Stock Market HIGHLIGHTS: Sensex ends 168 pts lower, Nifty at 17,895; Federal Bank rises after results
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 reversed initial gains in a volatile session on Monday. Weakness in private sector financial stocks weighed on headline indices, though strength in IT shares lent some support.
Stock Market HIGHLIGHTS:Indian equity benchmarks Sensex and Nifty50 reversed initial gains in a volatile session on Monday. Weakness in private sector financial stocks weighed on headline indices, though strength in IT shares lent some support.
Here are 10 things to know about the January 16 session on Dalal Street:
1) The Sensex lost 168.2 points or 0.3 per cent for the day to close at 60,093, having retreated 493.8 points from the strongest level in intraday trade. The Nifty50 settled at 17,894.9, down 61.8 points or 0.3 per cent.
2) As many as 32 stocks in the Nifty50 basket ended lower. Adani Enterprises, Axis Bank, Hindalco, JSW Steel, Maruti Suzuki, NTPC, Apollo Hospitals, HDFC, SBI Life and Larsen & Toubro were the top laggards, closing around 1-3 per cent lower. On the other hand, TCS, Infosys, HCL Tech, Wipro and Tech Mahindra were the top gainers in the 50-scrip basket, rising around 1-3 per cent. Hero MotoCorp, PowerGrid, Bajaj Finance, SBI and ITC were some of the other top gainers in the Nifty pack.
3) The Nifty Bank and the Nifty Private Bank declined 0.5 per cent each. However, NSE's PSU bank gauge was the top gainer, rising 1.6 per cent.
4) The Nifty IT -- whose 10 constitutents include TCS, Infosys, HCL Tech, Wipro and Tech Mahidra -- rose 1.1 per cent.
5) Overall market breadth was skewed in favour of the bears, as 1,691 stocks rose and 1,910 fell on BSE.
6) Analysts await more of financial results from India Inc for cues after HDFC Bank, Wipro and DMart reported their quarterly numbers last weekend.
7) The rupee weakened by 28 paise or 0.3 per cent to end at 81.61 against the dollar.
8) Crude oil prices held near this year's highs as easing COVID restrictions in China raised expectations for a demand recovery in the world's top crude importer. Brent crude was down 0.5 per cent at $84.9 a barrel.
9) European markets edged higher amid gains in healthcare shares. The pan-European Stoxx 600 index was up 0.1 per cent at the last count. S&P 500 futures were down 0.3 per cent. Wall Street will observe a holiday later in the day and resume trade on Tuesday.
10) Earlier on Monday, MSCI's broadest index of Asia Pacific shares outside Japan rose 0.4 per cent. Japan's Nikkei fell 1.2 per cent, China's Shanghai Composite rose one per cent and Hong Kong's Hang Seng finished flat.
Catch highlights of the January 16 session on Dalal Street, market commentary, expert views, investment ideas and much more. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
Latest Updates
Expect support for Nifty50 at 17,850-17,750 levels: LKP Securities' Rupak De
Rupak De, Senior Technical Analyst at LKP Securities, observes a dark cloud cover-like pattern on the daily chart, suggesting near-term weakness. "Support on the lower end is visible at 17,850-17,750. Below 17,750, the index may witness a meaningful correction. On the higher end, resistance is visible in the 18,000–18,100 zone," he says.
Here's how the headline indices moved today
Sensex
Nifty
Closing Bell | Sensex down 168 points at 60,093, Nifty50 slips below 17,900
The 30-scrip index finishes with a loss of 168.2 points or 0.3 per cent at 60,093 and the Nifty50 settles at 17,894.9, down 61.8 points from its previous close.
Buy Bajaj Auto, ICICI Bank, GMR Airports Infra stocks: Sanjiv Bhasin
Sanjiv Bhasin of IIFL Securities suggests going long on three stocks: Bajaj Auto, ICICI Bank and GMR Airports. Here's why he likes these stocks:
Bajaj Auto
Bhasin expects blockbuster sales from the country's two-wheeler segment. One can expect levels of Rs 3,750-3,800 apiece in Bajaj Auto shares before Budget, he says.
stop loss 3530ICICI Bank
The stock has well defended Rs 865 in a correction from Rs 950-odd levels, says Bhasin, who expects stellar quarterly numbers from the private sector lender.
ICICI Bank is scheduled to report its financial results on January 21.
Bhasin gives a target price of Rs 910 and suggests a stop loss at Rs 848.
GMR Airports
Bhasin recommends GMR Airports Infra for a target of Rs 43.5-44 with a stop loss at Rs 39.
Just Dial shares locked in 10% upper circuit. Here's what's driving the stock
Just Dial shares remain locked in the 10 per cent upper circuit at Rs 643.7 apiece on BSE. The local search engine company reported a nearly four-fold jump in its net profit for the quarter ended December 2022.
- Net profit: Rs 75.3 crore
- Revenue: up 39.3 per cent at Rs 221.4 crore
Maruti Suzuki raises prices across models
Maruti Suzuki announces an increase of 1.1 per cent across its range of models. "This indicative figure is calculated using ex-showroom prices of models in Delhi and will come into effect from 16th January, 2023," according to a regulatory filing.
