Sectorally, Nifty PSU Bank, Nifty IT and Nifty Metal indices ended up 5.6 per cent, 1.33 per cent and 1.31 per cent, respectively. Image: ReutersShare Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended lower for the third day on the trot on Thursday. With today’s fall, BSE Sensex has come down to a level that was seen six days before. BSE Sensex ended 379 points or 0.73 per cent at 51,324.69, while the broader Nifty 50 index settled 90 points or 0.60 per cent at 15,119. Out of 30 Sensex stocks, 18 scrips ended in the red with Bajaj Finance as the top laggard. It was followed by Kotak Mahindra Bank, Mahindra & Mahindra (M&M), ICICI Bank, Housing Development Finance Corporation (HDFC), and Nestle India, among others. On the flip side, ONGC share prices saw a solid surge, gaining 8.32 per cent, followed by NTPC, Asian Paints, Tech Mahindra and Tech Mahindra, among others. Sectorally, Nifty PSU Bank, Nifty IT and Nifty Metal indices ended up 5.6 per cent, 1.33 per cent and 1.31 per cent, respectively. On the downside, the Nifty Financial Services index was the top sectoral loser.
Highlights
BSE Sensex ended 379 points or 0.73 per cent at 51,324.69, while the broader Nifty 50 index settled 90 points or 0.60 per cent at 15,119.
3QFY21 earnings have been quite encouraging and a large number of companies succeeded to top consensus earnings estimate. This along with increased visibility of sustaining corporate earnings rebound after favourable announcements in the Union Budget emboldened investors. Persistent inflows from FPIs, which was the key driving force for markets in recent period, are expected to sustain on account of; a) India continues to offer superior visibility in earnings rebound; b) continued soft monetary policy stance of global central bankers despite bond yield surging globally due to improving prospects of economic recovery, and c) persistent weak dollar. While we continue to maintain our positive stance on equity for long term perspective, a rotational trade can be visible, wherein sectors, which are expected to be major beneficiary of higher capex, are likely to outperform. Further, midcap and small cap stocks are likely to remain in focus led by improved earning visibility and valuations gap.: Binod Modi, Head Strategy at Reliance Securities
India’s online grocery market, which contributed 0.3 per cent to the $603 billion food and beverages market in India, has grown 73 per cent in 2020 from the preceding year. The gross merchandise value (GMV) of the e-grocery market increased from $1.9 billion in 2019 to $3.3 billion in 2020, taking its penetration in the overall market to 0.6 per cent on the back of Covid tailwinds primarily, according to a RedSeer analysis. The online grocery market is currently led by BigBasket, Grofers, Amazon Pantry, Flipkart Supermart, JioMart, Dunzo, and more.
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Dixon Technologies share price surged over 5 per cent to make fresh 52-week high of Rs 20,168.35 apiece, a day after Union Cabinet approved a Rs 12,195-crore production-linked incentive (PLI) scheme for telecom equipment manufacturing in the country to boost local manufacturing.
Indian equity benchmarks made a flat-to-positive start on Thursday amid mixed global cue with opening at 15238.70 and turned negative in late morning deals, with both Sensex and Nifty trading with notable losses. Negative cues from other Asian markets impacted domestic sentiments. Traders ignored the reports of continuing efforts to improve the ease of doing business in the securities market, Sebi approved a number of proposals, including relaxing minimum public offer requirements and amending norms for portfolio managers. Meanwhile, in order to boost telecom industry, the government has approved a Rs 12,195 crore production-linked incentive (PLI) scheme for telecom gear manufacturing in India. Nifty sectoral indices were trading mixed, with Nifty PSU Bank index gaining 3.3 per cent while Nifty Pharma lost nearly half a per cent: Likhita Chepa, Senior Research Analyst at Capitalvia Global Research Limited
RailTel is amongst the largest neutral telecom infrastructure providers in India with pan-India optic fiber network. Company has a diversified portfolio of services and solutions. Although, the telecommunications industry in India is highly regulated and changes in laws, regulations or governmental policy could potentially adversely affect the business, prospects, financial condition, cash flows and results of operations. There are no listed peers for the Company. We expect the IPO to be subscribed many times. We expect a good listing for the Company. We are positive on the long term prospects of the industry as well the Company, we recommend 'SUBSCRIBE' to the RailTel IPO for long term as well as for listing gains.: Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd
Hyderabad-based Dodla Dairy Ltd has filed a draft red herring prospectus for the initial public offering (IPO) with the capital market regulator Sebi. The public issue comprises a fresh issue of equity shares worth up to Rs 50 crore and an offer for sale (OFS) of up to 1 crore equity shares by promoters and an investor.
