Mumbai: RBI is likely to keep interest rates unchanged after its monetary policy review this week as it battles inflation, said respondents in an ET poll, but some of them said a fiscally prudent interim budget and signs of global monetary easing may prompt the central bank to soften its communication on tight liquidity conditions which have pushed borrowing costs well above policy rates.

Bank Nifty has been performing poorly compared to the Nifty, with prices showing a 'bearish engulfing' pattern on February 2. The Nifty has reached lifetime highs, but Bank Nifty is still 2,000 points lower. A close below the 'bearish engulfing' low of 45,900 would signal a downturn. The short-term support for Bank Nifty is at 45,700, with a potential move to 45,050 if broken.

Oil prices in Asia stabilised after last week's sharp falls, with Brent crude futures inching up 8 cents to $77.41 a barrel and US WTI futures remaining flat at $72.28 a barrel. The drop was partly due to stronger-than-expected US jobs data and progress in Israel-Hamas ceasefire talks, but worries over escalating tensions in the Middle East, particularly with ongoing strikes on Iran-backed groups.

Va Tech Wabag shares surged 6%, hitting a 52-week high, after securing a $33.5 million order for an industrial wastewater treatment plant in Saudi Arabia. The plant, developed by Miahona and operated by Saudi Aramco, will employ biological treatment and reverse osmosis technologies, with completion expected in 20 months. Va Tech Wabag's regional head expressed excitement about the company's growth

Aurobindo Pharma's share price fell over 3% due to USFDA's nine observations for its subsidiary. This led the company to temporarily halt production on certain lines and conduct an investigation. The deal to sell its business assets to Empower Clinic Services New Jersey, LLC is expected to generate $110 million. The company's board will meet on February 10 to approve financial results for Dec.

ICICI Securities predicts a pre-election rally in the stock market, with the Nifty expected to reach 23,400 by June. This could mean a 7% increase from its current level. The brokerage also suggests that public sector banks, IT, capital goods, and power stocks could be top gainers during this rally. They also note a historical trend of the Nifty bottoming out in Feb-Mar during general elections.

Technical analysts advise caution while being aggressively bullish in the market this week after recent swings. Nifty is likely to find strong support at 21,580-21,630 and may continue its momentum towards 22,100-22,150 if it stays above these levels. However, profit booking can be seen if the Nifty falls below 21,600. Sectors like IT, power, CPSE, oil & gas, and auto are expected to outperform.

Jana Small Finance Bank plans to raise ₹462 crore through equity and ₹108 crore through an offer for sale, reducing the promoter's stake to 22.5%. With marquee investors and a diversifying loan book, the IPO offers a reasonable valuation for long-term investors. The bank provides various loans and has a presence in 22 states. It has seen growth in both net interest income and profit.

Benchmark indices gained in the past week after two weeks of losses on the back of no negative surprises in Budget and buying in select heavyweight stocks. Overall, analysts expect the market to remain in positive territory as sentiments remain high amid commendable delivery on budget. In today's trade, shares of Paytm, Bharti Airtel, Varun Beverages, Aurobindo Pharma among others.

Equity indices bounced back sharply on Friday, with the Nifty hitting its lifetime peak, tracking a rally in global markets along with buying in select heavyweight stocks. With the US Fed and interim Budget now behind, all eyes will be on RBI’s policy meeting next week. Analysts expect the Central bank to maintain its status quo, said Siddhartha Khemka.

Nifty 50 ended the week with 2.38% weekly gains, although Friday's profit-booking resulted in a 'shooting star' candle formation, casting doubt on bullish prospects. Immediate support at 21,650, with resistance at 22,100. Latent View Analytics advised buying with support at Rs 480 and target of Rs 528. Jubilant Foodworks advised selling with resistance at Rs 498 and target of Rs 474.

With the formation of a 'shooting star' as well as a 'double top' kind of patterns formation on the daily charts, which indicate bearish reversal trends, experts turned cautious and now anticipate some consolidation with a negative bias in the upcoming sessions. If the index decisively breaks the low of Friday at 21,805, then there will be confirmation to the chart patterns.

Singapore arbitration panel denies emergency relief to Sony against Zee's plea before NCLT The Singapore International Arbitration Centre (SIAC) has denied interim relief to Culver Max, which operates Sony Pictures Networks India, and Bangla Entertainment, against Zee Entertainment Enterprises Ltd plea before the National Company Law Tribunal (NCLT), seeking implementation.

Sources say that due to low crude prices, state-run oil companies in India may cut retail prices of petrol and diesel before April elections. However, geopolitical tensions and uncertainties may delay this until the prices settle below $80 a barrel. This could also result in record-high profits for the oil companies in FY24. The government has reduced its budgeted equity support to the companies.

Vadraj Cement, formerly known as ABG Cement, has been shifted to the NCLT for debt resolution after being stuck in liquidation for five years. Adani Group, UltraTech Cement, and JSW Cement may bid for the company. The Bombay High Court had earlier ordered its winding up, but this was recalled following a plea by JC Flowers ARC.