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Share Market Highlights: Sensex ends 535 points lower, Nifty at 13,817; HDFC twins, HUL, Maruti top losers

January 28,2021 15:51 IST

Sensex, Nifty Highlights on January 28: Market indices continued falling sharply for the fifth consecutive session on Thursday, the derivatives expiry day and closed 1% lower each, amid weak global equities. Ahead of the upcoming 2021 budget, Sensex ended 535 points lower at 46,874 and Nifty fell by 149 points to 13,817. Meanwhile, December quarterly earnings announcements by Maruti Suzuki India, Lupin, InterGlobe Aviation, Colgate-Palmolive, 3i Infotech, Aarti Industries will also set the tone for the stock market today. Yesterday, Sensex ended 937 points lower at 47,409 and Nifty fell 271 points to 13,967. The market saw across the board selling, especially in heavyweights like Bajaj Finserv, IndusInd Bank and Axis Bank that traded as top losers in BSE. Traders said volatility is expected ahead of the Derivatives expiry day. The Union Budget 2021-2022 will be presented on February 1.

 

 

 

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

 

 

 

Check Latest Updates

KEY UPDATES

  • India Stock Market News Updates Today: Maruti Suzuki India, Lupin, InterGlobe Aviation, Colgate-Palmolive, 3i Infotech, Aarti Industries, Angel Broking are among the top companies that will be reporting their Q3 earnings
  • Jan 28, 2021 15:50 (IST)

    Closing on Thursday

    Market indices continued falling sharply for the fifth consecutive session on Thursday, the derivatives expiry day and closed 1% lower each, amid weak global equities. Ahead of the upcoming 2021 budget, Sensex ended 535 points lower at 46,874 and Nifty fell by 149 points to 13,817.

  • 15:50 IST: Market indices continued falling sharply for the fifth consecutive session on Thursday, the derivatives expiry day and closed 1% lower each, amid weak global equities. Ahead of the upcoming 2021 budget, Sensex ended 535 points lower at 46,874 and Nifty fell by 149 points to 13,817.

  • Jan 28, 2021 15:49 (IST)

    Market closing outlook

    on markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"13700 has acted as a good support for the market. What needs to be seen is if we can keep above this level over the next few days. If we break 13700, we could slide down to 13500-13600 and then to 13200. On the upside, we have a stiff resistance at 14500 and only if we can close above that can we start thinking on the long side and accumulate buy positions."

     

  • 15:49 IST: on markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"13700 has acted as a good support for the market. What needs to be seen is if we can keep above this level over the next few days. If we break 13700, we could slide down to 13500-13600 and then to 13200. On the upside, we have a stiff resistance at 14500 and only if we can close above that can we start thinking on the long side and accumulate buy positions."

     

  • Jan 28, 2021 15:40 (IST)

    Axis Securities' positive Budget bets

    Axis Securities highlights three broad contours for FY22 Union Budget: reduction in corporate taxes structures, Public health and vaccination rollouts, job creation through government activities.


    Axis Securities' positive Budget bets include stocks like Hero MotoCorp, Escorts, Maruti Suzuki, Dabur India, Asian Paints, SBI, Star Cement, PI Industries, Dhanuka, Amber Enterprises and Dixon Technologies.

     

  • 15:40 IST: Axis Securities highlights three broad contours for FY22 Union Budget: reduction in corporate taxes structures, Public health and vaccination rollouts, job creation through government activities.


    Axis Securities' positive Budget bets include stocks like Hero MotoCorp, Escorts, Maruti Suzuki, Dabur India, Asian Paints, SBI, Star Cement, PI Industries, Dhanuka, Amber Enterprises and Dixon Technologies.

     

  • Jan 28, 2021 15:34 (IST)

    Axis Bank Q3 result update



    Jyoti Roy - DVP- Equity Strategist, Angel Broking said,"Axis Bank reported a 14% YoY increase in Net interest income to Rs. 7,373 crore while NIMs for the quarter stood at 3.59%. Adjusted for interest reversal NII was up by 19% YoY while reported NIMs stood at 3.89%. Other income for the quarter was flat YoY at Rs. 3,776 crore while operating income was up by 9.0% YoY at Rs. 11,149 crore. Pre provisioning profits for the quarter was up by 6.1% YoY to Rs. 6,096 crore. Provision for the quarter was up by 32.7% YoY to Rs. 4604 crore while net profit was down by 36.4% YoY to Rs. 1,117 crore. Deposits for the quarter were up by 10.6% YoY while advances degrew by 5.9% YoY. CASA deposits accretion remained robust and was up by 197bps YoY to 43.2%. Reported GNPA and NNPA stood at 3.44% and 0.74% of advances with PCR at 78.5%. However without taking into account the forbearance provided by the Supreme Court GNPA and NNPA would have stood at 4.55% and 1.19% of advances. While results were adversely impacted during the quarter due to interest reversals and higher provisioning amount there was no significant deterioration in asset quality sequentially which is a major positive. We remain positive on Axis Bank from a long term perspective."

     

  • 15:34 IST:

    Jyoti Roy - DVP- Equity Strategist, Angel Broking said,"Axis Bank reported a 14% YoY increase in Net interest income to Rs. 7,373 crore while NIMs for the quarter stood at 3.59%. Adjusted for interest reversal NII was up by 19% YoY while reported NIMs stood at 3.89%. Other income for the quarter was flat YoY at Rs. 3,776 crore while operating income was up by 9.0% YoY at Rs. 11,149 crore. Pre provisioning profits for the quarter was up by 6.1% YoY to Rs. 6,096 crore. Provision for the quarter was up by 32.7% YoY to Rs. 4604 crore while net profit was down by 36.4% YoY to Rs. 1,117 crore. Deposits for the quarter were up by 10.6% YoY while advances degrew by 5.9% YoY. CASA deposits accretion remained robust and was up by 197bps YoY to 43.2%. Reported GNPA and NNPA stood at 3.44% and 0.74% of advances with PCR at 78.5%. However without taking into account the forbearance provided by the Supreme Court GNPA and NNPA would have stood at 4.55% and 1.19% of advances. While results were adversely impacted during the quarter due to interest reversals and higher provisioning amount there was no significant deterioration in asset quality sequentially which is a major positive. We remain positive on Axis Bank from a long term perspective."

