Stock Market HIGHLIGHTS: Sensex, Nifty end flat as market fails to hold on to the green amid choppy trade
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty finished a choppy session nearly unchanged on Wednesday, having swung gains and losses in intraday trade. Selling pressure in oil & gas and FMCG shares countered buying interest in IT and financial shares. Globally, equities registered cautious gains amid easing concerns about interest rate hikes in the US after Fed Chair Jerome Powell refrained from talking on monetary policy in a speech on Tuesday.
Here are 10 key things to know about the January 11 session on Dalal Street:
1) The Sensex finished the day 10 points lower at 60,105.5 and the Nifty50 settled at 17,895.7, down 18.5 points from its previous close. During the session, the 30-scrip index gyrated in a range of 559 points around the flatline, hitting 60,364.8 and 59,805.8 at the strongest and weakest levels in intraday trade respectively, and the Nifty50 moved between 17,824.4 and 17,976.4.
2) A total of 32 stocks in the Nifty50 basket closed in the red. Bharti Airtel, Cipla, Divi's, Apollo Hospitals, Hindustan Unilever, ONGC and Coal India -- ending between 1.7 per cent and 3.5 per cent lower -- were the top laggards. On the other hand, Hindalco, BPCL, Sun Pharma, UltraTech, HDFC Bank and TCS -- rising between 1.3 per cent and 2.8 per cent for the day -- were the top gainers.
3) Among heavyweights, Reliance Industries, Bharti Airtel, Hindustan Unilever and ITC were the biggest drags on the headline indices.
4) The Nifty FMCG was the top laggard among NSE's sectoral indices, closing 1.1 per cent lower, dragged by Hindustan Unilever and ITC.
5) The Nifty Bank -- whose 12 constituents include SBI, HDFC Bank, Kotak Mahindra Bank, Axis Bank and ICICI Bank -- finished 0.5 per cent higher at 42,232.7, having broadly moved within the 42,300-41,750 range during the session.
6) Overall market breadth was skewed in favour of the bulls, as 1,866 stocks rose and 1,627 fell at the close on BSE.
7) The rupee spurted by 21 paise or 0.3 per cent to end at 81.58 against the US dollar.
8) European shares began the day in the green, aided by optimism over reopening in China and hopes of less aggressive US interest rate hikes. The pan-European Stoxx 600 index was up 0.1 per cent at the last count. The UK's FTSE 100 was up 0.3 per cent, and France's CAC and Germany's DAX up 0.2 per cent each.
9) Earlier in the day, equities in other Asian markets grew stronger, with MSCI's broadest index of Asia Pacific shares outside Japan quoting up 0.4 per cent.
10) S&P 500 futures were flat, suggesting a muted start ahead on Wall Street. On Tuesday, the S&P 500 finished 0.7 per cent higher, the Dow Jones rose 0.6 per cent and the tech stocks-heavy Nasdaq Composite one per cent.
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Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty finished a choppy session nearly unchanged on Wednesday, having swung gains and losses in intraday trade. Selling pressure in oil & gas and FMCG shares countered buying interest in IT and financial shares. Globally, equities registered cautious gains amid easing concerns about interest rate hikes in the US after Fed Chair Jerome Powell refrained from talking on monetary policy in a speech on Tuesday.
Here are 10 key things to know about the January 11 session on Dalal Street:
1) The Sensex finished the day 10 points lower at 60,105.5 and the Nifty50 settled at 17,895.7, down 18.5 points from its previous close. During the session, the 30-scrip index gyrated in a range of 559 points around the flatline, hitting 60,364.8 and 59,805.8 at the strongest and weakest levels in intraday trade respectively, and the Nifty50 moved between 17,824.4 and 17,976.4.
2) A total of 32 stocks in the Nifty50 basket closed in the red. Bharti Airtel, Cipla, Divi's, Apollo Hospitals, Hindustan Unilever, ONGC and Coal India -- ending between 1.7 per cent and 3.5 per cent lower -- were the top laggards. On the other hand, Hindalco, BPCL, Sun Pharma, UltraTech, HDFC Bank and TCS -- rising between 1.3 per cent and 2.8 per cent for the day -- were the top gainers.