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Share price of select public sector banks such as Central Bank of India, Indian Overseas Bank, Bank of Maharashtra, and Bank of India hit their respective upper circuits during Thursday’s trading session. The sharp uptick in these state-owned banks comes days after news agency Reuters reported that these could be part of government's privatisation drive next fiscal year. Earlier, in her Union Budget, Finance Minister Nirmala Sitharman had announced that the government will privatise four banks along with an insurance company.
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NSE Nifty 50 has more than doubled from the lows of March 2020, hitting a record high of 15,432 earlier this week. The rally has been fueled by Union Budget optimism, foreign fund inflows, and buoyant global markets. Naveen Kulkarni, Chief Investment Officer, Axis Securities, tells Surbhi Jain of Financial Express Online that NSE Nifty 50 may reach 16,000 by as early as the end of March 2021.
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YES SECURITIES is glad to act as an exclusive advisor to Eversource Capital for their investment in this marque project awarded to VA Tech Wabag. This project is one of the largest HAM based sewage treatment plant under the Namami Gange Scheme. This transaction reiterates YES SECURITIES as the preferred transaction advisor to marquee sustainability focused PE funds & further reinforcesits strong capabilities and credentials in the environmental services sector: Prasanth Prabhakaran, MD and CEO, YES securities
VA TECH WABAG LTD has completed the Financial Closure for its Hybrid Annuity Model project received from Kolkata Metropolitan Development Authority. WABAG had earlier signed a Rs 575 cr HAM concession agreement under the Namami Gange programme administered by the National Mission for Clean Ganga which included the scope of engineering, supply and construction of new sewage treatment plants, renovation and up-gradation of existing sewage treatment plants, rehabilitation of pumping stations and other associated infrastructure in Kolkata.
Heranba Industries has a robust past track record of performance. In the future, we expect the Company to gain market share and improve margins. Company has priced its issue at 22.1x PE on a trailing basis, which is quite reasonable by looking at the future prospects of the Company. Its peers such as Rallis India, Sumitomo Chemicals and Bharat Rasayan are trading at 23.1x, 47.3x and 27.0x PE on a trailing basis respectively. Company return ratios are superior to peers (ROE is above 30%). Company has a strong financial position and has been generating positive cash flow. We expect a good listing for the Company. We are positive on the long term prospects of the Company, we recommend "SUBSCRIBE" to the Heranba Industries IPO for long term as well as for listing gains: Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd
India’s largest public-sector lender, State Bank of India (SBI) could be on the verge of significant re-rating as India’s economic outlook improves and earnings grow. In a recent report, global brokerage and research firm Morgan Stanley said that with India’s growth estimates being revised upwards, the situation is similar to early 2000s when the economic backdrop turned favourable for banks. Although it is the private banks that did well during that cycle, state-owned banks were the initial outperformers.
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Happiest Minds Technologies share price surged another 11 per cent to hit a fresh 52-week of Rs 538 apiece on BSE in an otherwise range bound trade on Thursday. In the previous session the stock zoomed 20 per cent after the brokerage firm Nomura initiated coverage with a ‘buy’ rating to it. So far in intraday deals, 7.40 lakh shares have traded on BSE, while 99.34 lakh shares have exchanged hands on National Stock Exchange (NSE). Since Monday last week, Happiest Minds Technologies stock price has rallied nearly 55 per cent from Rs 348 to Rs 538 apiece. Nomura expects the firm to grow at double the pace of large caps.
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The Reserve bank of India seems reserving Rupee volatility by buying when Rupee appreciates and selling when Rupee depreciates. The forward premium at multi-year high gives relaxation to exporters to cover long term forwards in the current appreciation mode. The activeness of RBI in spot and forward to manage liquidity would be another new normal for the forex market. Overall, the short term range for RBI-managed Rupee to be 72.50-73.30.: Amit Pabari, managing director, CR Forex Advisors
IMF projects India's GDP growth rate at 11.5% and 6.8% for 2021& 2022 respectively. This means India will be the fastest growing large economy in the world in the medium term. Going by the Q1 & Q2 trends, earnings growth also is likely to accelerate. This explains the upgrading of India by most foreign brokerages. Sentiments are positive as reflected in the sustained FPI inflows. Institutional investment is seeing rotation from the star performers of 2020 like pharma & IT to economy facing cyclicals like financials & industrials. However, the rise in crude is a macro- negative for India.: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The markets have been a tad nervous since yesterday. The key support to watch out for is 15100 and until we do not close below this level, traders can accumulate long positions at the current juncture and keep a stop below the 15100 support level. 15500 can be a potential target.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
COMEX gold trades higher near $1782/oz after a 1.5% decline yesterday when it slumped to Nov.2020 lows. Gold has inched up as US bond yields retreated from 1-year high while FOMC minutes showed that the central bank may keep monetary policy accommodative. However, weighing on price is reduced safe-haven demand and continuing ETF outflows. Gold is seeing some recovery after recent sell-off however the momentum may remain weak unless price rescales $1800/oz or there is a sharp correction in the US dollar.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
The rupee opened on flat at 72.76 against the US dollar in opening trade on Thursday morning, yesterday it was down against the US dollar due to rise in US 10-year bond yield. FII bought 1008 CR into the domestic equity market gave support to the local currency, the benchmark 5.85% bond maturing in 2030 ended at 98.67 rupees. Dollar index trading strong at 90.95 in morning session. Fed’s commitment to maintain its dovish policy stance and for the outlook on asset purchases, which will in turn drive the outlook for U.S. yields. Technically, USDINR Feb Future closed at 72.80. it is expected to trade with bullish momentum for the day, Market is trading in very narrow range on the previous trading day, below 72.60 market could see Bearish momentum up to 72.48 levels: Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research Limited
Nifty sectoral indices were trading mixed, with Nifty PSU Bank index gaining 3.3 per cent while Nifty Pharma lost nearly half a per cent.
