Stock Market HIGHLIGHTS: Sensex tanks on HDFC Bank, Reliance weakness; Nifty ends 190 points lower
Stock Market HIGHLIGHTS: In the 50-stock Nifty50, 7 advanced against 43 declines. The top gainers were Divis Laboratories, Marui Suzuki, HDFC Life, Eicher Motors and Dr Reddys Laboratories while the top losers were Hindalco Industries, ONGC, JSW Steel, Coal India and Tata Steel
Stock Market HIGHLIGHTS: Indian stock markets ended their two-day gaining streak on Wednesday. Frontline indices S&P BSE Sensex closed at 60,657.45, down 637 points or 1.04 per cent while broader market NSE Nifty50 settled at 18,042.95, down 189 points or 1.04 per cent. Banking gauge Nifty Bank finished at 42,958.80, down 388.50 points or 0.89 per cent.
Key takeaways from the markets:
1) While Sensex fell nearly 700 points in the intraday trade, Nifty breached the first support zone of 18,100-18,150.
2) In the 50-stock Nifty50, 7 advanced against 43 declines. The top gainers were Divi's Laboratories, Marui Suzuki, HDFC Life, Eicher Motors and Dr Reddy's Laboratories while the top losers were Hindalco Industries, ONGC, JSW Steel, Coal India and Tata Steel.
3) All 15 sectoral indices ended in the red with Nifty, Metal, Nifty Realty, Nifty PSU Bank and Nifty Oil & Gas as worst performers. They were up between 1.5-2.11 per cent.
4) Selling pressure was seen even in the broader markets. Nifty Mid Cap 100 fell by 357.25 points or 1.12 per cent at 31,503.10. In the 100-stock index, 11 advanced, 86 declined while 3 remained unchanged. The top gainers were Abbott India, Hindustan Petroleum and Dr Lal Pathlabs while top losers were AB Capital, Yes Bank and SAIL.
5) The 100 stock Nifty Small Cap 100 ended at 9,731.90, down 93.45 points or 0.95 per cent. 16 stocks advanced while 84 gained. The top gainers were Carborundum Univesal, GNFC and IRB while top losers were Balrampur Chini, Indiabulls Housing Finance and RBL Bank.
6) India VIX, a measure of volatility in Nifty was at 15.20, up 5.64 per cent from Tuesday closing.
7) Out of 3,627 stocks that traded on BSE, 1,228 advanced, 2,266 declined while 133 remained unchanged. 93 stocks hit their 52-week highs while 27 stocks hit their 52-week highs.
8) Singapore-based SGX Nifty was trading down 195 points or 1.07 per cent at 18,111 while Dow futures were trading at 33,235.90, up 99 points or 0.30 per cent.
9) Asian benchmark indices traded mix with Japanese Nikkei 225 ending at 25,716.90, down 377 points or 1.45 per cent while China listed Shanghai Composite was trading at 3,123.52, up 7 points or 0.22 per cent.
10) Radiant Cash Management Services shares listed at a premium of 7 per cent on the NSE. The stock ended at Rs 106.50, up by Rs12.50 or 13.30 per cent.
11) MCX Gold futures breached Rs 56,000 mark for the first time in 30 months. February gold futures were trading at Rs 55620 at the time of filing this story and were up by Rs 371 or 0.67 per cent from the Tuesday closing price. March Silver futures were trading at 70524, up by Rs 607 or 0.87 per cent.
12) The rupee recovered from its all-time low level and settled 18 paise higher at 82.82 (provisional) against the US dollar on Wednesday, supported by easing crude oil prices. Forex traders said the weakness of the greenback in the overseas market, strong Asian peers and suspected intervention by the Reserve Bank of India (RBI) also helped the currency. However, sustained foreign fund outflows and a weak trend in domestic equities restricted the appreciation bias to some extent. At the interbank foreign exchange market, the local unit opened at 82.87 and touched an intra-day high of 82.74 and a low of 82.91 against the greenback. It finally settled at 82.82, registering a rise of 18 paise over its previous close. On Tuesday, the rupee had slumped 22 paise to close at its all-time low of 83 against the dollar.
