Stock Market HIGHLIGHTS: Sensex ends 320 pts higher, Nifty back above 18,100 as market halts 2-day losing streak; UltraTech falls 4%
India Stock Market HIGHLIGHTS: Indian equity benchmarks S&P BSE Sensex and NSE Nifty50 held on to the green on Monday, aided by strength in financial, IT and FMCG shares, following two back-to-back sessions of losses.
India Stock Market HIGHLIGHTS: Indian equity benchmarks S&P BSE Sensex and NSE Nifty50 held on to the green on Monday, aided by strength in financial, IT and FMCG shares, following two back-to-back sessions of losses.
Here are 10 key things to know about the January 23 session on Dalal Street:
1) Both headline indices finished the day 0.5 per cent higher. The Sensex added 319.9 points to its previous close to end at 60,941.7, and the Nifty50 settled at 18,118.6, up 90.9 points from its previous close.
2) Thirty two stocks in the Nifty50 basket closed in the green. Sun Pharma, Hindustan Unilever, Eicher Motors, UPL, Tech Mahindra, Bajaj Auto, SBI, Infosys, Apollo Hospitals and TCS were the top gainers, rising around 1-2 per cent. On the other hand, UltraTech, Grasim, NTPC, Tata Steel, JSW Steel, Adani Ports, Larsen & Toubro and Reliance — declining between 0.6 per cent and 4.4 per cent — were the top laggards.
3) Among heavyweights, Infosys, TCS and the HDFC twins were the biggest boosts for both headline indices, contributing more than 200 points to the rise in the 30-scrip gauge.
4) Barring the Nifty Realty and the Nifty Metal, which declined around half a per cent each, all of NSE's sectoral indices finished the day in the green. The Nifty IT was the top gainer, closing 1.9 per cent higher, boosted by TCS and Infosys.
5) Overall market breadth was skewed in favour of the bears, with an advance-decline ratio of 4:5 as 1,666 stocks rose and 1,977 fell on BSE.
6) Analysts awaited more of financial results from India Inc for domestic cues. (Check out Axis Bank results)
7) The rupee depreciated by 27 paise or 0.3 per cent to end at 81.39 against the US dollar.
8) European markets began the day in the green amid buying interest in tech and realty shares, as expectations of a mild recession in the euro zone offset hawkish remarks from ECB officials that sent the euro to a nine-month high. The pan-European Stoxx 600 index was up 0.4 per cent at the last count.
9) S&P 500 futures were down 0.1 per cent, suggesting a muted start ahead on Wall Street.
10) MSCI's broadest index of Asia Pacific shares outside Japan was up 0.2 per cent amid thin trade across Asia. Japan's Nikkei 225 rose 0.7 per cent.
Catch highlights of the January 23 session on the stock market, market commentary and analysis, financial results, expert views, investment ideas and much more here on Zeebiz.com's market blog:
Latest Updates
Axis Bank Results: Net profit jumps 62%, beats analysts' estimates; margin, asset quality improve
Axis Bank — India's fifth largest lender by market value — reports a net profit of Rs 5,853.1 crore for the October-December period, a jump of 61.9 per cent compared with the corresponding period a year ago that exceeded analysts' estimates by a wide margin. The private sector lender's net interest income (NII) — or the difference between interest earned and interest paid — increases 32.4 per cent on a year-on-year basis to Rs 11,459.3 crore, according to a regulatory filing.
According to Zee Business research, the bank's quarterly net profit was estimated at Rs 5,480 crore and NII at Rs 10,900 crore.
The Mumbai-based lender says its performance is driven by strong NII growth, higher fees and moderation in operating expenses.
Its net interest margin (NIM) — a key measure of profitability for lenders — comes in at 4.26 per cent for the quarter ended December 2022, up 30 bps compared with the previous three months and 73 bps compared with the October-December 2021 period. (Read more on Axis Bank results)
Closing Bell | Sensex up 320 pts, Nifty50 at 18,119
Both headline indices finish 0.5 per cent higher for the day. The Sensex adds 319.9 points to its previous close to end at 60,941.7, and the Nifty50 settles at 18,118.6, up 90.9 points from its previous close.
Here's how the 50-scrip benchmark moved during the session:
Sun Pharma, Hindustan Unilever, Tech Mahindra, SBI top Sensex gainers
Here's what the 30-scrip basket looks like seconds before the closing bell:
Bajaj Auto Q3 Results Preview | Net profit likely to increase 12% with 260 bps margin expansion
Bajaj Auto is all set to report its financial results for the October-December period on Wednesday, January 25. The Pune-based auto major is likely to report a quarterly net profit of Rs 1,365 crore, according to Zee Business research. That translates to an increase in net profit to 12.4 per cent on a year-on-year basis.
