So far Nirmala Sitharaman’s Budget day speeches have failed to cheer Dalal Street.Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic stock markets closed deep in red on Monday. NSE Nifty 50 gave up 14,000 while S&P BSE Sensex was down more than 900 points at 47,409 points. IndusInd Bank, Titan, and Axis Bank were the top drags. The index was pushed lower by Reliance Industries, HDFC Bank, HDFC, and ICICI Bank. Only seven of the thirty Sensex constituents ended in the green, of these Tech Mahindra and ITC were the top gainers. Volatility index of India VIX soared to cross 24 levels. All sectoral indices, except Nifty FMCG closed deep in red.
Read More
Highlights
Domestic equity markets have erased all gains for 2021 and turned negative. S&P BSE Sensex closed 937 points lower on Wednesday and Nifty ended below 14,000 extending their downfall after the 30-stock index attained the historic feat of 50,000 mark last week. Investors were left poorer by Rs 2.59 lakh crore after today’s bear attack. Only 6 of the 30 Sensex constituents ended in the green while heavyweights like Reliance Industries, ICICI Bank, HDFC, HDFC Bank were all down in the red. Broader markets followed the benchmarks and closed in red, except Nifty Smallcap 50 which closed with gains.
Read full story
"For the last three financial years, Stove Kraft has posted a negative EPS of Rs (0.21) and an average RoNW of 1.46%. At the higher end of the price band of ₹385, the issue is priced at an expensive 301 times FY20 EPS. Peers including TTK Prestige (44 times FY20 earnings), Hawkins Cookers (42 times FY20 EPS) with better return ratios and fundamentals are trading at cheaper valuations.On the basis of Apr-Sep 20 performance, the issue comes at a PE of 33 times 1HFY21 EPS. It is to be noted that 1HFY21 performance has been exceptional, and may not be sustainable for the company in the long-run. Given high valuation, low historical return ratios and moderate fundamentals, we remain ‘Neutral’ on the prospects of the issue," INDmoney said in a report.
Sensex ends 937 points lower at 47,409 as it erased all gains made so far in the year 2021. Nifty closed below 14,000.
The score for the future sentiment index rising to a multi-year high is on expected lines given the traction we are witnessing on the ground in the past few months. Likewise, the current sentiment index turned positive for the first time in 2020 indicating demand returning to pre-COVID levels. The encouraging part is that the KF Sentiment index is bullish across regions for developers and non-developers both indicating a broad-based recovery rather than a partial one restricted to a particular region. The sentiment has turned positive due to a host of reasons from the government reforms, low-interest rates, easy liquidity, unlock measures, and above all the vaccination process which is full flow across the country.: Krish Raveshia, CEO at Azlo Realty
Indian Union Budget 2021-22: The pandemic has thrown the global economies into disarray. In addition to serious health implications for the humankind, the unrelenting crisis has left an indelible impact on economies across the world as well. In response, governments worldwide have introduced various fiscal measures.
Read full story
"European equity markets are slightly under pressure this morning, with the German index down 0.20 per cent on the day. Investors are standing on the sidelines ahead of the FOMC meeting tonight. No changes are expected, and the Federal Reserve is set to stick to its ultra-easy monetary policy. However, US Fed chairman Jerome Powell is likely to warn about the economic recovery showing signs of slowing and reiterate how important further fiscal measures are. The US dollar managed to recover some of its losses in recent days, but a dovish Fed could bring the currency under renewed pressure," said Milan Cutkovic, Market Analyst at AxiCorp.
Only Nifty FMCG was trading with gains on Wednesday. The index was up 0.27% while all other sectoral indices were down in red.
Domestic equity markets trimmed some losses but remain in the red. Sensex is still down nearly 900 points while Nifty is just above 13,950.
"The IMF revised its growth forecast for Indian economy to 11.5% from earlier forecast of 8.8% for FY22. It has also upgraded its forecast for FY21 to a contraction of 8% from its earlier estimate of 10.3%. The recovery signs on the ground were visible in the last quarter itself and we have been witnessing the turn around in our portfolio companies as well. Decisive government actions and policy support has resulted in better-than-expected economic recovery as key economic indicators like GST collections, industrial output, unemployment rates, manufacturing PMI has regained the lost ground and some has even surpassed pre-Covid levels. Therefore the IMF forecast did not come as a surprise. We are quite bullish on India and it is likely to be a significant growth engine for the world in the coming decade," said Mohit Ralhan, Managing Partner and Chief Investment Officer, TIW Private Equity
Chennai Petroleum shares were down 18%, followed by 8% fall in ICICI Securities and then 6% fall in Kansai Nerolac, making them the worst performed among BSE 500 constituents.
