Gift Nifty is up by 54 points in the early morning trade, indicating a positive opening for Indian stock market.
Asian markets climbed across the board as investors look toward China’s inflation figures for and the Reserve Bank of India’s rate decision.
China’s consumer price index for January is expected to fall 0.5 percent year-on-year, while the Reserve Bank of India is forecast to hold rates at 6.5 percent.
Global equities climbed to a more than two-year peak and the S&P 500 closed at a record high on Wednesday, as strong earnings offset jitters related to U.S. regional banks and China’s markets. Bonds yields rose as comments from Federal Reserve officials reaffirmed expectations that the central bank may not cut rates soon. The U.S. dollar retreated and oil prices rose
👉 India’s top oil producer ONGC and the nation’s biggest power firm NTPC on Wednesday signed a joint venture agreement to set up offshore wind energy projects as the two firms look to boost collaboration in renewable energy. The pact was signed during India Energy Week here.
👉 Mankind Pharma promoters Sheetal Arora, Arjun Juneja and Puja Juneja have decided to sell a combined stake of 1.62 percent in the firm to comply with the requirements of minimum public shareholding, according to an exchange disclosure by the company. As per market regulator Sebi’s guidelines, all listed firms should maintain a minimum public shareholding of 25 per cent.
👉 Power Grid Corporation of India has recorded 10.5 percent year-on-year growth in consolidated net profit at Rs 4,028.3 crore for the October–December period of FY24, despite higher tax costs, driven by healthy operating numbers. Revenue from operations grew by 2.6 percent YoY to Rs 11,549.8 crore for the quarter.
👉 SJVN has received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam (GUVNL) for a 200 MW solar power project in GUVNL Phase XXII. The tentative cost of construction and development for this project is Rs 1,100 crore. The ground-mounted solar project will be developed by subsidiary SJVN Green Energy anywhere in India through an EPC contract. The project will be commissioned in 18 months from the date of the power purchase agreement.
👉 Foreign institutional investors (FIIs) net sold shares worth Rs 1,691.02 crore, while domestic institutional investors (DIIs) purchased Rs 327.73 crore worth of stocks on February 7, provisional data from the NSE showed.
Domestic and International Events
- The RBI is likely to leave the key interest rates unchanged on February 8. An overwhelming majority of the economists polled also said that the central bank would maintain the policy stance of withdrawal from accommodation in the meeting, thus largely continuing the policy approach taken in recent months.
- The U.S. dollar was trading in a tight range on Thursday as traders digested less dovish remarks from policymakers overnight and looked ahead to fresh economic data from the United States. The greenback slipped overnight after rising above its 100-day moving average on Monday and Tuesday for the first time since late November, propelled by Friday’s surging U.S. jobs data.
- Gold prices held steady on Wednesday as investors awaited clues from the U.S. Federal Reserve officials on the interest rate path. Investors are awaiting remarks from Fed officials due to speak this week. The focus is likely to shift later to next week’s inflation report for further clues on the timing of rate cuts
- Oil prices rose for a third consecutive day on Wednesday, boosted by a larger-than-expected fall in U.S. fuel stocks, and rising tensions in the Middle East. Brent crude futures settled 62 cents higher, or 0.79 percent at $79.21 a barrel. U.S. West Texas Intermediate crude climbed 55 cents, or 0.75 percent to $73.86.
Key Equity Indices