Market LIVE: Sensex, Nifty bounce back from two-day losing streak, Bajaj Finance top gainer; Air India issue heats up

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Updated:Jan 29, 2020 4:38:39 pm

Sensex was trading at 41,250.77, 284 points or 0.69 per cent up while the Nifty 50 index was trading at 91 points or 0.76 per cent higher at 12,147.40 at 11.20 am.

bseSensex had closed on 40,966.86, down 188 points or 0.46 per cent

Market LIVE: Domestic equity benchmarks Sensex and Nifty ended higher on Wednesday driven by gains in HDFC Bank, Bajaj Finance, ITC, Infosys and RIL. S&P BSE Sensex ended 231.80 points or 0.57 per cent higher at 41,198.66, while broader Nifty 50 index finished at 12,129.50, up 74 points or 0.61 per cent. On the Sensex pack, Bajaj Finance, Nestle India, ITC, Infosys, HCL Tech and Power Grid were among the top gainers. Conversely, TCS, HDFC, UltraTech Cement, Titan and Sun Pharma were among the top laggards on the pack. Barring Nifty Pharma, all the sectoral indices have traded in green. The Nifty FMCG index gained the most over 1 per cent, led by gains in Marico, ITC, Nestle India, and Tata Global. In the broader market, S&P BSE MidCap index jumped 0.49 per cent or 77 points to 15,754.41, while S&P BSE SmallCap index settled at 14,841, just up 18 points or 0.12 per cent.

Bharatiya Mazdoor Sangh (BMS), an RSS-affiliated trade union, on Tuesday, slammed the Centre’s plan to privatise Air India. It urged the government to think “a hundred times” before going for privatisation of the airline. The Centre on Monday sweetened its offer for the sale of the debt-laden carrier. The government now intends to offload its 100% stake from 76% proposed in a 2018 attempt. Apart from retaining a large part of the debt, the government has also restrained a provision that substantial ownership and effective control of the airline must remain with an Indian entity.

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Highlights

    16:38 (IST)29 Jan 2020
    Above average volatility may harm novice traders, says Vishal Wagh, Research Head, Bonanza Portfolio Ltd

    Bull started the fightback from a gap up opening today. Strong numbers from Bajaj twins and buying in FMCG stocks helped bulls to hold Nifty higher. Reliance is facing resistance near to 1500 levels due to rumours of Saudi Aramco unlikely to finalize the deal anytime soon in the market, Bank Nifty is also facing pressure around 31000 levels. Whereas, Nifty facing resistance around 12170 levels. Nifty managed to close just at 50 DMA. India VIX lost around five per cent for the day. Stocks like Bajaj Finance, Bajaj Financial Services, Aarti Industries, Berger Paint, Nestle Industries, Naukari, IRCTC, RITES, GSPL, Navin Fluor, Vaibhav Global, Pidilitind, Relaxo, etc. made a new all-time high. Going forward the market will be driven by news and events like Trump Impeachment, Fed outcome, Brexit, Expiry and Union Budget. There will be above average volatility which may harm novice traders.

    16:24 (IST)29 Jan 2020
    Sector-specific move likely to continue ahead of Budget, says Santosh Meena, Senior Analyst, TradingBells

    It was a good day for the Indian market on the back of some relief move in the global market amid worries of Coronavirus. ITC, HDFC Bank and Infosys helped Nifty to trades above 12100 mark in today's trading session. FIIs could be again a net seller in the cash market as there was some selling in HDFC Ltd, TCS, ICICI Bank, and Axis bank while we can expect some short-covering by FIIs in F&O market in today's trading session. The sector-specific move is likely to continue ahead of the budget. We may see some reaction on the market tomorrow of Fed meeting's outcome where no change in interest rates is expected.

    Technically, Nifty respected sacrosanct support of 12025 which is a good sign for the bulls. If Nifty manages to hold this level then we can expect a decent pullback rally in coming days where 20-DMA of 12200 will be first important hurdle and 12300 would be major hurdle while if Nifty slips below 12025 level then the overall texture of the market may turn bearish where 11850/11700 would be the next support levels.

    16:21 (IST)29 Jan 2020
    Short term trend of Nifty is positive, says Nagaraj Shetti - Technical & Derivative Analyst, HDFC Securities

    After showing a weakness in the last couple of sessions, the Nifty witnessed a decent upside bounce today and closed the day higher. A small body of positive candle was formed today with gap up opening (body gap, not a western gap). Today's upside gap remains partially filled. The previous opening upside gap of 9th Jan (at 12045 levels) seems to have offered support for the market today. Today's candle pattern doesn't indicate strong upside bounce. However, follow-through upmove could extend this pre-budget upside till the week end. The short term trend of Nifty is positive, the next upside levels to be watched at 11250.

