Stock Market Updates February 5: Sensex Up 190 Pts, Nifty Above 21,900 In Early Trade

Stock Market Updates: Benchmark equity indices climbed in early trade on Monday helped by a rally in Tata Motors and a firm trend in the US markets.

The 30-share BSE Sensex climbed 193.43 points to 72,279.06 in early trade. The Nifty went up by 51.15 points to 21,904.95.

Among the Sensex firms, Tata Motors jumped nearly 8 per cent after the company on Friday reported two-fold jump in net profit at Rs 7,100 crore for December 2023 quarter.

Sun Pharma, Mahindra and Mahindra, Tata Steel, NTPC, Tech Mahindra and Tata Consultancy Services were among the other major gainers.

Kotak Mahindra Bank, ICICI Bank, HDFC Bank and IndusInd Bank were among the laggards.

In Asian markets, Tokyo traded in the green while Seoul, Shanghai and Hong Kong were quoting lower.

The US markets ended in the positive territory on Friday.

Global oil benchmark Brent crude climbed 0.32 per cent to USD 77.58 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 70.69 crore on Friday, according to exchange data.

The BSE benchmark climbed 440.33 points or 0.61 per cent to settle at 72,085.63 on Friday. The Nifty went up by 156.35 points or 0.72 per cent to 21,853.80.

Although the market witnessed substantial gains on February 2, marked by the Nifty reaching a record high of 22,126.80 and the Sensex surging by over 1,400 points, the benchmarks relinquished some of these gains to conclude below the day’s peak.

Also Read: Stocks To Watch On February 5: SBI, Zee, Paytm, Tata Motors, InterGlobe Aviation & Others

This Week’s Trends

The market focus will be on the ongoing Q3 FY24 earnings season, with many companies announcing their results in the coming days such as Ashok Leyland, Bharti Airtel, Apollo Tyres, Nestle, Grasim, LIC, said Arvinder Singh Nanda, Senior Vice President, Master Capital Services Ltd.

Stock markets will be driven by quarterly earnings by index majors, global trends and the RBI’s interest rate decision this week after digesting news on budget proposals and US Federal policy outcome, say analysts.

(With PTI inputs)