"Today also USDINR did not breach 82.91 and is closing at 82.80 levels as equity markets fell by 1.08%. Brent oil fell to $ 80.44 per barrel. Dollar index fell to 103.76 while Asian currencies have recovered from morning lows," Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP said. Accordingly we expect USDINR to move between a range of 82.50 to 83.00 for tomorrow with oil and RBI to be watched closely, he added.
Catch all the updates from the equity markets here. For all other news related to business, economy, politics, sports, tech, auto and others, visit Zeebiz.com.
Latest Updates
Commodity Markets LIVE - Gold, Silver futures
Trading Strategy by Anuj Gupta of IIFL Securities
Buy February Gold futures at at Rs 55800 with a stop loss of Rs 55450 and target of Rs 56400
Buy March Silver futures at Rs 70200 with a stop loss of Rs 69500 and price target of Rs 72000
Markets LIVE: Radiant Cash Management Services Listing
Radiant Cash Management Services were listed at Rs 109 against an issue price of Rs 96. This was at a 7 per cent premium, The stocks gained despite weak sentiments in the stock markets. It was trading at
Rs 104.25, up by Rs 10.25 or 10.90 per cent around 2:36 pm.
Stock o Buy - PVR Limited
PVR Limited shares fell on Wednesday, tracking weakness in the domestic equity markets. The counter quoted Rs 1,713 on the NSE around 1:45 PM.
The stock is expected to benefit from a Supreme Court ruling on Tuesday which ruled that the owners of cinema halls were entitled to set the terms and conditions for sale of food and beverages and can determine whether outside food should be permitted within the theatre precincts. The apex court set aside a direction of the Jammu and Kashmir High Court which had in July 2018 directed multiplex and cinema hall owners there not to prohibit movie goers from carrying their own food articles and water inside the theatres.
Technical Analyst Nilesh Jain said that the underperformance in markets today has impacted the stock, though the news is positive for PVR.
The chart structure appears positive, Jain said, adding that the counter witnessed a double bottom at levels around Rs 1620 which is indicative of an upside from this level. It should be treated as a stop loss, he added while recommending a buy.
Read More: PVR shares in focus after favourable SC ruling; analyst recommends buy
Commodity Markets LIVE - Gold, Crude Oil
Gold
“COMEX Gold started the year 2023 shining as it ended the first official session of the year with gains. Gold ended Tuesday’s session around 1% higher as cut down in the pace of Interest rate hikes from Fed and fears of recession has triggered safe haven plays in the yellow metal," Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd said.
The safe haven play can be seen as both the yellow metal and US Dollar gained yesterday which normally is not the case as gold is negatively correlated to dollar, Rao said. "Gold and dollar will be driven by important data pointers this week from the US. It will start will ISM manufacturing and Dec FOMC meeting minutes today followed by the all-important NFP print later in the week,” he added.
Crude
“NYMEX WTI crude started the new year with high volatility as price initially inched up testing the immediate resistance near $81.50/bbl and then fell to as low as $76.60/bbl before ending the day in red by around 4%. If we take the retreat from the highs, it fell around 5.5%. The major factor that triggered selling was the looming recession and slowing factory activity in China. The recent data showing slowing factory activity in the world's biggest oil importing nation has added fuel to fire. Moreover, IMF’s warning of a potential global recession in 2023 has cast doubts on world oil demand. Additionally, a sharp recovery in US Dollar has supported the bear case. As the global growth worries is haunting oil markets important economic data releases in the week from world’s largest economy, US ,might drive oil prices in the near term.” - Ravindra V. Rao.