3) Among heavyweights, Reliance Industries, Bharti Airtel, Hindustan Unilever and ITC were the biggest drags on the headline indices.
4) The Nifty FMCG was the top laggard among NSE's sectoral indices, closing 1.1 per cent lower, dragged by Hindustan Unilever and ITC.
5) The Nifty Bank -- whose 12 constituents include SBI, HDFC Bank, Kotak Mahindra Bank, Axis Bank and ICICI Bank -- finished 0.5 per cent higher at 42,232.7, having broadly moved within the 42,300-41,750 range during the session.
6) Overall market breadth was skewed in favour of the bulls, as 1,866 stocks rose and 1,627 fell at the close on BSE.
7) The rupee spurted by 21 paise or 0.3 per cent to end at 81.58 against the US dollar.
8) European shares began the day in the green, aided by optimism over reopening in China and hopes of less aggressive US interest rate hikes. The pan-European Stoxx 600 index was up 0.1 per cent at the last count. The UK's FTSE 100 was up 0.3 per cent, and France's CAC and Germany's DAX up 0.2 per cent each.
9) Earlier in the day, equities in other Asian markets grew stronger, with MSCI's broadest index of Asia Pacific shares outside Japan quoting up 0.4 per cent.
10) S&P 500 futures were flat, suggesting a muted start ahead on Wall Street. On Tuesday, the S&P 500 finished 0.7 per cent higher, the Dow Jones rose 0.6 per cent and the tech stocks-heavy Nasdaq Composite one per cent.
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Latest Updates
Sun Pharma, UltraTech, HDFC Bank, TCS top Sensex gainers
A total of 14 stocks in the 30-scrip basket managed to finish in green territory.
Nifty FMCG worst hit among NSE's sectoral indices; Nifty Bank up 0.5%
Here's what other sectoral gauges on the bourse look like at the close:
| Index | Change (%) |
| Nifty FMCG | -1.1 |
| Nifty Healthcare | -0.8 |
| Nifty Pharma | -0.7 |
| Nifty Auto | -0.5 |
| Nifty Oil & Gas | -0.4 |
| Nifty Consumer Durables | -0.2 |
| Nifty Realty | -0.1 |
| Nifty IT | 0.3 |
| Nifty Pvt Bank | 0.4 |
| Nifty Media | 0.4 |
| Nifty Financial Services | 0.5 |
| Nifty Bank | 0.5 |
| Nifty PSU Bank | 0.7 |
| Nifty Metal | 0.8 |
Closing Bell | Sensex down 10 points, Nifty 4 pts shy of 17,900
The Sensex finished the day with a loss of 10 points at 60,105.5, having gyrated in a 559-point range around the flatline -- between 59,805.8 and 60,364.8 -- during the session. The Nifty50 settles at 17,895.7, down 18.5 points from its previous close.
ICICI Securities bullish on Titan, target Rs 2,800
According to ICICI Securities, Tanishq has effectively fine-tuned the success template in Chennai and one of the famous states for gold markets, Tamil Nadu, which is a replicable template in other southern states. Tanishq has been able to meaningfully sharpen its competitive edge by becoming aggressive on price and inventory offering compared to top regional competition, which has helped it improve business in terms of customer footfalls and revenue, the brokerage adds.
The South has always been a competitive market for Tanishq due to highly competitive dominant organised jewellers and its relatively weak regional offerings, according to the brokerage. (Read more on Titan shares)
Sharekhan, Jefferies see up to 21% upside in Axis Bank shares
Sharekhan is positive on Axis Bank on expectations of sustained year-on-year growth in the private sector lender's advances. The brokerage sees upside potential of Rs 200 apiece in Axis Bank shares (target price at Rs 1,140).
Jefferies has a target of Rs 1,110 for the Axis Bank stock -- implying upside potential of 17 per cent. (Read more on Axis Bank shares)
HDFC twins, TCS, Infosys limit downside in Nifty50
Selling pressure in Reliance Industries, Bharti Airtel and Hindustan Unilever continues to weigh on Dalal Street.
