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Sensex: Nifty open flat; IT, Pharma gain, energy stocks drag in early trade | Nifty | stock market- Republic World

Stock market news | Image:Republic World

Stock market news: Benchmark indices S&P BSE Sensex and NSE Nifty 50 opened muted on Monday, February 12, 2024 amid strong global cues. Investors are also awaiting the crucial inflation data scheduled to release later in the day. Wipro, HCL Tech and Tata Motors are the top gainers in Sensex, and PowerGrid, NTPC and Reliance are the top losers.

At 9:30 am, Sensex was trading 23.45 points lower at 71,572.04 and Nifty was trading 21.60 points lower at 21,804.10.

“In a rather subdued week at Dalal Street, Nifty has seen limited participation, with the fear of missing out conspicuously absent and the pursuit of strength proving ineffective. Investor caution prevails amid RBI’s uninspiring monetary policy and the ongoing debate on the Federal Reserve’s inflation goal. Despite the market’s languid state, the S&P 500’s historic close above 5,000 brings some optimism,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

“From a technical standpoint, Nifty’s intraday support rests at 21,557, while hurdles are at an all-time high of 22,127. Bank Nifty’s support is at 44,429, with immediate hurdles at 46,311. The Nifty options data suggests a trading range of 21,500-22,500. Key catalysts include India’s CPI and IIP numbers, along with the US January CPI. Corporate earnings and Q3 results are in focus, with a positive outlook for Nifty’s rally, aiming to revisit its all-time high. Buyers’ weakness below 21,557 could attract bears,” Tapse added.

He also suggested trades include buying Nifty at CMP with targets at 21,907/22,011 and Bank Nifty at CMP with targets at 46,181/46,893. “The chart of the day favours Bank of Baroda, Bharat Forge, Siemens, Adani Enterprises on intraday weakness. The recommended stock to buy is PNB (CMP 124) with a stop at 116.75 and targets at 129/135, following an intermonth strategy based on a higher high/low rationale,” Tapse said.

Key earnings today

  • Coal India
  • Bharat Forge
  • Force Motors
  • NHPC
  • SAIL

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