Market Analysis Today

Market Update Today

Feb 06 2024

Market Action  – Tuesday, February 6th 2024

Overnight, Wall Street stumbled after Federal Reserve Chief Jerome Powell’s `higher-for-longer` reiterations.

Gift Nifty above dotted lines but the gyan mantra is to Stay Cautious and  Stay Nimble…


GIFT Nifty (+27, 21815)
Dow Future (-19, 38361)

Nikkei (-253, 36101)
Hang Seng (+31, 15541)

Dow Jones (-274, 38380)
Nasdaq (-31, 15598)
Bovespa (+411, 127593).


# US equities paused in Monday’s trade from their recent red-hot run after Fed Chief Jerome Powell dialled back on expectations for interest-rate cuts coming in the first half of 2024.

The broader market ended last week at record levels, boosted by a blowout jobs report and better-than-expected quarterly earnings from the likes of Magnificent 7 stocks such as Meta Platforms and, among others.

But the Fed chair Jerome Powell comments Sunday night further dashed hopes that the central bank`s rate-setting committee would begin easing anytime soon. 

# At Friday’s close, US stocks closed at fresh record highs with the S&P 500 gaining 1.07%, the Nasdaq was up 1.74% and the Dow Jones rose by 134 points, as strong results from megatech companies lifted investors` mood, despite a stronger-than-expected jobs report.

# Rise in the 10-year US Treasury bond yields towards 4.1656 levels. 

# The US Dollar stands tall near at 104.55 levels, its highest level since December 11.

# Persistent geopolitical risk stemming from conflicts in the Middle East also acting as headwinds.

# Oil slips towaards $72.75 a barrel. 

# COMEX Gold slips towards $2027.

Result Today


Securities in Ban For Trade Date 06-FEB-2024:  


Stocks in News (stock for Intraday trading )

🔸 IEX  
The company achieves 10,893 MU total volume in January, an increase of 26.1% YoY. This is highest monthly trading volume for IEX since inception 
🔸 Pidilite Industries 
The company announced the inauguration of a new manufacturing facility in near Lucknow for its tile adhesive brand Roff 
🔸 Garware Technical Fibres 
The Company has fixed March 12, 2024 as the Record Date for determining the entitlement and the names of the eligible shareholders / beneficial owners to whom the letter of offer will be sent and who will be eligible to participate in the buyback 
🔸 S.P Apparels Ltd 
The Company has entered into a MoU for the purchase of “Young Brand Apparel Private Limited” by way of acquisition of shares for the proposed consideration of Rs. 95 crores 
Stock to Watch ( Stock to watch Today)

🔸 Hindalco 
The Company has acquired 26% stake in the equity share capital of Ayana Renewable Power Four Private Limited at a consideration of Rs. 1.62 crores  
🔸 One 97 Communication 
Paytm operator One97 Communications Ltd. has denied reports of investigation or violation of foreign exchange rules by the company or its associate Paytm Payments Bank.  
🔸 Jio Financial Services 

The company has denied being in talks to acquire the crisis-hit Paytm wallet of One 97 Communications 
🔸 Adani Total Gas, INOX India 
The two companies have entered into a mutual support agreement under which ATGL and INOXCVA will mutually accord a “preferred partner” status for the delivery of LNG and LCNG equipment 
🔸 JK Cements 
The company approved the merger of units Acro Paints and JK Maxx 

Stocks in Focus Today ( Stock For Day Trading / stock to buy today)  
🔸 BSE Ltd
BSE reported robust earnings for the quarter ended December, with the consolidated net profit surging more than twofold year-on-year (YoY) to Rs 108 crore. Consolidated revenue from operations grew by a whopping 79% YoY to a record Rs 426 crore.  
Life Insurance Corporation of India board will meet on February 8 to consider and recommend an interim dividend payout to shareholders. The results for the quarter and nine months ended December will also be considered and approved by the board, the insurance major said in an exchange filing.  
🔸 Adani Power
Crisil Ratings has upgraded its ratings on Adani Power`s Rs 38,000 crore of bank loan facilities to `AA-`, saying the business and financial risk profile of the company has seen "strong improvement". The loan facilities were rated `A` with a stable outlook earlier. 
🔸 SpiceJet
The Delhi High Court on Monday directed SpiceJet to pay Rs 50 crore to former promoter Kalanithi Maran and KAL Airways in six weeks in an arbitral award that the airline lost in 2018. 
🔸 NLC India
The board will meet to consider and approve earnings for the quarter ended December and also recommend interim dividend.  
🔸 JB Chemicals & Pharmaceuticals
The board will meet to consider and approve earnings for the quarter ended December and also recommend interim dividend.

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