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
Markets LIVE - Weakness trickled to all sectors tracking movement in the frontline indices BSE Sensex and Nifty. All 15 sectoral indices were trading in the red around this time. The worst performing indices were Nifty PSU Bank, Nifty Bank and Nifty Metal. All three were down over 2 per cent, intraday.
Source: NSE Markets LIVE - Reliance, HDFC Bank, Infosys drag Sensex, Nifty
Markets LIVE - Sensex Top Gainers and Losers
Markets LIVE - Triggers for Indusind Bank
Investors could earn nearly Rs 360 per share on IndusInd Bank, according to brokerage firm Jefferies. The global brokerage firm said that has IndusInd Bank shares can climb to Rs 1,600 apiece - highest among its other peers. The stock was recommended at a price of Rs 1,241. The optimism rides on strong loan growth recorded by the private lender.
There is a 19 per cent year-on-year growth in credit on uptick in retail loan off-take, the brokerage noted. Sequentially, the growth is 5 per cent. According to estimates, loan growth CAGR is expected to be around 20 per cent with Returns on Assets (RoA) at 2 per cent. Jefferies said that the valuations are attractive at 1.5 times FY24 adjusted PB (Price-to-Book value).
Read More: Indusind Bank to ride on loan growth; brokerages bullish on stock, recommend buy
Markets LIVE - Nifty Top Gainers and Losers
Source: NSE Markets LIVE - Nifty in Charts
Source: NSE Stocks in News: PVR
PVR shares were trading at Rs 1,724 on the NSE and were up by Rs 9.60 or 0.56 per cent. Zee BusinessManaging Editor Anil Singhvi said that the stock will likely do well today after a favourable Supreme Court decision on Tuesday. In its ruling, the apex court said said that the theatre chain player was free to set the price of food and beverages and also have the right to bar ouside foodin the movie halls.
Singhvi said that the stock is expected to be rerated following this decision. He said that multiplexes earn a lion share of revenues through sale of food and beverages. He lauded the Supreme Court decision.
he said the decision augurs well for multilplex stocks.
Anil Singhvi Strategy on Nifty, Bank Nifty - Key support and resistance levels
Frontline indices S&P BSE Sensex and Nifty50 are set to open weak amid negative global cues, Zee Business Managing Editor Anil Singhvi said. There could be fresh buying opprotunities near support levels, he added. Amid negative global markets, positive domestic institutional investors (DIIs), negative foreign institutional investors (FIIs), neutral futures & options (F&O) and netral sentiment cues, the short-term trend of the Indian stock markets will be positive on Wednesday, January 4, 2023.
Markets LIVE - Traders Diary: Strategy on 20 stocks
In today's edition of Traders Diary, Zee Business research team brings its exclusive research on 20 stocks that investors and traders can refer to while making their strategies in them. The research team of Analyst Varun Dubey and Kushal Gupt recommends a buy, sell or hold strategy in cash stocks, futures and give their best picks for today.
