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Informist, Wednesday, Feb. 5, 2025

By Akash Mandal

MUMBAI – Benchmark equity indices are expected to be range-bound with a negative bias on Thursday as there are no major triggers before the outcome of the Reserve Bank of India's Monetary Policy Committee meeting on Friday. Stock-specific action is likely, with six Nifty 50 constituents scheduled to detail their December quarter results.

Investors will continue to monitor any decision on tariffs by the US amid concerns about a global tariff war. China announced tariff of 10% on some American goods in response to the 10% tariff by the US on Chinese imports. China also gave the US time till Feb. 10 to come up with a deal to resolve the dispute.

The Nifty 50 is expected to move sideways and have a bearish bent, and the index might touch 23550 on the downside, where it will find support, Ashish Sherigar, technical analyst at NVS Brokerage, said. "Nifty (Nifty 50) has seen some selling pressure on the upper levels of 23800, this pressure may continue tomorrow (Thursday) if Nifty trades below 23650," Sherigar said. The index will continue its bullish momentum only if it sustains above 23850 points, and the next target for the index will be 24000 points, the analyst said. 

On Wednesday, the Nifty 50 ended at 23696.30 points, down 42.95 points or 0.2%, and the BSE Sensex closed at 78271.28 points, down 312.53 points or 0.4%. Broader market indices, however, gained sharply with small-cap indices being the biggest gainers. 

Some analysts expect the Nifty 50 to open flat. The index will face resistance near its 50-day simple moving average of 23800 points, and the gains will be capped, Kshitija Salvi, technical analyst at IDBI Capital Markets & Securities, said. 

Thursday will be a busy day on the earnings front, with six Nifty 50 constituents set to announce their December quarter earnings – Bharti Airtel, Britannia Industries, Hero MotoCorp, ITC, State Bank of India, and Trent. While Bharti Airtel, Hero MotoCorp, State Bank of India, and Trent are expected to report on-year growth in their bottom line, Britannia Industries and ITC are seen reporting a fall in net profit. REC, Cochin Shipyard, Apollo Tyres, NMDC, Aurobindo Pharma, Bharat Dynamics, MRF, Bharti Airtel, BSE, and PI Industries will also report their earnings for the quarter on Thursday.  End

Edited by Avishek Dutta

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