     

  • Jan 28, 2021 15:34 (IST)

    ICICI Prudential Life Insurance Q3 outlook



    Jyoti Roy - DVP- Equity Strategist, Angel Broking said,"ICICI Prudential  Life Insurance reported a1.0% YoY increase in PAT to Rs. 305.6 crore during the quarter. Amount transferred to shareholders account was up by 13.1% YoY to Rs. 410 crore while investment income was up by 14.8% YoY to Rs. 213 crore. New business premium for the quarter was up by 14.0% YoY to Rs. 3443 crore while annualized premium equivalent was down by 18.3% YoY to Rs. 1,666 crore. Value of new business was up by 0.5% YoY to Rs. 428 crore. Overall business has been adversely impacted due to Covid-19 and we believe that growth will come back to the industry gradually over the next few quarters. We continue to remain cautious on the sector."

  • 15:34 IST:

    Jyoti Roy - DVP- Equity Strategist, Angel Broking said,"ICICI Prudential  Life Insurance reported a1.0% YoY increase in PAT to Rs. 305.6 crore during the quarter. Amount transferred to shareholders account was up by 13.1% YoY to Rs. 410 crore while investment income was up by 14.8% YoY to Rs. 213 crore. New business premium for the quarter was up by 14.0% YoY to Rs. 3443 crore while annualized premium equivalent was down by 18.3% YoY to Rs. 1,666 crore. Value of new business was up by 0.5% YoY to Rs. 428 crore. Overall business has been adversely impacted due to Covid-19 and we believe that growth will come back to the industry gradually over the next few quarters. We continue to remain cautious on the sector."

  • Jan 28, 2021 15:14 (IST)

    Gold demand plunges to 11-year low in 2020

    Global demand for gold fell to its lowest in 11 years in 2020 as the coronavirus upended the market, triggering huge stockpiling by investors but collapsing sales of jewellery and purchases by central banks, an industry report said on Thursday.

    The pandemic also transformed the geography of the bullion trade, sucking gold from Asia, where most gold is sold as jewellery, to Europe and the United States, where investors are the dominant consumers. It also pushed the value of gold up 25% in 2020, because investors have much more impact on prices than the jewellery market.

    Gold demand plunges to 11-year low in 2020 as virus upends trade, says WGC

  • 15:14 IST: Global demand for gold fell to its lowest in 11 years in 2020 as the coronavirus upended the market, triggering huge stockpiling by investors but collapsing sales of jewellery and purchases by central banks, an industry report said on Thursday.

    The pandemic also transformed the geography of the bullion trade, sucking gold from Asia, where most gold is sold as jewellery, to Europe and the United States, where investors are the dominant consumers. It also pushed the value of gold up 25% in 2020, because investors have much more impact on prices than the jewellery market.

    Gold demand plunges to 11-year low in 2020 as virus upends trade, says WGC

  • Jan 28, 2021 15:10 (IST)

    Larsen & Toubro - Q3FY21 Result Update





    Centrum Broking said,"L&T's order backlog has strengthened due to strong pick-up in order inflows since Oct-20 with prospects continuing to remain strong. We expect 17%/19.6% CAGR in revenue/EPS for E&C business over FY21-23. Working capital levels while elevated should remain stable/decline supported by government's liquidity push. Stock trades at 16.9x/ 14.5x FY22E/FY23E E&C EPS of Rs44.5/ Rs52. Maintain Buy with SOTP based price target of Rs1543 with E&C business valued at 18x FY23E EPS."

     

  • 15:10 IST:



    Centrum Broking said,"L&T's order backlog has strengthened due to strong pick-up in order inflows since Oct-20 with prospects continuing to remain strong. We expect 17%/19.6% CAGR in revenue/EPS for E&C business over FY21-23. Working capital levels while elevated should remain stable/decline supported by government's liquidity push. Stock trades at 16.9x/ 14.5x FY22E/FY23E E&C EPS of Rs44.5/ Rs52. Maintain Buy with SOTP based price target of Rs1543 with E&C business valued at 18x FY23E EPS."

     

  • Jan 28, 2021 14:50 (IST)

    Market update

    Market indices continued falling sharply for the fifth consecutive session on Thursday, the derivatives expiry day, amid weak global equities. Sensex traded 715 points lower at 46,690 and Nifty fell by 185 points to 13,780.

  • 14:50 IST: Market indices continued falling sharply for the fifth consecutive session on Thursday, the derivatives expiry day, amid weak global equities. Sensex traded 715 points lower at 46,690 and Nifty fell by 185 points to 13,780.

  • Jan 28, 2021 14:48 (IST)

    How Sensex, Nifty moved on Budget Day in last 10 years

    The domestic stock market has witnessed high volatility during most Union Budget announcements in the last 10 years.


    Of the last 10 budgets, the stock market has closed lower six times. Twice the indices closed over 1% lower (2012, 2013). This excludes Budget 2020s 2.4% drop in Sensex, the worst budget-day plunge since 2009.

    On most occasions, benchmark indices Sensex and Nifty have mostly ended with a muted response after registering high volatility throughout the session.

    Union Budget 2021: How Sensex, Nifty moved on Budget Day in last 10 years


     

  • 14:48 IST: The domestic stock market has witnessed high volatility during most Union Budget announcements in the last 10 years.


    Of the last 10 budgets, the stock market has closed lower six times. Twice the indices closed over 1% lower (2012, 2013). This excludes Budget 2020s 2.4% drop in Sensex, the worst budget-day plunge since 2009.

    On most occasions, benchmark indices Sensex and Nifty have mostly ended with a muted response after registering high volatility throughout the session.

    Union Budget 2021: How Sensex, Nifty moved on Budget Day in last 10 years


     

  • Jan 28, 2021 14:39 (IST)

    Maruti Suzuki share trading flat ahead of Q3 earnings

    Maruti Suzuki share was trading flat today ahead of the firm's December quarter earnings set to be announced later in the day. At 1:25 pm, the large cap stock was trading 0.27% higher at Rs 7,866 against previous close of Rs 7,866 on BSE.

    The stock has lost 3.55% in the last 5 days. The share trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.