    16:18 (IST)29 Jan 2020
    Sensex gains 232 points, Nifty settles above 12,100-mark; FMCG stocks rally

    Domestic equity benchmarks Sensex and Nifty ended over half a per cent higher on Wednesday bouncing back from two-day losing streak ahead of Union Budget. S&P BSE Sensex ended 231.80 points or 0.57 per cent higher at 41,198.66, while broader Nifty 50 index finished at 12,129.50, up 74 points or 0.61 per cent.

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    15:29 (IST)29 Jan 2020
    Budget 2020: Modi govt has announced these interesting changes till now!

    Union Budget 2020 India: As the Budget day nears, various quarters of the economy are keeping fingers crossed, expecting Finance Minister Nirmala Sitharaman to announce measures to address their concerns.

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    15:15 (IST)29 Jan 2020
    Worst maybe over for FMCG as rural demand shows green shoots

    While FMCG companies have been underperforming for a year now owing to a slump in rural demand, rural is finally exhibiting early signs of revival. There are four factors indicating why the worst is now likely over from a rural perspective for fast-moving consumer goods companies.

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    15:00 (IST)29 Jan 2020
    Modi 2.0 achieved just 1 big reform so far; time is running up, says US-India policy expert

    Even as the economy slows down, the Modi government should speed up the pace of reforms to boost the economy, a US-India policy expert said. The government has only accomplished one of the 30 big reforms so far in the nine months of its second term, Richard Rossow, India expert at the Center of Strategic and International Studies (CSIS), a Washington DC-based think-tank said. 

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    14:55 (IST)29 Jan 2020
    TCS share price hit by US green card rule change, but Infosys, Wipro, other IT stocks dodge fears

    Indian information technology company stocks shrugged off worries over US green card rule changes that will make it difficult for them to send staff to on-site. IT stocks such as InfosysWiproHCL Technologies rose today by as much as 1.41%, with TCS being the only major loser, down 0.94%. 

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    14:35 (IST)29 Jan 2020
    Budget 2020 Date, Expectations: All Income Tax, PPF, SCSS, Section 80C changes to expect

    There is a lot, taxpayers can look forward to when Finance Minister Nirmala Sitharaman presents her second Union Budget speech in the Parliament on February 1. If reports spilling out of the Finance Ministry get true, the Central government may announce several measures to put more money in the hands of taxpayers in order to boost demand and household savings.

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    14:33 (IST)29 Jan 2020
    If Air India can’t be sold, shut it

    The government has done well to remove most of the mindless restrictions that were put in place the last time it sought to privatise Air India (AI) and which ensured no one bid for the haemorrhaging airline; what it says about the earlier decision-making process is another story.

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    13:51 (IST)29 Jan 2020
    United Spirits shares give up Q3 results gains; should you buy this liquor stock? Check target prices

    United Spirits share price fell 3.45% today, giving up some of the stellar gains of yesterday following a set of encouraging third-quarter results. On the back of the strong December quarter results by United Spirits, most of the brokerages, Motilal Oswal, HDFC Securities and Emkay Global Financial Services, have turned bullish for this liquor stock, recommending to ‘buy’ the share with an upside of up to 22 per cent.

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    13:48 (IST)29 Jan 2020
    Tata Coffee share price hits 52-week high after company nearly doubles Q3 net profit

    Tata Coffee share price rose as much as 8.17 per cent to hit a 52 week high of Rs 107.20 on BSE on Wednesday after the company reported a 91 per cent on-year rise in profit after tax at Rs 42 crores in the quarter ended December 31. The company had posted a net profit of Rs 22 crore for the corresponding period in the previous year.

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    13:04 (IST)29 Jan 2020
    When is Budget 2020 India Time, Budget Speech by FM Nirmala Sitharaman?

    Union Budget Timings 2020: The Central government has announced the date and timings for the upcoming Union Budget 2020. Union Finance Minister Nirmala Sitharaman will present Budget 2020 speech in the Parliament on February 1. 

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    13:02 (IST)29 Jan 2020
    Tata Coffee share price hits 52-week high after company nearly doubles Q3 net profit

    Tata Coffee share price rose as much as 8.17 per cent to hit a 52 week high of Rs 107.20 on BSE on Wednesday after the company reported a 91 per cent on-year rise in profit after tax at Rs 42 crores in the quarter ended December 31.

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    13:00 (IST)29 Jan 2020
    Rajinikanth gets big relief; IT department withdraws tax appeals from Madras High Court

    In a big relief for Rajinikanth, the Income Tax department has decided to withdraw their three appeals filed in the Madras High Court against the megastar for hiding his income and expenditure details.

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    11:34 (IST)29 Jan 2020
    Rupee edges higher against US dollar for second consecutive session on Wednesday

    The Indian rupee opened higher against the US dollar on Wednesday tracking gains in the domestic equity markets. At 10.55 AM, the Indian rupee was trading 13 paise or 0.18 per cent higher at 71.20 a dollar against the previous close of 71.33 a dollar. On the year-to-date (YTD) basis, the Indian rupee has strengthened 0.24 per cent.