Markets LIVE - What top brokerages tell Pidilite, Jubilant Foodworks, Avenue Supermarts
-- Macquarie on Pidilite Industries (CMP: 2537)
Maintain Underperform, Target cut to 2200 from 2300
-- Macquarie on Berger Paints (CMP: 579)
Maintain Underperform, Target cut to 500 from 525
-- Macquarie on Asian Paints (CMP: 3028)
Maintain Outperform, Target raised to 3750 from 3700
-- Morgan Stanley on Jubilant Foodworks (CMP: 507)
Maintain Overweight, Target cut to 624 from 657
-- Macquarie on Jubilant Foodworks (CMP: 507)
Maintain Underperform, Target 445
-- Citi on Avenue Supermarts (CMP: 4061)
Maintain Sell, Target 3500
-- Morgan Stanley on Avenue Supermarts (CMP: 4061)
Maintain Overweight, Target 4590
-- HSBC on Avenue Supermarts (CMP: 4061)
Downgrade to Hold from Buy, Target cut to 4500 from 6000
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
Markets LIVE - What top brokerages recommend on SBI, Indusind Bank, ICICI Bank, Kotak Mahindra Bank
- - CLSA on IndusInd Bank (CMP: 1241)
Upgrade to Buy from Accumulate, Target raised to 1500 from 1400
- Morgan Stanley on IndusInd Bank (CMP: 1241)
Maintain Overweight, Target 1475
Retail deposit growth accelerated to 21% YoY vs 16% YoY last qtr &
up 6% sequentially Loan growth remained strong at 19% YoY,
vs 18% last qtr On a sequential basis, growth was 4.6%
- Jefferies on IndusInd Bank (CMP: 1241)
Maintain Buy, Target 1600
Loan growth of 19% YoY/ 5% QoQ, which believe is led
by uptick in retail loan growth (CVs & MFI)
Deposits growth slower at 14% YoY/ 3% QoQ See bk moving towards
c.20% loan Cagr & 2% ROA Val attractive @1.5x FY24 adj. PB
- Macquarie on IndusInd Bank (CMP: 1241)
Maintain Outperform, Target 1400
-- Jefferies on SBI (CMP: 612)
Maintain Buy, Target 760
-- Jefferies on Kotak Mahindra Bank (CMP: 1833)
Maintain Buy, Target 2470
-- CLSA on ICICI Bank (CMP: 901)
Maintain Buy, Target cut to 1175 from 1200
-- Jefferies on ICICI Bank (CMP: 901)
Maintain Buy, Target 1150
- Macquarie on ICICI Bank (CMP: 901)
Maintain Outperform, Target 1050
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
Global Markets at a Glance
US markets ended negative on Monday ahead of the release of December Federal Open Market Committee (FOMC) meeting minutes. The minutes will give a guidance on likely monetary policy actions in the upcoming Fed meeting scheduled later this year.
- December manufacturing PMI fell in US from 47.7 in November to 46.2
- This is the biggest fall since May 2020.
- Tech stock led the declines in Nasdaq Composite as Apple fell 3.7 per cent. The stock close below a market cap of USD 2 trillion for the first time since 2021. It will likely cut production due to weak demand.
- Tesla tanked 12.24 per centwhch is lowest since August 2020. The delivery in fourth quarter and for the entire financial year has been lower than expected.
Source: Comex Asian Hang Seng was trading at 20,454.30, up 309.01 points.
Tuesday Market Recap
Stock Market HIGHLIGHTS: Indian stock markets S&P BSE Sensex and Nifty50 ended Tuesday on a strong note. Both indices registered their second consecutive gains today. Sensex closed at 61,294.20 and was up by 126.41 points or 0.21 per cent, the broader market Nifty50 finished at 18,232.55, up 35.10 points or 0.19 per cent. Banking gauge Nifty Bank settled 222 points or 0.51 per cent higher at 43,425.25.
In the 50-stock index, 26 stocks advanced with HDFC Life, SBI Life, Axis Bank, Titan and TCS ending day as top gainers while Hindalco Industries, JSW Steel, Britannia Industries, Mahindra & Mahindra and Reliance Industries were top losers.
Out of 15 Nifty sectoral indices, 4 ended in the red against 11 gainers. The top performing indices were Nifty Consumer Durables (+1.29 per cent), Nifty Healthcare Index (+0.83 per cent) and Nifty Pharma and Nifty PSU Bank which were up 0.72 per cent, each.
There was stock specific action in broader markets in broader markets. Nifty Mid Cap 100 closed at 31,860.35, up 73.90 points or 0.23 per cent. In the 100-stock index, 63 advanced, 34 declined while 3 remained unchanged. The winners were Power Finance Corporation, Max Financial Services and Bank of India while losers were Mahindra & Mahindra Finance, TVS Motor Company and Shriram Finance.
Good Morning! This is Shivendra Kumar and I am back with all the LIVE action from the stock markets. Watch this space to remain updated.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.