    Maruti Suzuki share trading flat ahead of Q3 earnings: Here's what to expect

  • 14:39 IST: Maruti Suzuki share was trading flat today ahead of the firm's December quarter earnings set to be announced later in the day. At 1:25 pm, the large cap stock was trading 0.27% higher at Rs 7,866 against previous close of Rs 7,866 on BSE.

    The stock has lost 3.55% in the last 5 days. The share trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.

    Maruti Suzuki share trading flat ahead of Q3 earnings: Here's what to expect

  • Jan 28, 2021 14:21 (IST)

    ICICI General Insurance-Stop Loss Hit



    Reliance Research in its report said," The stock breached its intermediate horizontal trend line. Its momentum indicator-RSI slipped below the neutral line. The stock may face further selling pressure. Hence, it's advised to close the long trade."

  • 14:21 IST:

    Reliance Research in its report said," The stock breached its intermediate horizontal trend line. Its momentum indicator-RSI slipped below the neutral line. The stock may face further selling pressure. Hence, it's advised to close the long trade."

  • Jan 28, 2021 14:17 (IST)

    Market turns volatile

    Market indices continued falling sharply for the fifth consecutive session on Thursday, the derivatives expiry day, amid weak global equities. Sensex traded 550 points lower at 46,830 and Nifty fell by 158 points to 13,810.

  • 14:17 IST: Market indices continued falling sharply for the fifth consecutive session on Thursday, the derivatives expiry day, amid weak global equities. Sensex traded 550 points lower at 46,830 and Nifty fell by 158 points to 13,810.

  • Jan 28, 2021 14:05 (IST)

    United Spirits Q3 result update





    Amarjeet Maurya - AVP - Mid Caps, Angel Broking said,"During the 3QFY21, United Spirits Ltd (USL) reported revenue of ~Rs2,489cr (down ~4% YoY) due de-growth in volume . On the EBITDA front, the company has reported Rs384cr and EBITDA margin at 15.4% which is down by 100bps yoy due to lower fixed cost absorption and increase in administrative expenses.  On the bottom-line front, PAT de-grew by ~11% to Rs230cr.

  • 14:05 IST:



    Amarjeet Maurya - AVP - Mid Caps, Angel Broking said,"During the 3QFY21, United Spirits Ltd (USL) reported revenue of ~Rs2,489cr (down ~4% YoY) due de-growth in volume . On the EBITDA front, the company has reported Rs384cr and EBITDA margin at 15.4% which is down by 100bps yoy due to lower fixed cost absorption and increase in administrative expenses.  On the bottom-line front, PAT de-grew by ~11% to Rs230cr.

  • Jan 28, 2021 14:03 (IST)

    Nifty technical outlook

    Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said,"The way market behaved in the previous two sessions, it was clearly a sign of weakness and we had hinted towards the possible correction from the levels of 14600 - 14750. The main reason behind this pre-emption was the 3-points 'Negative Divergence' at new high. This anticipation turned into a conviction after banking index confirming a 'Double Top' on Friday by closing below crucial swing lows. The Nifty was yet to follow this and yesterday finally it broke important support of 14222 with some authority. It is rare to see market giving trend reversal ahead of the major event, but looking at yesterday's close, further correction looks on cards. We continue to remain cautious and advice using bounce back to go short with a momentum perspective. For the coming session, 14100 followed by 14200 are to be seen as immediate hurdles; whereas on the flipside,  13850 - 13772 are the levels to watch out for.

    Since the much awaited correction has come before the event, things have become extremely tricky now. It would be difficult for both counter parties (Bulls and Bears) to carry their positions on the event day as both would find themselves stranded at the middle of the ocean."

  • 14:03 IST: Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said,"The way market behaved in the previous two sessions, it was clearly a sign of weakness and we had hinted towards the possible correction from the levels of 14600 - 14750. The main reason behind this pre-emption was the 3-points 'Negative Divergence' at new high. This anticipation turned into a conviction after banking index confirming a 'Double Top' on Friday by closing below crucial swing lows. The Nifty was yet to follow this and yesterday finally it broke important support of 14222 with some authority. It is rare to see market giving trend reversal ahead of the major event, but looking at yesterday's close, further correction looks on cards. We continue to remain cautious and advice using bounce back to go short with a momentum perspective. For the coming session, 14100 followed by 14200 are to be seen as immediate hurdles; whereas on the flipside,  13850 - 13772 are the levels to watch out for.

    Since the much awaited correction has come before the event, things have become extremely tricky now. It would be difficult for both counter parties (Bulls and Bears) to carry their positions on the event day as both would find themselves stranded at the middle of the ocean."

  • Jan 28, 2021 14:02 (IST)

    Bank of Baroda Q3 outlook



    LKP Securities said," 3QFY21 marks the manifestation of moderately higher provisioning expenses (Rs 46bn v/s Rs 45.8bn in the previous quarter) and net profit of Rs11.2bn against Rs16.8bn in the previous quarter. As the asset classification stands still, the bank's reported slippages number remains low. The bank's PCR has seen further improvement to 79% v/s 77.2% in the previous quarter. Moreover the resolution rate (98%) stood better than pre-Covid level. Furthermore, the BB & below book inched down 1.37% of customer assets v/s 1.4% in the previous quarter. On business front, credit growth (5.9% YoY & 1.1% QoQ) and deposit growth (10.6% YoY & 2.9% QoQ) were better than previous quarter. The future outlook of asset quality is at manageable level as the strong standard asset coverage (2.08% of book) is likely to absorb delinquencies or restructuring. In view of adequate buffer and strong capital position (CET 1 of 15.36%) post dilution, we have a positive outlook with BUY rating."

     

  • 14:02 IST:

    LKP Securities said," 3QFY21 marks the manifestation of moderately higher provisioning expenses (Rs 46bn v/s Rs 45.8bn in the previous quarter) and net profit of Rs11.2bn against Rs16.8bn in the previous quarter. As the asset classification stands still, the bank's reported slippages number remains low. The bank's PCR has seen further improvement to 79% v/s 77.2% in the previous quarter. Moreover the resolution rate (98%) stood better than pre-Covid level. Furthermore, the BB & below book inched down 1.37% of customer assets v/s 1.4% in the previous quarter. On business front, credit growth (5.9% YoY & 1.1% QoQ) and deposit growth (10.6% YoY & 2.9% QoQ) were better than previous quarter. The future outlook of asset quality is at manageable level as the strong standard asset coverage (2.08% of book) is likely to absorb delinquencies or restructuring. In view of adequate buffer and strong capital position (CET 1 of 15.36%) post dilution, we have a positive outlook with BUY rating."

