Eicher Motors has reported its standalone net profit for the quarter ended Dec 2023 at Rs 913.73 crore as against Rs 680.70 crore in the Dec 2022 quarter. The stock trades at Rs 3,904.90 on the NSE, up by 0.85% in the intra-day trade on Tuesday.

Marksans Pharma has reported standalone net profit for the quarter ended Dec 2023 at ₹28.28 crore as against of ₹25.62 crore in the Dec 2022 quarter. The stock trades at Rs 156.40 on the NSE, up by 6.72% in the intra-day trade on Tuesday.

Shares of One97 Communications, which owns the brand Paytm on Tuesday plunged nearly 8 per cent a day after RBI Governor Das ruled out any review of the central bank’s action against Paytm Payments Bank Ltd (PPBL), saying that its decisions are well thought out. The stock of the company tumbled 7.50 per cent at Rs 390.90 apiece on the BSE.

Shares of One97 Communications dropped 7.28 per cent at Rs 391.45 per piece on the NSE. During intra-day trade, the shares of the fintech company reached its 52-week low of Rs 385.60 on the NSE and Rs 385.75 on the BSE. The 30-share BSE Sensex benchmark jumped 436.83 points or 0.61 per cent at 71,509.32, while NSE Nifty advanced 0.56 per cent at 21,737.75 points.

Also Read: Paytm shares plunge nearly 8 per cent; hit 52-week low

USDINR CMP- 83.01 (spot) “Indian Rupee traded on a flat note with a slight negative bias on a positive tone in the US Dollar and a rise in crude oil prices. However, positive domestic markets and FII inflows supported Rupee at lower levels. Favorable macroeconomic data from India also supported Rupee earlier in the day. India’s CPI declined to 5.1% in January 2024 vs 5.69% in December 2023 and in line with street estimates. Industrial production increased by 3.8% in December 2023 vs 2.4% in November 2023. US Dollar traded with minor gains ahead of US inflation report. We expect Rupee to trade with a slight positive bias positive Asian markets and fresh foreign inflows. However, positive tone in the greenback and rising crude oil prices may cap sharp gains. Escalation of geopolitical tensions in the Middle East after Israel forces launched airstrikes in Rafah may also weigh on riskier currencies. Traders may take cues from US inflation data. US CPI is expected is expected to cool down to 2.9% from 3.4% in the previous month while core CPI is expected to cool down to 3.7% from 3.9%. USDINR spot price is expected to trade in a range of Rs 82.80 to Rs 83.20,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.

Coal India, UPL, ICICI Bank, Axis Bank, and SBI Life Insurance were the top gainers in the Nifty 50. While Hindalco, Grasim Industries, M&M, Tata Motors, and Adani Enterprises were the key laggards in the Nifty 50.

The geopolitical risk premium returned to oil markets this week after Israel rejected a ceasefire offer and bombed Rafah. However upside is still capped due to weak demand and bearish calls from US Energy Information Administration, saying that US crude output is unlikely to surpass the current level of 13.3 million b/d until early 2025. 

Last week Brent crude breached the $80 per barrel mark, while WTI climbed above $75, a notable movement for the first time in February. The market was influenced by various factors, including escalating Middle East tensions, unexpected trends in U.S. fuel stocks, and developments in Russian oil exports. 

Also Read: Oil markets navigate geopolitical uncertainty and economic indicators: OPEC report and US CPI data awaited

The NSE Nifty was up 72.70 points or 0.34% at 21,688.75. While the BSE Sensex was up 320.54 points or 0.45% at 71,393.03.

Shares of Reliance Industries rose 1.8% to hit a new 52-week high of Rs 2,958.

Shares of public sector companies faced increased selling pressure on Monday, driven by lackluster third-quarter results that led traders to unwind optimistic positions. 

Analysts caution about the potential for additional declines in these stocks, despite their status as top performers on Dalal Street over the past three months. They suggest that any substantial drop in the coming weeks might present a favorable opportunity to consider buying some of these stocks.

Also Read: Freefall for Railway PSU Stocks; IRCTC, RVNL, record upto 30% decrease from this year's highs

UPL, Coal India, ICICI Bank, Apollo Hospital, and HDFC Bank were the top gainers int he Nifty 50. While Hindalco, Grasim Industries, Adani Enterprises, Wipro, and HCL Technologies were the key laggards in the Nifty 50.

Shares of One97 Communication or Paytm slid 8.5% to hit the 52-week low of Rs 386.25. The stock’s lower band is set at Rs 380 or 10%.

Shares of Hindalco fell 10% to hit the lower circuit at Rs 524.20 ahead of third-quarter results.

Here MotoCorp, Coal India, Divis Labs, ICICI Bank, and NTPC are the top gainers on NSE Nifty 50 index.

The NSE Nifty 50 opened 35.65 points or 0.16% higher at 21,651.70. While the 30-stock BSE Sensex opened 155.49 points or 0.22% higher at 71,227.98.

Shares of Hindalco fell nearly 7.5% to Rs 539 in the pre-open session on the National Stock Exchange. The stock was the key loser in the Nifty 50.

“The USD – INR 27 February futures contract traded within a narrow range. According to the daily technical chart, the pair is currently below its moving average trend-line support level of 83.08, with MACD indicating negative divergence. RSI remains below the 50 level, indicating a bearish sentiment, while encountering strong resistance at higher levels. The pair’s support levels are at 82.92-82.74, and resistance is seen at 83.15-83.30. With the pair trading below the support level of 83.08, it is expected to remain within the range of 82.70-83.45 for the remainder of the week,” said Rahul Kalantri, Vice President of Commodities at Mehta Equities.

Technically, Nifty’s major support is at 21517, with hurdles at 21951. Options data indicates a 21500-22500 trading range, highlighting 22000 as a crucial resistance and 21000 as a significant support. Caution is advised until Nifty surpasses 21951 hurdles. The Volatility Index surged to 16.06. India’s CPI inflation eased to 5.1% in January. Caution is advised before US CPI data, said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

“Preferred trades: Buy Nifty (21616) with targets at 21807/22011, and Bank Nifty (44882) if above 45749 with targets at 46181/46893. Bullish on COFORGE, SIEMENS, and LTTS intraday with an inter-week perspective. Recommended stock: Buy ZOMATO (CMP 153) with targets at 169/187, aggressive targets at 201, and a stop loss below 93, holding for 12-15 months,” said Tapse.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded lower, 0.01% at 104.15.

WTI crude prices are trading at $76.95 up by 0.04%, while Brent crude prices are trading at $81.97 down by 0.04%, on Tuesday morning.

Foreign institutional investors (FII) bought shares worth net Rs 126.60 crore. While, domestic institutional investors (DII) bought shares worth net Rs 1,711.75 crore on February 12, 2024, according to the provisional data available on the NSE.

Commenting on the technical outlook Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, said that on the daily charts, observations are that the Nifty has closed below the 20-day moving average (21684) which is a sign of weakness. The daily momentum indicator has triggered a negative crossover which is a sell signal. Thus, both price and momentum indicators suggest weakness. The broader market witnessed a deep cut even today. The midcap index was down 2.57% and the Smallcap Index cracked 4% today. The crucial support zone for the Midcap index is placed at 46960 – 46550 and that for the Smallcap Index is placed at 15440 – 15400.

Bank Nifty also witnessed a correction on Monday however as the day ended it witnessed a pullback and closed around 44900 where the 200-day moving average was placed. The bank Nifty might not witness a further weakness as it has reached long-term support. Crucial support is placed at 44500 – 45400 while resistance is placed at 45750 – 45800, said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.