. On the BSE, 1,788 shares rose and 1,147 shares fell. A total of 84 shares were unchanged.

Finance Minister Nirmala Sitharaman is set to present her sixth Budget, an interim one, today amid the ongoing Budget session of the Parliament. Although Sitharaman has indicated that the interim Budget will not include any "spectacular" announcements, there is widespread anticipation for positive developments. Traders are expressing optimism regarding a potential reduction in the fiscal deficit, underpinned by robust tax revenues. This positive outlook is contributing to an overall sense of buoyancy in the market.

Stocks in Spotlight:

Shree Cement jumped 5.18% after the cement major reported 165% rise in net profit to Rs 734 crore on 20% rise in net revenue from operations to Rs 4901 crore in Q3 FY24 over Q3 FY23. Total sale volume increased YoY by 11% from 8.03 million tonnes to 8.89 million tonnes.

Jindal Steel & Power (JSPL) shed 0.03%.The firm reported consolidated net profit of Rs 1928 crore as compared to net profit of Rs 518 crore in Q3 FY23. Gross revenue stood at Rs 13,698 crore in Q3 FY24 as compared to Rs 14,469 crore in Q3 FY23.

One 97 Communications (Paytm) locked in a lower circuit of 20%. The Reserve Bank of India (RBI), has directed Paytm Payments Bank (PPBL) that no further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after 29 February 2024, other than any interest, cashbacks, or refunds which may be credited anytime.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell 0.21% to 7.129 as compared with previous close 7.144

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.9650, compared with its close of 83.0450 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement shed 0.09% to Rs 62,900.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.24% to 103.52.

The United States 10-year bond yield declined 0.68% to 3.937.

In the commodities market, Brent crude for April 2024 settlement rose 49 cents or 0.61% to $81.04 a barrel.

Global Markets:

Asian stocks were trading mixed on Thursday in response to the declines on Wall Street, prompted by the US Federal Reserve�s indication of requiring more time before implementing interest rate cuts.

US stocks tumbled on Wednesday after the Federal Reserve held interest rates steady while dashing hopes for interest rate cut as soon as March. As expected, the Federal Open Markets Committee (FOMC) left its key policy rate unchanged at 5.25-5.50% against a backdrop of gradually cooling inflation and a resilient economy. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks, the Fed said in its statement.

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