     

  • Jan 28, 2021 13:41 (IST)

    Gold and silver outlook

    Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said,"Today Gold is trading 1.07% down at 48,590 levels and silver trading 2.16%  down at 65,150 levels on the back of fade out expectation of stimulus package in US economy. The two day meeting is held by Federal Bank on the discussion of recovery in US Economy.
     

    As of now traders can go for sell in gold at 48800 levels with the stop loss of 49100 levels for the target of 48200 levels. They can also go for sell in silver at 66000 with the stop loss of 66700 for the target of 64800 levels."

  • 13:41 IST: Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said,"Today Gold is trading 1.07% down at 48,590 levels and silver trading 2.16%  down at 65,150 levels on the back of fade out expectation of stimulus package in US economy. The two day meeting is held by Federal Bank on the discussion of recovery in US Economy.
     

    As of now traders can go for sell in gold at 48800 levels with the stop loss of 49100 levels for the target of 48200 levels. They can also go for sell in silver at 66000 with the stop loss of 66700 for the target of 64800 levels."

  • Jan 28, 2021 13:38 (IST)

    YES Bank stock hits 5% lower circuit




    YES Bank shares hit 5% lower circuit at Rs 15 on Thursday's volatile trade, in line with private banking index and broader indices Sensex and Nifty, that fell over 1%.

    The lender's share have been falling since the company declared results for the quarter ended December 31, 2020. In the last 6 days, the stock has lost 15.64%.

    Stock of YES Bank opened lower at Rs 15.20, and also touched day's high of Rs 15.40 in early session. Later, the stock fell 5% to day's low of Rs 15 as against the last close of Rs 15.75.

  • 13:38 IST:


    YES Bank shares hit 5% lower circuit at Rs 15 on Thursday's volatile trade, in line with private banking index and broader indices Sensex and Nifty, that fell over 1%.

    The lender's share have been falling since the company declared results for the quarter ended December 31, 2020. In the last 6 days, the stock has lost 15.64%.

    Stock of YES Bank opened lower at Rs 15.20, and also touched day's high of Rs 15.40 in early session. Later, the stock fell 5% to day's low of Rs 15 as against the last close of Rs 15.75.

  • Jan 28, 2021 13:31 (IST)

    Bank of Baroda Q3 outlook




    Sameer Bhise from JM Financial Institutional Securities said,"Bank of Baroda reported a healthy operating profit of INR 56bn (+13% YoY) in 3Q21. Management indicated that they plan to raise equity via QIP to the tune of INR 20-40bn to supplement its current CET1 of 9.0%. Management highlighted that as part of their cost reduction plan they have rationalised 1300+ branches and 1000+ ATMs and these cost saving initiatives will come in larger proportion next year. BOB’s inexpensive valuations, in our view, adequately captures the near-term asset quality issues and gradual improvement in slippage trends should aid stock performance. Maintain BUY with TP of INR 95 valuing the bank at 0.7x FY23E adj BVPS."

  • 13:31 IST:


    Sameer Bhise from JM Financial Institutional Securities said,"Bank of Baroda reported a healthy operating profit of INR 56bn (+13% YoY) in 3Q21. Management indicated that they plan to raise equity via QIP to the tune of INR 20-40bn to supplement its current CET1 of 9.0%. Management highlighted that as part of their cost reduction plan they have rationalised 1300+ branches and 1000+ ATMs and these cost saving initiatives will come in larger proportion next year. BOB’s inexpensive valuations, in our view, adequately captures the near-term asset quality issues and gradual improvement in slippage trends should aid stock performance. Maintain BUY with TP of INR 95 valuing the bank at 0.7x FY23E adj BVPS."

  • Jan 28, 2021 13:17 (IST)

    Axis Bank Q3 outlook



    Sameer Bhise from  JM Financial Institutional Securities said," Axis Bank's 3QFY21 results reflect a relentless fortification of balance sheet, steady gains on liabilities and continued momentum on retail assets as well as efficiency extraction. With provision buffer (standard + additional) at 2.1% of loans, minimal restructuring (0.5% of loans) and collections normalizing to pre-Covid19 levels (98% in Dec'20), there is greater comfort that Axis Bank's credit costs should normalize soon. Proforma slippages for 9MFY21 are at c.2.5% annualised and we believe asset quality impact of the pandemic has been lesser than feared. Operating parameters such as NIMs, fees trajectory and opex ratios are moving in the right direction and should see sustainable gains on PPOP-margins going forward. Management indicated confidence that FY22E should be a "near-normal" year with focus on growth and profitability expansion. In our view, new leadership's efforts over the last couple of years have slowly begun bearing fruit and consistency should drive stock performance. We maintain our BUY rating on the stock with a target price of INR770 (valuing the core bank at 1.8x FY23E P/BV)."

  • 13:17 IST:

    Sameer Bhise from  JM Financial Institutional Securities said," Axis Bank's 3QFY21 results reflect a relentless fortification of balance sheet, steady gains on liabilities and continued momentum on retail assets as well as efficiency extraction. With provision buffer (standard + additional) at 2.1% of loans, minimal restructuring (0.5% of loans) and collections normalizing to pre-Covid19 levels (98% in Dec'20), there is greater comfort that Axis Bank's credit costs should normalize soon. Proforma slippages for 9MFY21 are at c.2.5% annualised and we believe asset quality impact of the pandemic has been lesser than feared. Operating parameters such as NIMs, fees trajectory and opex ratios are moving in the right direction and should see sustainable gains on PPOP-margins going forward. Management indicated confidence that FY22E should be a "near-normal" year with focus on growth and profitability expansion. In our view, new leadership's efforts over the last couple of years have slowly begun bearing fruit and consistency should drive stock performance. We maintain our BUY rating on the stock with a target price of INR770 (valuing the core bank at 1.8x FY23E P/BV)."

