NIFTY ABOVE 21,750 MARK, AUTO SHARES IN DEMAND

The key equity benchmarks traded with decent gains in morning trade ahead of the Union Budget 2024. The Nifty traded above the 21,750 mark after hitting the day�s low of 21,694.60. Auto shares extended gains for the second consecutive trading session.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 224.37 points or 0.31% to 71,976.48. The Nifty 50 index added 59.20 points or 0.27% to 21,784.90.

In the broader market, the S&P BSE Mid-Cap index declined 0.27% and the S&P BSE Small-Cap index shed 0.02%.

The market breadth was positive. On the BSE, 1,919 shares rose and 1,630 shares fell. A total of 174 shares were unchanged.

Union Budget 2024:

Finance Minister Nirmala Sitharaman will announce the interim budget at 11 am on February 1. The Budget she will present is technically a vote on account and popularly termed an interim Budget as it seeks Parliament`s nod for a grant in advance to meet the central government`s essential expenditure for the first four months of the new fiscal year that starts in April.

Although Sitharaman has indicated that the interim Budget will not include any "spectacular" announcements, there is widespread anticipation for positive developments. Traders are expressing optimism regarding a potential reduction in the fiscal deficit, underpinned by robust tax revenues. This positive outlook is contributing to an overall sense of buoyancy in the market.

Results Today :

Titan Company (down 0.37%), Adani Enterprises (down 0.42%), Adani Ports and Special Economic Zone (up 0.66%), AAVAS Financiers (up 0.84%), Abbott India (up 0.06%), Aditya Birla Capital (down 2.90%), Bata India (down 1.42%), City Union Bank (down 1.17%), Deepak Fertilisers (up 0.64%), eClerx Services (down 0.87%), Indian Hotels Company (down 0.30%), India Cements (down 7.60%), Dr Lal PathLabs (down 0.92%), Mphasis (up 0.10%), Praj Industries (up 1.12%), Raymond (up 0.55%), RITES (down 3.75%), Thyrocare Technologies (up 1.27%) and Tube Investments of India (up 0.30%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty Auto index rose 1.51% to 19,518.20. The index rallied 3.39% in two trading sessions.

Maruti Suzuki India (up 3.04%), Eicher Motors (up 2.75%), Mahindra & Mahindra (up 2.49%), Samvardhana Motherson International (up 1.68%), Sona BLW Precision Forgings (up 1.49%), Balkrishna Industries (up 1.25%), MRF (up 1.11%), Bosch (up 0.77%), Tata Motors (up 0.66%) and Bajaj Auto (up 0.55%) edged higher.

Escorts Kubota rose 0.94%. The major tractor manufacturer said that its Agri Machinery Business Division sales declined 6.97% to 6,185 units in January 2024 as against 6,649 units sold in January 2023. While domestic sales fell 6.70% to 5,817 units, tractor exports declined by 11.11% to 368 units in January 2024 over January 2023.

Stocks in Spotlight:

Dixon Technologies (India) advanced 2.67% after the company reported 87% jump in consolidated net profit to Rs 970.7 crore on 100% increase in revenue from operations to Rs 4,818.25 crore in Q3FY24 over Q3 FY23.

Indus Towers shed 0.65%. US private equity giant KKR and top Canadian pension fund Canada Pension Plan Investment Board ( CPPIB) have reportedly launched a $465 million block deal in Indus Towers. KKR is looking to sell its complete stake in Indus Towers, which stands at 4.85% for $323 million while CPPIB wants to sell a 2.14% stake for $142 million.

Gujarat Gas added 0.32%. The company has signed Memorandum of Understanding (MoU) with Hindustan Petroleum Corporation (HPCL) for mutual benefit of each other.

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