IDEAL STOCK MARKET UPDATE | MARKET OPENS

Market Live:

D-Street extends gain with Nifty inching towards 10,900; Jet Airways soars 12%

It is firm opening for the benchmark indices ahead of Budget announcement with Nifty holding above 10,850 level.

The Sensex is up 83.63 points or 0.23% at 36340.32, and the Nifty up 29.30 points or 0.27% at 10860.30. About 458 shares have advanced, 275 shares declined, and 34 shares are unchanged.

Dabur, Bharti Airtel, UPL are trading higher, while Vedanta tumbled 14 percent.

Banking stocks including Bank of India, OBC, Bank of Maharashtra gained 4-14% after RBI lift the lending curbs.

Piyush Goyal, the interim finance minister, is going to present the interim budget for 2019-20 in parliament today.

Rupee Opens:

The Indian rupee opened higher at 71 per dollar on Friday against previous close 71.08.

Crude Update:

US oil prices edged higher on February 1, recovering from losses of nearly 1 percent in the previous session, as data showed major exporters are quickly reducing output in line with a supply cutting pact.

US markets end higher:

The S&P 500 and the Nasdaq extended a rally on Thursday as strong earnings from Facebook Inc added to optimism after the Federal Reserve's dovish remarks, while investors waited for the outcome of US-China trade talks.

Asian markets trade higher:

Asian shares ticked up to four-month highs on Friday on hopes the leaders from the United States and China could strike a trade deal and as the Federal Reserve appeared to have all but abandoned a plan to raise borrowing rates further.

SGX Nifty:

Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 48.50 points or 0.45 percent. Nifty futures were trading around 10,904-level on the Singaporean Exchange.

Gold prices :

were steady on January 31, having earlier hit their highest in nine months, after the US Federal Reserve kept interest rates steady and said it would be patient on further hikes, keeping bullion on track for a fourth straight monthly gain.

Spot gold was unchanged at $1,320.01 per ounce at 2:14 p.m. ET (1914) GMT. The session high was $1,326.30, the highest since April 26.

Spot gold has gained nearly 3 percent so far this month.

US gold futures settled up 0.7 percent to $1,319.70.

Domestic Markets :

The market sentiment is slightly cautious ahead of the Interim Budget on February 1.

The Interim Budget would provide an opportunity for the government to outline its medium-term economic priorities, specifically with regards to improving farm/rural incomes. However, for retail, there may not be anything to cheer but stock-specific opportunities will keep D-Street busy.

“Given the expected shortfall in GST revenues, lower-than-expected non-tax receipts, and higher budgetary spends; we expect the fiscal deficit target to get revised upwards by ~26 bps to 3.5% for FY19 from 3.3% pegged earlier.

“HUL, ITC, Dabur, Colgate and Escorts — all plays associated with the rural theme are likely to be in focus.

Results on February 1:

State Bank of India, Dr Reddy's Laboratories, Titan Company, Monsanto India, Balaxi Ventures, BSE Limited, Astron Paper & Board Mill, Galaxy Surfactants, Sequent Scientific, The Investment Trust Of India, Equitas Holdings, Capri Global Capital, Sarla Performance Fibers, Rajesh Exports, Berger Paints, Unichem Laboratories, Sundram Fasteners, GIC Housing Finance.

Here  are the stocks which are in news today:

Dena Bank: The company posted a net loss of Rs 178.5 crore.

Power Grid: The net profit rose 14 percent at Rs 2,331.2 crore.

Petronet LNG: The net profit has been reported at Rs 565.3 crore.

Vedanta: 
The net profit has fallen 21 percent at Rs 1,574 crore.

Yes Bank:
Ajai Kumar has been appointed as interim MD & CEO.

Bharti Airtel:
 Net profit falls 27 percent at Rs 86.2 crore.

Hero MotoCorp: 
Net profit has fallen 4 percent at Rs 769.1 crore.

Analyst or Board Meet/Briefings

Himatsingka Seide: 
The company will hold a conference call on February 6, 2019 to discuss financial results.

TCS: 
Oppenheimer Funds will meet the company on February 7, 2019.

Star Cement: 
The company will hold a con call to discuss financials on February 5, 2019.

Kaya: 
The firm will hold a conference call on February 6, 2019 to discuss financial results.

Matrimony.com: 
A conference call has been organized to discuss financial results on February 12, 2019.

CG Consumer: The company has organized multiple meetings with investors between February 11 and 18, 2019. 

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