  • Jan 28, 2021 13:12 (IST)

    Reliance stock falls 10% in 3 days

    Shares of Reliance Industries Ltd (RIL) extended their fall on Wednesday as investors resorted to profit booking after December quarter results, while concerns over its bid to acquire Future Group businesses also spooked sentiment. The Reliance stock has declined as much as 9.65 per cent in the last three sessions. This was the second straight session when Mukesh Ambani-led oil-to-telecom conglomerate was among the top laggards on the BSE SENSEX and Nifty.

    Reliance stock falls 10% in 3 days; is it good time to buy?

  • 13:12 IST: Shares of Reliance Industries Ltd (RIL) extended their fall on Wednesday as investors resorted to profit booking after December quarter results, while concerns over its bid to acquire Future Group businesses also spooked sentiment. The Reliance stock has declined as much as 9.65 per cent in the last three sessions. This was the second straight session when Mukesh Ambani-led oil-to-telecom conglomerate was among the top laggards on the BSE SENSEX and Nifty.

    Reliance stock falls 10% in 3 days; is it good time to buy?

  • Jan 28, 2021 13:11 (IST)

    IRFC grey market premium, listing date and more details

    Shares of Indian Railways Finance Corporation (IRFC) will list tomorrow (January 29) on BSE and NSE.


    Amid a sustained selloff in the broader market indices, the GMP (grey market premium) for IRFC has fallen to Rs 0.20-0.25 from Rs 1.5 today.

    The IPO of the fifth railway's company to hit the stock market since 2017- comprises an issue size of Rs 4,600 crore, out of which the fresh issuance will comprise Rs 3,100 crore and OFS Rs 1,500 crore.

    When will IRFC list? Grey market premium, listing date and more details
     

  • 13:11 IST: Shares of Indian Railways Finance Corporation (IRFC) will list tomorrow (January 29) on BSE and NSE.


    Amid a sustained selloff in the broader market indices, the GMP (grey market premium) for IRFC has fallen to Rs 0.20-0.25 from Rs 1.5 today.

    The IPO of the fifth railway's company to hit the stock market since 2017- comprises an issue size of Rs 4,600 crore, out of which the fresh issuance will comprise Rs 3,100 crore and OFS Rs 1,500 crore.

    When will IRFC list? Grey market premium, listing date and more details
     

  • Jan 28, 2021 13:10 (IST)

    Rupee falls 21 paise to 73.13

    The rupee depreciated by 21 paise to 73.13 per US dollar on Thursday's opening trade tracking muted opening in domestic equities and strengthening American currency.

    The domestic unit opened at 73.13 at the interbank forex market, falling 21 paise over its previous close. On Wednesday, Indian rupee rose for the sixth straight day to end 2 paise higher at 72.92 per dollar, despite heavy selling in the domestic equity market. Meanwhile, the dollar index rose 0.12 per cent to 90.75 against a basket of six currencies.

    Rupee falls 21 paise to 73.13 amid strong US dollar, weak equities

  • 13:10 IST: The rupee depreciated by 21 paise to 73.13 per US dollar on Thursday's opening trade tracking muted opening in domestic equities and strengthening American currency.

    The domestic unit opened at 73.13 at the interbank forex market, falling 21 paise over its previous close. On Wednesday, Indian rupee rose for the sixth straight day to end 2 paise higher at 72.92 per dollar, despite heavy selling in the domestic equity market. Meanwhile, the dollar index rose 0.12 per cent to 90.75 against a basket of six currencies.

    Rupee falls 21 paise to 73.13 amid strong US dollar, weak equities

  • Jan 28, 2021 13:09 (IST)

    Market falls further

    Market indices continued falling sharply for the fifth consecutive session on Thursday, the derivatives expiry day, amid weak global equities. Sensex traded 850 points lower at 46,600 and Nifty fell by 235 points to 13,740.

  • 13:09 IST: Market indices continued falling sharply for the fifth consecutive session on Thursday, the derivatives expiry day, amid weak global equities. Sensex traded 850 points lower at 46,600 and Nifty fell by 235 points to 13,740.

  • Jan 28, 2021 12:34 (IST)

    Stove Kraft IPO Day 2 update



    Keshav Lahoti- Associate Equity Analyst, Angel Broking said,"Stove Kraft IPO retail portion was most subscribed by 13.1 times on the second day of issue as they just have a 10% allocation quota. Non institutional was also oversubscribed by 1.85 times. QIB was just subscribe by 0.1x, they mostly subscribe on the last day of the issue. Issue was subscribed by 0.99 times. We expect the IPO to be subscribed many times, but way less than previous IPO such as Indigo Paints. We don't expect a stellar listing for Stove Kraft like most of the IPOs have done in this financial year.

    Company is a one stop shop for a well recognized, award winning portfolio of kitchen solutions brands with a diverse range of products across consumer preferences. Company has a widespread, well connected distribution network with a presence across multiple retail channels and a dedicated after-sales network. The trademark for their marquee brand 'Pigeon' is the subject matter of litigation. Company source their raw materials from third parties with whom they do not have long term contracts. Company's brand value, margins and return on capital are lower than its peers so it won't get such premium valuation like its peers, so we recommended "NEUTRAL" rating to the Stove Kraft IPO in our IPO Note."

  • 12:34 IST:

    Keshav Lahoti- Associate Equity Analyst, Angel Broking said,"Stove Kraft IPO retail portion was most subscribed by 13.1 times on the second day of issue as they just have a 10% allocation quota. Non institutional was also oversubscribed by 1.85 times. QIB was just subscribe by 0.1x, they mostly subscribe on the last day of the issue. Issue was subscribed by 0.99 times. We expect the IPO to be subscribed many times, but way less than previous IPO such as Indigo Paints. We don't expect a stellar listing for Stove Kraft like most of the IPOs have done in this financial year.

    Company is a one stop shop for a well recognized, award winning portfolio of kitchen solutions brands with a diverse range of products across consumer preferences. Company has a widespread, well connected distribution network with a presence across multiple retail channels and a dedicated after-sales network. The trademark for their marquee brand 'Pigeon' is the subject matter of litigation. Company source their raw materials from third parties with whom they do not have long term contracts. Company's brand value, margins and return on capital are lower than its peers so it won't get such premium valuation like its peers, so we recommended "NEUTRAL" rating to the Stove Kraft IPO in our IPO Note."