ICICI Bank, Bajaj Finance, Dr Reddy's Laboratories, Kotak Mahindra Bank, Mahindra & Mahindra were among the top Sensex laggards.
ICICI Bank, Bajaj Finance, Dr Reddy's Laboratories, Kotak Mahindra Bank, Mahindra & Mahindra were among the top Sensex laggards.
Top BSE Sensex gainers were ONGC, State Bank of India (SBI), IndusInd Bank, NTPC, Tech Mahindra, Asian Paints, Power Grid Corporation of India, among others.
BSE Sensex was up 37 points or 0.07 per cent at 51,740, while the broader Nifty 50 index was trading above 15,200 on Thursday.
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HDFC Bank, State Bank of India (SBI), IndusInd Bank, HCL Tech, Maruti Suzuki, Bharti Airtel, Asian Paints were among top Sensex gainers in pre-open.
BSE Sensex was down 83 points or 0.16 per cent to 51,620.73, while the broader Nifty 50 index ws testing 15,300 level in pre-open on Thursday.
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Stocks of ITI, Sterling Technologies, Tejas Network, Shyam Telecom, Dixon Technologies and D-Link India Ltd will be in focus as the Union Cabinet on Wednesday approved a Rs 12,195-crore production-linked incentive (PLI) scheme for telecom equipment manufacturing in the country to boost local manufacturing.
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After showing weakness from the new all-time high of 15431 on Tuesday, Nifty slipped into follow-through decline on Wednesday and closed the day lower by 104 points. The attempt of intraday upside bounce has failed and Nifty showed weakness amidst high volatility in the afternoon to later part of the session.
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Stock markets slipped on Wednesday amid weaker global cues and profit-booking by investors. S&P BSE Sensex closed 400 points lower at 51,703 while the 50-stock NSE Nifty ended the day 104 points at 15,208. Although the benchmarks slipped, broader markets did show some strength during the day’s trade as midcap and smallcap indices zoomed to close in the green. Volatility index or the fear gauge of domestic equities, slipped more than 1% to move below 22 levels. On Thursday morning, SGX Nifty was trading with gains. Stock markets could witness volatility owing to the weekly expiry today.
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Although the market has broken a significant base at 15240/51850, it has not fallen further, which indicates to us that the market has opened a window of consolidation. We could see the market trade between 15330/52150 and 14950/51250 levels for one or two days. Below 15170/51550 levels, Nifty could fall to 15080/51350 or 14980/51250 levels. A decisive break of 15330/51330, would result in a sharp pullback to 15450/52500 levels. The strategy should be to buy in deep panic around 15000/51200 levels with a stop loss at 14900/50900 levels. The metal stocks should be on the watch list.: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
Asian investors are turning cautious about the Indian markets due to concerns over high valuations, a Swiss brokerage said on Wednesday. Citing its conversation with 50 foreign institutional investors (FIIs) based in Hong Kong, Singapore, the US and the UK in the past three weeks, UBS Securities India said investors in the UK and the US remain optimistic about India.
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Stressing the need for “adopting a balanced approach” to allow demand recovery, Union oil and gas minister Dharmendra Pradhan appealed oil producing countries to increase their output which will bring down global crude prices.
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Equity indices buckled under selling pressure for the second straight session on Wednesday as risk appetite remained subdued amid a bearish trend overseas. Profit booking was witnessed in finance, IT and FMCG counters while rising US treasury yield dampened the investor sentiment. The Nifty declined by 104.55 points (0.68%) to close at 15,208.9, while the Sensex tumbled by 400.34 points (0.77%) to 51,703.83.
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