Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 overcame initial choppiness to clock strong gains in the second half of a volatile day on Friday, the last session of a week that saw the the unveiling of a pragmatic Union Budget 2023 by Finance Minister Nirmala Sitharaman. Gains across most sectors pushed the headline indices higher, with financial, IT, consumer and auto stocks being the top boosts.
Globally, equity markets were a mixed bag as investors weighed a 50-basis-point hike from the ECB against a smaller hike in the US along with a rather dovish tone of the Fed.
Here are five things to know about the February 3 session on Dalal Street:
1) The Sensex finished 909.6 points or 1.5 per cent higher for the day at 60,841.9, and the Nifty50 settled at 17,854.1, up 243.7 points or 1.4 per cent from its previous close.
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State Bank of India (SBI) — the country’s largest lender by assets — reports a year-on-year 68.5 per cent jump in net profit to a record Rs 14,205.3 crore for the quarter ended December 2022.
The PSU banking major’s net interest income (NII) — or the difference between interest earned and interest paid — increases 24.1 per cent to Rs 38,068.6 crore compared with the year-ago period, according to a regulatory filing.
Both topline and bottomline far exceeded analysts’ expectations.
According to Zee Business research, SBI’s quarterly net profit was estimated at Rs 13,400 crore and NII at Rs 37,300 crore.
SBI shares ended 3.1 per cent higher ahead of the earnings announcement.
Read more on SBI Q3 results, share price
The 30-scrip index finishes the day 909.6 points or 1.5 per cent higher at 60,841.9 and the Nifty50 settles at 17,854.1, up 243.7 points or 1.4 per cent from its previous close.
Here’s how Sensex moved through the day:
Ruchit Jain of 5Paisa shares a buy call on Zee Business:
Buy Cyient for targets of Rs 945 and Rs 958 with a stop loss at Rs 885.
The IT stock has grown almost 10 per cent in value in the past one month, sharply outperforming a 2.2 per cent decline the Nifty50 headline index.
Read more on Bank of Baroda results, shares
The Sensex surges as much as 879.3 points or 1.5 per cent to touch 60,811.5 on the upside.
The HDFC twins, ajaj Finance, Infosys and Titan are the biggest contributors to the gain in Nifty50. Here’s what the heatmap looks like about 45 minutes from the closing bell:
Sanjiv Bhasin of IIFL Securities shares two blue-chip stock picks: Titan and Reliance .
He has a target of Rs 2,500 for his ‘buy’ call on Titan with a stop loss at Rs 2,360.
For Reliance Industries, Bhasin suggests a target of Rs 2,400-2,420 and a stop loss at Rs 2,275.
Read more on what brings these stocks to Sanjiv Bhasin’s radar
Chandan Taparia of Motilal Oswal Financial Services has a target price of Rs 185 for the option and suggests a stop loss at Rs 70.
Among stock derivatives, Taparia suggests buying the Rs 3,000 call of Siemens at Rs 90 for a target of Rs 140 with a stop loss at Rs 65.
Here’s how some of these stocks are performing at this hour:
The stock of the cigarettes-to-hotels conglomerate retreats by as much as Rs 10.2 from its strongest level of the day to Rs 372 apiece on BSE, taking its loss to 3.3 per cent from a record high touched the previous day.
SBI struggles just above the flatline amid choppy trade. Earlier in the day, the stock of the country’s largest lender by assets rose by as much as Rs 13.1 or 2.5 per cent to Rs 541.1 apiece on BSE.
HDFC shares are trading stronger by Rs 44.7 or 1.7 per cent on the day at Rs 2,657.5 apiece on BSE, having risen to as high as Rs 2,664.8 apiece earlier in the day to come within Rs 200 points of a 52-week high hit in April 2022.
During market hours on Thursday, the mortgage lender reported a 13.2 per cent year-on-year increase in net profit to Rs 3,690 crore for the quarter ended December 2022, and growth of 13 per cent in net interest income to Rs 4,840 crore.
Both the topline and bottomline were largely in line with analysts’ estimates.
According to Zee Business research, HDFC’s quarterly net profit was estimated at Rs 3,680 crore and NII at Rs 4,890 crore.
Read more on HDFC results
HSBC maintained a ‘buy’ call on HDFC but reduced its target by Rs 140 to Rs 2,850.
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