Sensex, Nifty50 struggle below flatline
The 3-scrip index is down 65.1 points or 0.1 per cent at 60,050.4 and the Nifty50 is at 17,883.6, down 30.6 points or 0.2 per cent from its previous close.
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What brokerages say on Sun Pharma, Divi's, Lupin, Apollo Hospitals, other pharma, healthcare stocks
- HSBC maintains 'buy' on Cipla, raised target price by Rs 10 to Rs 1,350
- Jefferies retains 'buy' on Sun Pharma, raises target price by Rs 16 to Rs 1,200; HSBC maintains 'buy', raises target by Rs 20 to Rs 1,210
- Jefferies continues with 'underperform' on Divi's, raises target to Rs 3,045 from Rs 3,017; HSBC maintains 'hold' on Divi's, raises target price by Rs 15 to Rs 3,440
- HSBC maintains 'buy' on Apollo Hospitals Enterprises, raises target by Rs 290 to Rs 5,340
- Jefferies downgrades Biocon to 'hold' from 'buy', cuts target to Rs 285 from Rs 357; HSBC retains 'hold' on Biocon, reduces target by Rs 25 to Rs 300
- Jefferies retains 'underperform' rating on Lupin, raises target by Re 1 to Rs 650
- Jefferies downgrades Laurus Labs to 'hold' from 'buy', reduces target to Rs 395 from Rs 567
- Jefferies continues with 'buy' on Syngene International, raises target to Rs 750 from Rs 709
Pharma stocks reel under selling pressure; Cipla worst hit
| Index/stock | Change (%) |
| Nifty50 | -0.1 |
| NIFTY Pharma | -0.7 |
| Gland | 1.9 |
| Sun Pharma | 0.9 |
| Natco | -0.3 |
| Dr Reddy's | -0.3 |
| Pfizer | -0.5 |
| Aurobindo | -0.5 |
| Lupin | -0.5 |
| Alkem | -0.8 |
| Ipca Labs | -0.9 |
| Torrent | -1.1 |
| Glenmark | -1.1 |
| Zydus | -1.1 |
| Divi's | -2.3 |
| Laurus | -2.5 |
| Cipla | -2.6 |
Jefferies has downgraded Cipla to 'hold' from 'buy' and reduced its target price for the stock by Rs 219 to Rs 1,100.
Nifty 12 pts shy of 17,900 amid choppy trade
The Nifty50 benchmark is placed at 17,887.7 in late morning deals, down 26.5 points or 0.2 per cent from its previous close.
Reliance, Bharti Airtel, HUL, Cipla and Adani Enterprises are the biggest drags on the index at this hour.
Buy FDC for target of Rs 320-330: Tradeswift's Sandeep Jain
In an interaction with Zee Business Managing Editor Anil Singhvi, Sandeep Jain of Tradeswift suggests FDC as his long-term midcap stock pick. He expects the stock to reach a target of Rs 320-330 over the next 9-12 months -- implying upside potential of up to 16-19 per cent.
The FDC stock has given a return of 10 per cent in the past six months, in line with the Nifty50 benchmark.
Cipla shares face selling pressure; Jefferies downgrades to 'hold', reduces target
Cipla shares are trading at a discount of Rs 25.8 or 2.4 per cent to their previous close, at Rs 1,052.9 apiece on BSE. Earlier in the day, the stock declined to as low as Rs 1,046 apiece.
Jefferies has downgraded Cipla to 'hold' from 'buy' and lowered its target price for the stock by Rs 219 to Rs 1,100.
HSBC has, however, retained its 'buy' call for the stock and raised its target price by Rs 10 to Rs 1,350 apiece.
Bharti Airtel shares under pressure after JPMorgan downgrade to 'underweight', target cut
JPMorgan has downgraded Bharti Airtel to 'underweight' from 'overweight' and lowered its target for the stock to Rs 710 from Rs 860. The brokerage expects competitive 5G rollouts to gain momentum in the telecom sector.
Jefferies has maintained a 'hold' call on Bharti Airtel but lowered its target price for the stock to Rs 850 from Rs 855. (Catch Zee Business Managing Editor Anil Singhvi's insight on Bharti Airtel shares)
Sensex in the green lifted by Infosys, HDFC Bank, TCS 