The NSE Nifty 50 was up 144.75 points or 0.66% at 21,916.45. While the BSE Sensex was up 415.41 points or 0.58% at 72,146.83.

Ajmera Realty reportred its Q3FY24 results. The company’s revenue increased by 2.5 times to Rs 209crore and net profit by 2.8 times year on year to Rs 30 crore. The company’s sales also increased by 98% year on year to Rs 253 crore.

Following Paytm’s denial of an Enforcement Directorate investigation against it, Revenue Secretary Sanjay Malhotra, in an interview with Moneycontrol, said that no law enforcement agencies have taken action against the prominent fintech company.

Railway stocks, including Rail Vikas Nigam Ltd, Ircon International Ltd, Indian Railway Finance Corporation Ltd, Titagarh Rail Systems Ltd, and Texmaco Rail & Engineering Ltd, are expected to experience significant gains following the recent Budget 2024 announcements made by Union Finance Minister Nirmala Sitharaman.

Additionally, stocks such as Jindal Stainless and Gabriel India, along with major logistics firms like Container Corporation Of India and Transport Corporation Of India, are anticipated to reap rewards from the Budget 2024 initiatives.

Also Read: Top stocks to buy as the govt gives Rs 2.55 lakh crore capex push for Railways

PTC Industries up by 8.85%, Dhruv Consultancy gains 8.42%, Nitin Spinners up by 8.35%, Petronet PNG gains 7.19%, and Shriram Properties up by 7.10%.

HDFC Life Insurance, Maruti Suzuki, TCS, Wipro, and HCL Technologies were the top gainers in the Nifty 50. While Power Grid Corporation, IndusInd Bank, Bajaj Finserv, Britannia, and ITC were the major laggards in the Nifty 50.

Shares of Bharti Airtel rose 5.6% to Rs 754.65.

India’s Bharat Petroleum Corp plans to shut a 4.5 million metric ton-per-year (90,000 barrels per day) crude unit and some secondary units for 30 days at its Kochi refinery during September-October, a company executive said on Tuesday, Reuters reported. The share of BPCL are trading higher by 3.40% to Rs 594.30 in the intra-day trade on Tuesday.

The NSE Nifty 50 was up 120.40 points or 0.55% at 21,892.10. While the BSE Sensex was 351.98 points or 0.49% higher at 72,083.40.

“The 83-82.9 region has held as anticipated, but has also contained all the volatility. This reduces the possibility of continued dip to 82.78 or beyond. Upsides meanwhile, are expected to be limited to 83.14/83.20,” said Anand James, Chief Market Strategist, Geojit Financial Services.

HDFC Life Insurance, BPCL, Bharti Airtel, Wipro, and TCS were the top gainers in the Nifty 50.

HDFC Life Insurance, BPCL, TCS, Wipro, and Bharti Airtel are the top gainers on NSE Nifty 50 index.

Shares of HDFC Life Insurance rose nearly 4% to Rs 585.60. The stock was the top gainer in the Nity 50.

“Nifty weekly contract has highest open interest at 22000 for Calls and 21000 for Puts while monthly contracts have highest open interest at 23000 for Calls and 21000 for Puts. Highest new OI addition was seen at 21900 for Calls and 20500 for Puts in weekly and at 23000 for Calls and 20500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 17.02%, decreased future index shorts by 0.73% and in index options by 9.24% increase in Call longs, 1.69% increase in Call short, 19.58% increase in Put longs and 4.60% increase in Put shorts,” said Anand James, Chief Market Strategist, Geojit Financial Services.

Source: NSE

Power Grid Corporation, Hindalco Industries, Apollo Hospitals, IndusInd Bank, Reliance Industries are the top losers on NSE Nifty 50 index

BLS E-Services opened at a premium of 126% at Rs 305. The stock was trading at a premium of Rs 155 in the grey market. 

Also Read: BLS E-Services opens at 126% premium; Here is all you need to know

Shares of Yes Bank rose 12.7% to Rs 25.70 after the Reserve Bank of India allowed HDFC Bank Group to acquire up to 9.50% stakes in IndusInd Bank, Yes Bank, Axis Bank, ICICI Bank, Suryoday Small Finance Bank and Bandhan Bank.

“The Bank Nifty index is currently in a bearish territory, encountering formidable resistance at 46,500. The index’s immediate support is positioned at 45,400, and a breach below this level is anticipated to trigger additional selling pressure. The index persists in a “sell on rise” mode unless it convincingly surpasses the 46,500 mark on a closing basis,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Commenting on the Technical outlook of Nifty Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said The Nifty index has formed a double top pattern on the daily chart, signaling a potential cautionary stance for traders. The resistance level is identified at 22,200, and a decisive break above this on a closing basis could invalidate the bearish outlook. Conversely, the support for the index is situated at 21,650, coinciding with its 20DMA (20-day moving average). A breach below this support level might intensify selling pressure in the market.

The NSE Nifty 50 opens higher by 0.25% to settle at 21,825.20, while the BSE Sensex gains 0.34% to 71,970.82 in the opening trade.

Shares of Bharti Airtel rose 4.17% to Rs 1,160 in the pre-open market. The stock was the top gainer in the Nifty 50.

The NSE has added Hindustan Copper, India Cements, Indus Tower, National Aluminium, UPL, and Zee Entertainment Enterprise Enterprise February 6, 2024.

Foreign institutional investors (FII) bought shares worth net Rs 518.88 crore, while domestic institutional investors (DII) offloaded shares worth net Rs 1,188.68 crore on February 5, 2023, according to the provisional data available on the NSE.

Shares in the Asia-Pacific region are trading Tuesday’s session in mixed territory. The Asia Dow is trading down by 0.89%, where as the Japan’s Nikkei 225 is trading in red, down by 0.53%, Hong Kong’s Hang Seng index closed lower on Monday by 0.15% and the benchmark Chinese index Shanghai Composite is dropped by 1.02% to end Monday’s trading session.

WTI crude prices are trading at $72.70 down by 0.11%, while Brent crude prices are trading at $77.89 down by 0.13%, on Tuesday morning.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded unchanged at 104.45.

Wall Street traders sent both stocks and bonds down, following stronger-than-estimated U.S. economic data and signals that the Federal Reserve isn’t ready to call victory over inflation just yet, reported Bloomberg. The tech-heavy Nasdaq Composite dropped 31.27 points or 0.20% at 15,597.68. The S&P 500 plunged by 15.80 points or 0.32% at 4,942.81, while the Dow Jones Industrial Average ended lower by 274.30 points or 0.71% at 38,380.12.