On Thursday, the Indian market ended lower amid negative global cues. The monthly derivatives expiry also kept sentiments weak on Dalal Street.
Sensex ended 581 points lower to 57,276 and Nifty lost 125 points to 17,152. HCL Tech, Tech Mahindra and Dr Reddy's were the top Sensex losers, falling up to 4.17%.
Here's a look at the updates of the market action on BSE and NSE today.
3: 55 pm: Expert comment
Rupak De, Senior Technical Analyst at LKP Securities said,"Nifty remained volatile during the day as it found resistance around 17,400 before falling towards 17,050. Going forwar, the volatility is likely to continue; on the higher end, 17400 may remain as crucial resistance. On the lower end, 17050-17000 may act as support for the falling Nifty, below which the index may drift down towards recent swing low of 16836."
3: 44 pm: Top losers
Maruti, TechM, PowerGrid and ICICI Bank are the top Sensex losers, falling up to 3.04%.
3: 30 pm: Sensex ends 76 points lower at 57,200 and Nifty falls 8 points to 17,101.
3: 19 pm: Market turns red. Sensex falls 53 points to 57,233 and Nifty down 20 points to 17,090.
2: 40 pm: Budget Expectations
Milind Gowardhan, MD & CEO, LEAF Fintech says, "We expect the government to keep focusing on the affordable housing segment as we saw demand for housing bounce back strongly after the first and second waves, driven mainly by historically low-interest rates on home loans. The cap of Rs 2 lakh per annum against interest rate deduction under section 24(b) of the Act needs to be hiked to at least Rs 5 lakh along with removing the Rs 45 lakh cap from affordable housing, which will boost the affordable and mid-segment housing in a big way Also, we expect the government to continue promoting the affordable rental housing schemes by announcing tax reliefs for rental housing projects, which will fast-track the pace of investments in these schemes. The existing tax exemption on housing loans should be raised. The personal income tax could be made easier in terms of heads and filing in the budget."
2: 28 pm: Market update
Indian market pares gains. Sensex rises 212 pts to 57,489 and Nifty gains 51 points to 17,161..
2:21 pm: Budget expectations
Milind Patil, Regional Finance Lead -Emerging Markets Asia region & CFO,India at Pfizer said,"The Union Budget for 2022-23 can build on the momentum seen in the last budget and further increase the focus on healthcare, with emphasis on increasing affordability and access to life-saving medicines while also encouraging innovation in this vital sector. The Ayushman Bharat healthcare program should allow for greater inclusion of innovative medicines, particularly life-saving cancer therapies. In order to improve affordability for those in low and middle-income groups, tiered pricing can be institutionalized. Moreover, the government should reintroduce weighted tax deduction for in-house R&D and provide incentives for digitalization and innovation by pharmaceutical companies."
1: 55 PM: Kotak Mahindra Bank stock rises over 3% post Q3 earnings
Kotak Mahindra Bank stock rose over 3% on Friday after the lender posted a 14.94% year-on-year (YoY) jump in its standalone net profit for the December quarter. The stock gained 3.52% to Rs 1,956 on BSE.
Net profit in Q3 came at Rs 2,131 crore as against Rs 1,854 crore in the same duration last fiscal year. The bank's consolidated profit after tax (PAT) was up 31% from Rs 2,602 crore posted in the corresponding quarter last year. Net Interest Income (NII) for Q3FY22 increased to Rs 4,334 crore, from Rs 3,876 crore in Q3FY21, up 12%.
1:31 pm: Market update
Sensex trading 687 points higher at 57,964 and Nifty zooms 229 points to 17,339. NTPC, Tata Steel, IndusInd Bank top gainers.
1: 30 pm: Airtel stock rises 6% ahead of board meeting
The large cap stock touched an intraday high of Rs 752.8 rising 6.45% on BSE. Bharti Airtel's board is slated to meet on Friday to consider raising funds through a preferential share issue to investors other than its promoter group.
