Stock Market HIGHLIGHTS: Sensex ends 187 pts lower, Nifty50 slides below 18,150 as market halts 2-day winning run; Asian Paints drops after results
Stock Market HIGHLIGHTS: Indian equity benchmarks S&P BSE Sensex and NSE Nifty50 fell on Thursday, mirroring weakness across global markets after weak economic data from the US fueled worries about a recession and hawkish comments from Fed officials dented investor sentiment. Among heavyweights, Kotak Mahindra Bank, Asian Paints, Hindustan Unilever and ICICI Bank were the top drags on both headline indices, whereas HDFC Bank, HDFC and Axis Bank were the largest support.
Here are 10 key things to know about the January 19 session on Dalal Street:
1) Both main gauges finished the day 0.3 per cent lower. The Sensex ends at 60,858.4, down 187.3 points from its previous close, having dropped 329.2 points to 60,716.6 at its weakest level in intraday trade. The Nifty50 closed with a loss of 57.5 points at 18,107.9.
2) Thirty four stocks in the Nifty50 basket closed in the red zone. Adani Enterprises, Asian Paints, Tata Motors, IndusInd Bank, Adani Ports, Kotak Mahindra Bank, Tata Consumer and Hindustan Unilever were the top laggards, declining around 2-4 per cent for the day.
3) On the other hand, Coal India, UPL, ONGC, BPCL, Tata Steel, PowerGrid, SBI Life, HDFC Life, Axis Bank and Tech Mahindra -- rising between 0.4 per cent and 3.3 per cent -- were the top gainers.
4) Barring the Nifty Oil & Gas, the Nifty PSU Bank and the Nifty IT, which rose 0.5 per cent, 0.3 per cente and 0.1 per cent respectively, all of the sectoral indices on NSE finished in the red. The Nifty FMCG was among the top laggards, falling 0.9 per cent for the day, dragged by Hindustan Unilever and ITC.
5) Overall market breadth favoured the bears, with an advance-decline ratio of 3:4 as 1,512 stocks rose and 2,002 fell at the close on BSE.
6) Asian Paints shares ended 2.6 per cent lower at Rs 2,868.1 apiece on BSE, after the paint maker reported a set of results that fell short of analysts' estimates.
7) Hindustan Unilever shares dropped 1.4 per cent, as investors awaited the FMCG giant to report its financial results. Later in the day, the company reported quarterly numbers that met analysts' expectations.
8) The rupee weakened by 12 paise or 0.1 per cent to end at 81.35 against the US dollar.
9) European shares began the day in the red, with the Stoxx 600 index quoting 0.8 per cent lower at the last count. S&P 500 futures were down 0.9 percent, suggesting a gap-down start ahead on Wall Street.
10) Earlier in the day, MSCI's broadest index of Asia Pacific shares outside Japan fell 0.3 per cent, and Japan's Nikkei 225 slumped 1.5 per cent.
Catch highlights of the January 19 session on Dalal Street, corporate earnings, expert views, analysis, investment ideas, and much more, here:
Stock Market HIGHLIGHTS: Indian equity benchmarks S&P BSE Sensex and NSE Nifty50 fell on Thursday, mirroring weakness across global markets after weak economic data from the US fueled worries about a recession and hawkish comments from Fed officials dented investor sentiment. Among heavyweights, Kotak Mahindra Bank, Asian Paints, Hindustan Unilever and ICICI Bank were the top drags on both headline indices, whereas HDFC Bank, HDFC and Axis Bank were the largest support.
Here are 10 key things to know about the January 19 session on Dalal Street:
1) Both main gauges finished the day 0.3 per cent lower. The Sensex ends at 60,858.4, down 187.3 points from its previous close, having dropped 329.2 points to 60,716.6 at its weakest level in intraday trade. The Nifty50 closed with a loss of 57.5 points at 18,107.9.
2) Thirty four stocks in the Nifty50 basket closed in the red zone. Adani Enterprises, Asian Paints, Tata Motors, IndusInd Bank, Adani Ports, Kotak Mahindra Bank, Tata Consumer and Hindustan Unilever were the top laggards, declining around 2-4 per cent for the day.
3) On the other hand, Coal India, UPL, ONGC, BPCL, Tata Steel, PowerGrid, SBI Life, HDFC Life, Axis Bank and Tech Mahindra -- rising between 0.4 per cent and 3.3 per cent -- were the top gainers.
4) Barring the Nifty Oil & Gas, the Nifty PSU Bank and the Nifty IT, which rose 0.5 per cent, 0.3 per cente and 0.1 per cent respectively, all of the sectoral indices on NSE finished in the red. The Nifty FMCG was among the top laggards, falling 0.9 per cent for the day, dragged by Hindustan Unilever and ITC.
5) Overall market breadth favoured the bears, with an advance-decline ratio of 3:4 as 1,512 stocks rose and 2,002 fell at the close on BSE.
6) Asian Paints shares ended 2.6 per cent lower at Rs 2,868.1 apiece on BSE, after the paint maker reported a set of results that fell short of analysts' estimates.
7) Hindustan Unilever shares dropped 1.4 per cent, as investors awaited the FMCG giant to report its financial results. Later in the day, the company reported quarterly numbers that met analysts' expectations.
8) The rupee weakened by 12 paise or 0.1 per cent to end at 81.35 against the US dollar.
10) Earlier in the day, MSCI's broadest index of Asia Pacific shares outside Japan fell 0.3 per cent, and Japan's Nikkei 225 slumped 1.5 per cent.
Catch highlights of the January 19 session on Dalal Street, corporate earnings, expert views, analysis, investment ideas, and much more, here:
Latest Updates
Tata Steel, PowerGrid, Tech Mahindra top Sensex gainers
Axis Bank, HDFC Bank and Larsen & Toubro are also among the stocks that rise the most among the 10 gainers in the 30-scrip basket.
