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The dollar traded near two-week lows as demand for safer assets ebbed on Wednesday, with traders looking ahead to an expected recovery from the COVID-19 pandemic this year, driven by massive fiscal and monetary stimulus.
Bitcoin consolidated around $46,500 after reaching a new high at $48,216 overnight following Tesla’s disclosure of a $1.5 billion investment in the leading cryptocurrency.
Gainers and Losers on the BSE Sensex:
Market Opens: Indian indices opened higher on February 10 with Nifty above 15150 on mixed global cues.
At 09:16 IST, the Sensex was up 108.54 points or 0.21% at 51437.62, and the Nifty was up 43.90 points or 0.29% at 15153.20. About 824 shares have advanced, 349 shares declined, and 65 shares are unchanged.
Tata Steel Q3:
Tata Steel on February 9 reported a consolidated profit of Rs 3,989 crore for the quarter ended December 2020, driven by improved realisation-backed strong operating income. The loss in corresponding period was Rs 1,166 crore.
Consolidated revenue from operations grew by 11.5 percent year-on-year to Rs 39,594 crore in Q3FY21. Read More
Eicher Motors Q3 Preview: Double-digit Growth Seen In Revenue, EBITDA Driven By Royal Enfield Biz
Prabhudas Lilladher expects Eicher to report consolidated revenue growth of around 21 percent YoY.
Indian markets are likely to open with a flat to positive bias tracking mixed global cues, led by optimism surrounding India’s falling Coronavirus infections, the vaccine rollouts and last week’s high-spending and growth-focused Budget. US markets ended mixed amid profit booking and optimism surrounding additional stimulus.
Market at pre-open: Benchmark indices are trading flat in the pre-opening session amid mixed global cues.
At 09:02 IST, the Sensex was up 10.32 points or 0.02% at 51,339.40, and the Nifty was up 7 points or 0.05% at 15,116.30.
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
With the Budget behind now, the focus is now back on corporate earnings which is in its last leg. The overall long term trend of the market remains positive given confluence of economic recovery, containment of COVID-19, earnings beat, and an expansionary Budget.
However, with markets hitting multiple new highs and valuations largely factoring in an earnings recovery, one should trade cautiously with stock specific actions and book profit intermittently. In the near term, market would actively track key macro data like IIP, CPI and WPI data along with global cues.
DAILY VOICE | Plenty Of Opportunities In Economy-linked Sectors Post Budget: Gurpreet Sidana Of Religare Broking
For investors, this Budget has truly laid the foundation of a strong economic revival in the coming quarters, and the rally, which was restricted to select sectors, will broaden to economy-facing…
Nagaraj Shetti, Technical Research Analyst, HDFC Securities:
The short term up trend of Nifty seems to have tired at the new highs and there is a possibility of some more profit booking in the short term. A decisive move below the support of 15,000 could confirm reversal pattern and that is expected to drag Nifty to further lows. On the other side, a lack of selling interest in the next 1-2 sessions is likely to allow bulls to make a comeback from the lows.