The company is estimated to report quarterly revenue of Rs 8,950 crore, which would mean a decline of 0.8 per cent compared with the corresponding period a year ago, according to Zee Business research.
Bajaj Auto's margin — a key measure of a business's profitability — is estimated to improve to 17.8 per cent in the quarter ended December 2022, from 15.2 per cent in the year-ago period, owing to easing raw material prices and currency changes. (Read more on what to expect in Bajaj Auto results)
Sanjiv Bhasin's three stock picks: ICICI Prudential, Concor and Nestle
Sanjiv Bhasin of IIFL Securities suggests going long on ICICI Prudential for a target of Rs 500 with a stop loss at Rs 460. The company has best numbers in the insurance space, says Bhasin.
Here are his other two stock ideas:
- Buy Concor futures for a target of Rs 740 with a stop loss at Rs 680
- Buy Nestle futures for a target of Rs 20,000 with a stop loss at Rs 18,900
Editor's Take | Watch Anil Singhvi explain why US IT results are important
Zee Business Managing Editor Anil Singhvi explains what to make of latest tech earnings from Wall Street, and why it's important to track them. Watch now
Buy Taj GVK Hotels & Resorts, target Rs 215: Sethi Finmart's Vikas Sethi
In an interaction with Zee Business Managing Editor Anil Singhvi, Vikas Sethi of Sethi Finmart suggests buying Taj GVK Hotels shares for a target price of Rs 215 with a stop loss at Rs 198.
Taj GVK shares have rewarded investors with a return of 58 per cent in the past one year, a period in which the Nifty50 benchmark has gained 5.6 per cent.
Canara Bank shares rise after strong Q3 results
The Canara Bank stock gain by as much as Rs 7.6 or 2.4 per cent to Rs 326.5 apiece on BSE, after the state-run lender reports a 91.9 per cent year-on-year jump in net profit to Rs 2,882 crore for the October-December period.
The lender's net interest income (NII) increases 23.8 per cent on year to Rs 8,600 crore, according to a regulatory filing.
Gross bad loans as a percentage of total loans shrink by 48 bps sequentially to 5.89 per cent for the December quarter.
Here's what the intraday chart of Canara Bank looks like so far today:
IDFC First Bank shares hold on to the green
IDFC First Bank shares are quoting 0.3 per cent higher for the day at Rs 59.5 apiece on BSE, having given up some of their intraday gains after rising to as high as Rs 61.9 apiece earlier on Monday.
On Saturday, the lender reported a more than two-fold increase in net profit to Rs 604.6 crore for the quarter ended December 2022 compared with the corresponding period a year ago. Its net interest income increased 27.3 per cent on a year-on-year basis to Rs 3,285.3 crore.
According to Zee Business research, the lender was estimated to report a quarterly net profit of Rs 590 crore and NII of Rs 3,240 crore.
The bank's net interest margin improved by 38 basis points sequentially to 6.36 per cent. IDFC First Bank's loan growth stood at 25 per cent on year.
CLSA upgraded IDFC First to 'buy' from 'outperform' and raised its target to Rs 75 from Rs 63 after the earnings announcement.
Morgan Stanley maintains 'underweight' on RBL Bank after lender's results
The brokerage has a target price of Rs 130 apiece on the stock, implying a downside of 23.5 per cent from its closing price on Friday.
RBL Bank shares give up initial gains
The RBL Bank stock declines by as much as Rs 4.1 or 2.4 per cent to Rs 165.8 apiece on BSE, in a U-turn after rising to as high as Rs 173.6 apiece earlier in the day.
After market hours on Friday, RBL Bank reported a set of quarter results that was largely in line with estimates. The lender's net profit stood at Rs 209 crore for the October-December period, up 33.9 per cent compared with the corresponding period a year ago, and net interest income — or the difference between interest earned and interest paid — increased 13.6 per cent on a year-on-year basis to Rs 1,148.1 crore, according to a regulatory filing.
Its gross non-performing assets (NPAs) as a percentage of total loans came in at 3.61 per cent in the quarter ended December 2022 from 3.8 per cent in the previous three months.
Provisions reduced 31 per cent sequentially to Rs 292.7 crore, according to the filing.
According to Zee Business research, the lender's quarterly net profit was estimated at Rs 205 crore, NII at Rs 1,110 crore an gross bad loans at 3.6 per cent.
Axis Bank shares slip into the red
How RBL Bank fare after results in line with analysts' estimates
The stock is quoting at Rs 168 apiece, down by Rs 2 or 1.2 per cent from its previous close, having moved in a range of Rs 167.8-173.6 apiece earlier in the day.
Buy Ashok Leyland, ICICI Prudential: Sanjiv Bhasin
Sanjiv Bhasin of IIFL Securities expects the Nifty50 to reclaim the 18,500 mark before the presentation of Budget in Parliament on February 1. Banks are delivering good results and auto stocks are likely to remain in action.
