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Share Market Highlights: Sensex ends 167 points lower after breaching 50K; PSU banks lead losses

January 22,2021 09:17 IST

Sensex, Nifty Highlights on January 21: After hitting record highs in the morning trade, market indices turned volatile during the last hour and closed lower on Thursday, in line with mixed global equities. Earlier today, with Sensex rose above the psychological key level of 50,000 and Nifty above 14,700 for the first time. Reversing from gains, Sensex closed 167 points lower at 49,624 and Nifty fell by 54 points to end at 14,590. In early session today, Sensex and Nifty have hit fresh lifetime highs of 50,184 and 14,753, respectively. Companies set to announce their Q3 earnings are Asian Paints, Bajaj Auto, AAVAS Financiers, MCX India, SBI Cards and Payment Services, Bajaj Holdings & Investment, Bandhan Bank, Biocon, Cyient.

 

 

 

Here's a look at the updates of the market action on BSE and NSE today

 

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KEY UPDATES

  • India Stock Market News Updates Today: Bajaj twins, HCL Tech, Titan, Tech Mahindra, RIL, Kotak Bank were among the top gainers on Sensex. On the flip side, Nestle, HDFC, TCS, HDFC Bank were the only losers today
  • Jan 22, 2021 09:17 (IST)

    Nifty outlook

    Rahul Sharma, Head-Technical & Derivatives Research, JM Financial Services said, "What a day for Sensex to hit 50k. 21st Day of the 21st Year, of the 21st Century! However, we believe this is more of a mental milestone but an important one. Since booking the profit is better than looking at the profit, we advise to take some profits around Nifty 14,800/15,000 levels & keep the portfolio's hedged with Nifty Put Options of February Expiry. As a Budget Strategy for traders, it's best to buy the expectation & sell the realization. Maintain trailing stop loss of 14,440 for positional longs in Nifty."

  • 09:17 IST: Rahul Sharma, Head-Technical & Derivatives Research, JM Financial Services said, "What a day for Sensex to hit 50k. 21st Day of the 21st Year, of the 21st Century! However, we believe this is more of a mental milestone but an important one. Since booking the profit is better than looking at the profit, we advise to take some profits around Nifty 14,800/15,000 levels & keep the portfolio's hedged with Nifty Put Options of February Expiry. As a Budget Strategy for traders, it's best to buy the expectation & sell the realization. Maintain trailing stop loss of 14,440 for positional longs in Nifty."

  • Jan 21, 2021 15:59 (IST)

    Closing tradng session on Thursday

    After hitting record highs in the morning trade, market indices turned volatile during the last hour and closed lower on Thursday, in line with mixed global equities. Earlier today, with Sensex rose above the psychological key level of 50,000 and Nifty above 14,700 for the first time. Reversing from gains, Sensex closed 167 points lower at 49,624 and Nifty fell by 54 points to end at 14,590. In early session today, Sensex and Nifty have hit fresh lifetime highs of 50,184 and 14,753, respectively.

  • 15:59 IST: After hitting record highs in the morning trade, market indices turned volatile during the last hour and closed lower on Thursday, in line with mixed global equities. Earlier today, with Sensex rose above the psychological key level of 50,000 and Nifty above 14,700 for the first time. Reversing from gains, Sensex closed 167 points lower at 49,624 and Nifty fell by 54 points to end at 14,590. In early session today, Sensex and Nifty have hit fresh lifetime highs of 50,184 and 14,753, respectively.

  • Jan 21, 2021 15:56 (IST)

    Market closing view

     Vinod Nair, Head of Research at Geojit Financial Services said," Faster economic recovery even during a pandemic, the rising expectation on Joe Biden’s stimulus package and union budget has taken the market to new highs. The Indian market was boosted by sustained foreign inflows and a better start to Q3 corporate earnings. The market is expected to maintain its momentum and remain expensive given ample liquidity & high earnings growth. Going ahead domestic market will keep a track on high budget expectations and global market, which will focus on the policies to be adopted by the new president of the US."

  • 15:56 IST:  Vinod Nair, Head of Research at Geojit Financial Services said," Faster economic recovery even during a pandemic, the rising expectation on Joe Biden’s stimulus package and union budget has taken the market to new highs. The Indian market was boosted by sustained foreign inflows and a better start to Q3 corporate earnings. The market is expected to maintain its momentum and remain expensive given ample liquidity & high earnings growth. Going ahead domestic market will keep a track on high budget expectations and global market, which will focus on the policies to be adopted by the new president of the US."

  • Jan 21, 2021 15:32 (IST)

    Closing session outlook

    Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited said,"The market manages to hold above 14600 (Nifty 50 Index level). Sustaining above 14600 is the key and should attract further liquidity into the market to propel the ongoing long-term positive trend. The market should gain momentum and extend the rally till 14800/14930. We have observed volatility to expand in today’s trading session, yet market breadth is set to stay positive, strengthening the view of a short-term bullish outlook."

  • 15:32 IST: Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited said,"The market manages to hold above 14600 (Nifty 50 Index level). Sustaining above 14600 is the key and should attract further liquidity into the market to propel the ongoing long-term positive trend. The market should gain momentum and extend the rally till 14800/14930. We have observed volatility to expand in today’s trading session, yet market breadth is set to stay positive, strengthening the view of a short-term bullish outlook."

  • Jan 21, 2021 15:20 (IST)

    Nifty outlook

    Shrikant Chouhan, Executive Vice President (Technical Research Analyst), Kotak Securities said,"Strong global markets helped the BSE Sensex hit the magical 50000 mark in the early morning trades on Thursday. The BSE Sensex index open at a record high of 50096.57 to further hit an all-time high of 50126.73. The rally from 40000 to 50000 has been phenomenal, post sharp correction in August 2020 when the Sensex hit 40000, the index has gained 10000 points in 100 days. Pharma, IT and Metal and selective banking stocks were the major contributor for the index to surge from 40000 to 50000. The markets will remain volatile ahead of the Union Budget.  The ideal strategy should be to buy on dips buy between 49600-49500 and keep a final stop loss at 49200 for the same. On the other side, the market can scale higher with the uptrend wave likely to continue up to 50800 – 51750.  The focus should be on commodities and auto companies."

  • 15:20 IST: Shrikant Chouhan, Executive Vice President (Technical Research Analyst), Kotak Securities said,"Strong global markets helped the BSE Sensex hit the magical 50000 mark in the early morning trades on Thursday. The BSE Sensex index open at a record high of 50096.57 to further hit an all-time high of 50126.73. The rally from 40000 to 50000 has been phenomenal, post sharp correction in August 2020 when the Sensex hit 40000, the index has gained 10000 points in 100 days. Pharma, IT and Metal and selective banking stocks were the major contributor for the index to surge from 40000 to 50000. The markets will remain volatile ahead of the Union Budget.  The ideal strategy should be to buy on dips buy between 49600-49500 and keep a final stop loss at 49200 for the same. On the other side, the market can scale higher with the uptrend wave likely to continue up to 50800 – 51750.  The focus should be on commodities and auto companies."

