Finance Minister Nirmala Sitharaman will present the Union Budget in the Parliament today at 11 am. We had discussed key points to note about the budget in yesterday’s editorial. High volatility is expected in the stock market.
ICICI Bank has posted a 17.73% increase in its Q3 consolidated net profit to Rs 5,498.15 crore. This was helped by a jump in net interest income(NII) but bad loans of the banks have increased, especially in the retail segment.
SAIL has reported a consolidated net profit of Rs 1,468 crore in Q3 vs a loss of Rs 343.57 crore during the same quarter last year.
IndusInd Bank reported a 37% decline in its Q3 net profit at Rs 830 crore on higher provisions for bad loans. The bank expects promoters to pump in Rs 2,000 crore by February 18.
IDFC First Bank has reported a net profit of Rs 130 crore for Q3 vs a net loss of Rs 1,639 crore for the same quarter last year. Morgan Stanley has given a bad rating for the company.
Coal India‘s dry production may break its 5-month growth. Production for the month is likely to be around 60.2 million tonnes compared to 63.11 million tonnes.
JK Lakshmi Cement has reported a doubling in consolidated net profit to Rs 118.43 crore for Q3, helped by better efficiency and increase in volumes.
Cipla has reported a 18% increase in revenue at Rs 5,168.7 crore vs Rs 4,371 crore, and net profit is up 113% at Rs 748 crore. Board of the company has approved a restructuring in Cipla, Cipla BioTec and Cipla Health to better make use of resources.
UPL has reported a 13% increase in net profit up 13% at Rs 794 crore in Q3 vs Rs 701 crore same quarter last year.
Tata Motors has reported a revenue increase of 6% at Rs 75,654 crore. Net profit has increased 67% at Rs 2,941 crore. Tata Motors ADR in the US is down by more than 5%.
L&T Finance Holdings opens the rights issue to raise Rs 2,998.61 crore opens for subscription today. Shareholders to get 17 rights shares for every 74 held.
Shriram Transport Finance has approved and allotted secured NCDs for an issue size of Rs 60 crore.
CDSL has reported a net profit increase of 150% at Rs 54 crore in Q3 vs Rs 21.6 crore.
January month auto sales number will be out today.
Major Q3 results to be announced today:
- Castrol India
- Coromandel International
- Finolex Industries
- Kansai Nerolac Paints
What to expect today?
NIFTY has fallen more than 900 points last week to close near 13,600. You can read all about last week’s movements here.
Bank Nifty surprisingly closed in the green even in a bearish and volatile market.
European markets had closed heavily in the red on Friday. Futures are slowly turning green. US futures are trying to move up. Asian markets are mostly in green meaning that there is some positivity in the global markets. SGX NIFTY is trading higher at 13,764, which is more than 100 points higher, indicating a gap up opening in the Indian Market.
We have to actively watch for volatility in NIFTY. This is for sure, why? Because today, the Financial Minister is set to present the Union Budget in the parliament. And as we have seen every year, the market is highly likely to move 2% or higher in any one direction. The only problem is we don’t know which direction that movement will be in. First 2 hours of the market will likely see consolidation.
Moving up, NIFTY has resistance at 14,000-14,050 as discussed last week. Breaking that today might give a larger up move. On the lower side, there are supports at 13,660 and 13,500.
If you have opened 1-Day charts of many stocks, you would have seen they are all at key support zones. So today will be very decisive with the budget announcement.
Intraday traders should be very safe today. More focus should be given on protecting your capital. Major brokers including Zerodha and Upstox have blocked CO & OCO orders expecting volatility. Do not trade without a stoploss today. Make sure that you get each and every update real-time from marketfeed app’s livefeed. Try to make the most of it, while also remembering no trade is also a good trade, especially for beginners in the market.
Foreign institutional investors (FIIs) net sold shares worth Rs 5931 crore, and domestic institutional investors (DIIs) net bought shares worth Rs 2443 crore in the Indian equity market.
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