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    11:33 (IST)29 Jan 2020
    Gold prices fall on Wednesday ahead of Fed meeting outcome, silver trades flat

    Gold and silver prices were trading lower on Wednesday as strengthening in the dollar on the back of positive economic data from the US has hurt sentiments. On the MCX, gold February futures were trading Rs 143 lower at Rs 40,099 per 10 grams, while silver March futures were trading flat at Rs 45,475 per kg.

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    11:32 (IST)29 Jan 2020
    Sensex gains 300 points; Tata Steel, Maruti, Infosys among top gainers

    Domestic equity benchmarks Sensex and Nifty opened higher on Wednesday ahead of the Economic Survey and Union Budget.  At 10 AM, S&P BSE Sensex was trading 271 points or 0.66 per cent higher at 41,238 while broader Nifty 50 index was ruling at 12,144, up 88.60 points or 0.73 per cent. On the Sensex pack, Tata SteelBajaj Finance, Maruti and LT were top gainers. Conversely, TCS and Titan were the top laggards on the index. 

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    10:02 (IST)29 Jan 2020
    Good news for iPhone users! Now, Apple will not disown your phones, iPads

    In a major move to solve the issue of customers’ dissatisfaction, Apple is likely to roll out its next operating system iOS 14 for its older version of iPhone as well. Earlier, the next level of iOS updates used to leave iPhone users humming against Apple’s policy of treating its phone buyers.

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    10:01 (IST)29 Jan 2020
    WhatsApp may soon roll out dark mode for its iOS users; beta version available to download

    WhatsApp is all set to roll out the dark mode for its iPhone users with the launch of an update for the beta version on Google play platform, claimed wabetainfo(dot)com which covers all aspects of WhatsApp for iOS users.

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    10:00 (IST)29 Jan 2020
    Analyst Corner | Reduce on Aavas Financiers with target price of Rs 1,700

    Aavas Financiers (Aavas) reported Q3FY20 disbursements of Rs 753 crore, up 6% y-o-y. Important to note here that, incrementally, the number of loan application logins have been about 20%-25% higher y-o-y. Even with this strong demand, the disbursements were low primarily because of the conservatism that the company adopted in a weak macro-economic environment.

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    09:59 (IST)29 Jan 2020
    Analyst Corner | Maintain ‘neutral’ on DRL with target price of Rs 3,000

    The renewed strategy in the US, the enhanced focus on branded generics in emerging markets and the cost-control initiatives are promising steps that bolster DRL’s earnings prospects. We raise our EPS estimate by 7.3%/8.2%/9.2% for FY20/21/22 to factor in the better outlook in India/Russia, the higher gross margin and the scope of enhancing operating leverage. However, we maintain our ‘neutral’ rating as we await a better entry point.

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    08:40 (IST)29 Jan 2020
    HDFC chairman Deepak Parekh says $5 trillion economy goal achievable as slowdown will end soon

    As green shoots of economic revival have started to become visible, HDFC  Chairman Deepak Parekh today said every economy goes through slowdown but there is no doubt that the slump is temporary and the USD 5 trillion economy target is achievable.

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    08:39 (IST)29 Jan 2020
    India for elimination of trade-distorting subsidies on agriculture in WTO

    India has pitched for elimination of trade-distorting subsidies on agriculture and ensuring differential treatment to developing countries by the WTO members, the commerce ministry said on Tuesday.

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    08:38 (IST)29 Jan 2020
    Maruti misses estimates; December quarter profit rises 5% at Rs 1,565 crore

    Maruti Suzuki on Tuesday reported a 5% year-on-year (y-o-y) increase in its net profit at Rs 1,565 crore for the quarter ended December 2019 as marginal recovery in volume growth, lower tax expenses and fall in commodity prices, were offset by higher sales promotion expenses, depreciation and lower other income. The profits were slightly below Bloomberg consensus estimates of Rs 1,587 crore.

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    08:37 (IST)29 Jan 2020
    Largest credit card, debit card data breach! Information of millions of cards up for sale online

    Credit and debit card information from customers of the food and gasoline chain WaWa Inc. is being sold online, according to the fraud intelligence company Gemini Advisory. The breach “ranks among the largest payment card breaches of 2019, and of all time” because it potentially affected 850 stores and 30 million payment records, Gemini Advisory said in a report on Tuesday.

    Full story

    08:35 (IST)29 Jan 2020
    Don’t judge PSUs only on profit and loss: RSS-affiliated trade union slams govt over Air India sale

    Bharatiya Mazdoor Sangh (BMS), an RSS-affiliated trade union, on Tuesday slammed the Centre’s plan to privatise Air India. It urged the government to think “a hundred times” before going for privatisation of the airline.

    Full story

    Next Stories
    1Mahindra Finance Q3 net up 15% y-o-y
    2Global selloff: Markets slump for second day on coronavirus scare
    3Analyst Corner | Maintain ‘neutral’ on DRL with target price of Rs 3,000