  • Jan 21, 2021 15:15 (IST)

    Sensex at 50,000: What happens next?

    Investor confidence in share market shows no signs of abating. The benchmark Sensex has breached the psychological 50,000-mark thanks to roll out of COVID vaccines, better-than-expected corporate earnings in third quarter of FY21 and ample global liquidity. The upside momentum seems to continue with record FII inflows and Robinhood investors taking direct participation in equities.

    Sensex at 50,000: What happens next?

  • 15:15 IST: Investor confidence in share market shows no signs of abating. The benchmark Sensex has breached the psychological 50,000-mark thanks to roll out of COVID vaccines, better-than-expected corporate earnings in third quarter of FY21 and ample global liquidity. The upside momentum seems to continue with record FII inflows and Robinhood investors taking direct participation in equities.

    Sensex at 50,000: What happens next?

  • Jan 21, 2021 15:08 (IST)

    Sensex at 50k: Outlook



    Devang Mehta, Head Equity Advisory, Centrum Broking said,"Sensex touching 50k is particularly remarkable as we saw extreme emotions of fear & greed in the last 10 months. While March 2020  was a month where investors were worried & were thinking of redemptions or at least to save whatever is left in the kitty, a feeling of missing out & having missed out ruled for the last few months. Record foreign flows supported by global central banks, relative attractiveness of equities vs other asset classes, improvement in macro economic indicators & high frequency data, a solution to covid in the form of vaccine acted as catalysts to the prevailing upbeat sentiment. The biggest missing link for the past five years has been absence of earnings growth. It seems evident that Indian listed corporates will exhibit robust earnings growth over the next couple of years. However, one should not get carried away with index levels. It is of paramount importance to stick to a disciplined approach of buying & holding on to great businesses & eliminate undeserving names in the portfolio."


     

  • 15:08 IST:

    Devang Mehta, Head Equity Advisory, Centrum Broking said,"Sensex touching 50k is particularly remarkable as we saw extreme emotions of fear & greed in the last 10 months. While March 2020  was a month where investors were worried & were thinking of redemptions or at least to save whatever is left in the kitty, a feeling of missing out & having missed out ruled for the last few months. Record foreign flows supported by global central banks, relative attractiveness of equities vs other asset classes, improvement in macro economic indicators & high frequency data, a solution to covid in the form of vaccine acted as catalysts to the prevailing upbeat sentiment. The biggest missing link for the past five years has been absence of earnings growth. It seems evident that Indian listed corporates will exhibit robust earnings growth over the next couple of years. However, one should not get carried away with index levels. It is of paramount importance to stick to a disciplined approach of buying & holding on to great businesses & eliminate undeserving names in the portfolio."


     

  • Jan 21, 2021 15:07 (IST)

    Syngene - Result update

    Yash Gupta Equity Research Associate, Angel Broking Ltd said,"Syngene reported numbers in line with the expectation. Syngene international Ltd total revenue from operations for Q3FY21 stood at Rs 584.5 crores up by 13% YoY from Rs 519.1 crores in Q3FY20. EBITDA for Q3FY21 stood at   Rs 193 crores up by 11% as compared to Rs 173.5 crores in Q3FY20. EBITDA margins are same as Q3FY20.

    Profit after tax for the quarter up by 11% at Rs 102.2 crores in Q3FY21 as compared to Rs 91.8 crores in Q3FY20. Company employee cost and other expenses have increased due to that net profit margins has come down. Top line growth of 13% is in line with our expectation. We have a neutral outlook towards Syngene international Ltd."

  • 15:07 IST: Yash Gupta Equity Research Associate, Angel Broking Ltd said,"Syngene reported numbers in line with the expectation. Syngene international Ltd total revenue from operations for Q3FY21 stood at Rs 584.5 crores up by 13% YoY from Rs 519.1 crores in Q3FY20. EBITDA for Q3FY21 stood at   Rs 193 crores up by 11% as compared to Rs 173.5 crores in Q3FY20. EBITDA margins are same as Q3FY20.

    Profit after tax for the quarter up by 11% at Rs 102.2 crores in Q3FY21 as compared to Rs 91.8 crores in Q3FY20. Company employee cost and other expenses have increased due to that net profit margins has come down. Top line growth of 13% is in line with our expectation. We have a neutral outlook towards Syngene international Ltd."

  • Jan 21, 2021 14:48 (IST)

    Sensex recovers 95% to hit 50,000

    The market barometer finally crossed the 50,000-point psychological mark in the opening session today. The 30-scrip blue chip index made a brilliant comeback, rising over 95 per cent from its March lows. However, its mid-cap and small cap counterparts were over the hump rising over 100 per cent since then. This ride to the extremes was driven by strong global cues, gush of liquidity in the markets and increased investor participation. Around 12 million new investor demat accounts were opened in the year 2020, the highest in at least 5 years.   

    Sensex recovers 95% to hit 50,000; mid-cap and small cap stocks shine

  • 14:48 IST: The market barometer finally crossed the 50,000-point psychological mark in the opening session today. The 30-scrip blue chip index made a brilliant comeback, rising over 95 per cent from its March lows. However, its mid-cap and small cap counterparts were over the hump rising over 100 per cent since then. This ride to the extremes was driven by strong global cues, gush of liquidity in the markets and increased investor participation. Around 12 million new investor demat accounts were opened in the year 2020, the highest in at least 5 years.   

    Sensex recovers 95% to hit 50,000; mid-cap and small cap stocks shine

  • Jan 21, 2021 14:34 (IST)

    Home First Finance IPO

    Nirali Shah, Senior Research Analyst, Samco Securities said," If this isn’t an IPO frenzy then we don’t know what is! It is only the third week of this calendar year and D-Street has already seen a bombardment of IPOs, the third one this week being Home First Finance. Home First is a small housing finance company which caters to the first time home buyers in low and middle income groups. Affordable Housing is a theme playing out since a few years now and this player is as much a part of the race as its peers. Its AUM has grown at a CAGR of ~62% as against a range of 15-59% of its peers such as Aavas Financiers, Gruh Finance etc. which makes it one of the fastest growing

    She added," Housing finance companies in India. Infact, its maintained decent NIMs around 5% compared to Aavas which is in the range of 6-7%. Its GNPA and NNPA also remained in the competitive levels of its peers in the range of 0.8-1%. Additionally, the company has maintained a decent ROE of 10.9% as of FY20 as compared to its larger peers which have maintained ROE in the range of 11-12%, this shows that the company has proven its fastest growing HFC status. But there are a few risks which cloud the company’s future. Firstly, its bounce rate has worsened from 10.5% in Q4FY20 to 36.4% in Q1FY21. Then there is the risk of deterioration of collateral and uncertainty due to moratoriums and restructuring which don’t portray the real picture of asset quality. In terms of valuations, Home First Finance looks attractively priced at a P/B of 4.1x infront of its immediate peer Aavas Financier whose P/B is 6.7x, but if its compared to well established players like HDFC Limited having a P/B of 3.3x, it is overvalued and a risky bet. Therefore, we recommend investors to subscribe to this IPO for listing gains only."

