On February 6, the Indian equity benchmarks retained their early gains and concluded the session near the peak of the day, disregarding worries about a postponement in rate cuts by the US Federal Reserve. Despite muted global signals, with the exception of China and Hong Kong which saw increases, the market began on a positive note and continued to rise throughout the session. In terms of sectors, there was a 1-3% increase in auto, energy, oil and gas, information technology, infrastructure, metals, and pharmaceuticals, while banks and FMCG experienced a slight decline.
NIFTY: The index opened 54 points higher at 21,825 and made a high of 21,951 before closing at 21,929. Nifty has formed a bullish candlestick with long lower shadow on the daily chart. Its immediate resistance level is now placed at 21,965 while immediate support is at 21,875.
BANK NIFTY: The index opened 66 points higher at 45,891 and closed at 45,690. Bank Nifty has formed a bearish candlestick on the daily chart. Its immediate resistance level is now placed at 46,050 while support is at 45,500.
Stocks in Spotlight
▪ Yes Bank: Stock surged 11.6% after HDFC Bank announced it got RBI's approval to pick up stakes in the bank and five more lenders.
▪ Zydus Lifesciences: Stock jumped over 5% after the company said its board would consider a share buyback proposal on February 9.
▪ BSE: Stock fell 3.5% after the exchange’s Q3 profits fell short of expectations.
▪ Gold prices were flat on Tuesday, languishing near a more than one-week low hit in the previous session, as the dollar held firm on growing expectations that the Federal Reserve will not be more aggressive with rate cuts this year.
▪ Sterling edged higher against the U.S. dollar after falling sharply a day earlier, as investors assessed the policy path of the British and the U.S. central banks.
▪ China and Hong Kong stocks surged on Tuesday as authorities in the world’s second-largest economy took measures to arrest a recent sell-off in its equities, while most Asia-Pacific markets declined.
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