Market Updates: Nifty, Sensex Open Higher Today
The NSE Nifty 50 and BSE Sensex started trading higher today, with HDFC Bank Ltd. and ICICI Bank Ltd. leading the way. As of 9:18 a.m., the Nifty 50 was up 0.15% at 23,774.40, while the Sensex was almost flat at 78,587.30.
Companies like HDFC Bank Ltd., Infosys Ltd., Oil and Natural Gas Corp Ltd., Tata Consultancy Services Ltd., and Bharat Petroleum Corp Ltd. helped push the Nifty 50 higher. However, Asian Paints Ltd., Reliance Industries Ltd., Larsen & Toubro Ltd., Titan Co. Ltd., and Nestle India Ltd. pulled the index down.
Nine out of 12 sectors on the NSE saw gains, with the NSE Nifty Oil & Gas performing the best and NSE Nifty FMC declining the most. At pre-open, the Nifty 50 was up 0.27% at 23,801.75, and the Sensex was up 0.15% at 78,704.60.
Bond, Rupee, and Gold Updates
The yield on the 10-year bond opened flat at 6.66%, the same as Tuesday’s closing of 6.67%. The Indian Rupee weakened slightly against the US Dollar, opening at 87.12 compared to Tuesday’s close of 87.08. Gold prices hit a record high of Rs 83,890 per 10 grams as of 7:45 a.m. on Feb. 4, a jump of over Rs 500 from the previous day.
Business and Market News Today
The Bombay High Court has ordered a CBI investigation into complaints against Jai Corp, its arm, and chairman. Poonawalla Fincorp Ltd. has teamed up with ServiceNow to use [[AI]] for better audit and governance. JTL Industries secured a Rs 24 crore order from the Jammu and Kashmir government for 3,000 metric tons of pipes.
Angel One Business Updates
Angel One saw a 24.3% drop in the number of orders in January, down to 126 million from 166 million. New client acquisition also decreased by 36% to 6.6 lakh, compared to 10.3 lakh the previous year. However, their total client base grew by 47.5% to 30.1 million. Their average client funding book increased significantly, up 86.7% to Rs 4,199 crore.
Global Market and Oil Updates
Crude oil prices continued to fall due to concerns about global growth and a possible trade war between major economies. Data showed a rise in US crude oil inventories, adding to the downward pressure. Asian markets showed mixed results, with China logging losses after reopening following a holiday break. Markets are worried about the effects of [[tariffs]] on the country. Meanwhile, US stock markets ended higher on Tuesday due to a pause in tariff imposition in Canada and Mexico. The GIFT Nifty, an indicator of the Nifty 50’s performance, was slightly down at 23,846 as of 7:10 a.m.
Titan Concall Highlights
Gold is experiencing growth at the same rate as studded jewellery. Gold coin sales have also increased. Profit margins for studded jewellery might decrease because of the unusual rise in gold prices. However, overall jewellery EBIT margins are expected to stay within the 11-11.5% range.
