Market Highlights: Sensex ends 588 points lower ahead of budget, Nifty gives up 13,700; Dr Reddy’s falls 5%

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Updated: January 29, 2021 4:46:01 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Volatility surged 4% on closing. Among sectoral indices, only Nifty Bank, Private Bank and PSU Bank indices closed with gains.

Stock Market Update, Share Market Today, Share Market LiveIndia VIX jumped 4% just ahead of the closing bell.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets closed with losses once again. S&P BSE Sensex tanked 588 points just ahead of the closing bell after dancing between gains and losses for most of the day. Nifty 50 gave up 13,600. Only four stocks among the thirty Sensex constituents ended with gains. These included IndusInd Bank, up 6%, followed by Sun Pharma, ICICI Bank, and HDFC Bank. Dr Reddy’s Labs and Maruti Suzuki India were the top drags. The fear gauge of domestic equity markets or India VIX, jumped over 4%. Only Nifty Bank, Private Bank, Realty, and PSU Bank indices closed with gains.

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Highlights

    16:39 (IST)29 Jan 2021
    Sensex, Nifty fall for sixth day running, tank over 4% this week ahead of Budget week

    Equity benchmark indices closed deep in red for the sixth day running. Even though the benchmark indices began the day with gains, bears once again wreaked havoc on Dalal Street in the closing hours of the day’s trade. S&P BSE Sensex now sits at 46,285 points while the broader Nifty 50 is at 13,634. Volatility index, India VIX started the day in red but ended 4% higher, breaching 25 levels. Among sectoral indices, Nifty Bank, Nifty Private Bank, Nifty PSU Bank, and Nifty Realty closed with gains while others were deep in red.

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    16:38 (IST)29 Jan 2021
    Brookfield India REIT looks to raise Rs 3,800 through IPO next week; check issue price, other details

    Canadian alternative asset manager, Brookfield is looking to raise Rs 3,800 through a public issue of its Real Estate Investment Trust (REIT) next week. Upon successful listing on Dalal Street, Brookfield REIT will be the third real estate investment trust to list on the bourses after Embassy Office Parks REIT in 2019 and Mindspace Business Park REIT in 2020. However, what makes Brookfield RETI different from the other two is that it is the only institutionally managed public commercial real estate vehicle in India.

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    15:40 (IST)29 Jan 2021
    Closing Bell

    Sensex and Nifty erased all gains and closed deep in red for the sixth day straight. Sensex closed at 46,285 while Nifty ended at 13,634.

    15:23 (IST)29 Jan 2021
    Bears refuse to give up

    After having traded with gains or flat for almost the entire trading session, Sensex and Nifty have tanked once again ahead of the closing bell. 

    14:41 (IST)29 Jan 2021
    Economic Survey 2021

    "Economic Survey 2021 argues for more counter-cyclical measures from the govt. If the government goes along the suggestions from the Survey, more govt spending particularly on infrastructure can be expected. GDP growth rate of 11% for FY22 is realistic. The Survey also bats for accelerated privatization. This is in tune with the Atmanibhar package announced by the govt in May. If the focus of the Survey gets reflected in the budget, we are likely to get a reformist budget," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    13:33 (IST)29 Jan 2021
    Sensex, Nifty sit in red

    Sensex was down 140 points while Nifty 50 was below 13,800 at 1:30 PM on Friday. Benchmark indices have give up all their gains. 

    13:05 (IST)29 Jan 2021
    Lupin share price down 3%

    "Lupin ltd reported numbers in line with the expectation, stock down by more than 3%. Lupin Ltd total revenue from operations for Q3FY21 stood at ₹3917 crores up by 5% YoY from ₹3716 crores in Q3FY20. Gross profit margins have improved from 63.4% to 64.9% in Q3FY21. EBITDA for Q3FY21 stood at ₹799 crores up by 52% as compared to ₹522.7 crores in Q3FY20. EBITDA margins are at 20.4% as compared to 14.1% in Q3FY20. Profit after tax for the quarter at ₹438.3 crores in Q3FY21 as compared to loss of ₹835 crores in Q3FY20. In Q3FY20 loss was due to exceptional items of 321.5 crores. Indian business and USA business has not performed very well for the company, we expect EBITDA to come down in coming quarters as cost benefit due to Covid will be normalized. We have a neutral outlook towards Lupin Ltd," said Yash Gupta Equity Research Associate, Angel Broking.