On the flipside, Asian Paints, Tata Motors, IndusInd, Kotak Mahindra Bank, Titan, Hindustan Unilever, UltraTech and Nestle are the top laggards. (Read more on the closing bell)
Closng Bell | Sensex down 187 pts at 60,858, Nifty below 18,150 as market halts two-day winning run
Both headline indices finish the day 0.3 per cent lower. The 30-scrip index ends at 60,858.4, down 187.3 points from its previous close, and the Nifty50 settles at 18,107.9, down 57.5 points from its previous close.
Here's how the main gauges fared through the day:
Sensex
Nifty50
Persistent, Mahindra Lifespace, Prism Johnson top BSE 500 gainers
Persistent, Mahindra Lifespace, Prism Johnson, Swan Energy and Capri Global Capital -- rising 4-7 per cent each -- are rising the most among the 210 gainers in the BSE 500 universe less than 15 minutes from the closing bell.
On the other hand, Rallis, Adani Green, Torrent Power, Alok Industries and Praj are the top laggards in the broadest index on the bourse.
Asian Paints Results | Decorative business volume flat due to high price hike base a year ago, says CEO
"The extended monsoon in October also affected retailing in the peak festival season, though demand picked up in November and December leading to double-digit growth for the decorative business in December," said Amit Syngle, Managing Director and CEO, Asian Paints.
Overall, on a nine-month basis, the decorative business continued to grow at healthy double-digit volume and value growth rates with strong CAGRs, he highlighted.
The operating margin improved strongly compared with the previous quarter and the quarter ended December 2021 driven by deflation in some of the raw material prices and continued work on operational efficiencies across businesses, Syngle said.
The international business was a mixed bag with good growth in the Middle East and Africa, whereas the South Asia market, especially Sri Lanka and Bangladesh, got severely impacted by the adverse forex and macroeconomic conditions, he added. (Read more on Asian Paints results)
Asian Paints Results | Net profit rises 6% to Rs 1,073 crore, revenue up 2% at Rs 8,607.5 crore
Asian Paints -- India's largest paint company by sales as well as market value -- reports a net profit of Rs 1,072.7 crore for the October-December period, up 5.6 per cent compared with the corresponding period a year ago.
Its revenue increased 1.7 per cent on a year-on-year basis to Rs 8,607.5 crore, according to a regulatory filing.
Asian Paints shares slip into the red after the earnings announcement.
Buy Nifty futures, target 18,300: Arpit Beriwal
Arpit Beriwal of Motilal Oswal Financial Services suggests going long on Nifty futures at 18,100 for a target of 18,250-18,300 with a stop loss at 18,000.
For the banking index futures, he has a 'buy' at 42,300 for a target of 42,500-42,650. His stop loss for the Nifty Bank is placed at 42,000.
Buy Vedanta for a taget of Rs 350: Motilal Oswal's Arpit Beriwal
Arpit Beriwal of Motilal Oswal Financial Services is bullish on Vedanta. "We have been recommending the metal pack for a long term... The index is near a record high," he tells Zee Business.
Speaking on the chart structure of Vedanta, Beriwal says the stock has been making higher lows for the past six months and looks poised for an upmove.
He suggests buying Vedanta shares for a target of Rs 350 with a stop loss at Rs 315. "A close above Rs 325 will lead to an immediate upside of 5-7 per cent," he says.
Buy Chambal Fertilisers, Hindustan Copper: Nirmal Bang's Vikas Salunkhe
Vikas Salunkhe of Nirmal Bang Securities shares two recommendations on Zee Business:
- Buy Chambal Fertilisers for a target of Rs 322 with a stop loss at Rs 302
- Buy Hindustan Copper for a target of Rs 142 with a stop loss at Rs 126
Sensex down 150 points, off day's low
HDFC twins, Reliance, Tata Steel help Sensex recover most of day's losses
Stock Ideas | Star Health, Apollo Hospitals, other stocks analysts recommend for big gains
Brokerages see upside potential of as high as 35 per cent in five stocks. (Check out the full list here)
Stock Idea | Buy Pricol, target Rs 250: Himanshu Gupta
In an interaction with Zee Business Managing Editor Anil Singhvi, Himanshu Gupta of Globe Capital Markets suggests buying Pricol for targets of Rs 235 and Rs 250 with a stop loss at Rs 185.
Pricol shares have given a return of 47 per cent in the past six months.
Financial, IT, FMCG, metal stocks drag Nifty50
Losses in Infosys, Kotak Mahindra Bank, HUL, TCS, ICICI Bank, Adani Enterprises and Reliance Industries are among the biggest drags on the 50-scrip benchmark index one hour into the opening bell.
Here's what the Nifty50 heatmap looks like:
Investment Idea | Buy Godawari Power and Ispat, target Rs 500: Vikas Sethi
In an interaction with Zee Business Managing Editor Anil Singhvi, Vikas Sethi of Sethi Finmart suggests going long on Godawari Power and Ispat Ltd (GPIL) for 9-12 months.
Sethi is bullish on the metal space, and highlights that the company has strong fundamentals with a decent dividend yield. GPIL is available at a cheap valuation given how metals are performing, Sethi adds.
Godawari Power shares have rewarded investors with a return of 42.8 per cent in the past six months, a period in which the Sensex index has risen 10.9 per cent.
Axis Bank, HDFC Bank, Mahindra & Mahindra, ITC top Sensex gainers
Kotak Mahindra Bank, Titan, UltraTech, HUL, Bharti Airtel, Bajaj Finserv, Infosys, L&T, Nestle and TCS are the worst hit among the 22 laggards in the Sensex basket.