  • 14:34 IST: Nirali Shah, Senior Research Analyst, Samco Securities said," If this isn’t an IPO frenzy then we don’t know what is! It is only the third week of this calendar year and D-Street has already seen a bombardment of IPOs, the third one this week being Home First Finance. Home First is a small housing finance company which caters to the first time home buyers in low and middle income groups. Affordable Housing is a theme playing out since a few years now and this player is as much a part of the race as its peers. Its AUM has grown at a CAGR of ~62% as against a range of 15-59% of its peers such as Aavas Financiers, Gruh Finance etc. which makes it one of the fastest growing

    She added," Housing finance companies in India. Infact, its maintained decent NIMs around 5% compared to Aavas which is in the range of 6-7%. Its GNPA and NNPA also remained in the competitive levels of its peers in the range of 0.8-1%. Additionally, the company has maintained a decent ROE of 10.9% as of FY20 as compared to its larger peers which have maintained ROE in the range of 11-12%, this shows that the company has proven its fastest growing HFC status. But there are a few risks which cloud the company’s future. Firstly, its bounce rate has worsened from 10.5% in Q4FY20 to 36.4% in Q1FY21. Then there is the risk of deterioration of collateral and uncertainty due to moratoriums and restructuring which don’t portray the real picture of asset quality. In terms of valuations, Home First Finance looks attractively priced at a P/B of 4.1x infront of its immediate peer Aavas Financier whose P/B is 6.7x, but if its compared to well established players like HDFC Limited having a P/B of 3.3x, it is overvalued and a risky bet. Therefore, we recommend investors to subscribe to this IPO for listing gains only."

  • Jan 21, 2021 13:41 (IST)

    Federal Bank Q3 update



    LKP Securities said in its note today," Despite substantial improvement in all major operating matrix profitability may remain under pressure in FY21 led by the higher provision for loan under morat. We have incorporated higher provision requirement along with steady growth in balance sheet and thus expect it to deliver RoA/ RoE of 1.1%/13.6% by FY22E. In our view, maximum negatives are in the price and we reiterate our BUY with enhanced target price of ?88 (based on 1.0x FY22E Adj. BVPS); a potential upside of 14%."


     

  • 13:41 IST:

    LKP Securities said in its note today," Despite substantial improvement in all major operating matrix profitability may remain under pressure in FY21 led by the higher provision for loan under morat. We have incorporated higher provision requirement along with steady growth in balance sheet and thus expect it to deliver RoA/ RoE of 1.1%/13.6% by FY22E. In our view, maximum negatives are in the price and we reiterate our BUY with enhanced target price of ?88 (based on 1.0x FY22E Adj. BVPS); a potential upside of 14%."


     

  • Jan 21, 2021 13:35 (IST)

    Nifty Outlook



    Geojit financial said in its note today," The move towards 15000-15200 is in play, with intermediate objective at 14730. Inability to push past this, or a slippage past 14560 diminish the upside prospects, but it may take a break of 14460/40 for downsides to gain momentum."

  • 13:35 IST:

    Geojit financial said in its note today," The move towards 15000-15200 is in play, with intermediate objective at 14730. Inability to push past this, or a slippage past 14560 diminish the upside prospects, but it may take a break of 14460/40 for downsides to gain momentum."

  • Jan 21, 2021 13:33 (IST)

    Market hits new highs

    Sensex and Nifty hit fresh lifetime highs of 50,184 and 14,751, respectively.

  • 13:33 IST: Sensex and Nifty hit fresh lifetime highs of 50,184 and 14,751, respectively.

  • Jan 21, 2021 13:32 (IST)

    Rupee trades near 5-month high of 72.98

    Indian rupee, the domestic currency scaled a near five-month high of 72.98 per dollar on Thursday, in line with the buoyant equity market that hit new lifetime highs today and sustained foreign fund inflows.

    Advancing its gains for the third straight session, rupee was 7 paise higher to trade at a level not seen since September 1, 2020 at the interbank forex market today over the previous close of 73.05 per American currency. FII bought 2289.05 into domestic equity market on Wednesday which supported rupee to close below psychological level of 73.

    Rupee trades near 5-month high of 72.98 amid buoyant equities, FII inflows
     

  • 13:32 IST: Indian rupee, the domestic currency scaled a near five-month high of 72.98 per dollar on Thursday, in line with the buoyant equity market that hit new lifetime highs today and sustained foreign fund inflows.

    Advancing its gains for the third straight session, rupee was 7 paise higher to trade at a level not seen since September 1, 2020 at the interbank forex market today over the previous close of 73.05 per American currency. FII bought 2289.05 into domestic equity market on Wednesday which supported rupee to close below psychological level of 73.

    Rupee trades near 5-month high of 72.98 amid buoyant equities, FII inflows
     

  • Jan 21, 2021 13:24 (IST)

    Stocks in news: L&T Tech, Bajaj Finance, Axis Bank, Sun Pharma, UltraTech Cement



    Stocks to watch today on January 21: L&T Tech, Bajaj Finance, Axis Bank, Sun Pharma, UltraTech Cement among others are the top stocks to watch out for in Thursday's trading session

    Stocks in news: L&T Tech, Bajaj Finance, Axis Bank, Sun Pharma, UltraTech Cement

  • 13:24 IST:

    Stocks to watch today on January 21: L&T Tech, Bajaj Finance, Axis Bank, Sun Pharma, UltraTech Cement among others are the top stocks to watch out for in Thursday's trading session

    Stocks in news: L&T Tech, Bajaj Finance, Axis Bank, Sun Pharma, UltraTech Cement

  • Jan 21, 2021 13:23 (IST)

    Rupee outlook

    Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research said," All major currency like Singapore dollar, Japanese Yen, Australian dollar are positive against the US dollar this morning in Asian trade and extended the yesterday’s rally. The US dollar closed negative against basket of currencies as risk appetite help up on optimism about massive stimulus under new US government. Support for Rupee spot breaks the resistance of 73.10 then it may go up toward 73.27. Support is at 72.82 – 72.68 levels for the spot pair. Resistance for the pair is 73.10. USDINR Jan future will trade in the range of 72.80 – 73.10 levels."

  • 13:23 IST: Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research said," All major currency like Singapore dollar, Japanese Yen, Australian dollar are positive against the US dollar this morning in Asian trade and extended the yesterday’s rally. The US dollar closed negative against basket of currencies as risk appetite help up on optimism about massive stimulus under new US government. Support for Rupee spot breaks the resistance of 73.10 then it may go up toward 73.27. Support is at 72.82 – 72.68 levels for the spot pair. Resistance for the pair is 73.10. USDINR Jan future will trade in the range of 72.80 – 73.10 levels."

  • Jan 21, 2021 13:16 (IST)

    Global markets at record high

    Asian markets are trading positive tracking overnight gains in US markets after Joe Biden sworn into office. BoJ's monetary policy statement later in the day. US markets closed at fresh all-time high levels after Joe Biden was sworn in as the 46th President of US which saw hopes climbing on bigger stimulus package. European markets closed higher ahead of inauguration of new US President. Italian stocks were in focus after its PM won a confidence vote in the upper house Senate.

