FIIs reduce their selling in the budget week. What next?

Good Morning Everyone, Nifty has been on a rally after the budget, and FIIs also have reduced their selling, which led to a higher rally.


But now with SBI results being expected this weekend, and being the weekly expiry today, We will see a lot of volatility today.


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Global Markets:

The US stock market indices closed higher on Wednesday, extending their weekly gains. The S&P 500 rose 42.84 points, or 0.9%, to 4,589.38. The Dow Jones Industrial Average rose 224.09 points, or 0.6%, to 35,629.33. The Nasdaq rose 71.54 points, or 0.5%, to 14,417.55.


Stocks rose this morning in Asia, amid a recovery in US shares spurred by the corporate earnings outlook and signs that Federal Reserve officials favor measured monetary-policy tightening. Equities advanced in Japan and Australia, among the few markets open in Asia due to the Lunar New Year holiday. U.S. Treasuries were little changed and a dollar gauge held a retreat.


Oil prices surged on Wednesday after OPEC+ stuck to their planned moderate output increases despite pressure from top consumers to raise output. Global benchmark brent crude edged up 31 cents to $89.47 a barrel, while US West Texas Intermediate crude gained 6 cents to $88.26 a barrel.


Indian Market:

Trends on the SGX Nifty indicate a gap down to a flat opening today after Facebook results announced yesterday did not meet market expectations.


The rupee pared its initial gains to settle on a flat note at 74.83 (provisional) against the US dollar on Wednesday, even as the domestic equities closed on a positive note.


Gold prices in India fell on Wednesday continuing the volatile movement in recent days. On MCX, gold edged lower to Rs 47,768 per 10 gram, down about Rs 1,300 from last week's high of Rs 49,000. Silver futures rose 0.5% to Rs 61,645 per kg.


FM Nirmala Sitharaman said predictable policies, consistency will take India to a $5 trillion economy. A heavy capex allocation, conservative tax goals, no relief for the salaried middle class and a new crypto tax were some of the key highlights of finance minister Nirmala Sitharaman's fourth budget.


Results Today:

ITC, Titan Company, Lupin, Aditya Birla Capital, Adani Power, Adani Transmission, Cadila Healthcare, GAIL (India), Godrej Properties, India Pesticides, JK Tyre & Industries, Jubilant Industries, Kalyan Jewellers India, Pfizer, Torrent Power, and more will release their quarterly earnings today.


Stock Specific News:

LIC IPO | The government will approve and notify amendments to India's Foreign Direct Investment (FDI) policy that would allow the disinvestment in the state-run insurer Life Insurance Corporation (LIC). The IPO of the life insurance behemoth is expected to be one of the biggest in the country, with the government aiming to raise close to $12 billion by selling a minority stake to the public.


Zee Entertainment Enterprises | The company reported lower consolidated profit at Rs 298.98 crore in Q3FY22 against Rs 398.01 crore in Q3FY21, revenue fell to Rs 2,130.44 crore from Rs 2,756.93 crore YoY.


Dabur India | The company on Wednesday reported a net profit of Rs 504 crore for the December quarter, in line with Street estimates. The FMCG major's quarterly net profit was up 2.2 percent on a year-on-year basis.


Housing Development Finance Corporation (HDFC) | The bank on Wednesday reported a net profit of Rs 3,260.7 crore for the quarter ended December, beating Street estimates. The quarterly net profit increased 11.4 percent on a year-on-year basis.


Tata Consumer Products | The company reported a higher consolidated profit at Rs 265.05 crore in Q3FY22 against Rs 218.17 crore in Q3FY21, revenue jumped to Rs 3,208.38 crore from Rs 3,069.56 crore YoY.


Apollo Tyres | The company reported lower consolidated profit at Rs 223.54 crore in Q3FY22 against Rs 443.8 crore in Q3FY21, revenue jumped to Rs 5,707.47 crore from Rs 5,194.66 crore YoY.


Punjab National Bank: HSBC Insurance (Asia Pacific) Holdings to acquire bank's stake in Canara HSBC OBC Life Insurance Company.


Bharat Dynamics: The company signed a contract worth Rs 3,131.82 crore, for the supply of Konkurs-M anti-tank missiles to the Indian Army.


Triveni Engineering & Industries | The company reported a consolidated profit of Rs 130.12 crore in Q3FY22 against Rs 94.66 crore in Q3FY21, revenue rose to Rs 1,235.44 crore from Rs 1,123.08 crore YoY.


Muthoot Capital Services | The company's officials will meet investors today to discuss financial results.





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