SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Nifty ends higher on Tuesday; settles above 21900 mark

06 Feb 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Tuesday’s trading session on a higher note, as traders were hoping that Reserve Bank of India (RBI) likely to keep interest rate unchanged for the sixth consecutive time at 6.5 per cent. After making slightly positive start, index faced some volatility during initial deals but managed to gain traction in late morning deals, amid foreign fund inflows. Foreign institutional investors (FIIs) net bought shares worth Rs 518.88 crore on February 5, provisional data from the NSE showed. Some support also came in as the Organisation for Economic Co-operation and Development (OECD), in its latest interim economic outlook, has raised India's growth outlook for 2024 to 6.2 per cent. OECD, which represents the developed countries, in its earlier outlook in November last year had projected India’s growth at 6.1 per cent.

Index remained higher in noon deals, as sentiments remained optimistic with the data from the Central Depository Service and National Securities Depository showing that the number of demat accounts opened in January totalled over 46.84 lakh, compared to 40.94 lakh a month ago and 21.90 lakh a year ago. The total demat tally crossed 14.39 crore, up 3.4 percent from a month ago and 30.3 percent from a year ago. Meanwhile, India is likely to sign a multi-billion-dollar deal to extend LNG imports from Qatar till 2048 at rates that are lower than current prices. Finally, index ended its northward journey with gains of 157.70 points.

Traders were seen piling up positions in PSU Bank, Auto and Bank stocks, while selling was witnessed in Bank, FMCG and PSU BANK. The top gainers from the F&O segment were Godrej Consumer Products, Canara Bank and Punjab National Bank. On the other hand, the top losers were India Cements, Aurobindo Pharma and Voltas. In the index option segment, maximum OI continues to be seen in the 22900 - 23100 calls and 20900 - 21100 puts indicating this is the trading range expectation.

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through:

×