    12:27 (IST)29 Jan 2021
    Budget 2021 Expectations: Why Modi govt needs to relook at tax relief, FDI on health insurance?

    Union Budget 2021-22 Expectations for Insurance: The coronavirus pandemic has brought the government’s attention more towards the healthcare sector. The expenditure on healthcare, health insurance, and other related debates have become the epicentre of policy decisions since the pandemic hit India. Even prior to the pandemic, health insurance was a growing sector, however, the pandemic has proved the indispensable nature of having a safety net when it comes to healthcare costs. This, on other hand, has also raised the need for tax impetus on individual’s expenditure on health products.

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    12:17 (IST)29 Jan 2021
    Buy Cosmo Films ~ Technical call

    Stock has given a breakout after 6 months of consolidation with supportive volumes The super trend Indicator is Positive at this Juncture. 

    As of now the KST, ADX Demand Index & MACD Indicators are in Positive mode.

    The Stock has given a big Bullish Day and made a new High of Rs 523.5 . Recent Bullish weekly Candle in weekly charts Supported by the Increasing Volumes Suggest emerging Strength in the uptrend.  This supports the Continuous buying Interest in the Stock. Observing the Indicators Strength, the Pattern Strength and the Moving averages support, the stock  , can achieve a target of Rs 800 - Rs 1000 in coming days. In between if the Stock falls, it can be added at (487-465)-447-(429-419) A Stop Loss of Rs 370 on closing basis should be followed for the trade.

    ~Bharat Gala, President (Technical Research), Ventura Securities

    (Please consult your financial advisor before investing)

    11:08 (IST)29 Jan 2021
    Sensex, Nifty turn positive

    Sensex and Nifty recouped losses and turned positive once again. However, the up-move was not convincing enough as Sensex and Nifty were trading flat with a positive bias. 

    11:03 (IST)29 Jan 2021
    Budget 2021: Harmonize these tax law to boost investor confidence, aid Ease of Doing Business

    With India enduring the COVID-19 pandemic disruption, the Finance Minister has assured that the 2021 Union Budget will be like no other in the past and will help India emerge as the engine for global growth. Harmonization of the tax laws with the other domestic laws helps bring consistency, reduce litigation and boost investor/stakeholder’s confidence in the economy while fostering the ever-green government agenda of ‘ease of doing businesses. Against this backdrop, we have listed below some of the key tax expectations from the forthcoming Union Budget.

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    10:29 (IST)29 Jan 2021
    Dancing between gains and losses

    Sensex and Nifty was trading flat and dancing between marginal gains and losses on Friday morning. Both the benchmark indices  have erased their opening gains. 

    10:26 (IST)29 Jan 2021
    Sensex gives up gains

    Sensex gave up gains an hour into the day's trading session to trade flat with a negative bias. 

    10:06 (IST)29 Jan 2021
    IRFC shares make tepid debut on bourses; trade at discount to IPO price while benchmark indices gain

    Shares of Indian Railway Finance Corporation (IRFC) made a lacklustre listing debut on Dalal Street on Friday at Rs 25 per share, the lower a discount of 3.85% from the upper band of the issue price of Rs 26 apiece. Minutes after listing the stock price moved lower to Rs 24.4 per share. IRFC, a non-bank finance company (NBFC) owned by the Ministry of Railways is the first IPO fo 2021. On listing the stock was commanding a market capitalization of Rs 33,000 crore. The stock has failed to mirror the bumped listing of IRCTC, another Ministry of Railway firm.

    09:58 (IST)29 Jan 2021
    Strong start for Nifty

    "The markets have seen a brief bounce from the 13700 level which acted as a good support yesterday. We need to keep above this and thereafter get past 14500 in order to resume the uptrend. If we fall below 13700, we can slide to see lower levels; for starters 13600 and thereafter 13200," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

    09:29 (IST)29 Jan 2021
    Broader markets outperform

    Broader markets were outperforming the benchmark indices on Friday morning. BSE Midcap index was up 1.26% while Nifty Midcap 50 was up 1.79%. BSE Smallcap index jumped 0.87% while Nifty Smallcap 100 was up 1.08%. Sensex and Nifty were trading 0.65% higher.

