Stock Market HIGHLIGHTS: Sensex ends volatile session 369 pts below days high, Nifty gives up 17,750; Tata Steel slumps
Stock Market HIGHLIGHTS: Indian equity benchmarks began Tuesdays largely flat amid listless trade, amid a mixed trend across global markets as investors took support in positive macroeconomic data from the worlds largest economy that eased concerns about the risk of recession but fuelled worries about a longer period of hikes in benchmark interest rates.
Stock Market HIGHLIGHTS: Indian equity benchmarks began Tuesday's largely flat amid listless trade, amid a mixed trend across global markets as investors took support in positive macroeconomic data from the world's largest economy that eased concerns about the risk of recession but fuelled worries about a longer period of hikes in benchmark interest rates.
Here are 10 things to know about the February 7 session on Dalal Street:
1) The 30-scrip index finished the day with a loss of 220.9 points or 0.4 per cent at 60,286, having gyrated in a range of nearly 600 points around the flatine in intraday trade. The Nifty50 settled at 17,721.5, down 43.1 points or 0.2 per cent from its previous close, after moving broadly within the 17,650-17,850 range through the day.
2) A total of 31 stocks in the Nifty50 basket closed lower. Tata Steel, Hindalco, ITC, Hero MotoCorp, Maruti Suzuki, Sun Pharma and Hindustan Unilever were the top laggards, finishing between 1.5 per cent and 5.3 per cent lower.
3) On the other hand, Adani Enterprises was the top gainer, finishing the day with a surge of 15.3 per cent. Among other top blue-chip gainers were Adani Ports, Dr Reddy's, Kotak Mahindra Bank, IndusInd, Bajaj Finance and Bajaj Auto, rising around 1-2 per cent for the day.
4) Among heavyweights, ITC, Tata Steel, Hindustan Unilever and Infosys were the biggest drags on the Nifty50 gauge. On the flipside, Adani Enterprises, Kotak Mahindra Bank and Bajaj Finance helped the 50-scrip index avoid deeper losses.
5) The Nifty FMCG was the worst hit among NSE's sectoral indices, falling 1.2 per cent, dragged by ITC and HUL.
6) Overall market breadth was in favour of the bears, with an advance-decline ratio of 3:4 as 1,484 stocks rose and 2,010 fell at the close on BSE.
7) Investors awaited the outcome of a bi-monthly review by RBI Governor Shaktikanta Das-led Monetary Policy Committee (MPC) due on Wednesday for domestic cues.
8) The rupee barely strengthened to end at 82.70 against the US dollar.
9) European markets clocked cautious gains, mirroring the trend across much of Asia, ahead of comments by central bank policymakers against the backdrop of expectations that the global interest-rate increase cycle would last for longer. The pan-European Stoxx 600 index was up 0.3 per cent at the last count.
10) S&P 500 futures were barely in the green, suggesting a muted start ahead on Wall Street.
Catch highlights of all market action, commentary and analysis, financial results, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock investing and trading ideas — and much more — here on Zeebiz.com's blog:
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Closing Bell | Sensex down 221 pts at 60,286, Nifty50 below 17,750
The 30-scrip index finishes the volatile session with a loss of 220.9 points or 0.4 per cent at 60,286, having gyrated in a range of 591.7 points during the session.
The Nifty50 settles at 17,721.5, down 43.1 points or 0.2 per cent from its previous close, after moving broadly within the 17,650-17,850 range in intraday trade.
Here's what their intraday charts look like:
Sensex
Nifty50
Stock Ideas | Vikas Sethi recommends buying Tata Chem futures
In an interaction with Zee Business Managing Editr Anil Singhvi, Vikas Sethi of Sethi Finmart shares two stock picks:
- Buy Tata Chem futures for a short-term target of Rs 1,070 with a stop loss at Rs 1,020
- Buy Ami Organics for a target of Rs 940 with a stop loss at Rs 875
HDFC Bank has potential to reach Rs 1,700 in 1-2 days: Rakesh Bansal
In an interaction with Zee Business Managing Editor Anil Singhvi, Rakesh Bansal of Rakesh Bansal Ventures suggests buying HDFC Bank shares for a target of Rs 1,700 over the next two days with a stop loss at Rs 1,645.
