Following a gap-up opening, the Nifty encountered profit booking near the 22050 level, leading to a decline below 21900 in the first half of the trading session. However, as the day progressed, buying interest emerged at lower levels in select index heavyweights, aiding the Nifty in a partial recovery. Consequently, the index settled nearly unchanged, posting a marginal gain of 0.01 percent.
The Nifty Midcap 100 index displayed superior performance compared to the Nifty 50 index, closing positively with a significant gain of 0.75 percent.
Among various sectors, PSU Banks and Realty emerged as the standout performers, showcasing robust performance. Conversely, IT and Private Banking underperformed, encountering challenges and displaying weaker results throughout the trading session.
The options market indicates that the highest open interest on the call side is at the 22300 level, while on the put side, it’s at 21900. Today’s option chain shows that there is more call writing than put writing, indicating a negative sentiment in the market.
The Volume Weighted Average Price (VWAP) suggests a trading range for the next day between 21820 and 22005.The Max Pain is seen at 21900 spot with the CE/PE Combined Residual Premium/Pain Value of 276.32 Crores.
In the cash market, Foreign Institutional Investors (FIIs) were net sellers with an activity totaling 1691.02 crore, while Domestic Institutional Investors (DIIs) exhibited a net buying activity of 327.73 crore.
STOCKS UPDATES
🔸 Indraprastha Gas Limited
The company has signed a MoU with two technology partners during India Energy Week 2024 to establish Compressed Biogas (CBG) plants across four states: Delhi, Haryana, Rajasthan, and Uttar Pradesh
🔸 Sobha Ltd
The Board has considered and approved the acquisition of shares of C.V.S. Tech Park Private Limited (an Associate Company) and made it a Wholly owned Subsidiary.
🔸 ACE
The Company has entered into an agreement(s) for purchase of land approx. 82.00 acres near to its existing manufacturing facilities for further capacity and business expansion.
🔸 Kalyani Steel
The Company had been declared as Successful Bidder for Acquisition of Assets of Kamineni Steel & Power India Private Limited
🔸 PSP Projects
The company is in receipt of new work orders worth Rs. 935.41 crores
🔸 KEC International Ltd
The company has secured new orders of Rs. 1,175 crores across its various businesses
🔸 Mangalore Chemicals & Fertilizers Limited
The company has announced its merger with Paradeep Phosphates Limited. The merged entity to become one of the largest integrated private sector fertilizer companies in India
🔸 Welspun Enterprise
The company emerged as the lowest bidder for the development of a 2,000 million-litre per-day water treatment plant from the Brihanmumbai Municipal Corp
🔸 BPCL
The company’s joint venture, Petronet LNG, executed a long-term LNG sale and purchase agreement with Qatar Energy for the purchase of approximately 7.5 MMTPA of liquified natural gas on a long-term basis
🔸 ONGC
The company formed a joint venture pact with NTPC Green for renewable energy. The joint venture will focus on offshore wind projects
🔸 Piramal Pharma
The U.S. FDA conducted a pre-approval inspection of the company’s U.S.-based facility from Jan 29th to Feb 6th and found three observations
🔸 SJVN
The company received a Letter of Intent from Gujarat Urja Vikas Nigam for a 200 MW solar power project.
🔸 Bajaj Alliance
The company reported a total new business premium of Rs 951 crore in January and a gross direct premium of Rs 1,975 crore
🔸 Tata Consumer
Tata Consumer’s consolidated net profit missed estimates in the third quarter, falling 21% to Rs 279 crore. It was Rs 352 crore a year ago.
🔸 Indus Towers
Asset management company Artisan Partners on Wednesday divested a 1.2% stake in telecom infrastructure major Indus Towers for Rs 717 crore through an open market transaction
