Morning Update :– BPCL, Coal India, Infosys, Tata Motors, and M&M were among the Nifty’s top gainers, while ONGC, ITC, Power Grid, Axis Bank, and UPL fell.
Sensex – Rise +283 Points at 72,333
Nifty 50 – Rise +92 Points at 22,002
Indian Market
FII AND DII
| FII Sold | Â Â 3,064.15Â Cr |
| DII Bought | Â 2,276.93 Cr |
Indian Market News
- Wall Street closes higher as retail sales slump fuels chances of rate cuts.
- US retail sales fall substantially in January, while weekly jobless claims decline.
- The government hikes windfall profits tax on crude oil and fuel.
- The dollar is stable as traders consider economic data, but the yen is shaky.
- Tata Group exploring separation of battery business Agratas
- Entero Healthcare Solutions will make its stock market debut on February 16.
- Carlyle Group sells Rs 1,056 crore worth of shares in Yes Bank.
- Finsider International sells shares of Rs 1,737 crore in Vedanta.
- Coal India signs MoU with Haryana Power Purchase Centre.
- Domestic air traffic climbs 4.7% YoY in January 2024, to 1.31 crore passengers.
Global Markets updates
GIFT Nifty
The GIFT Nifty, which gained 62.50 points, or 0.28 percent, suggests that the Indian stock market is off to a good start. The 22,090.50 level was the trading range for the Nifty futures.
US Markets
As retail sales data showed a greater decrease than anticipated, US markets closed higher on Thursday, stoking expectations that the Federal Reserve will soon begin lowering interest rates in the upcoming months.
The Nasdaq Composite increased by 47.03 points, or 0.30 percent, to 15,906.17, while the S&P 500 index gained 29.05 points, or 0.58 percent, to finish at 5,029.67 points. At 38,774.73, the Dow Jones Industrial Average increased by 350.07 points, or 0.91 percent.
Asian Markets
Early on Friday, Asian markets were up, with the Nikkei up 1.2 percent and the Kospi up 0.6 percent.
Dollar
Following a varied but generally strong set of U.S. economic data on Thursday, the dollar declined for a second straight session. This is probably because the Federal Reserve will likely lower interest rates by June, the first since the pandemic.
At 104.28, the US dollar index was down 0.4 percent last time. The dollar fell 0.4% vs the yen to 149.92.
Gold Prices
As traders reduced their expectations of earlier and larger rate cuts by the Federal Reserve this year, gold prices continued to hover around a two-month low on Thursday. The markets are now waiting for a plethora of US economic data to provide more clarity.
As of 11:58 GMT, spot gold was up 0.3 percent at $1,997.10 an ounce, but it was still close to its lowest level since Wednesday, December 13. Futures for US gold increased by 0.3 percent to $2,009.20.
Crude Oil
Although investors were focused on an International Energy Agency (IEA) report that indicated slower demand growth this year, oil prices increased by more than 1% on Thursday following U.S. retail data that caused a sell-off in the dollar.
At $82.86 a barrel, Brent crude futures finished the day up $1.26, or 1.5 percent. At $78.03, US West Texas Intermediate crude futures increased by $1.39, or 1.8 percent.
News Updates
US retail sales plummet dramatically in January, while weekly jobless claims drop
January’s US retail sales decreased more than anticipated, primarily due to a drop in revenue at car dealerships and petrol stations.
The Census Bureau of the Commerce Department said on Thursday that retail sales decreased by 0.8 percent in January, most likely as a result of winter storms. Sales for December increased by 0.4 percent, as opposed to the 0.6 percent that had been previously reported, according to revised data.
Government hikes the windfall profits tax on fuel and crude oil
With effect from February 15, the government has modified its windfall profits tax on crude petroleum.
The Special Additional Excise Duty (SAED) on crude petroleum would rise from Rs 3,200 per tonne to Rs 3,300 per tonne as a result of the changes, and the tax on diesel will go from zero to Rs 1.50 per litre. Additionally, SAED for petrol and aviation turbine fuel (ATF) will remain zero.
The government increased the windfall tax on domestically produced crude oil earlier this month from Rs 1,700 per tonne to Rs 3,200 per tonne.
Special Additional Excise Duty (SAED) is the tax imposed.
Stocks in news
Dilip Buildcon: The infrastructure business has announced itself as an L-1 bidder for the Madhya Pradesh water resources department’s tender through a joint venture (Vijay Kumar Mishra Construction-Dilip Buildcon). 412.92 crore rupees is the project’s cost.
UPL: The global rating agency Fitch Ratings lowered UPL Corporation’s Long-Term Issuer Default Rating to ‘BB+’ from ‘BBB-‘, noting the dismal 9MFY24 EBITDA and the weaker demand for crop protection globally as a result of extended destocking and overcapacity production in China.
Newgen Software Technologies: To develop a phase for a growth transition throughout the main geographies, the company has added further scope of work to its previous engagement with the same elite global management consulting organisation. The engagement is worth $1.55 million in total.
Escorts Kubota:The maker of tractors, has signed a three-year lengthy salary settlement agreement with the Workers’ Union.
InterGlobe Aviation, SpiceJet:Data issued by the Directorate General of Civil Aviation (DGCA) on February 15 showed that InterGlobe Aviation, SpiceJet: IndiGo, the airline with the biggest market share, saw a modest decline to 60.2 percent in January 2024 from 61.8 percent in the previous month. During the same time frame, SpiceJet’s market share stayed constant at 5.6%.
Entero Healthcare Solutions: On February 16, the distributor of medical supplies will make its market debut on the BSE and NSE. The price per share for the final issue has been set at Rs 1,258.
Yes Bank: Through open market transactions, 39 crore equity shares, or 1.35 percent of the bank’s paid-up equity, were sold by CA Basque Investments, the special purpose entity under the supervision of Carlyle Group Inc. affiliates. These shares, which were valued at Rs 1,056.9 crore, were sold for an average price of Rs 27.10 per share. At the same price, or Rs 830.09 crore, Morgan Stanley Asia (Singapore) Pte. Ltd. purchased 30.63 crore equity shares, or 1.06% of the total.
Vedanta: Through open market sales, promoter Finsider International business has sold 6,55,18,600 equity shares in the mining business. These shares, which were valued at Rs 1,737.16 crore, were sold for an average price of Rs 265.14 per share.
Epack Durable: For the quarter that concluded in December of FY24, the original design manufacturer of room air conditioners reported a consolidated profit of Rs 4.9 crore, compared to a loss of Rs 6.25 crore during the same period in the previous fiscal year. For the quarter, operating revenue reached Rs 279 crore, up 1.2% year over year.
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