BSE Sensex is now 2,500 points or 5 per cent down from the record high of 50,184 hit on January 21, 2021. India VIX surged 4.5 per cent to 24.29 levels
On the charts, Nifty seems vulnerable and can go down to 13950 as a possible target, Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said. 'If we are unable to hold that level, we could fall further to 13600,' he added.
Sensex is now 1000 points just an hour ahead of the closing bell on Thursday. Nifty gave up 14,000.
Reliance Industries Ltd (RIL) on Wednesday announced the rebranding of its sports and lifestyle business to ‘RISE Worldwide Ltd’ as it ventures into the burgeoning industry in the domestic as well as global markets. RISE Worldwide will continue with the full portfolio of owned and operated brand properties formerly under the banner of IMG-Reliance Ltd, the company said in a statement.
Read full story
Only six of the thirty Sensex constituents were trading with gains on Wednesday with just an hour to go before closing bell.
Sensex down 980 points sits near 47,350. With this drastic fall, the index has no erased almost all gains made so far this year.
Sensex dives over 850 points. Nifty gives up 14,000. IndusInd Bank and Axis Bank tank over 4% each.
When I started my wealth management career at the turn of the century, RBI bonds were the easiest investment option we as wealth managers would provide to HNIs. There were two types – one was the 8% taxable bond and the other being the 6.5% tax-free bond. Clearly, the concurrent presence of tax-free and taxable bonds is not new. Back then, investors were drawn to the tax-free option and could easily distinguish between the two in terms of their respective value proposition. Even today, the tax-free bonds issued by PSUs, at the start of the last decade, trade at 4.5% while taxable bonds of the same PSUs, and same residual tenor, trade at 6.5%. The tax-free bonds, over the years, generally trade at 100-150 bps lower than their taxable counterparts. Today, as we stand at the cusp of the next normal, and redesign strategies and policies in the aftermath of the COVID-19 pandemic, we must envisage innovative and holistic solutions.
Read full story
Indian Union Budget 2021-22: Amidst the COVID-19 pandemic and with an objective to build a self-reliant India, the Hon’ble PM gave a clarion call for an AATMARNIRBHAR BHARAT. Subsequently, the government initiated several measures focusing toward this direction. However, the pandemic imposed restrictions have confined the pace of related reforms.
Read full story
Sensex is now down 600 points to go below 47,800. Nifty was still holding above 14,000 levels.
Tweets from Elon Musk and Chamath Palihapitiya seem to have propelled NYSE listed video game retailer, GameStop to new highs during Tuesday’s trading session. The stock zoomed, a massive 92.7% during the market hours and if reports are to be believed, the stock went up another 60% after market hours. The shocking up-move charted by the stock is an addition to its 650% rally since the beginning of this year, which has taken the stock higher to now trade at $147.98 per share.
Read full story
Larsen and Toubro (L&T) share price fell as much as 2 per cent to Rs 1,334 apiece on BSE today, despite a 5 per cent on-year increase in net profit to Rs 2,467 crore in October-December quarter. However, revenues during the period were slightly lower at Rs 35,596 crore, as Covid-19 restrictions continued to have an impact on project site execution and Hyderabad metro operations. So far in January, Larsen & Toubro shares have gained 3 per cent.
Read full story
We retain Hold with a TP to Rs2,000, based on 4.1x core P/ABV FY23 and subs valuation of Rs452. We believe that Kotak’s asset quality is manageable. The immediate concern regarding top management change is now behind with the RBI extending MD’s term by 3 years, but the bank needs to deliver on growth and drive higher RoE to sustain its rich valuations.
~ Emkay Global
Stove Kraft's IPO fully subscribed. Retail Investors have subscribed the issue 7 times, even though QIBs and NIIs have so far stayed away.
Sensex is now down 450 points, slipping below 47,950. Nifty is holding above 14,100.
The Rs 1153.72-crore Home First Finance Company initial public offer, which saw 26.66 times subscription, is likely to finalise share allotment on Friday, 29 January 2021. The issue received bids for 41.64 crore shares against 1.56 crore shares on offer. The portion reserved for qualified institutional buyers (QIBs) was subscribed 52.53 times, non-institutional investors 39 times and retail investors 6.59 times.