Momentum Pick | Buy ONGC, says Sumeet Bagadia
Sumeet Bagadia of Choice Broking suggests buying ONGC shares for a target of Rs 150-152 with a stop loss at Rs 141.
Q3 Results | Chambal Fertilizers & Chemicals profit at Rs 324.5 crore, misses analysts' estimates
Chambal Fertilizers & Chem reports a net profit of Rs 324.5 crore for the quarter ended December 2022, down 0.3 per cent on a year-on-year basis. Its revenue jumped 74.9 per cent to Rs 8,296.2 crore for the quarter compared with the year-ago period.
The company's board declared an interim dividend of Rs 4.5 per share, payable on or before March 7.
According to Zee Business research, the company's quarterly net profit was estimated at Rs 373 crore and revenue at Rs 7,514 crore.
Chambal Fertilizers & Chem off day's low after Q3 results announcement
Hero MotoCorp shares remain under pressure ahead of Q3 results
The auto maker's stock declines to as low as Rs 2,615.9, down by Rs 78.7 or 2.9 per cent from its previous close, ahead of the earnings announcement due later in the day.
Buy Tata Chemicals, Apollo Hospitals: Chandan Taparia
Chandan Taparia of Motilal Oswal Financial Services shares two stock ideas:
- Buy Tata chemicals for a target of Rs 1,070 with a stop loss at Rs 1,010
- Buy Apollo Hospitals for a target of Rs 4,550 with a stop loss at Rs 4,250
Ramco Cement profit falls 19% to Rs 67 crore, revenue soars 30%
The cement maker reports a standalone net profit of Rs 67.4 crore for the quarter ended December, as against a net profit of Rs 83 crore for the corresponding period a year ago. Its revenue jumps 29.7 per cent on a year-on-year basis to Rs 2,008.8 crore.
The company's margin contracts by 70 basis points to 14.2 per cent compared with the year-ago period.
Ramco Cements shares leap into the green after Q3 earnings announcement
The cement maker's stock surges by as much as Rs 19 or 2.8 per cent to Rs 702.5 apiece on BSE after the Q3 results announcement.
Market LIVE Update | ITC, HDFC twins, Tata Steel, ICICI Bank top drags on Nifty50
Here's a look at the Nifty50 heatmap:
Nifty50 stops only at 17,650 amid market fall
The Nifty50 benchmark index slides to as low as 17,652.6, having retreated 158.6 points from its strongest level of the day.
Market LIVE Update | Sensex drops 592 pts from day's high amid broad-based selling on Dalal Street
Kotak Mahindra Bank, TCS, Asian Paints, Bajaj Finance, L&T the only gainers in Sensex basket
Buy Canara Bank Rs 300 call option, target Rs 12: Sneha Seth
Sneha Seth of Angel One suggests buying the Rs 300 call option of Canara Bank for a target price of Rs 12 with a stop loss at Rs 5.75.
She also has a 'buy' on the Rs 360 call option of DLF for a target of Rs 17 with a stop loss at Rs 5.75.
What to expect in Hero MotoCorp Q3 earnings today
According to Zee Business research, Hero MotoCorp is estimated to report a net profit of Rs 657 crore for the October--December period, down 4.2 per cent on a year-on-year basis.
The analysts estimate the auto manufacturer's revenue at Rs 7,950 crore and margin at 11.8 per cent.
Read more on what to expect in Hero MotoCorp results
Market Update | Hero MotoCorp shares under pressure ahead of Q3 results today
The auto maker's stock falls by Rs 57.3 or 2.1 per cent to Rs 2,637.3 at the weakest level of the day so far.