The telco, according to sources, is looking to onboard a strategic investor via allocation of preferential equity shares, which is scheduled to be discussed at its board meeting.
1: 10 pm: SBI lists maiden issue of $300 million Formosa bonds on India INX
State Bank of India (SBI) said on Friday that it has issued $300 million Formosa bonds and listed the issuance on India INX GIFT IFSC. This is the first such issuance by any Indian Bank in Formosa Bond market. Formosa bond is a bond issued in Taiwan.
12: 55 pm : Adani Wilmar IPO subscribed 74% on second day
The initial public offering (IPO) of Adani Wilmar was subscribed 74 percent by the afternoon of January 28, the second day of bidding. Bids for 9.07 crore equity shares were received against the offer size of 12.25 crore shares of IPO that closes on January 31, 2022.
12: 30 pm: SpiceJet share rises 9% as airline gets breather in 'winding up' case
SpiceJet, on Friday, was granted a breather of three weeks by the Supreme Court in the 'winding up' case. The stay order came after the airline said that they were working something out and needed a little time.The case pertains to a plea filed by Swiss financial services company Credit Suisse AG to wind up the airline after a long standoff over unpaid dues of nearly Rs 180 crore. The stock rose 9.76% to Rs 66.35 on BSE.
12: 20 pm: Vedant Fashions IPO opens next week
Vedant Fashions Limited, the owner of ethnic wear brands such as ‘Manyvar’ and ‘Mohey’ will open its IPO next week. The issue will open on February 4 and close on February 8.
11:50 am: Rupee up 4 paise at 75.05
The Indian rupee eked out a marginal 4 paise gain at 75.05 against the U.S. dollar in morning trade on January 28, tracking a positive opening in domestic equity markets.
However, strong American currency and elevated crude oil price level restricted the rupee's further recovery.
Forex traders said geopolitical tensions, sustained foreign fund outflows and hawkish U.S. Fed stance dragged down the local unit, while positive domestic equities supported the local unit in opening deals.
11:15 am: Coforge shares jump 9%
Shares of Coforge Limited jumped 9 per cent to hit an intraday high of Rs 4,799.15 on BSE after the company posted a strong set of numbers for the quarter ended December 2021.
The company reported over 50 per cent rise in consolidated net profit at Rs 183.7 crore for the quarter ended December 2021 and has revised its annual revenue growth outlook to around 37 per cent. Profit in the year-ago period stood at Rs 122 crore.
10:45 am: TVS Motor Company in focus
TVS Motor Company has acquired a 75 per cent stake in Switzerland's largest e-bike player, Swiss E-Mobility Group (SEMG). TVS Motor acquired the stake at Swiss Franc (CHF) 525.78 per share. The 75 per cent stake amounts to 114,658 common equity shares of SEMG.
“TVS Motor has always been committed to sustainability and has been investing in electric vehicles for over 10 years. The increasing global focus on the environment and personal well-being is rapidly accelerating demand for newer mobility solutions,” said Venu Srinivasan, Chairman, TVS Motor Company.
10:30 am: Route Mobile shares zoom 12%
Route Mobile shares rose over 12% today after the enterprise communication services firm reported a 28.33 per cent rise in consolidated profit for the quarter ended December 2021.
The stock of Route Mobile touched an intraday high of Rs 1,682.8, rising 12.56% against the previous close of Rs 1,495.05 on BSE. The stock has gained after nine days of consecutive fall. The stock opened with a gain of 5.28% at Rs 1,574.
9:40 am: Bharti Airtel in focus
Telco behemoth Bharti Airtel and US-based search engine Google have inked a long-term, multi-year agreement to aid the growth of India’s digital ecosystem. As part of this partnership, Google looks at an investment of ~$1 billion as part of its Google for India Digitisation Fund.
The deal includes an investment of $700 million to acquire 1.28 percent ownership in Airtel and up to $300 million towards implementing commercial agreements.