  • Jan 28, 2021 12:26 (IST)

    Currency Outlook




    Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research said," The rupee opened on flat at 73.07 against the US dollar in opening trade on morning tracing queues from weak global equity market. On Monday it closed flat at 72.92 against greenback, the rupee down 0.22% compared to Thursday morning.


    All major currency like Singapore dollar, Japanese Yen, Australian dollar traded in loss against the US dollar this morning due to rise is dollar index. Technically, USDINR pair closed negative against the US Dollar and investor looking for US GDP data tonight, USDINR spot is trading above phycological level of  73.00 preceding 21-day SMA is currently around 73.10, and above this it may continue bullish momentum will continue for the day. USDINR Feb future will trade in the range of 73.25 – 73.60 levels.

     

  • 12:26 IST:


    Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research said," The rupee opened on flat at 73.07 against the US dollar in opening trade on morning tracing queues from weak global equity market. On Monday it closed flat at 72.92 against greenback, the rupee down 0.22% compared to Thursday morning.


    All major currency like Singapore dollar, Japanese Yen, Australian dollar traded in loss against the US dollar this morning due to rise is dollar index. Technically, USDINR pair closed negative against the US Dollar and investor looking for US GDP data tonight, USDINR spot is trading above phycological level of  73.00 preceding 21-day SMA is currently around 73.10, and above this it may continue bullish momentum will continue for the day. USDINR Feb future will trade in the range of 73.25 – 73.60 levels.

     

  • Jan 28, 2021 12:19 (IST)

    Glenmark Pharma announcement and view




    Yash Gupta Equity Research Associate, Angel Broking said,"Glenmark Pharmaceuticals Limited has received final approval by the United States Food & Drug Administration (U.S. FDA) for Amphetamine Sulfate Tablets the generic version of Evekeo1 Tablets, of Arbor Pharmaceuticals, LLC. According to IQVIATM sales data for the 12 month period ending November 2020, the Evekeo Tablets, 5 mg and 10 mg market achieved annual sales of approximately $21.5 million*. Glenmark's current portfolio consists of 168 products authorized for distribution in the U.S. marketplace and 43 ANDA's pending approval with the U.S. FDA. We expect this product launch will not have any major impact on the bottom line of the company. We have a neutral rating on the company."

  • 12:19 IST:


    Yash Gupta Equity Research Associate, Angel Broking said,"Glenmark Pharmaceuticals Limited has received final approval by the United States Food & Drug Administration (U.S. FDA) for Amphetamine Sulfate Tablets the generic version of Evekeo1 Tablets, of Arbor Pharmaceuticals, LLC. According to IQVIATM sales data for the 12 month period ending November 2020, the Evekeo Tablets, 5 mg and 10 mg market achieved annual sales of approximately $21.5 million*. Glenmark's current portfolio consists of 168 products authorized for distribution in the U.S. marketplace and 43 ANDA's pending approval with the U.S. FDA. We expect this product launch will not have any major impact on the bottom line of the company. We have a neutral rating on the company."

  • Jan 28, 2021 12:04 (IST)

    Economic Survey 2020-21

    CEA Dr Krishnamurthy Subramanian will address a Press Conference on 29th Jan 2021, at 2:30 pm in New Delhi after the presentation of Economic Survey 2020-21 by Finance Minister in Parliament

     

  • 12:04 IST: CEA Dr Krishnamurthy Subramanian will address a Press Conference on 29th Jan 2021, at 2:30 pm in New Delhi after the presentation of Economic Survey 2020-21 by Finance Minister in Parliament

     

  • Jan 28, 2021 12:03 (IST)

    L&T Q3 outlook

    Keshav Lahoti-Associate Equity Analyst, Angel Broking said,"L&T Gross Revenues was Rs35,596 crore for the quarter ended December 31, 2020, registered a sequential growth of 15%. The Covid-19 restrictions continued to have an impact on project site execution and Hyderabad metro operations that led to a marginal decline in revenue of 2% over the corresponding quarter of the previous year. Consolidated Profit After Tax (PAT) for the quarter ended December 31, 2020 at Rs 2,467 crore registered growth of 4.9% over the corresponding quarter of the previous year, largely attributed to higher profit from IT & TS segment and sale of commercial property in Realty. During the quarter, the Company was awarded the biggest EPC contract in the country High Speed Rail order. With this, the Group order inflow for the quarter ended December 31, 2020 registered a strong growth of 76% over the corresponding quarter of the previous year and stood at Rs 73,233 crore. Overall, numbers were above our expectation. As infrastructure ordering and execution activity is picking up and the company is available at reasonable valuation, we are bullish on the company.

     

  • 12:03 IST: Keshav Lahoti-Associate Equity Analyst, Angel Broking said,"L&T Gross Revenues was Rs35,596 crore for the quarter ended December 31, 2020, registered a sequential growth of 15%. The Covid-19 restrictions continued to have an impact on project site execution and Hyderabad metro operations that led to a marginal decline in revenue of 2% over the corresponding quarter of the previous year. Consolidated Profit After Tax (PAT) for the quarter ended December 31, 2020 at Rs 2,467 crore registered growth of 4.9% over the corresponding quarter of the previous year, largely attributed to higher profit from IT & TS segment and sale of commercial property in Realty. During the quarter, the Company was awarded the biggest EPC contract in the country High Speed Rail order. With this, the Group order inflow for the quarter ended December 31, 2020 registered a strong growth of 76% over the corresponding quarter of the previous year and stood at Rs 73,233 crore. Overall, numbers were above our expectation. As infrastructure ordering and execution activity is picking up and the company is available at reasonable valuation, we are bullish on the company.

     

  • Jan 28, 2021 11:51 (IST)

    Nifty Outlook



    Geojit Financial said in its note, "The 13900 objective discussed early this week should be achieved today. While there could be intermittent buying attempts today, they may be brief. A close above 14100, or falls into the 13330-12660 region could however interest us into considering longs."

  • 11:51 IST:

    Geojit Financial said in its note, "The 13900 objective discussed early this week should be achieved today. While there could be intermittent buying attempts today, they may be brief. A close above 14100, or falls into the 13330-12660 region could however interest us into considering longs."