     

  • 13:16 IST: Asian markets are trading positive tracking overnight gains in US markets after Joe Biden sworn into office. BoJ's monetary policy statement later in the day. US markets closed at fresh all-time high levels after Joe Biden was sworn in as the 46th President of US which saw hopes climbing on bigger stimulus package. European markets closed higher ahead of inauguration of new US President. Italian stocks were in focus after its PM won a confidence vote in the upper house Senate.

     

  • Jan 21, 2021 13:02 (IST)

    Indigo Paints IPO Day 1 subscripton

    Keshav Lahoti- Associate Equity Analyst, Angel Broking said,"Indigo Paints received a good response from anchor investors by raising Rs.348 crore from 25 anchor investors. The anchor allotment was done at the higher price band of Rs.1490/share. Anchor investors of the issue were SBI Mutual Fund, HDFC Mutual Fund, Capital Group etc

    Indigo India IPO was subscribed by 1.9 times on the first day of issue. Retail portion was most subscribed by 3.3 times. Non institutional and QIB was subscribed 1.1 and 0.1 times only as mostly they subscribe in big numbers on the last day of the issue. We expect the IPO to be subscribed many times as a lot of value is left in the table. We expect a good listing for the company at exchange.

    We are positive on the future outlook for the industry as well as the company, so we have recommended to “Subscribe” to the issue for long term as well as for listing gains in our IPO Note."

  • 13:02 IST: Keshav Lahoti- Associate Equity Analyst, Angel Broking said,"Indigo Paints received a good response from anchor investors by raising Rs.348 crore from 25 anchor investors. The anchor allotment was done at the higher price band of Rs.1490/share. Anchor investors of the issue were SBI Mutual Fund, HDFC Mutual Fund, Capital Group etc

    Indigo India IPO was subscribed by 1.9 times on the first day of issue. Retail portion was most subscribed by 3.3 times. Non institutional and QIB was subscribed 1.1 and 0.1 times only as mostly they subscribe in big numbers on the last day of the issue. We expect the IPO to be subscribed many times as a lot of value is left in the table. We expect a good listing for the company at exchange.

    We are positive on the future outlook for the industry as well as the company, so we have recommended to “Subscribe” to the issue for long term as well as for listing gains in our IPO Note."

  • Jan 21, 2021 12:52 (IST)

    PVR Q3 outlook



    Geojit Financial Services said in its note," PVR reported revenue of Rs.45.4Cr (Q2FY21-Rs.40.4Cr) from core operations as theatres were allowed to reopen from Oct 15th, 2020. Company has been implementing cost control measures to bring down fixed cost. As a result fixed cost was reduced by 64% YoY. However, it is expected to reach near pre-covid levels from FY22. Though reopened, lack of content availability is dragging the pace of recovery. Decisions on release of big budget films will determine the recovery in occupancy.


    PVR has decided to raise further equity capital of Rs.800 Cr to manage its liquidity. PVR had raised Rs.300Cr during July 2020 through right issue.
    Considering current valuation and slower pace of recovery, we remain cautious on the stock. Therefore, we downgrade our rating to REDUCE with a revised roll forward target price of Rs.1403 at 2.2xFY23E EV/Sales."

  • 12:52 IST:

    Geojit Financial Services said in its note," PVR reported revenue of Rs.45.4Cr (Q2FY21-Rs.40.4Cr) from core operations as theatres were allowed to reopen from Oct 15th, 2020. Company has been implementing cost control measures to bring down fixed cost. As a result fixed cost was reduced by 64% YoY. However, it is expected to reach near pre-covid levels from FY22. Though reopened, lack of content availability is dragging the pace of recovery. Decisions on release of big budget films will determine the recovery in occupancy.


    PVR has decided to raise further equity capital of Rs.800 Cr to manage its liquidity. PVR had raised Rs.300Cr during July 2020 through right issue.
    Considering current valuation and slower pace of recovery, we remain cautious on the stock. Therefore, we downgrade our rating to REDUCE with a revised roll forward target price of Rs.1403 at 2.2xFY23E EV/Sales."

  • Jan 21, 2021 12:43 (IST)

    Indices rise further

    Market indices continued opening at new highs on Thursday, with Sensex trading above the psychological key level of 50,000 and Nifty trading above 14,700 for the first time, in line with positive global equities. Sensex added 370 points to trade at 50,140 and Nifty gained by 100 points to 17,745. Sensex and Nifty hit fresh lifetime highs of 50,167 and 14,750, respectively.

  • 12:43 IST: Market indices continued opening at new highs on Thursday, with Sensex trading above the psychological key level of 50,000 and Nifty trading above 14,700 for the first time, in line with positive global equities. Sensex added 370 points to trade at 50,140 and Nifty gained by 100 points to 17,745. Sensex and Nifty hit fresh lifetime highs of 50,167 and 14,750, respectively.

  • Jan 21, 2021 12:41 (IST)

    IRFC IPO

    Jyoti Roy - DVP- Equity Strategist, Angel Broking said," The Indian Railway Finance Corporation (IRFC) initial public offer (IPO) has been subscribed 3.49 times by the time of the closing of the issue. While the QIB portion was oversubscribed 3.78 times the NIB portion was oversubscribed by 2.66 times. Retail and the employee categories were oversubscribed by 3.53 times and 43.73 times respectively. Overall the issue was a success considering the size of the IPO.  While listing gains are expected to be muted we remain positive on the long term growth prospects of the company. At the higher end of the price band the stock would be trading at P/BV of 1.0x fully diluted post issue book value of Rs. 26.6 per share. We expect the company to post strong growth driven by capex by Indian railways along with stable margins due to cost plus mode."

  • 12:41 IST: Jyoti Roy - DVP- Equity Strategist, Angel Broking said," The Indian Railway Finance Corporation (IRFC) initial public offer (IPO) has been subscribed 3.49 times by the time of the closing of the issue. While the QIB portion was oversubscribed 3.78 times the NIB portion was oversubscribed by 2.66 times. Retail and the employee categories were oversubscribed by 3.53 times and 43.73 times respectively. Overall the issue was a success considering the size of the IPO.  While listing gains are expected to be muted we remain positive on the long term growth prospects of the company. At the higher end of the price band the stock would be trading at P/BV of 1.0x fully diluted post issue book value of Rs. 26.6 per share. We expect the company to post strong growth driven by capex by Indian railways along with stable margins due to cost plus mode."

  • Jan 21, 2021 11:56 (IST)

    Sensex hits 50,000 mark

    Sensex has leaped from 40K to 50K in only 415 sessions, making it the fastest rally by the index to cover 10,000 points and reach the historic 50,000 mark.

    On May 23, 2019, the index touched the 40K mark for the first time and has gained over 9,818 points since then. This is the shortest period index took to cover 10,000 points during its 50K journey since its inception.

