NIFTY50 and SENSEX close higher ahead of interim budget. Gains in heavyweight stocks like HDFC Bank and Reliance Industries supported the market; Stock Market Highlights

Thank you, readers! That's all from Upstox.com's live market coverage on 31 January 2024. We’ll be back with our live coverage at 8:00 am on Thursday.

The BANK NIFTY (+1.3%) index closed in the green. Gains in HDFC Bank (+1.2%), SBI (+2.3%), ICICI Bank (+0.7%) and Bank of Baroda (+4.5%) supported the index.

India’s benchmark indices – NIFTY50 (+0.9%) and Sensex (+0.8%) – closed higher. Out of the NIFTY50 space, 46 stocks advanced. Gains in index heavyweights like Reliance Industries, HDFC Bank and SBI propelled the markets higher.

• Long build up: Dr Reddy, Divi’s Lab, Sun Pharma, Tata Motors, Cipla, Maruti

• Short build up: L&T, Titan, Tata Consumers, Hero MotoCorp, SBI Life

Union Finance Minister Nirmala Sitharaman to present the budget tomorrow at 11 am. Ahead of the budget announcement, the government presented its economic survey. Click here to key takeaways from India’s economic survey.

NIFTY Pharma index was amongst top gainers today supported by gains in stocks like Sun Pharma (+4.4%), Dr Reddy (+4.4%), Cipla (+2.2%), Divi’s Lab (+2.3%)

31 January expiry

• Max Call OI (resistance) : 46,000
• Max Put OI (support) : 46,000
• Max Pain: 46,000
• PCR: 1.15

• Shares of the jewellery retailer rose 3.2% intraday after the company’s Q3 net profit rose over 22% YoY to ₹180 crore. Meanwhile, its consolidated revenue from operations stood at ₹5,223 crore, a rise of 34.5% YoY.

• Revenue for the company’s Indian operation grew by over 40% YoY to ₹4,512 crore, while revenue from the Middle East operations stood at ₹683 crore, up 6% YoY.

• According to management, higher revenue growth was driven by robust network expansion and healthy same-store sales growth.