POST-MARKET SUMMARY 2nd February 2024

On February 2, the market saw robust gains following a muted reaction to the Interim Budget in the previous session. Nifty reached a new high of 22,126.80, and the Sensex surged by over 1,400 points. Propelled by positive global cues, the market opened higher and continued its upward trajectory throughout the day. However, profit-booking at elevated levels led to a partial retracement of the gains. Among sectors, the oil & gas index recorded a 4% increase, while the information technology, metal, realty, and power indices witnessed gains of up to 2% each. Conversely, the banking index experienced a 0.5% decline. 

NIFTY:  The index opened 115 points higher at 21,812 and made a high of 22,126 before closing at 21,853. Nifty has formed a small small-bodied bullish candlestick with a long upper shadow on the daily chart. Its immediate resistance level is now placed at 21,910 while immediate support is at 21,730. 

BANK NIFTY: The index opened 380 points higher at 46,568 and closed at 45,970. Bank Nifty has formed a bearish candlestick on the daily chart. Its immediate resistance level is now placed at 46,350 while support is at 45,660.

Stocks in Spotlight

▪  TVS Motors:  Stock gained 2.25% after the company reported 23% on-year increase in vehicle sales in January.

▪  PB Fintech: Stock fell 1.62% after foreign investor Claymore Investments sold its entire 2.44 crore equity shares in the company.

▪  Adani Ports: Stock surged 3% a day after the company’s Q3 earnings beat estimates.

Global News

▪  Gold prices slipped on Friday as U.S. non-farm payrolls data gained more than expected, raising questions as to when the Federal Reserve will be able to lower interest rates.

▪  Oil prices dipped slightly on Friday despite the OPEC+ group’s decision to leave its production policy unchanged, keeping benchmarks on track for weekly losses on China economic growth fears and efforts to establish a ceasefire in the Middle East.

▪  The dollar rose against a basket of currencies on Friday after data showed that U.S. employers added 353,000 jobs in January, beating the 180,000 jobs economists had expected.

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