    Sensex hits 50,000 mark: 10,000 points in 415 sessions, index's latest rally is the strongest ever

  • 11:56 IST: Sensex has leaped from 40K to 50K in only 415 sessions, making it the fastest rally by the index to cover 10,000 points and reach the historic 50,000 mark.

    On May 23, 2019, the index touched the 40K mark for the first time and has gained over 9,818 points since then. This is the shortest period index took to cover 10,000 points during its 50K journey since its inception.

    Sensex hits 50,000 mark: 10,000 points in 415 sessions, index's latest rally is the strongest ever

  • Jan 21, 2021 11:44 (IST)

    Sensex glows more than gold

    Sensex has outshined Gold and silver in the last 15 years. From 1 April 05 till Jan 20, 2021, Sensex has appreciated 7.5 times, gold by 7.1 times and silver has risen by 5.6 times

     

  • 11:44 IST: Sensex has outshined Gold and silver in the last 15 years. From 1 April 05 till Jan 20, 2021, Sensex has appreciated 7.5 times, gold by 7.1 times and silver has risen by 5.6 times

     

  • Jan 21, 2021 11:30 (IST)

    RIL outshines Sensex in last 25 years

    While Sensex has returned 1500% since 1996, the stock of Reliance Industries (RIL) have given a massive return of 56,197% to its investors


     

  • 11:30 IST: While Sensex has returned 1500% since 1996, the stock of Reliance Industries (RIL) have given a massive return of 56,197% to its investors


     

  • Jan 21, 2021 11:29 (IST)

    Market wealth zooms past Rs 199 lakh crore as Sensex scales 50,000 mark

    Investor wealth touched an all-time high of Rs 199.02 lakh crore after Sensex breached the historic 50,000 mark today. Market cap on BSE rose by Rs 1.32 lakh crore against previous session's closing of Rs 197.70 lakh crore. The 30-stock index rallied over 300 points in early trade to touch an all-time high of 50,138. Nifty too scaled the key level of 14,700 for first time ever and rose to an all time high of 14,738.

    In the previous session, Sensex had risen 393.83 points to close at its fresh record of 49,792 and Nifty jumped 123.55 points to settle at a lifetime high of 14,644.70.

    Top gainers on Sensex were Reliance Industries, Bajaj Finance and ICICI Bank.

    Market wealth zooms past Rs 199 lakh crore as Sensex scales 50,000 mark

  • 11:29 IST: Investor wealth touched an all-time high of Rs 199.02 lakh crore after Sensex breached the historic 50,000 mark today. Market cap on BSE rose by Rs 1.32 lakh crore against previous session's closing of Rs 197.70 lakh crore. The 30-stock index rallied over 300 points in early trade to touch an all-time high of 50,138. Nifty too scaled the key level of 14,700 for first time ever and rose to an all time high of 14,738.

    In the previous session, Sensex had risen 393.83 points to close at its fresh record of 49,792 and Nifty jumped 123.55 points to settle at a lifetime high of 14,644.70.

    Top gainers on Sensex were Reliance Industries, Bajaj Finance and ICICI Bank.

    Market wealth zooms past Rs 199 lakh crore as Sensex scales 50,000 mark

  • Jan 21, 2021 11:08 (IST)

    Nifty tehcnial valuation

    Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said," The Nifty index continued its previous day’s upmove yesterday supported mainly by the IT heavyweights. The Auto stocks and the heavyweight Reliance Industries too contributed and participated in the upmove. Although, the Banking index consolidated in a range yesterday and relatively underperformed the Nifty as no significant momentum was seen in the private sector banking stocks. If we look at the recent chart of Nifty on the daily time-frame, it is seen that the 20-day EMA has acted as a support on intermediate declines and the index has continued its ‘Higher Top Higher Bottom’ structure. With last two days of upmove, this moving average support now coincides with Monday’s low of 14222 and thus, it now becomes a sacrosanct for the short term.
     
    Meanwhile, we continue with our advice for traders to keep focusing on stock specific moves and identify the sectors which are showing momentum on a given day. Traders should also avoid taking leverage positions at this juncture and focus on timely exits on the trading positions. The intraday supports in Nifty for the coming session are placed around 14535 and 14490 whereas resistances are seen around 14710 and 14770."

  • 11:08 IST: Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said," The Nifty index continued its previous day’s upmove yesterday supported mainly by the IT heavyweights. The Auto stocks and the heavyweight Reliance Industries too contributed and participated in the upmove. Although, the Banking index consolidated in a range yesterday and relatively underperformed the Nifty as no significant momentum was seen in the private sector banking stocks. If we look at the recent chart of Nifty on the daily time-frame, it is seen that the 20-day EMA has acted as a support on intermediate declines and the index has continued its ‘Higher Top Higher Bottom’ structure. With last two days of upmove, this moving average support now coincides with Monday’s low of 14222 and thus, it now becomes a sacrosanct for the short term.
     
    Meanwhile, we continue with our advice for traders to keep focusing on stock specific moves and identify the sectors which are showing momentum on a given day. Traders should also avoid taking leverage positions at this juncture and focus on timely exits on the trading positions. The intraday supports in Nifty for the coming session are placed around 14535 and 14490 whereas resistances are seen around 14710 and 14770."

  • Jan 21, 2021 11:07 (IST)

    Havells India outlook

    Amarjeet Maurya - AVP - Mid Caps, Angel Broking said," Havells India Ltd (HIL) is a leading player in electrical consumer goods in India. During the 3QFY21, Havells India reported strong results and beat all the parameters. Top line grew by ~40% to Rs3,175cr and PAT grew by 75% yoy to Rs350cr on back of strong performance all across the business segments. Going forward, we expect healthy top-line and bottom-line growth on the back of a strong brand, market share gain and wide distribution network. Hence, we are positive on stock, at CMP-Rs1,078  and Target Price-Rs 1240."

  • 11:07 IST: Amarjeet Maurya - AVP - Mid Caps, Angel Broking said," Havells India Ltd (HIL) is a leading player in electrical consumer goods in India. During the 3QFY21, Havells India reported strong results and beat all the parameters. Top line grew by ~40% to Rs3,175cr and PAT grew by 75% yoy to Rs350cr on back of strong performance all across the business segments. Going forward, we expect healthy top-line and bottom-line growth on the back of a strong brand, market share gain and wide distribution network. Hence, we are positive on stock, at CMP-Rs1,078  and Target Price-Rs 1240."

  • Jan 21, 2021 10:50 (IST)

    Sensex at 50,000: Warning signs of an overheated market

    Fundamental statistics such as P-E ratio are popularly studied in two forms, trailing and forward, to determine the valuation of a stock or an index. Trailing P-E is calculated by dividing the current market value by earnings per share over the previous 12 months. Forward P-E looks at a company's likely earnings per share for the next 12 months. Asset allocation trends in terms of cash and stocks attempt at measuring the risk appetite of investors. Further, the growing disconnect between the market and the economy is captured in the market capitalisation-to-GDP ratio. The miserable state of the economy due to lacklustre investment and consumption, and some visible green shoots due to the growing contribution of corporate earnings in quarterly GDP, have also been looked at. Last, but not the least, the pandemic year was defied by record high corporate fundraising, on softer interest rates.


