Stock market updates on Tuesday, January 30, 2024: A pre-Budget rally seems to be underway, with benchmark indices soaring nearly 2 per cent in trades on Monday led by index heavyweight Reliance Industries.
The gains are likely to get extended this morning as global cues remain buoyant. At 08:30 AM, Gift Nifty futures quoted around 21,960, suggesting another 100-odd point gap-up to trade on the Nifty 50.
Shares of ITC, NTPC and Bajaj Finance will be in focus as traders react to their latest quarterly earnings. Meanwhile, Adani Total Gas, Bajaj Finserv, Dr.Reddy’s, Larsen & Toubro, Mahindra & Mahidra Finance, NDTV, PB Fintech, Strides Pharma, Star Health, VIP Industries and Voltas are few of the prominent companies scheduled to announce Q3 results on Tuesday.
Primary Market Update
BLS E Services Rs 311 crore IPO opens for subscription today. The offer period closes on February 01. Company to issue up to 2.30 crore fresh equity shares in the price band of Rs 129 – Rs 135 per share.
Global cues
In Asia this morning, Hang Seng slipped nearly 2 per cent amid Evergrande fall out. Nikkei, Kospi and Taiwan were marginally up, while Shanghai Composite and Straits Times were down.
Overnight, the S&P 500 and Dow Jones closed at record highs a day ahead of the start of two-day US Federal Reserve Policy meeting. The S&P 500 jumped 0.8 per cent, while Dow Jones added 0.6 per cent. Nasdaq soared over 1 per cent.
The yield on the benchmark 10-year US Treasury note dipped 8.6 basis points to 4.074 per cent, after the Treasury department said it would need to borrow less than its previous estimates.