    09:20 (IST)29 Jan 2021
    Opening Bell

    Sensex began the day's trade above 47,200 while Nifty was just shy of 14,000 mark. Only Axis Banka nd TCS were trading in the red among Sensex stocks.

    09:09 (IST)29 Jan 2021
    Nifty nears 14,000

    Nifty is just shy of 14,000 ahead of Friday's opening bell. Sensex jumped 549 points to breach 47,400.

    09:04 (IST)29 Jan 2021
    Sensex moves past 47,000

    Pre-open session has taken Sensex past the 47,000 mark on Friday morning as the benchmark index zoomed.

    09:02 (IST)29 Jan 2021
    Sensex, Nifty jump in pre-open

    Sensex zoomed 500 points in pre-open session while Nifty regained 13,900 levels.

    08:56 (IST)29 Jan 2021
    SGX Nifty still up

    SGX Nifty was still over 100 points higher minutes before the pre-open session.

    08:45 (IST)29 Jan 2021
    Stocks in focus: Bharti Airtel, Maruti Suzuki, Laurus Labs, Vedanta, Tech Mahindra

    SGX Nifty was up in green on Friday morning, hinting at a positive start for Sensex and Nifty who have been tumbling down for five consecutive sessions now. Wall Street equity indices closed with gains after a sharp rebound on Thursday, sending positive global cues. On the charts, a small positive candle was formed with gap down opening with upper and lower shadow, according to Nagaraj Shetti, Technical Research  Analyst, HDFC Securities. “Normally, a formation of such pattern after a reasonable decline or at the swing low could be a part of bullish reversal pattern after the confirmation. Hence, there is a possibility of an upside bounce from the lows,” he added. Analysts caution to go stock specific as the near term trend remains negative.

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    08:24 (IST)29 Jan 2021
    What do the charts say?

    "The short term trend of Nifty continues to be negative. But, having placed at the crucial support of 13750 (10 week EMA) and a formation of doji/high wave type pattern (on the daily chart) could hint at the possibility of upside bounce from the lower levels, post confirmation. A decisive move below 13750 is likely to negate this positive development and could lead towards further low of 13500. On the rise, the upper area of 13950-14000 could act as stiff resistance," said Nagaraj Shetti, Technical Research  Analyst, HDFC Securities.

    08:12 (IST)29 Jan 2021
    Economic survey to be tabled today

    Today, Chief Economic Advisor, Krishnamurthy Subramanian will present the Economic Survey 2021. This year the Economic Survey is being presented a few days ahead of the budget. 

    08:08 (IST)29 Jan 2021
    Bharti Airtel emerges as first telecom operator in country to demonstrate 5G readiness

    Bharti Airtel on Thursday emerged as the first telecom operator in the country to demonstrate its 5G readiness by orchestrating live 5G service over a commercial network in Hyderabad city. Since 5G spectrum bands in 3.5 GHz is yet to be auctioned, what Bharti did was that it used spectrum sharing technologies and operated 5G technology using its existing spectrum bands like 1800/2100/2300 MHz and sub-GHz bands 800/900 MHz.

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    08:03 (IST)29 Jan 2021
    NALCO to buy back Rs 749-crore shares

    State-owned NALCO will buy back Rs 749 crore worth of shares, DIPAM Secretary Tuhin Kanta Pandey said on Thursday. The government currently holds 51.50 per cent stake in the company and would tender shares proportionate to its holding.

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    08:02 (IST)29 Jan 2021
    Foreign investors turn sellers of stocks

    Foreign portfolio investors (FPIs) have turned sellers of Indian stocks over the last few trading sessions, with Thursday seeing selling worth $508.2 million. FPI flows in January at $3 billion are now the lowest in three months. This, according to market experts, is short-term on account of profit taking and delay in the additional fiscal stimulus coming out of the US.

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