  • Jan 28, 2021 11:36 (IST)

    Nifty technical outlook


    Reliance Research said in its report today,"  NSE-NIFTY extended loss post a trading holiday and lost 14,000-level. Yesterday, the index has given breakdown from its lower band of the rising channel and also, from its 20-day EMA (placed at around 14,250-level). Negative trend observed across the sectors, while overall market breadth remained bearish. Due to further decline in the index, major technical indicators remained in sell mode. This could drag the index towards 13,750-13,500-levels. In case of rebound, the index will initially face hurdle at around 14,250-level and later at around 14,500-level subsequently.

    As for the day, support is placed at around 13,852 and then at 13,736 levels, while resistance is observed at 14,161 and then at 14,354 levels."

  • 11:36 IST:
    Reliance Research said in its report today,"  NSE-NIFTY extended loss post a trading holiday and lost 14,000-level. Yesterday, the index has given breakdown from its lower band of the rising channel and also, from its 20-day EMA (placed at around 14,250-level). Negative trend observed across the sectors, while overall market breadth remained bearish. Due to further decline in the index, major technical indicators remained in sell mode. This could drag the index towards 13,750-13,500-levels. In case of rebound, the index will initially face hurdle at around 14,250-level and later at around 14,500-level subsequently.

    As for the day, support is placed at around 13,852 and then at 13,736 levels, while resistance is observed at 14,161 and then at 14,354 levels."

  • Jan 28, 2021 11:13 (IST)

    Global markets mixed today


    Asian markets are trading lower tracking overnight plunge seen in US markets. Japan's retail sales declined 0.3% YoY, lower than forecast. US markets closed sharply lower on the back of weak earnings from Boeing. FOMC, at its policy meeting, held rate unchanged and maintaining an asset purchase program. European markets closed lower taking cues from the uncertainty that prevailed in global markets as investors remained focused on covid vaccination and key earnings.

  • 11:13 IST:
    Asian markets are trading lower tracking overnight plunge seen in US markets. Japan's retail sales declined 0.3% YoY, lower than forecast. US markets closed sharply lower on the back of weak earnings from Boeing. FOMC, at its policy meeting, held rate unchanged and maintaining an asset purchase program. European markets closed lower taking cues from the uncertainty that prevailed in global markets as investors remained focused on covid vaccination and key earnings.

  • Jan 28, 2021 10:39 (IST)

    SEBI in talks to cut down minimum application size for IPOs





    India’s capital and commodity markets regulator is in talks to cut down the minimum application size for IPOs from Rs 15,000 to Rs 7,500 in an attempt to provide higher subscriptions to retail investors.

  • 10:39 IST:



    India’s capital and commodity markets regulator is in talks to cut down the minimum application size for IPOs from Rs 15,000 to Rs 7,500 in an attempt to provide higher subscriptions to retail investors.

  • Jan 28, 2021 10:26 (IST)

    Nifty technical outlook

    On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"14200-14250 was a key support which the market disrespected in a jiffy. The fall thereafter has happened on the back of very high volumes. We could slide further to test 13600. If we are unable to hold that level, we could fall more towards 13100-13200. As of right now, any up move can be utilised to short the Nifty. The resistance on the upside is at 14400-14500."



     

  • 10:26 IST: On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"14200-14250 was a key support which the market disrespected in a jiffy. The fall thereafter has happened on the back of very high volumes. We could slide further to test 13600. If we are unable to hold that level, we could fall more towards 13100-13200. As of right now, any up move can be utilised to short the Nifty. The resistance on the upside is at 14400-14500."



     

  • Jan 28, 2021 10:20 (IST)

    Global markets mostly in red

    Asian stocks are trading lower on Thursday following an overnight plunge on Wall Street. US stocks suffered their biggest one-day percentage drop in three months on Wednesday.

    The U.S. Federal Reserve left its benchmark interest rate anchored near zero following the conclusion of its two-day meeting Wednesday.

  • 10:20 IST: Asian stocks are trading lower on Thursday following an overnight plunge on Wall Street. US stocks suffered their biggest one-day percentage drop in three months on Wednesday.

    The U.S. Federal Reserve left its benchmark interest rate anchored near zero following the conclusion of its two-day meeting Wednesday.

  • Jan 28, 2021 10:19 (IST)

    Market outlook for today

    Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said," Markets, globally, have turned weak following the steady decline in the mother market US. The heightened speculative activity in certain segments in US markets have become an area of concern. Back home, in India, the third day of consecutive selling by FIIs ( Rs 1688) have turned the market mood bearish. The budget uncertainty will keep the bulls in restraint. On the positive side, Fed affirming the continuation of accommodative monetary policy and bond purchases of $ 120 billion every month ensures adequate liquidity for markets. In brief, a confuse set of market signals. Nifty has corrected around 5% from the peak. This is a healthy correction."

  • 10:19 IST: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said," Markets, globally, have turned weak following the steady decline in the mother market US. The heightened speculative activity in certain segments in US markets have become an area of concern. Back home, in India, the third day of consecutive selling by FIIs ( Rs 1688) have turned the market mood bearish. The budget uncertainty will keep the bulls in restraint. On the positive side, Fed affirming the continuation of accommodative monetary policy and bond purchases of $ 120 billion every month ensures adequate liquidity for markets. In brief, a confuse set of market signals. Nifty has corrected around 5% from the peak. This is a healthy correction."

  • Jan 28, 2021 10:14 (IST)

    Market update

    Market indices continued falling sharply for the fifth consecutive session on Thursday, the derivatives expiry day, amid weak global equities. Sensex traded 350 points lower at 47,070 and Nifty fell by 105 points to 13,860.

  • 10:14 IST: Market indices continued falling sharply for the fifth consecutive session on Thursday, the derivatives expiry day, amid weak global equities. Sensex traded 350 points lower at 47,070 and Nifty fell by 105 points to 13,860.

  • Jan 28, 2021 09:47 (IST)

    FII action

    Foreign portfolio investors (FPIs) sold shares worth Rs 1,688.22 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3.38 crore in the Indian equity market on 27 January, provisional data showed.


     

  • 09:47 IST: Foreign portfolio investors (FPIs) sold shares worth Rs 1,688.22 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3.38 crore in the Indian equity market on 27 January, provisional data showed.


