DOMESTIC EQUITY BAROMETERS TRADE IN VOLATILE MANNER; NSE INDIA VIX UP OVER 4%

The domestic equity benchmarks traded in a volatile manner in early trade. The Nifty hovered near the 21,750 level. While oil & gas, realty and auto stocks traded in the green, PSU banks, FMCG and healthcare stocks declined.

At 09:25 IST, the barometer index, the S&P BSE Sensex, was up 134.91 points or 0.19% to 72,161.06. The Nifty 50 index added 35.80 points or 0.16% to 21,746.60.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 4.07% to 13.15.

In the broader market, the S&P BSE Mid-Cap index gained 0.17% and the S&P BSE Small-Cap index rose 0.42%.

The market breadth was strong. On the BSE, 2,088 shares rose and 984 shares fell. A total of 109 shares were unchanged.

Stocks in Spotlight:

Godrej Industries jumped 5.36%. The company has announced that its chemical division has signed a memorandum of understanding (MoU) with the Government of Gujarat to invest Rs 600 crore in Valia over the next four years.

Titan Company rose 0.66%. The Tata Group company on Friday announced that it has registered 22% year on year (YoY) growth in revenue for the quarter ended 30 December 2023. Titan added a total of 90 stores during the quarter, taking the group`s retail presence to 2,949 stores.

Marico fell 3.80%. The FMCG major said that its India business reported low-single digit volume growth in Q3 FY24, with low single-digit growth in Parachute Coconut Oil. Marico has also reported a slight sequential improvement in its core portfolio.

Union Bank of India lost 1.09%. The public sector bank has reported 10.69% rise in domestic advances to Rs 8,66,689 crore as on 31 December 2023 as against Rs 7,83,009 crore recorded as on 31 December 2022.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell 0.25% to 7.217 as compared with previous close 7.235.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.0600, compared with its close of 83.1500 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement lost 0.34% to Rs 62,345.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.08% to 102.46.

The United States 10-year bond yield advanced 0.70% to 4.065.

In the commodities market, Brent crude for March 2024 settlement lost 90 cents or 1.14% to $77.86 a barrel.

Global Markets:

Asian stocks are trading higher as investors look ahead to key economic data and events in the following days.

Australia and Japan will release inflation figures on Tuesday and Thursday, while China will announce its trade balance and inflation numbers for December on Friday. Bank of Korea will be holding the first central bank meeting of the year among major Asia economies on Thursday.

Japan�s markets are closed for a public holiday, and will return to trade on Tuesday.

The US equity indices ended higher on Friday after a stronger-than-expected jobs report. The U.S. economy added many more jobs than anticipated in December, with nonfarm payrolls growing by 216,000. The unemployment rate held steady at 3.7%.

On Sunday, congressional leaders announced a deal establishing a $1.59 trillion in top-line spending, in order to avoid a potential government shutdown.

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