Stock Market HIGHLIGHTS: Bulls rejoice on TCS surge; Sensex ends 840 points up, Nifty above 18,100
Stock Market HIGHLIGHTS: The 50-stock Nifty50 traded in a 205 point range after opening with a gap up while Sensex moved in a 742 point range. Both benchmark indices ended their three-day losing streak
Stock Market HIGHLIGHTS: Indian equity benchmarks S&P BSE Sensex and NSE Nifty50 saw strong gains on Monday catapulted by surge in TCS which is set to announce its October-December Quarter results today. The 30-scrip index ended 60,747.31 points or 1.41 per cent higher at 60,747.31 while the broader market Nifty50 finished at 18,101.20, up 241 points or 1.35 per cent from its previous closing.
Key takeaways from day's action:
1) The 50-stock Nifty50 traded in a 205 point range after opening with a gap up while Sensex moved in a 742 point range. Both benchmark indices ended their three-day losing streak.
2) The market breadth in was skewed in favour of gainers. On Nifty50, 43 stocks gained while 7 declined. The top gainers were Mahindra & Mahindra, SBI Life, IndusInd Bank, TCS and HCL Technologies while the top losers were Titan Company, Bajaj Finserv, Grasim Industries, Bajaj Auto and HDFC Life.
3) Positive action was seen in all Nifty sectoral indices but one - Nifty Consumer Durables, which fell nearly 0.5 per cent. The top performers were Nifty IT (+2.83 per cent), Nifty Metal (+1.43 per cent) and Nifty Auto (+1.23 per cent). Banking gauge Nifty Bank ended at 42,582.75, up 0.93 per cent or nearly 400 points.
4) India VIX, a measure of volatility in Nifty ended 2.47 per cent lower at 14.65.
5) Broader markets moved in tandem with frontline indices Sensex and Nifty. In the 100-stock Nifty Mid Cap 100, 74 stocks advanced helping the index take a 296 point lead over the previous closing. It ended at 31,716.65, up 0.94 per cent. The top gainers were L&T Finance Holdings, Max Health and Persistent Systems while the top losers were Vodafone Idea, Trent and Hindustan Petroleum.
6) In the Nifty Small Cap 100, advances were 67, declines were 32 and 1 stock exchanged. The top gainers were KEC International, Aether and Intellect Design Arena while biggest losers were Chemplast, Praj Industries and Renuka Sugars.
7) Out of 3,799 stocks that traded on the BSE, 2,044 advanced, 1,585 declined while 170 remained unchanged. 149 stocks hit their 52-week highs while 42 fell at 52-week lows. Reliance Industries, Infosys and TCS triggered a strong rally in Sensex.
8) The rupee gained 29 paise to close at 82.37 (provisional) against the US dollar on Monday, supported by a weaker greenback overseas and a firm trend in domestic equities. At the interbank foreign exchange market, the local unit opened at 82.41 and touched an intra-day high of 82.25 and a low of 82.44 against the greenback. It finally ended at 82.37 (provisional), registering a rise of 29 paise over its previous close.
On Friday, the rupee settled at 82.66 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.24 per cent to 103.62. PTI
9) SGX Nifty was trading at 18,173, up 214 points or 1.19 per cent at the time of filing this report. Dow Futures were trading at 33,716, up 85.40 points or 0.25 per cent. Earlier today, China's Shanghai Composite closed at 3,176.08, up 18.45 points or 0.58 per cent. Japan's Nikkei was shut for trading today. Germany's Dax was trading at 14,650.40, up 40.36 points or 0.28 per cent.
10) Dollar Index's declines were gainers for gold and silver. The prices of bullion were up in international and Indian markets. February Gold futures were trading at Rs 56035 per 10 gram on MCX and were up by Rs 292 or 0.52 per cent. March Silver futures were trading at Rs 69475 per kg and were higher by Rs 320 or 0.46 per cent.
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Expert Take: Nifty Outlook
"The Nifty, on January 06, had moved down towards the lows seen in the last couple of weeks. It had fallen towards the 20 WMA, daily lower Bollinger Band & the 50% retracement of the Sept-Dec 2022 rally. These parameters were present near the lower end of the short term consolidation range, which is 17800. Thereon the index witnessed a smart bounce on January 09. It can go on till 18200-18260 on the higher side. The level of 18000 will act as an immediate support. The overall structure for the last few sessions shows that the sharp moves in both the directions are part of the short term consolidation process." - Nifty Outlook quote by: Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
(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.)