What brokerages make of LIC Housing Finance after HFC's Q3 results
Brokerage Rating Target price CLSA Buy Rs 520 Morgan Stanley Underweight Rs 320 Jefferies Buy Rs 500 LIC Housing Finance reported a 37.4 per cent year-on-year fall in net profit to Rs 480.3 crore for the quarter ended December 2022. According to Zee Business research, the company's quarterly net profit was estimated at Rs 775 crore.
LIC Housing Finance shares fail to sustain gains amid volatile trade
Buy Bajaj Finance, Siemens: Shivangi Sarda
Shivangi Sarda, Technical Analyst at Motilal Oswal Financial Services, shares two stock calls:
- Buy Bajaj Finance for a target of Rs 6,400 with a stop loss at Rs 6,040
- Buy Siemens for a target of Rs 3,220 with a stop loss at Rs 3,040
Bharti Airtel quarterly profit likely to jump 35% ARPU to improve by Rs 5 to Rs 195
According to Zee Business research, Bharti Airtel is likely to report a 35.2 per cent increase in net profit to Rs 2,900 crore for the quarter ended December 2022 compared with the previous three months and growth of 1.7 per cent in revenue to Rs 35,100 crore.
The company is expected to report expansion of 0.6 per cent in its domestic business, and one per cent in its African unit, according to the research.
Read more on what to expect in Bharti Airtel Q3 results today
Bharti Airtel shares firm in the green ahead of telecom major's quarterly results
Bharti Airtel shares are holding on to the green with a gain of Rs 3.9 or 0.5 per cent at Rs 793.3 apiece on BSE, having risen by as much as Rs 6.1 or 0.8 per cent to Rs 795.5 apiece.
Buy NCC, target Rs 125-140: Himanshu Gupta
In an interaction with Zee Business Managing Editor, Globe Capital Markets VP Research Himanshu Gupta suggests buying NCC shares for targets of Rs 125 and Rs 140 with a stop loss at Rs 84.
NCC shares have rewarded investors with a return of 31.6 per cent in the past three months, a period in which the Nifty50 benchmark has declined 2.4 per cent.
ITC, Tata Steel, Hindustan Unilever top drags on Sensex
Here's a look at the top movers and shakers in the 30-scrip basket at this hour:
Scrip CMP Contribution ITC 373.75 -73.9 TATASTEEL 113.6 -28.3 HINDUNILVR 2,611.80 -17.1 AXISBANK 877.35 -12.6 KOTAKBANK 1,753.05 7.4 TCS 3,470.15 9.1 BAJFINANCE 6,150.05 10.7 RELIANCE 2,321.05 28.9 Tata Steel, ITC, Tata Motors top Sensex losers; IndusInd, Bajaj Finance top gainers
LIVE Market Update | Sensex, Nifty50 struggle below the flatline amid choppy trade
Here's how the intraday charts are building up for headline indices:
Sensex
Nifty50
Sensex rebounds 190 pts from day's low, Nifty50 tests 17,800
The 30-scrip rises to as high as 60,655.1, bouncing back 189.7 points from its intraday low so far. Stocks such as Reliance, the HDFC twins and TCS aid the recovery in the market.
The Nifty50 rises to as high as 17,811.2 and hovers just around the 17,800 mark, having slipped to as low as 17,755.8 earlier in the day.
Tata Steel shares slip into the red; steel giant shocks the Street with quarterly net loss
Brokerage Rating Target price CLSA Buy Rs 135 Morgan Stanley Equal-weight Rs 110 Jefferies Buy Rs 150 Macquarie Outperform Rs 120 Tata Steel shares decline by as much as Rs 5.6 or 4.8 per cent to Rs 112 apiece on BSE within the first few minutes of trade.
Pre-Open Market | Nifty down 26 pts at 17,790, Sensex flat
The Sensex finishes the pre-opening session with a gain 4.4 points at 60,511.3 and the Nifty settles at 17,790.1, up 25.5 points or 0.1 per cent from its previous close.
