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Dow rises 0.23 point, S&P 500 opens higher by 1.18 points & Nasdaq Composite drops 4.11 points

Equity investors gained over Rs 12.56 lakh crore in just seven days of the market rally amid constant foreign capital inflows and steady global trends. Supported by the ongoing rally, the market capitalisation of BSE-listed firms increased by Rs 12,56,510.59 crore to Rs 2,64,51,069.93 crore in seven days. The benchmark Sensex rose 2,544 points or 4.41% during the past seven days. With the market heading northwards, the optimistic signs, such as stable GST collections, mixed economic growth numbers, and status quo on interest rates from the RBI, are giving investors the ammunition to invest in domestic stocks.

On a sequential basis, net profit fell as much as 40% as against Rs 85 crore clocked in the preceding quarter

Abans Holdings set up Abans Investment Managers as its subsidiary company to build investment products, fund management capabilities, and distribution support. The company has lately been focusing on the expansion of its investment management business as a key growth driver apart from its internal treasury operations and institutional broking, and this acquisition will only help in that direction.

Technically, the stock has moved in the range of Rs 318 to Rs 356 levels from September 2022 to January with volumes being quite low during this period. The price breached the consolidation phase at Rs 356 and moved upwards with high volumes to make an all-time high of 394 odd levels.

Chartists said though Nifty is advancing gradually on the upside, its consistent up move above the hurdles signals more upside ahead. “A decisive movement above 17,800 levels is expected to open the next upside target of 18,200 levels in the near term. Immediate support is at 17,650 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

According to MOSL Research, Nifty earnings are set to grow at 14% in Q4FY23.

Amid improving global sentiments, Nifty ended around 100 points higher at 17,722, while Sensex topped 60,000 levels. Sector-wise, PSU Bank was the outlier, while the IT pack was the top loser with over 1% loss.