    Sensex at 50,000: Warning signs of an overheated market

     

  • 10:50 IST: Fundamental statistics such as P-E ratio are popularly studied in two forms, trailing and forward, to determine the valuation of a stock or an index. Trailing P-E is calculated by dividing the current market value by earnings per share over the previous 12 months. Forward P-E looks at a company's likely earnings per share for the next 12 months. Asset allocation trends in terms of cash and stocks attempt at measuring the risk appetite of investors. Further, the growing disconnect between the market and the economy is captured in the market capitalisation-to-GDP ratio. The miserable state of the economy due to lacklustre investment and consumption, and some visible green shoots due to the growing contribution of corporate earnings in quarterly GDP, have also been looked at. Last, but not the least, the pandemic year was defied by record high corporate fundraising, on softer interest rates.


    Sensex at 50,000: Warning signs of an overheated market

     

  • Jan 21, 2021 10:44 (IST)

    HDFC AMC Q3 outlook



    YES Securities said in its note today," Given our house view of a sustained rally in Indian equity markets in the near term, we expect AUM growth of the industry to remain strong. We have raised our MTM gains impact on AUM from 12% to 15% for the next three years. This will also lead to improvement in profitability as yields on Equity AUM is 2x of the overall yield. Rising investment book has translated into higher other income, which has been better than our estimates. Building these factors into our forecast, we have raised our earnings estimates by 10-15% and have raised our multiple to 36x from 34x FY23E EPS leading to our target price increase from Rs2,757 to Rs3,302. Retain our ADD rating."

  • 10:44 IST:

    YES Securities said in its note today," Given our house view of a sustained rally in Indian equity markets in the near term, we expect AUM growth of the industry to remain strong. We have raised our MTM gains impact on AUM from 12% to 15% for the next three years. This will also lead to improvement in profitability as yields on Equity AUM is 2x of the overall yield. Rising investment book has translated into higher other income, which has been better than our estimates. Building these factors into our forecast, we have raised our earnings estimates by 10-15% and have raised our multiple to 36x from 34x FY23E EPS leading to our target price increase from Rs2,757 to Rs3,302. Retain our ADD rating."

  • Jan 21, 2021 10:35 (IST)

    Bajaj Finance Q3 outlook




    Yes securities said in its note today,"Overall Covid stress that came to the fore stood at 4-5% of AUM, which was in line with street's expectations. Its impact on the revenue line came through huge interest reversals, which along with still high negative carry (while the liquidity buffer was dialed down) led to tepid show on NII and PPOP fronts. Despite the NPL flow of ~3% of AUM, restructuring of 1.4% and one-time large write-off of unrecoverable accounts, the credit cost in Q3 FY21 was lower than preceding quarter with BAF utilizing the Covid-related provisioning buffer (residual at 50-60bps of AUM). We believe that we should be ahead of consensus in projecting 30% earnings CAGR over FY20-23. Estimate RoA moving closer to 5% in FY22/23 on the back of core cost/income improvement and normalization of credit cost. See BAF delivering 23-24% RoE with controlled leverage. With the return of potential growth and estimated delivery of best-ever return ratios, the threat to current high valuation is low. Retain ADD rating with 10% upside at TP of Rs 5,500."

  • 10:35 IST:


    Yes securities said in its note today,"Overall Covid stress that came to the fore stood at 4-5% of AUM, which was in line with street's expectations. Its impact on the revenue line came through huge interest reversals, which along with still high negative carry (while the liquidity buffer was dialed down) led to tepid show on NII and PPOP fronts. Despite the NPL flow of ~3% of AUM, restructuring of 1.4% and one-time large write-off of unrecoverable accounts, the credit cost in Q3 FY21 was lower than preceding quarter with BAF utilizing the Covid-related provisioning buffer (residual at 50-60bps of AUM). We believe that we should be ahead of consensus in projecting 30% earnings CAGR over FY20-23. Estimate RoA moving closer to 5% in FY22/23 on the back of core cost/income improvement and normalization of credit cost. See BAF delivering 23-24% RoE with controlled leverage. With the return of potential growth and estimated delivery of best-ever return ratios, the threat to current high valuation is low. Retain ADD rating with 10% upside at TP of Rs 5,500."

  • Jan 21, 2021 10:09 (IST)

    Morning market quote

     Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The smooth transition in the US and President Biden's healing speech lifted the US markets to record highs. This feel-good factor is likely to spread to other markets too. Sensex @50000 is going to be a reality. FII inflows which had declined a bit during the last few days, have again turned strong going above Rs 2200 crores yesterday. Apart from robust FII inflows, another major factor supporting the rally is the impressive corporate results which started in Q2 and continue in Q3. While enjoying this bull run, investors should not be carried away by the euphoria. At high levels, markets are vulnerable to corrections"

  • 10:09 IST:  Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The smooth transition in the US and President Biden's healing speech lifted the US markets to record highs. This feel-good factor is likely to spread to other markets too. Sensex @50000 is going to be a reality. FII inflows which had declined a bit during the last few days, have again turned strong going above Rs 2200 crores yesterday. Apart from robust FII inflows, another major factor supporting the rally is the impressive corporate results which started in Q2 and continue in Q3. While enjoying this bull run, investors should not be carried away by the euphoria. At high levels, markets are vulnerable to corrections"

  • Jan 21, 2021 09:58 (IST)

    Opening session: Nifty technical outlook

    On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," After crossing the 14550-14600 resistance zone yesterday, we are headed to 14800-14900. This rally could even extend to 15000. The index has a good support at 14300. Any intra day dip can be bought into for higher targets. However, caution is advised as markets can get volatile during corrections. The best way to address the volatility would be to update stops on a regular basis."

     

  • 09:58 IST: On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," After crossing the 14550-14600 resistance zone yesterday, we are headed to 14800-14900. This rally could even extend to 15000. The index has a good support at 14300. Any intra day dip can be bought into for higher targets. However, caution is advised as markets can get volatile during corrections. The best way to address the volatility would be to update stops on a regular basis."

     

  • Jan 21, 2021 09:49 (IST)

    SEBI approves Reliance-Future deal

    Market regulator SEBI gave a go-ahead on Wednesday to Future Group's scheme of arrangement and sale of assets to Reliance, based on which the Bombay Stock Exchange also granted its "no adverse observation" report to the Rs 24,713-crore deal. Amazon had written several letters to the SEBI and other regulatory agencies to suspend their review of the deal and not grant it a no objection certification on ground that its challenge to the agreement was before the Delhi High Court.

    The Securities and Exchange Board of India allowed the deal with some riders, five months after it was announced last August. While seeking shareholders or the National Company Law Tribunal approval, the SEBI has asked Future Group to specifically mention the litigation pending before the Delhi High Court and arbitration proceedings by the e-commerce major Amazon contesting the deal, the Bombay Stock Exchange stated in its observation letter.