     

  • Jan 28, 2021 09:35 (IST)

    Opening session

    Market indices continued falling sharply for the fifth consecutive session on Thursday, the derivatives expiry day, amid weak global equities. Sensex traded 575 points lower at 46,834 and Nifty fell by 157 points to 13,810.

  • 09:35 IST: Market indices continued falling sharply for the fifth consecutive session on Thursday, the derivatives expiry day, amid weak global equities. Sensex traded 575 points lower at 46,834 and Nifty fell by 157 points to 13,810.

  • Jan 28, 2021 09:34 (IST)

    Stocks in news: Axis Bank, HUL, NTPC, Hero MotoCorp, Bank of India, PNB Housing, SBI

    Stocks to watch today on January 28: Axis Bank, HUL, NTPC, Hero MotoCorp, Bank of India, PNB Housing, SBI among others are the top stocks to watch out for in Thursday's trading session

    Stocks in news: Axis Bank, HUL, NTPC, Hero MotoCorp, Bank of India, PNB Housing, SBI

  • 09:34 IST: Stocks to watch today on January 28: Axis Bank, HUL, NTPC, Hero MotoCorp, Bank of India, PNB Housing, SBI among others are the top stocks to watch out for in Thursday's trading session

    Stocks in news: Axis Bank, HUL, NTPC, Hero MotoCorp, Bank of India, PNB Housing, SBI

  • Jan 28, 2021 09:19 (IST)

    Results today

    Maruti Suzuki India, Lupin, InterGlobe Aviation, Colgate-Palmolive, 3i Infotech, Aarti Industries, Angel Broking, AU Small Finance Bank, Bharat Electronics, CCL Products, Coforge, Cummins India, DB Corp, eClerx Services, Engineers India, Equitas Small Finance Bank, Granules India, HSIL, IDBI Bank, Indus Towers, IRCTC, KEC International, KPIT Technologies, Laurus Labs, Mahindra & Mahindra Financial Services, Motilal Oswal Financial Services, Persistent Systems, Pidilite Industries, RBL Bank, Route Mobile, Shriram Transport Finance, Suven Life Sciences, Tata Chemicals, TVS Motor Company and Welspun Corp among others will report Q3 earnings today.

     

  • 09:19 IST: Maruti Suzuki India, Lupin, InterGlobe Aviation, Colgate-Palmolive, 3i Infotech, Aarti Industries, Angel Broking, AU Small Finance Bank, Bharat Electronics, CCL Products, Coforge, Cummins India, DB Corp, eClerx Services, Engineers India, Equitas Small Finance Bank, Granules India, HSIL, IDBI Bank, Indus Towers, IRCTC, KEC International, KPIT Technologies, Laurus Labs, Mahindra & Mahindra Financial Services, Motilal Oswal Financial Services, Persistent Systems, Pidilite Industries, RBL Bank, Route Mobile, Shriram Transport Finance, Suven Life Sciences, Tata Chemicals, TVS Motor Company and Welspun Corp among others will report Q3 earnings today.

     

  • Jan 28, 2021 09:18 (IST)

    Nifty technical outlook

    Sneha Seth (Derivatives Analyst, Angel Broking) said, "January series is a historical one as the benchmark index clocking fresh record highs tad above 14750. However, in merely last four trading sessions all the gains during the series have been wiped-off. In addition, we also witnessed the volatility index surging to 24.40, further rise beyond 25.50-26 may be a sign of concern as we haven't seen INDIAVIX closing at such higher levels in last five series. The benchmark index has concluded today's session at a very crucial level, hence, follow-up move on the expiry day is very important to watch. At present, we would advise traders avoiding any aggressive bets on the monthly expiry ahead of the key event."

  • 09:18 IST: Sneha Seth (Derivatives Analyst, Angel Broking) said, "January series is a historical one as the benchmark index clocking fresh record highs tad above 14750. However, in merely last four trading sessions all the gains during the series have been wiped-off. In addition, we also witnessed the volatility index surging to 24.40, further rise beyond 25.50-26 may be a sign of concern as we haven't seen INDIAVIX closing at such higher levels in last five series. The benchmark index has concluded today's session at a very crucial level, hence, follow-up move on the expiry day is very important to watch. At present, we would advise traders avoiding any aggressive bets on the monthly expiry ahead of the key event."

  • Jan 28, 2021 09:17 (IST)

    Rupee outlook

    On the currency front, Indian rupee rose for the sixth straight day to end 2 paise higher at 72.92 per dollar, despite heavy selling in the domestic equity market.

  • 09:17 IST:

    On the currency front, Indian rupee rose for the sixth straight day to end 2 paise higher at 72.92 per dollar, despite heavy selling in the domestic equity market.

  • Jan 28, 2021 09:16 (IST)

    Nifty outlook

    Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited - Investment Advisor said," The market witnessed a strong downward trend and a decisive breakdown below the support level around the Nifty 50 Index level of 14000. While a recovery above 14000 is the key to change the short-term bearish outlook. Market is sustaining below this level to gain downside momentum and open the gate for a movement until 13670. We have observed the momentum indicators like RSI, MACD to turn negative and market breadth to deteriorate significantly, further strengthening the view of a short-term bearish outlook."

  • 09:16 IST:

    Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited - Investment Advisor said," The market witnessed a strong downward trend and a decisive breakdown below the support level around the Nifty 50 Index level of 14000. While a recovery above 14000 is the key to change the short-term bearish outlook. Market is sustaining below this level to gain downside momentum and open the gate for a movement until 13670. We have observed the momentum indicators like RSI, MACD to turn negative and market breadth to deteriorate significantly, further strengthening the view of a short-term bearish outlook."

  • Jan 28, 2021 09:16 (IST)

    Closing on Wednesday

    Benchmark indices saw correction for the fourth straight session on Wednesday ahead of Union Budget 2021. In line with weak global equities, Sensex ended 937 points lower at 47,409 and Nifty fell 271 points to 13,967.

  • 09:16 IST: Benchmark indices saw correction for the fourth straight session on Wednesday ahead of Union Budget 2021. In line with weak global equities, Sensex ended 937 points lower at 47,409 and Nifty fell 271 points to 13,967.