Expert Take on Markets
"Positive undercurrent in global markets had a rub-off effect on local equities, as investors resorted to short-covering after last week's correction helping key benchmark indices recapture their psychological levels,"
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd said."With China steadily lifting covid restrictions, there are hopes that demand may pick up going ahead, which could give breathing space for the markets already battling recession fears, higher interest rate regime, and benign inflation levels. Despite the recovery, markets may remain choppy as most of the lingering worries are yet to subside. Technically, a strong bullish candle on daily charts and promising reversal formation is indicating further uptrend from the current levels. For bulls, 18000 would be the sacrosanct support zone, and above the same, the pullback formation will continue till 18200-18270. On the flip side, below 18000, the uptrend would be vulnerable and the index could retest the level of 17950-17900," he added.
(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: Stocks in Ban
- ALREADY IN BAN
- IBULHSGFIN 92%
POSSIBLE ENTRANTS
- GNFC 110%
POSSIBLE EXIT
NONE
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Barring Nifty Consumer Durables, all of NSE's sectoral indices hold on to the green
The Nifty IT -- whose 10 member stocks include TCS, Infosys, Wipro, HCL Technologies and Tech Mahindra -- is the top gainer among the bourse's sectoral gauges. Here's what all sectors on the exchange look like 40 minutes prior to the closing bell:
Index Change (%) NIFTY IT 2.6 NIFTY AUTO 1 NIFTY PSU BANK 1 NIFTY OIL & GAS 0.9 NIFTY METAL 0.9 NIFTY HEALTHCARE INDEX 0.7 NIFTY PHARMA 0.7 NIFTY PRIVATE BANK 0.6 NIFTY BANK 0.6 NIFTY FMCG 0.5 NIFTY MEDIA 0.5 NIFTY REALTY 0.3 NIFTY FINANCIAL SERVICES 0.3 NIFTY CONSUMER DURABLES -0.9 Reliance, Infosys, TCS, Bharti Airtel biggest boosts for Sensex
Larsen & Toubro and Mahindra & Mahindra are also among the largest contributors to the rise in the 30-scrip index.
On the other hand, weakness in stocks such as Titan, Bajaj Finserv and Asian Paints is coming in the way of higher levels in the gauge.
Ashish Kacholia raised stake in Yasho Industries, Xpro India in December quarter
Seasoned investor Ashish Kacholia raised stake in Yasho Industries to 3.82 per cent and in Xpro India to 4.45 per cent. Kacholia's portfolio is followed closely for midcap and smallcap multibagger ideas. (Read more on Ashish Kacholia's portfolio)
Godfrey Pillips, GR Infra, Aether, PNB Housing top gainers in BSE 500 universe
As many as 360 stocks in the BSE 500 basket are holding on to the green. Top laggards in the broadest index on the bourse include Vodafone Idea, Chemplast Sanmar, Equitas Small, Ceat and Godrej Consumer Products.
Traders' Diary | Over 20 stock ideas by Zee Business research team
Analysts Arman Nahar and Kushal Gupta recommend going long on Anand Rathi Wealth from an investment perspective for a target price of Rs 840. (Check out their other trading calls today)
Tata Consumer, Maruti Suzuki, BEL among brokerages' top picks today
Five stocks have the potential to give a return as high as 35 per cent, according to brokerage. According to Sharekhan, Maruti Suzuki shares can be bought for a target of Rs 10,965 apiece. (Check out the complete list of brokerages' top stock picks here)
TCS among top 3 gainers on Sensex, Nifty50
All of the 10 constituents of the Nifty IT are well in the green, led by Tata Consultancy Services' gain of 3.1 per cent.
Here's what the rest of the IT basket looks like:
Stock Change (%) Price TECHM 3 1,015.8 COFORGE 2.9 4,015 PERSISTENT 2.6 3,951.2 HCLTECH 2.2 1,056 LTIM 1.9 4,278 LTTS 1.6 3,683.9 MPHASIS 1.5 2,007.6 TCS shares jump ahead of results today
Tata Consultancy Services (TCS) shares are up by Rs 89.7 or 2.8 per cent at Rs 3,301.7 apiece on BSE, having risen as much as 3.1 per cent earlier in the day. The IT major is all set to kick off the earnings season post-market hours today.