9:16 am: Market Opening
Indian benchmark indices opened sharply higher on Thursday. At 09:16 hours, the 30-share BSE index was trading 500 points higher at 57,811.35, and the broader NSE Nifty was up 159 points to 17,269.40.
NTPC was the top gainer in the Sensex pack, advancing over 3 per cent, followed by Tata Steel, M&M, Bharti Airtel, Wipro and IndusInd Bank.
8:55 am: Pre-budget comment by Mohit Nigam, Head - PMS, Hem Securities
The first day of the February expiry series is expected to begin with markets staying flattish around the 17,100 levels. The fall seen in the January expiry has kept the markets above the significant 17,000 levels on closing basis.
With the budget around the corner along with the expectations of people's budget to prove beneficial for the UP elections. It needs to be watched closely.
The Asian indices saw some positive turn after the losses on account of the tighter monetary policy from the US fed. The results of CE Infosystems were declared yesterday, and have seen a fall in revenues, profits and margins on a standalone basis for this quarter when compared on a YoY basis.
Among the earnings to watch today will be AU small finance bank, Dixon Technologies, happiest minds, L&T, Kotak Mahindra bank.
With Nifty keeping strong support at 17,000, the resistance seems to be 17,400 for the near term. While bank Nifty. Markets seem to provide strong positive momentum post the budget so advise investors to stay put in the volatile times for better returns in the near term.
8:45 am: Global updates
Wall Street gyrated wildly on Thursday, the S&P 500 once again narrowly avoiding correction confirmation at the end of a session marked by a rally, selloff and recovery as investors juggled positive economic news with mixed corporate earnings, geopolitical unrest and the prospect of a more hawkish Federal Reserve.
The Dow Jones Industrial Average fell 7.31 points, or 0.02 percent, to 34,160.78, the S&P 500 lost 23.42 points, or 0.54 percent, to 4,326.51 and the Nasdaq Composite dropped 189.34 points, or 1.4 percent, to 13,352.78.
In Asia, Nikkei Weighted index was up 2.10 per cent and Hang Seng was trading 0.60 per cent lower. Shanghai Composite was down 0.02 per cent.
8:40 am: Rupee slumps 30 paise
Registering its third straight session of loss, the Indian rupee on January 27 depreciated by 30 paise to close at 75.08 (provisional) against the U.S. dollar, tracking the strength of the American currency after a hawkish U.S. Fed policy stance.
Forex traders said muted domestic equities, sustained foreign fund outflows and firm crude oil prices also weighed on the local unit.
At the interbank foreign exchange market, the local currency opened at 75.18 against the greenback and witnessed an intra-day high of 75.07 and a low of 75.31 during the session.
8:35 am: FII and DII action
Foreign institutional investors (FIIs) sold shares worth Rs 6,266.75 crore on January 25, and domestic institutional investors (DIIs) bought shares worth Rs 2,881.32 crore, as per provisional data available on NSE.
8:30 am: SGX Nifty
The Indian equity market is likely to open on a flat note as SGX Nifty was up 2.80 points to 17,188.50 at 8:30 am.
Singapore Nifty (SGX Nifty) is the Indian Nifty index that is traded in the Singapore Stock Exchange and is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Thursday
The Indian market ended lower amid negative global cues. The monthly derivatives expiry also kept sentiments weak on Dalal Street. Sensex ended 581 points lower to 57,276 and Nifty lost 125 points to 17,152. HCL Tech, Tech Mahindra and Dr Reddy's were the top Sensex losers, falling up to 4.17%.
Axis Bank, SBI and Maruti Suzuki were the top Sensex gainers, rising up to 2.81%. Of 30 Sensex stocks, 21 ended lower.
Intraday, the index fell to 56,439 , down 1,419 points against the previous close of 57,858. It staged an 837-point recovery from the day's low but still managed to end in the red.
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