Market Analysis Today

Stock Market Update

Jan 30 2024

Market Updates  – Tuesday, January 30th 2024**

Gift Nifty is indicating another round of fireworks for our stock markets.

Helping sentiments are an upbeat overnight session at Wall Street where the Dow and S&P 500 rose 0.59% and 0.76%, respectively, notching new record highs.


GIFT Nifty (+100, 21975)
Dow Future (-13, 38320)

Nikkei (+113, 36146)
Hang Seng (-181, 15897)

Dow Jones (+224, 38333)
Nasdaq (+173, 15628)
Bovespa (-465, 128503).


# At Monday’s close, the Nasdaq Composite was up 1.1% at 15,628, the S&P 500 was 0.8% higher at 4,927, and the Dow Jones Index gained 0.6% to 38,333.

# Last week, the Dow rose 0.65%, the S&P 500 gained 1.06% and the Nasdaq Composite added 0.94%. 

# Looking ahead, there`s plenty on the horizon that could spark major moves in the equities market.

# The Fed is widely expected to hold interest rates steady on Wednesday, while investors will zero in on Fed Chair Jerome Powell’s remarks after the meeting for clues on the potential start of the easing cycle. 

# Stronger-than-expected US economic data and hawkish signals from central bank officials dampened expectations for a March rate cut, although traders are still betting on rate reductions later this year.

# Market participants seem to agree. Futures traders are currently pricing in a 47% chance for a quarter-point rate cut at the March meeting. However, the odds are greater (51%) that the Fed waits until May to start cutting rates.

# The US Dollar ended firm at 103.43 levels 

# The 10-year Treasury yield slips towards the 4.0778 levels.

# Oil sinks by 1.5%, at $77.05 a barrel in Monday’s trade as the US defense has no plans to retaliate after lethal strike from radical Iran-backed militant groups operating in Syria and Iraq. 

The oil tanker was hit by a missile off the coast of Yemen on Friday, prompting commodities trader Transfigura to reassess the security risk if further Red Sea voyages. On the demand side, stronge

Meanwhile, OPEC and its allies are set to meet online on Feb. 1, although the group is not expected to decide on output policy this earlyr-than-expected US economic data and fresh stimulus in China bolstered the outlook in two of the world’s largest oil consumers.

New Listing today

EPACK Durable Ltd (Main Board) – Subscribed 16.79x
Addictive Learning Technology Ltd (NSE SME) – Subscribed 273.12x
Konstelec Engineers Ltd (NSE SME) – Subscribed 341.80x
Euphoria Infotech India Ltd (BSE SME) – Subscribed 383.86x

*Corporate News*
Sony scrapped $10 bn merger as Zee failed to meet financial terms: Report.

Vodafone Idea Q3 results: Loss narrows 12.5%, ARPU rises to Rs 145.

ITC Q3 results: Consolidated net profit rises 6.6% to Rs 5,335 crore.

Stock To Watch Today

The company received a `no objection` certificate from the exchanges to demerge their hotel business 
The company in the Q3 business update reported electricity sales rose by 15% year-on-year and coal plant PLF at 76% vs 68.9% year-on-year.  
🔸 Waaree Renewable Technologies 
The company have received a Letter of Award (LOA) for the execution of Engineering, Procurement and Construction (EPC) work for solar power project 
🔸 KRBL  
The company announced the launch of its new product "India Gate Classic Biryani Masala” on 29th January 2024 

Stocks in News Today 

🔸 Patel Engineering Ltd 
The company in a joint venture bags a Nira Deoghar Right Bank Canal works from KM 66 to KM 76 and KM 77 to KM 87 for irrigation projects. 
🔸 Container Corporation of India and Indian Oil Corporation Limited  
The companies have signed a MOU. The objective of this Non-Binding MOU is that IndianOil and CONCOR to hold discussions and undertake various activities in furtherance of the purpose such as to collaborate upon and mutually explore certain opportunities in areas for use of LNG as a fuel and in petrochemical & other container logistics requirements 
🔸 Havells India Ltd 
The Board has approved the incorporation of US subsidiaries. The board has approved investments up to $20 million in Havells International Inc, a wholly-owned subsidiary of the Company incorporated in Delaware, USA. 
🔸 LIC & Indraprastha Gas Ltd 
The LIC’s shareholding in IGL has increased from 7.3% to 9.3% of the paid-up capital 
🔸 Sunteck 
The company to enter the locations at Nepean Sea Rd and Bandra-Bandstand with GDV of over INR 3000 Crores" 

Stock to Buy Today

🔸 GAIL  
The company and ADNOC Gas ink a Long-term LNG contract fuelling India`s Natural Gas industry growth 
🔸 Shakti Pumps  
Madhya Pradesh Industrial Development Corporation Limited (MPIDC) has sanctioned 46 Acres land to the Company. This land will be utilized for future expansion 
🔸 KEC International 
The company has secured orders worth Rs 1,304 crore across various businesses.  
🔸 Punjab National Bank 
The bank approved raising funds up to Rs 7,500 crore in FY25 via qualified institutional placements, further public offers, or other modes. The shareholding of the government remains above 52%. 
The company approved fundraising up to Rs 250 crore by issuance of equity shares and increase in authorized share capital to Rs 1,750 crore from Rs 1,450 crore

Result Today (30 January 2024)

• Bajaj Finserv Ltd.
• Dr. Reddy`s Laboratories Ltd.
• Larsen & Toubro Ltd.
• M&M Financial Services Ltd.
• Voltas Ltd.
• Apar Industries Ltd.
• Bajaj Holdings & Inv Ltd.
• Blue Star Ltd.
• Gillette India Ltd.
• Kaynes Technology India Ltd.
• KPIT Technologies Ltd.
• Piramal Pharma Ltd.
• SIS Ltd.
• Star Health & Allied Ins Co
• Vaibhav Global Ltd.

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