Read full story
S&P BSE Sensex moved below 48,000 for the first time this year. The index shed over 300 points on Wednesday in the initial hour of trade. Nifty was below 14,200.
Reliance Industries Ltd’s (RIL) share price fell 2% on Wednesday morning once again to trade at a low of Rs 1,892 apiece. This is for the second consecutive trading session that Mukesh Ambani’s RIL is among the worst-performing stocks on Sensex. Going by analysts at multinational investment bank Macquarie, this may just be the beginning of the downfall for the oil-to-telecom conglomerate. In a recent report, Aditya Suresh and Abhinil Dahiwale of Macquarie cut their FY22-23 EPS estimates by 3% for RIL with a 12-month target price of Rs 1,350 per share.
Read full story
The Indian rupee is expected to open on a flat note and trade in a range of 72.80-73.15, following mixed Asian currency peers. The dollar was trapped on the back foot against riskier currencies ahead of today’s Fed policy -interest rate decision, in which Powell may continue to lay out a dovish forward guidance and also with pandemic recovery hopes getting a boost as IMF heightened its forecast for 2021 global growth. India leads the list with impressive projection of 11.5%. This could attract FII and FPI flows, but uncertainty ahead of India’s Budget and delay in US stimulus could affect the flow. Overall, volatility in USDINR pair is expected to make a comeback and see finding support near 72.80-72.90 zone.: Amit Pabari, managing director, CR Forex Advisors
We expect Nifty-50 to range between 14,000 and 15,000 till budget and any break-out or break-down from this range could be seen post budget. On the higher side, Nifty can go up another 5-7% at best on the back of a very good budget and an upward revision in earnings led by Q3 results.
Read full story
"14250 was a medium term support for the index which was pierced on Monday. This makes the Nifty vulnerable and we can go down to 13950 as a possible target. If we are unable to hold that level, we could fall further to 13600. On the upside, the resistance is at 14550-14600 and until we do not close above that zone, we will continue to remain in the grip of the bears," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Mukesh Ambani's Reliance Industries' shares fell 2% on Wednesday, nearing Rs 1,900 per share. This is for the second day running that RIL shares were among the worst performers on Sensex.
Sensex began the day's trade in the red, down over 200 points as it moved below 48,100. Nifty gave up 14,200.
Sensex gained 37 points in pre-open session while Nifty 50 ended flat with a negative bias.
Nifty started Wednesday's pre-open above 14,500 but soon slipped below 14,400. Sensex on the other hand, was up nearly 200 points after starting flat.
Sensex was trading flat with a positive bias during Wednesday's pre-open session while Nifty was seen breaching 14,500.
From current levels, the short to medium-term trend still remains intact and the bulls continue their bullish command into the markets towards 15000-15300 levels. On the downside, immediate support is placed around 14000 levels. However, any violation of this support zone on a closing basis may cause short term correction towards 13800 levels. Major support zone on the long term chart is placed at 13500-13200 levels.
Read full story
Nifty futures were trading 44.50 points or 0.32 per cent up at 14,125.50 on Singaporean Exchange, hinting at a positive opening for BSE Sensex and Nifty 50 on Wednesday. In the previous session, Sensex fell 530.95 points or 1.09 per cent to 48,347.59 while the Nifty 50 index declined 133 points or 0.93 per cent to close at 14,238.90. Asian stocks were trading mixed in the early trade as the International Monetary Fund (IMF) raised the growth forecast for the global economy this year.
Read full story
S&P Global Ratings has assigned its 'BBB-' long-term issue rating to Adani Ports and Special Economic Zone Ltd.'s proposed $500 million senior unsecured notes. "The issue rating is subject to our review of the final issuance documentation," S&P Global said. "In our view, Adani Ports and Special Economic Zone's leverage will increase temporarily, with a ratio of funds from operations (FFO) to debt reaching 10.6% in fiscal 2021 (year ending March 31, 2021). This will be driven by lower trade volumes at Adani Ports amid the COVID-19 pandemic and completion of the acquisition of Krishnapatnam Port Co," they added.
"US equities were little changed overnight after waxing and waning all day on stimulus background noise," said Stephen Innes, Chief Global Market Strategist at Axi. He added that stock markets may continue to struggle for near-term direction as COVID concerns continue to cast a pall over the proceedings, creating an unpleasant situation for both risk and healthcare concerns.