The Indian equity market ended in the green for the second consecutive session amind mixed global cues. Sensex closed 650 points higher at 60,395 and Nifty gained 190 points to 18,003. Titan, Maruti, L&T and SBI were were the top Sensex gainers, rising up to 3.29%.
Wipro share was the top Sensex loser, falling 2.47 per cent, followed by Nestle India, Asian Paints and PowerGrid. Of the 30 Sensex shares, 20 ended higher.
On Friday, Sensex climbed 143 points to 59,744 and Nifty gained 181 points to 17,812 amid mixed global cues. Asian Paints, TCS, Nestle India and UltraTech Cement were the top Sensex gainers, rising up to 1.79%. Of 30 Sensex shares, 15 ended higher.
Here's a look at the updates of the market action on BSE and NSE today.
3: 30 pm: Market ends in green
Sensex closes 650 points higher at 60,395 and Nifty gains 190 points to 18,003. Titan, Maruti, L&T and SBI are the top Sensex gainers, rising up to 3.29%.
3: 05 pm: European shares trading flat
In early trading, the DAX in Frankfurt gained 0.1% to 15,967.95 while the FTSE 100 in London was little-changed at 7,486.65. The CAC 40 in Paris also was flat, at 7,220.20.
2: 55 pm: Market update
Sensex rises 608 points to 60,353 and Nifty gains 181 points to 17,994. Titan Maruti, Infosys and Kotak Bank are the top Sensex gainers, rising up to 3%.
2: 20 pm: Third Covid wave may affect services sector most, says Nomura
"The third wave is rapidly spreading, with daily new cases rising to nearly 180,000, although death rates remain low. Voluntary pullbacks and state restrictions (night curfews and on contact intensive services) are starting to bite, as evidenced by the fall in mobility and airline traffic. Studies suggest the third wave should peak by month-end, limiting the economic impact to Q1 2022," Nomura wrote.
1: 45 pm: Edelweiss joins hands with Indian Bank for co-lending to priority sector
Edelweiss Housing Finance Limited (EHFL) and ECL Finance Limited (ECLF) have entered into a strategic co-lending agreement for priority sector lending with PSB Indian Bank.
With this alliance, Edelweiss and Indian Bank, aim to create a conducive lending environment and democratise access to credit, channelising liquidity to those who need it the most, said Edelweiss Group.
1:15 pm: Jefferies sees RIL at Rs 3,400
Foreign brokerage Jefferies has maintained its buy call on Reliance Industries with a target of Rs 3,400. RIL share trading flat at Rs 2,432 against previous close of Rs 2,435.95 in noon trade.
12: 45 pm: Expert quote
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The record high inflation of 5% in the Euro zone, following the inflation trends in the US, is emerging as a major challenge to central banks globally. There is now a clear possibility of 3 rate hikes by the Fed in 2022 with ECB and other leading central banks, including in emerging markets, shifting to tightening mode. The appreciation in US 10-year yield to 1.76% and strengthening US dollar are indicative of the headwinds to equity markets.
The relevant question in India is: To what extent the tail winds from higher growth and earnings visibility reflected in Q3 results can counter the headwinds from rising interest rates.
The Q3 results starting this week from the IT majors and HDFC Bank are likely to set the trend for the crucial IT and banking segments."
12:25 pm: Share of One 97 Communications fell over 5% after global brokerage Macquarie slashed the target price by 25%.
12:15 PM: Gold likely to perform better after lacklustre 2021, says ICICIDirect
The year 2022 is likely to witness the start of the rate tightening cycle in U.S. In preceding interest rate hike cycles, gold has performed well as it marks higher inflation, an improving economic cycle and ample liquidity. The euphoria surrounding crypto currencies if subside, may result in liquidity flowing back to traditional asset classes like precious metals.
11:50 am: Alembic Pharma gets tentative nod from USFDA for dronedarone tablets, used to treat people with heart problems.
11:31 AM: TCS rises over 3% as board to mull share buyback
TCS stock gained 3.24% to Rs 3,979.9 on BSE today after the IT services major on Friday announced that its board may consider a proposal for buyback of shares on January 12, 2022.
11:20 am: Market outlook
Yesha Shah, Head of Equity Research, Samco Securities said, "The Q3FY22 earnings season will commence with large-cap IT companies reporting first. On the macroeconomic front, investors will be keeping a close eye on the domestic inflation rate, as well as inflation numbers for the United States and China."
10: 50 am: SBI Cards stock slips over 3%
Stock of SBI Cards and Payment Services fell over 3% today after brokerage Goldman Sachs initiated coverage on the SBI arm with a 'sell' call. SBI Cards share fell 3.39% to Rs 897.20 against the previous close of Rs 928.20 on BSE.
10: 30 am: Market update
Sensex rises 541 points to 60,286 and Nifty gains 155 points to 17,968. Maruti, Infosys and ITC are the top Sensex gainers, rising up to 3.47%.
9: 55 am: Market cap of BSE-listed firms rises to Rs 273.88 lakh crore. Market breadth is positive with 2,470 stocks trading higher against 726 stocks falling on BSE. 124 shares were unchanged.
9: 50 am: Expert Comment
Vinod Nair, Head of Research at Geojit Financial Services said, "This week will be driven by trends in the initial earnings outcome with the IT sector in focus. It is also a busy week in terms of release of macroeconomic data points like inflation data for December and manufacturing and industrial production data for November."
Investors would also watch out for movement in rupee and foreign institutional investors (FIIs).
9: 25 am: ICICI Bank, TCS, Maruti and HDFC Bank were the top Sensex gainers, rising up to 1.76%.
9 20 am: Sensex rises 463 points to 60,207 and Nifty gains 125 points to 17,938.
9: 05 am: Expert comment
Santosh Meena, Head of Research, Swastika Investmart Ltd, said COVID cases are surging sharply across the world. However, the market is complacent about it as the hospitalisation and mortality rate is very low. "Market will continue to have an eye on development regarding the third wave."
Meena added that on the global front, rising crude oil prices could be a cause of concern while inflation numbers from China and retail sales numbers from the USA will be other important factors.
9: 00 am: Earnings effect on market
"IT majors like Infosys, TCS, Wipro, HCL Tech and Mindtree would announce their numbers. Besides, banking heavyweight HDFC Bank result is also scheduled. On the macroeconomic front, participants will be eyeing IIP, CPI Inflation and WPI Inflation data also during the week. Amid all, global cues and updates on the COVID situation would remain on the participants' radar," said Ajit Mishra, VP Research, Religare Broking.
8: 40 am: Global markets
In Asia, Kospi was trading 32 points lower at 2,921. Nikkei fell 9 points to 28,478 and Hang Seng index rose 215 points to 23,712. On Wall Street, the S&P 500 fell 19 points to 4,677. The Dow slipped 4 points to 36,231. The Nasdaq composite lost 144 points to 14,935.
8:10 am: FIIs in action
Foreign institutional investors (FIIs) bought shares worth Rs 496.27 crore on January 7, and domestic institutional investors (DIIs) sold shares worth Rs 115 crore, as per provisional data available on NSE.
8:00 am: Previous session updates
Benchmark indices closed higher on Friday, led by gains in Reliance Industries, TCS and ICICI Bank amid a mixed trend in global markets. Sensex ended 142.81 points higher at 59,744.65 and Nifty rose 66.80 points to close at 17,812.
Asian Paints was the top Sensex gainer rising 1.79% followed by TCS, Nestle India, Ultratech Cement, ICICI Bank and Reliance Industries.
Bajaj Finserv, M&M, Bajaj Finance, HDFC and Titan were among top Sensex losers, falling up to 1.39%.
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