    SEBI approves Reliance-Future deal, BSE grants 'no-adverse-observation' status

  • 09:49 IST: Market regulator SEBI gave a go-ahead on Wednesday to Future Group's scheme of arrangement and sale of assets to Reliance, based on which the Bombay Stock Exchange also granted its "no adverse observation" report to the Rs 24,713-crore deal. Amazon had written several letters to the SEBI and other regulatory agencies to suspend their review of the deal and not grant it a no objection certification on ground that its challenge to the agreement was before the Delhi High Court.

    The Securities and Exchange Board of India allowed the deal with some riders, five months after it was announced last August. While seeking shareholders or the National Company Law Tribunal approval, the SEBI has asked Future Group to specifically mention the litigation pending before the Delhi High Court and arbitration proceedings by the e-commerce major Amazon contesting the deal, the Bombay Stock Exchange stated in its observation letter.

    SEBI approves Reliance-Future deal, BSE grants 'no-adverse-observation' status

  • Jan 21, 2021 09:43 (IST)

    IRFC vs Indigo Paints IPO

    The government plans to reduce its stakeholding in IRFC to 86% from 100% from the IPO. On the flip side, the promoter holding in Indigo Paints of 60.05% will reduce to 54%, post the issue.

    While IRFC IPO objective is to augment the company's equity capital base to meet business future growth requirements, Indigo Paints plans to use the net proceeds to meet the capital expenditure requirements for manufacturing facility expansion at Pudukkottai, Tamil Nadu as well as to repay all or certain borrowings.

    IRFC vs Indigo Paints IPO: How the two public issues fare against each other

  • 09:43 IST: The government plans to reduce its stakeholding in IRFC to 86% from 100% from the IPO. On the flip side, the promoter holding in Indigo Paints of 60.05% will reduce to 54%, post the issue.

    While IRFC IPO objective is to augment the company's equity capital base to meet business future growth requirements, Indigo Paints plans to use the net proceeds to meet the capital expenditure requirements for manufacturing facility expansion at Pudukkottai, Tamil Nadu as well as to repay all or certain borrowings.

    IRFC vs Indigo Paints IPO: How the two public issues fare against each other

  • Jan 21, 2021 09:42 (IST)

    Sensex at 50,000

    Benchmark Sensex hit the historic 50,000 mark in early trade today.  The index rose to 50,126 points, a  fresh all-time high. Sensex has risen a whopping 9,000% since its inception in 1986 to touch the historic 50k milestone today. The index when it started comprised 30 companies and had its base year as 1979.

    The initial value of Sensex on 3 April 1979 was 124.15. On January 2, 1986, the value of the index stood at 549.43.

    The index has risen from 549.43 on January 2, 1986 to 50K today. If a Sensex exchange traded fund (ETF) had existed on January 2, 1986 and one would have invested Rs 1,000 into it, the amount would have become Rs 91,000 today.

    Sensex hits 50,000: A roller coaster ride of 9,000% in 34 years

  • 09:42 IST: Benchmark Sensex hit the historic 50,000 mark in early trade today.  The index rose to 50,126 points, a  fresh all-time high. Sensex has risen a whopping 9,000% since its inception in 1986 to touch the historic 50k milestone today. The index when it started comprised 30 companies and had its base year as 1979.

    The initial value of Sensex on 3 April 1979 was 124.15. On January 2, 1986, the value of the index stood at 549.43.

    The index has risen from 549.43 on January 2, 1986 to 50K today. If a Sensex exchange traded fund (ETF) had existed on January 2, 1986 and one would have invested Rs 1,000 into it, the amount would have become Rs 91,000 today.

    Sensex hits 50,000: A roller coaster ride of 9,000% in 34 years

  • Jan 21, 2021 09:30 (IST)

    All sectors based rally

    Among sectors, all the indices were trading in bullish zone, with Auto index rising over 1%, followed by 0.80% gain in media index and 0.50% rise in IT, realty and banking index.

     

  • 09:30 IST: Among sectors, all the indices were trading in bullish zone, with Auto index rising over 1%, followed by 0.80% gain in media index and 0.50% rise in IT, realty and banking index.

     

  • Jan 21, 2021 09:28 (IST)

    Top gainers and losers today

    Bajaj twins, HCL Tech, Titan, Tech Mahindra, RIL, Kotak Bank were among the top gainers on Sensex. On the flip side, Nestle, HDFC, TCS, HDFC Bank were the only losers today.

  • 09:28 IST: Bajaj twins, HCL Tech, Titan, Tech Mahindra, RIL, Kotak Bank were among the top gainers on Sensex. On the flip side, Nestle, HDFC, TCS, HDFC Bank were the only losers today.

  • Jan 21, 2021 09:22 (IST)

    Opening session on Thursday: indices at new highs

    Market indices continued opening at new highs on Thursday, with Sensex hitting 50K mark and Nifty trading above 14,700 for the first time, in line with positive global equities. Sensex added 304 points to trade at 50, 040 and Nifty gained by 78 points to 17,723. Sensex and Nifty hit fresh lifetime highs of 50,126 and 14,736, respectively.

  • 09:22 IST: Market indices continued opening at new highs on Thursday, with Sensex hitting 50K mark and Nifty trading above 14,700 for the first time, in line with positive global equities. Sensex added 304 points to trade at 50, 040 and Nifty gained by 78 points to 17,723. Sensex and Nifty hit fresh lifetime highs of 50,126 and 14,736, respectively.

  • Jan 21, 2021 09:20 (IST)

    Global markets bouyed, trade near record highs

    Geojit Fianancial said in its note today," Overseas, Asian stocks rose on Thursday after stocks on Wall Street sailed to record highs as U.S. President Joe Biden was sworn into office.

    In US, the stock market rallied to a record close as President Joe Biden was sworn into office, sparking hopes for another stimulus package and smoother vaccine rollout ahead.

    The Dow Jones Industrial Average jumped 257.86 points, or 0.8%, to a new closing high of 31,188.38. The S&P 500 advanced 1.4% to a record close of 3,851.85, led by the communication services sector. The tech-heavy Nasdaq Composite jumped nearly 2% to 13,457.25, notching a fresh record. All three averages also touched their intraday highs during the session.

    Netflix soared after the company reported strong subscriber growth and said it's considering share buybacks. The company also said it expects to break even on a cash flow basis this year.

    Biden was inaugurated to succeed President Donald Trump as the 46th president of the United States. Janet Yellen, Biden's designated nominee for Treasury Secretary, on Tuesday endorsed higher aid spending and urged lawmakers to act big."

  • 09:20 IST: Geojit Fianancial said in its note today," Overseas, Asian stocks rose on Thursday after stocks on Wall Street sailed to record highs as U.S. President Joe Biden was sworn into office.

    In US, the stock market rallied to a record close as President Joe Biden was sworn into office, sparking hopes for another stimulus package and smoother vaccine rollout ahead.