Bhasin suggests going long on Ashok Leyland at Rs 144.7 for a target of Rs 155 with a stop loss at Rs 141.
Check out the complete list of stocks Sanjiv Bhasin recommends today
Axis Bank shares hold on to the green ahead of results
The Axis Bank stock is up by Rs 2.8 or 0.3 per cent at Rs 933.5 apiece on BSE, having risen to as high as Rs 939.6 apiece earlier in the day.
Here's how the stock has moved so far today:
Anil Singhvi says Union Budget rally appears to have begun on Dalal Street
Zee Business Managing Editor Anil Singhvi believes a Budget rally appears to have started in the Indian market.
Follow this space for more on how Anil Singhvi views the market now.
Overall market breadth favours the bulls
Auto, financial, oil & gas shares lead gains on Dalal Street
Sensex gains over 300 points, Nifty50 tops 18,100 in early deals
Both headline indices rise as much as half a per cent in the first few minutes of trade. The Sensex gains 302.4 points to touh 60,924.2 at the strongest level of the day so far.
Pre-Open Market | Sensex up over 250 points, Nifty50 above 18,100
In the pre-opening session, the Sensex settles with a gain of 254.2 points or 0.4 per cent at 60,876 and the Nifty50 at 18,118.5, up 90.8 points or 0.5 per cent from its previous close.
Traders' Diary | Buy, sell or hold strategy on Infosys, Tata Motors, SBI Life, Petronet, Oil India, 15 other stocks today
In today's edition of Traders' Diary, the Zee Business research team shares exclusive research on 20 stocks that investors and traders can track.
Check out which stocks are on analysts Varun Dubey and Kushal Gupta's radar, and what they recommend in cash and derivative segments.
Access the full list of stock ideas here
Axis Bank Q3 Results: Strong performance likely on all fronts; loan growth seen lagging peers
According to Zee Business research, Axis Bank is estimated to report a strong set of earnings for the October-December quarter later in the day, including a 51.6 per cent year-on-year jump in net profit to to Rs 5,480 crore.
Its quarterly net interest income (NII) – or the difference between interest earned and interest paid – is estimated to increase 26 per cent to Rs 10,900 crore, according to Zee Business research. (Read more on what to expect in Axis Bank results today)
Anil Singhvi Strategy for January 23: Key market triggers, important support levels for Nifty50, Nifty Bank today
Zee Business Managing Editor Anil Singhvi shares his strategy for today's session on Dalal Street. Check out his take on key support and resistance levels for the Nifty and the Nifty Bank.
Read more on how Anil Singhvi views the market today and what he suggests
Axis Bank, Canara Bank, J&K Bank, Syngene to report results on Monday
Analysts await more of quarterly numbers from India Inc for domestic cues, after Reliance, Bandhan Bank, IDFC Bank, IEX and Petronet LNG posted their results last week.
S&P 500, Dow Jones futures edge lower on Monday
S&P 500 futures and Dow Jones futures are down 0.1 per cent each at this hour on January 23, suggesting a sluggish start ahead on Wall Street.
Wall Street indices rallied on Friday boosted by Alphabet, Netflix
The three main US indices — the S&P 500, the Dow Jones Industrial Average and the tech stocks-heavy Nasdaq Composite — rallied on Friday as quarterly earnings helped lift Netflix and Google parent Alphabet climbed after the company announced job cuts. The S&P 500 and the Dow Jones halted a three-day losing streak.
Asian shares in the green amid thin trade today following rebound on Wall Street
Equities in other major markets across Asia begin Monday in the green amid thin trade owing to Lunar Holiday in some regions following a strong session on Wall Street on Friday led by Netflix and Google parent Alphabet. MSCI's broadest index of Asia Pacific shares outside Japan is up 0.3 per cent at this hour.
- Japan's Nikkei 225: up 1.2 per cent
- China's Shanghai Composite: holiday
- Hong Kong's Hang Seng: holiday
- South Korea's KOSPI: holiday
- Singapore's Straits Times: holiday
Sensex fell 237 pts to 60,622 on Friday, Nifty50 slipped below 18,050
Indian equity benchmarks continued to fall for a second straight session on Friday amid weakness in oil & gas, FMCG and IT shares though strength in financial stocks lent some support. Global markets saw mixed moves as investors weighed optimism on earnings growth against fears of a recession and more of aggressive hikes in key interest rates in the world's largest economy.
Both headline indices finished the day 0.4 per cent lower. The Sensex lost 236.7 points to end at 60,621.8, taking its losses to 424 points in two straight sessions. The Nifty50 settled at 18,027.7, down 80.2 points from its previous close. (Read more on the January 20 session)
Here's how Sensex moved during Friday's session:
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