Buy Action Construction, Deep Industries: Avinash Gorakssakar
Avinash Gorakssakar of Profitmart Securities shares two calls this morning:
- Buy Action Construction for a target price of Rs 400
- Buy Deep Industries for a target of Rs 360
Anil Singhvi Market Strategy | Nifty50 to find support at 17,650-17,700 levels today
Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,650-17,700 levels today, and a strong buy zone in the 17,550-17,600 band.
Check out more on how Anil Singhvi views the market today and what he recommends
Traders' Diary | Tata Steel, LIC Housing, Tata Elxsi, Patanjali Foods among 20 stocks to track today
In this edition of Traders' Diary, the Zee Business research team shares exclusive research on 20 stocks that investors and traders can track on Tuesday. Check out which stocks are on analysts Ashish Chaturvedi and Arman Nahar's radar, and what they recommend in cash and derivative segments.
- Ashish Chaturvedi recommends buying the Rs 385 put option of LIC Housing Finance for a target of Rs 17 with a stop loss at Rs 8
- Arman Nahar suggests selling Tata Steel futures for a target of Rs 114 with a stop loss at Rs 118.6
Exclusive | Expect RBI to pause rate hike from next quarter, says SBI Chairman Dinesh Khara
In an exclusive interview to Zee Business, SBI Chairman Dinesh Khara said this could be the last interest rate hike before the RBI decides to put pause hikes. With inflation now returning to relatively normal levels, there is hope that the central bank will put a stop on rate hikes, he said.
Any pause would however hinge upon that data that RBI gets before taking any decision, Khara added. (Read more on what SBI chief Dinesh Khara makes of RBI policy and interest rates)
The MPC will announce its policy decision at the end of a three-day review on Wednesday, February 8.
Fedspeak in focus this week; Jerome Powell to speak later today
Traders are keeping a close eye on speeches by Federal Reserve officials this week. That includes an address by Fed Chairman Jerome Powell on Tuesday.
The commentary will be in focus especially for cluces on any change in the US central bank's rhetoric after last week's data showed services strong activity in January and robust job growth in the world's largest economy.
Wall Street in the red amid persistent concerns about steep rate hikes
The three main US equity benchmarks finished lower on Monday as investors shifted gears after considering the possibility the Fed may take longer to start cutting interest rates.
- Dow Jones Industrial Average: down 0.1 per cent
- S&P 500: down 0.6 per cent
- Nasdaq Composite: down one per cent
Asian shares manage gains amid volatile trade following weak handover from Wall Street
Equities in other Asian markets are largely in the green after recovering initial weakness amid volatile trade following a weak session overnight on Wall Street.
MSCI's broadest index of Asia Pacific shares outside Japan is up 0.6 per cent.
Here's how some of the major indices in the region are moving:
- Japan's Nikkei 225: up 0.3 per cent
- China's Shanghai Composite: up 0.2 per cent
- Hong Kong's Hang Seng: up 0.8 per cent
- South Korea's KOSPI: up 0.7 per cent
- Singapore's Straits Times: up 0.1 per cent
SGX Nifty futures indicate a positive start ahead on Dalal Street today
Singapore Exchange (SGX) Nifty futures — an early indicator of the Nifty50 index — are trading with a gain of 101.5 points or 0.6 per cent at 17,862.5 at this hour, having risen as much as 134 points earlier in the day.
Sensex ended Monday's volatile session 335 pts lower, Nifty50 at 17,765
The 30-scrip index finished Monday's session with a loss of 335 points or 0.6 per cent at 60,506.9, after gyrating in a range of more than 500 points during the session. The Nifty50 shed 89.5 points or 0.5 per cent to settle at 17,764.6, after broadly moving in the 17,650-17,850 band in intraday trade.
Here's how Sensex moved on February 6:
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