    The Dow Jones Industrial Average jumped 257.86 points, or 0.8%, to a new closing high of 31,188.38. The S&P 500 advanced 1.4% to a record close of 3,851.85, led by the communication services sector. The tech-heavy Nasdaq Composite jumped nearly 2% to 13,457.25, notching a fresh record. All three averages also touched their intraday highs during the session.

    Netflix soared after the company reported strong subscriber growth and said it's considering share buybacks. The company also said it expects to break even on a cash flow basis this year.

    Biden was inaugurated to succeed President Donald Trump as the 46th president of the United States. Janet Yellen, Biden's designated nominee for Treasury Secretary, on Tuesday endorsed higher aid spending and urged lawmakers to act big."

  • Jan 21, 2021 09:19 (IST)

    Nifty technical support and resistance for today

    NSE-NIFTY bounced post a negative start for the week on back of recovery across global markets. Due to recent rebound in the index, major technical indicators on the near-term timeframe chart reversed from their oversold zone and positively poised. Overall market breadth was in favour of the bulls and positive trend was observed across the sectors. Though the major parameters are in favour of the bulls, near-term consolidation cannot be ruled out before the index breaches its life-time-high of 14,653 convincingly. In case of breakout, the index will move towards 15,000-15,250-levels. On the lower side, the index will find support at around 14,250-level initially and 14,100-level subsequently.

    As for the day, support is placed at around 14,399 and then at 14,277 levels, while resistance is observed at 14,595 and then at 14,668 levels.

  • 09:19 IST: NSE-NIFTY bounced post a negative start for the week on back of recovery across global markets. Due to recent rebound in the index, major technical indicators on the near-term timeframe chart reversed from their oversold zone and positively poised. Overall market breadth was in favour of the bulls and positive trend was observed across the sectors. Though the major parameters are in favour of the bulls, near-term consolidation cannot be ruled out before the index breaches its life-time-high of 14,653 convincingly. In case of breakout, the index will move towards 15,000-15,250-levels. On the lower side, the index will find support at around 14,250-level initially and 14,100-level subsequently.

    As for the day, support is placed at around 14,399 and then at 14,277 levels, while resistance is observed at 14,595 and then at 14,668 levels.

  • Jan 21, 2021 09:16 (IST)

    Market technical outlook by experts

    S Ranganathan, Head of Research at LKP Securities said,"On a day when Joe Biden assumes office, the Bulls of Dalal Street held the Indices high, inching a step closer to the 50K mark buoyed by RIL and well supported by Auto & IT. The broader markets witnessed buying into Tyre stocks and PSU banks."

    Ajit Mishra, VP - Research, Religare Broking said,"The recent buoyancy on the global front combined with the supportive local cues are helping the index to regain momentum. However, volatility is still high on the stock-specific front. Keeping all in mind, we feel it's prudent to continue hedged positions and prefer index majors over the others."

  • 09:16 IST: S Ranganathan, Head of Research at LKP Securities said,"On a day when Joe Biden assumes office, the Bulls of Dalal Street held the Indices high, inching a step closer to the 50K mark buoyed by RIL and well supported by Auto & IT. The broader markets witnessed buying into Tyre stocks and PSU banks."

    Ajit Mishra, VP - Research, Religare Broking said,"The recent buoyancy on the global front combined with the supportive local cues are helping the index to regain momentum. However, volatility is still high on the stock-specific front. Keeping all in mind, we feel it's prudent to continue hedged positions and prefer index majors over the others."

  • Jan 21, 2021 09:16 (IST)

    FII action

    Foreign portfolio investors (FPIs) bought shares worth Rs 2,289.05 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 864.62 crore in the Indian equity market on 20 January, provisional data showed.


     

  • 09:16 IST: Foreign portfolio investors (FPIs) bought shares worth Rs 2,289.05 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 864.62 crore in the Indian equity market on 20 January, provisional data showed.


     

  • Jan 21, 2021 09:15 (IST)

    Results today

    Asian Paints, Bajaj Auto, AAVAS Financiers, MCX India, SBI Cards and Payment Services, Bajaj Holdings & Investment, Bandhan Bank, Biocon, Cyient, Genus Power Infrastructures, Indo Count Industries, Indian Energy Exchange, IIFL Securities, JBF Industries, Jindal Steel & Power, JK Tyre & Industries, Kajaria Ceramics, Kirloskar Pneumatic, Man Industries, Mphasis, Music Broadcast, Reliance Power, Saregama India, South Indian Bank, SRF, Supreme Petrochem, Westlife Development, Zensar Technologies and Zicom Electronic Security Systems are among other companies will announce their quarterly earnings today.

     

  • 09:15 IST: Asian Paints, Bajaj Auto, AAVAS Financiers, MCX India, SBI Cards and Payment Services, Bajaj Holdings & Investment, Bandhan Bank, Biocon, Cyient, Genus Power Infrastructures, Indo Count Industries, Indian Energy Exchange, IIFL Securities, JBF Industries, Jindal Steel & Power, JK Tyre & Industries, Kajaria Ceramics, Kirloskar Pneumatic, Man Industries, Mphasis, Music Broadcast, Reliance Power, Saregama India, South Indian Bank, SRF, Supreme Petrochem, Westlife Development, Zensar Technologies and Zicom Electronic Security Systems are among other companies will announce their quarterly earnings today.

     

  • Jan 21, 2021 09:13 (IST)

    Rupee outlook

    On the currency front, Indian rupee gained for the second session and closed 12 paise higher at 73.05 per dollar.

    Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research said, "All Asian Indices trading in green since strong China's GDP data and sustained inflow of dollar helped emerging market to perform well. Support for Rupee spot is at 73.05-72.90 levels for the spot pair. Resistance for the pair is 73.31. USDINR Jan future will trade in the range of 73.10-73.40 levels."

  • 09:13 IST: On the currency front, Indian rupee gained for the second session and closed 12 paise higher at 73.05 per dollar.

    Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research said, "All Asian Indices trading in green since strong China's GDP data and sustained inflow of dollar helped emerging market to perform well. Support for Rupee spot is at 73.05-72.90 levels for the spot pair. Resistance for the pair is 73.31. USDINR Jan future will trade in the range of 73.10-73.40 levels."

  • Jan 21, 2021 09:13 (IST)

    Closing on Wednesday

    Equity benchmark closed at new record highs on Wednesday, tracking positive trend from global equities, on hopes of fresh US stimulus measures. Rising for the second straight session, Sensex ended 393 points higher at 49,792 and Nifty gained by 123 points to 14,644. Sensex and Nifty today touched new lifetime highs of 49,874 and 14,666. Earlier on January 13, Sensex and Nifty hit fresh lifetime highs of 49,795 and 14,653, respectively.

  • 09:13 IST: Equity benchmark closed at new record highs on Wednesday, tracking positive trend from global equities, on hopes of fresh US stimulus measures. Rising for the second straight session, Sensex ended 393 points higher at 49,792 and Nifty gained by 123 points to 14,644. Sensex and Nifty today touched new lifetime highs of 49,874 and 14,666. Earlier on January 13, Sensex and Nifty hit fresh lifetime highs of 49,795 and 14,653, respectively.