Dr Reddy’s Laboratories, Eicvher Motors, Divi’s Laboratory, Sun Pharmaceuticals, and Tata Motors were the top gainers in the Nifty 50. While L&T, Titan, Tata Consumer, and BPCL were the major losers in the Nifty 50.

USDINR CMP- 83.0325 (spot)

“Indian Rupee gained on Wednesday on positive domestic markets and expectations of fresh FII inflows. Domestic markets rose by around 0.75%. selling of Dollar by exporters also supported the domestic currency. However, positive US Dollar capped sharp gains. US Dollar rose on upbeat US CB consumer confidence and JOLTS job openings data,” said Anuj Choudhary, research analyst at Sharekhan by BNP Paribas.

“We expect Rupee to trade with a slight negative bias on strong Dollar on expectations that US Federal Reserve will keep its monetary policy unchanged and declining odds of a rate cut in March 2024. Rising global crude oil prices may also weigh on the domestic currency. However, surge in domestic markets and expectations of fresh foreign inflows may support Rupee at lower levels. Traders may take cues from India’s fiscal deficit and US ADP non-farm employment data and Chicago PMI data. Investors may remain cautious ahead of US FOMC meeting and India’s Union Budget (Vote on Account). Investors will watch out for Fed Chair, Jerome Powell’s speech for cues on rate cut timing. USDINR spot price is expected to trade in a range of Rs 82.80 to Rs 83.40,” he said.

Dr Reddy’s Lab, Eicher Motors, Sun Pharmaceuticals, Tata Motors, and Axis Bank were the top gainers in the Nifty 50. While L&T, Titan, Tata Consumer, Britannia, and BPCL were the key losers in the Nifty 50.

Shares of Ambuja Cement rose 2.7% to hit a new 52-week high of Rs 586.45, but came off highs after it declared its third-quarter resutls.

“We have seen news on certain twitter/other media sources that our company is raising Rs. 500 crores by a QIP issue. We would like to state here that these are false rumors and we have no intention of raising any additional funding since we have recently started process for raising approx. Rs. 41.58 crores by way of preferential issue, information about which we have already submitted to NSE vide our letter dated 16.1.2024,” said company in an exchange filing.

Dr Reddy’s Laboratories, Tata Motors, Sun Pharmaceuticals, Axis Bank, and Mahindra & Mahindra were the top gainers in the Nifty 50.While L&T, Titan, Britannia, Tata Consumer, and SBI Life Insurance were the key laggards in the Nifty 50.

The NSE Nifty 50 gained nearly 200 points or 0.91% at 21,718.10. While the BSE Sensex was up over 600 points or 0.88% at 71,765.58.

Nova Agritech’s IPO debut exceeded even expectations, soaring a remarkable 34.15% above its issue price of Rs 41 to list at Rs 55. Nova Agritech had witnessed a significant oversubscription of 109.37 times during the offer period, hinting at robust investor confidence in the company’s prospects, said Shivani Nyati, head of wealth at Swastika Investmart.

“This stellar listing was fueled by multiple positive factors, including the company’s strong market position as a one-stop solution provider for crop and soil health through its diverse branded product portfolio. Its well-established geographical presence and effective marketing strategy further enhance its growth potential. Additionally, Nova Agritech’s consistent financial performance, impressive growth over the past three years, and ambitious expansion plans further bolstered investor sentiment,” she added.

“For existing investors, holding their shares and closely monitoring the company’s performance and market conditions remains the recommended approach,” said Nyati.

Shares of PB Fintech rose 14.3% to hit a new 52-week high of Rs 1,039.

Shares of L&T fell 5.3% to Rs 3,440.25. The stock was the key loser among its peers in the Nifty 50.

Tata Motors, Adani Ports, Coal India, ONGC, and Reliance were the major gainers in the Nifty 50. While L&T, Kotak Bank, Titan, ICICI Bank, and Axis Bank were the key laggards in the Nifty 50.

Shares of L&T fell 3.12% to Rs 3,520 in the pre-open market session. The stock was the key loser in the Nifty 50.

The NSE Nifty 50 opened 34.85 points or 0.16% lower at 21,487.25 points. While the BSE Sensex opened 58.60 points or 0.08% lower at 71,073.04.

“In yesterday’s trading, Nifty’s bullish momentum paused with traders lightening leveraged long positions, leading to a bearish ‘dark cloud cover’ pattern formation. The India Volatility Index surged to 16.08. Technically, Nifty’s intraday support lies at 21389, facing hurdles at 21813, while Bank Nifty’s interweek support is at 44489. Options data suggests a 21000-22000 trading range for Nifty, with 22500 as a crucial resistance. IMF raised India’s FY25, FY26 GDP growth forecasts to 6.5%, with US GDP growth expected at 2.1% in 2024. Key upcoming events include the FOMC rate decision, FM Nirmala Sitharaman’s interim Union Budget presentation, and the US Jobs Report. Preferred trades are buying Nifty and Bank Nifty at CMP, with aggressive targets mentioned. Bullish on AUROBINDO PHARMA, IOC, HAL, and INDIGO intraday. HAL is singled out as a stock to buy with specific targets and rationale. Overall, risk appetite remains cautious, signalling potential volatility ahead on Dalal Street,” said Prashanth Tapse, senior vice president of research at Mehta Equities.

“Bank Nifty managed to survive the day without much price damage as it close the day marginally in the red down 75 points. Structurally the bank Nifty seems to be consolidating and we expect it to resume its pullback towards 46000 from short term perspective,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.

Commenting on the Technical outlook of Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas, said that the Nifty opened on a positive note however it was unable to carry on the positive momentum. It witnessed selling pressure and closed in the negative down ~215 points. On the daily charts we can observe that the Nifty has faced resistance around the 21750 mark which coincides with the 61.82% fibonacci retracement level of the fall from 22124 – 21137Come from Sports betting site. The Nifty has failed to cross that level and thus ending the counter trend rally. The hourly and the daily momentum indicator are having a negative crossover which is a sell signal. Thus, both price and momentum indicator is suggesting towards weaknessCome from Sports betting site VPbet. Considering the upcoming budget during the week the Nifty is likely to consolidate within the range 21200 – 22000 from short term perspective and a decisive close beyond this range is likely to result into trending moves in that direction.

Foreign institutional investors (FII) sold shares worth net Rs 1,970.52 crore. Domestic institutional investors (DII) bought shares worth net Rs 1,002.70 crore on January 30, 2024, according to the provisional data available on the NSE.

WTI crude prices are trading at $77.60 down by 0.28%, while Brent crude prices are trading at $82.21 down by 0.35%, on Wednesday morning.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded higher by 0.08% at 103.48.

The three major US benchmark indices closed on a mixed note, with the S&P 500 closing at a near flatline at 4,926.16. The tech-heavy Nasdaq Composite slipped 0.72% at 15,515.55. The 30-stock Dow Industrial Average inched up 133.86 points, or 0.35%, to 38,467.31.