This is the second price hike that the carmaker is undertaking in the ongoing fiscal year. (Read more on Maruti Suzuki)
Federal Bank shares slip into the red briefly after results
Here's how the Federal Bank stock has moved today so far:
Federal Bank Results | Q3 net profit up 54% at Rs 804 crore, NII up 27%
Federal Bank reports a net profit of Rs 803.6 crore for the October-December period, up 54 per cent compared with the corresponding period a year ago.
The lender's revenue grows 27.1 per cent to Rs 1,956.5 crore, according to a regulatory filing.
Federal Bank's net interest margin -- a key measure of profitability for lenders -- comes in at 3.49 per cent. (Read more on Federal Bank earnings)
Wholesale inflation eases to 4.95% in December from 5.85% in previous month
A fall in food and crude oil prices aids the 90-bps sequential fall in wholesale inflation, gauged by the Wholesale Price Index (WPI). (Read more on headline inflation)
Federal Bank shares in demand ahead of results
The private sector lender is scheduled to report its financial results today.
The stock is quoting higher by Re 1.7 or 1.2 per cent at Rs 140.2 apiece on BSE, having gained as much as 2.3 per cent in intraday trade so far.
Anil Singhvi's view on HDFC Bank, Nifty Bank
Zee Business Managing Editor Anil Singhvi expects HDFC Bank shares to help the Nifty Bank hold the support zone of 42,025-42,175. "A move below those levels is expected to be followed by strong buying around 41,725-41,875 levels," he says.
"On the higher side, one can expect levels of 42,575-42,725 followed by the 42,825-42,950 zone, where selling may occur," Singhvi adds.
IT, financial stocks support headline indices
What brokerages recommend on Wipro after Q3 results
- Jefferies maintains 'underperform', raises target price by Rs 5 to Rs 355
- Wipro retains 'sell', cuts target to Rs 375 from Rs 380
- BofA Securities maintains 'underperform' with target at Rs 395
- CLSA continues with 'outperform' with target of Rs 450
- JP Morgan maintains 'underweight' with target of Rs 370
- Wipro continues with 'sell', cuts target by Rs 5 to Rs 375
- Morgan Stanley keeps 'underweight' rating with target of Rs 375
- HSBC maintains 'hold' with target of Rs 432
Just Dial up 9%, DMart down 4%
Here's a look at the biggest moves in the BSE 500 basket at this hour:
HDFC Bank shares hold on to the green after strong results
The HDFC Bank stock is up by Rs 9.2 or 0.6 per cent at Rs 1,610 apiece on BSE, having risen as much as 1.5 per cent earlier in the day.
Bajaj twins, IndusInd, SBI, HDFC Bank, HDFC Life top blue-chip gainers
In the Nifty50 basket, Sun Pharma, Axis Bank, Dr Reddy's and Cipla are also among the stocks that are seeing the biggest gains. On the other hand, BPCL, JSW Steel, Tata Steel, Mahindra & Mahindra, Tata Motors, PowerGrid and NTPC are the top laggards.
Here's what the 30-scrip basket looks like 15 minutes into the opening bell:
Market breadth extremely positive
Overall market breadth favours the bulls, with an advance-decline ratio of 2:1 as 1,733 stocks are up and 850 down on BSE.
Sensex rises over 300 points, Nifty50 tests 18,050
The Sensex gains as much as 325.6 points or 0.5 per cent to 60,586.8 in the first few minutes of trade, and the Nifty climbs to as high as 18,049.7, up 93.1 points or 0.5 per cent from its previous close.
Pre-Open Market | Sensex up nearly 300 points, Nifty above 17,950
In the pre-opening session, both headline indices are quoting around half a per cent higher. The Sensex is up 289.3 points at 60,550.5, and the Nifty at 17,956.6, up 98.4 points from its previous close.
Traders' Diary | Buy, sell or hold strategy on HDFC Bank, IndusInd, Granules, Shree Cement, other stocks today
In today's edition of Traders' Diary, the Zee Business research team shares exclusive research on more than a dozen stocks that investors and traders can track today. Check out which stocks are on analysts Varun Dubey and Kushal Gupta's radar today, where they recommend buy, sell or hold strategies in cash and futures segments. (Check out the complete list today)
Nifty should cross 18,100 decisively to regain strength: Religare Broking's Ajit Mishra
Participants should restrict positions and prefer a hedged approach, says Ajit Mishra, VP-Technical Research at Religare Broking.
Asian shares cautiously higher; all eyes on Bank of Japan
Equities in other Asian markets begin Monday largely in the green, as caution persists among investors ahead of a key Bank of Japan meeting this week where the central bank could defend its super-sized stimulus policy.
MSCI's broadest index of Asia Pacific shares outside Japan is up 0.8 per cent at this hour. Japan's Nikkei 225 is down one per cent. Hong Kong's Hang Seng is up 0.8 per cent, China's Shanghai Composite 1.1 per cent and South Korea's KOSPI up 0.9 per cent.
S&P 500 futures up 0.2%
On Friday, the S&P 500 clocked its highest close in a month, rising 0.4 per cent for the day. The Dow Jones gained 0.3 per cent and the tech stocks-heavy Nasdaq Composite 0.7 per cent. Banking stocks such as JPMorgan Chase rose after their quarterly results.
SGX Nifty futures suggest a positive opening on Dalal Street today
Singapore Exchange (SGX) Nifty futures -- an early indicator of the Nifty50 index -- are quoting higher by 31 points or 0.2 per cent at 18,069.5 at this hour, having risen to as high as 41.5 points to 18,080 earlier in the day.
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