Gift Nifty indicates a positive start for the Indian benchmark indices; US markets traded slightly higher; Asian markets traded bullish


The benchmark Sensex and Nifty indices are likely to open strong on February 7 as trends in the GIFT Nifty indicate a positive start for the broader index

The S&P 500 closed slightly higher on Tuesday, as investors scrutinized a mixed bag of earnings at big U.S. companies and received comments from Federal Reserve policymakers for clues about its first planned interest-rate cut.

The Dow Jones Industrial Average rose 141.24 points or 0.37 percent. The S&P 500 climbed 11.42 points, or 0.23 percent and the Nasdaq Composite gained 11.32 points, or 0.07 percent.

Asian markets were trading higher on Wednesday morning with Japan’s Nikkei 225 index rose 0.07%, while the broader Topix index gained 0.62%. South Korea’s Kospi rose 0.8% and the Kosdaq rallied 1%. Hong Kong’s Hang Seng index futures also indicated a positive opening.



FSN E-Commerce Ventures: The Nykaa brand operator has recorded a 106 percent on-year growth in net profit at Rs 17.5 crore for the quarter ended December FY24, with revenue increasing 22 percent to Rs 1,788.8 crore and gross merchandise value growing 29 percent over a year-ago period.

Biocon: The biopharmaceutical firm has received tentative approval for its ANDA for Dasatinib tablets from the US FDA for strengths of 20 mg, 50 mg, 70 mg, 80 mg, 100 mg, and 140 mg. This product is indicated for use in treating Philadelphia chromosome-positive chronic myeloid leukemia in adults.

Max Financial Services: The company recorded a consolidated profit of Rs 171.2 crore for the third quarter of FY24, falling 36.4 percent compared to the corresponding period of the last fiscal. Revenue from operations during the period grew by 39 percent YoY to Rs 12,356 crore for the quarter. Meanwhile, the Insurance Regulatory and Development Authority of India (IRDAI) has approved the capital infusion of Rs 1,612 crore by Axis Bank into Max Life, subject to the Competition Commission of India (CCI) approval.

Britannia Industries: The biscuit maker has recorded a consolidated profit of Rs 555.66 crore for the quarter ended December FY24, falling sharply by 40.4 percent compared to the year-ago period due to its high base. In Q3 FY23, the net profit included exceptional gains of Rs 375.6 crore. Revenue from operations grew by 1.4 percent YoY to Rs 4,256.3 crore for the quarter.

Navin Fluorine International: The chemicals company has reported a consolidated profit of Rs 78.02 crore for the quarter that ended December FY24, falling sharply by 26.8 percent compared to the corresponding period of the last fiscal year, dented by dismal topline and operating numbers. Revenue from operations fell by 11 percent YoY to Rs 501.8 crore for the quarter.

Lupin: The pharma company has received approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application for Bromfenac ophthalmic solution to market a generic equivalent of BromSite ophthalmic solution from Sun Pharmaceutical Industries in the United States. Lupin is the exclusive first-to-file for this product. Bromfenac ophthalmic solution is indicated for treating postoperative inflammation and preventing ocular pain in patients undergoing cataract surgery.

NLC India: The coal mining company has reported a consolidated net profit of Rs 250.4 crore for the October–December period of FY24, against a loss of Rs 406.7 crore in the corresponding period of the last fiscal, despite lower topline and operating numbers. Consolidated revenue from operations fell by 14 percent YoY to Rs 3,164.4 crore during the quarter.

Results on February 7: Tata Consumer Products, Power Grid Corporation of India, Nestle India, Lupin, Manappuram Finance, Apollo Tyres, Ashoka Buildcon, Borosil Renewables, Cummins India, General Insurance Corporation of India, JK Paper, Parag Milk Foods, Protean eGov Technologies, Sobha, Trent, and Zuari Agro Chemicals will declare the December quarter earnings today.