TCS is likely to report a net profit of Rs 11,270 crore for the October-December period, according to Zee Business research, which translates to a sequential increase of eight per cent. TCS is likely to report a 3.6 per cent quarter-on-quarter rise in quarterly revenue to Rs 57,280 crore.
Its revenue in dollar terms is estimated at $6,970 million for the quarter ended December as against $6,877 million for the previous three months, according to Zee Business research. Revenue in constant currency terms is likely to increase 1.6 per cent compared with the previous quarter. (Read more on what to expect from TCS results)
Buy ITD Cementation for short term: Vikas Sethi
Sharing his stock pick with a perspective of 1-3 months, Vikas Sethi of Sethi Finmart recommends buying ITD Cementation for a target price of Rs 135 with a stop loss at Rs 118.
Here's how the stock has fared in the past one month:
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Buy KPIT Tech for short term: Rajesh Palvia
In an interaction with Zee Business Managing Editor Anil Singhvi, Rajesh Palvia of Axis Securities suggests buying KPIT Tech from a 1-3-month horizon for a target price of Rs 820-840 with a stop loss at Rs 715.
KPIT shares have rewarded investors with a return of 7.3 per cent in the past one month alone, a period in which the Nifty50 benchmark has declined 2.2 per cent.
Midcap stocks to buy for long term
In an interaction with Zee Business Managing Editor Anil Singhvi, Rajesh Palvia of Axis Securities suggests buying Transformers & Rectifiers for a period of 9-12 months for a target price of Rs 78/85 with a stop loss at Rs 52.
Vikas Sethi of Sethi Finmart has Bharat Dynamics as his long-term midcap pick. He advises going long for a target price of Rs 1,350.
SAIL, Bajaj Auto among Sanjiv Bhasin's top stock picks
Market veteran Sanjiv Bhasin shares three stock picks:
- Buy Zee Entertainment for a target price of Rs 270 with a stop loss at Rs 234
- Buy SAIL for a target of Rs 95 with a stop loss at Rs 83.5
- Buy Bajaj Auto for a target of Rs 3,900 with a stop loss at Rs 3,550
Market breadth extremely positive
Overall market breadth is favouring the bulls in a big way, with an advance-decline ratio of 4:1 as 2,121 stocks are moving higher and 473 succumbing to selling pressure on BSE.
Reliance, TCS, Infosys push headline indices higher
Reliance, TCS, Infosys and the HDFC twins are the biggest boosts for both main gauges, contributing almost 200 points to the rise in Sensex.
Markets LIVE: Currency Watch
Rupee is trading on 5 week high level at 82.30.
Rupee Close on Friday: 82.72
Rupee opening: 82.20
Range for the day : 81.80 to 82.50
Exporters to sell : 82.50 and above
"Importers must buy at 82.20 for all payments due in Jan and near to 82 and below for hedging," Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP said.
(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.)
Anil Singhvi Strategy on Nifty, Bank Nifty: Key Support and Resistance Levels
Triggers from global markets are favourable for Indian markets, especially the Friday show from US markets is a big positive, Zee Business Managing Editor Anil Singhvi said. Nifty closed near an important support level on Friday, so the opportunity for recovery is there for this 50-share index, Singhvi said while spelling out his strategy for Nifty and Bank Nifty on Monday.
Amid positive global markets, positive domestic institutional investors (DIIs), negative foreign institutional investors (FIIs), positive futures & options (F&O) and neutral sentiment cues, the short-term trend of the Indian stock markets will be positive on Monday, January 9, 2023.
Markets LIVE: Trading Strateg on 20 Stocks - Bharti Airtel, NMDC, Patanjali, Asian Paints and Others
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 Arman Nahar and Kushal Gupta recommends a buy, sell or hold strategy in cash stocks, futures and give their best picks for today.
Markets LIVE: Trading Calls for Today by expert Anuj Gupta of IIFL Securities
BUY MCX GOLD FEBRUARY AT 55600 STOP LOSS 55250 TARGET 56300
Buy MCX Silver March at 69000 STOP LOSS 68500 TARGET 70500
Buy MCX CRUDE OIL AT 6050 STOP LOSS 5950 TARGET 6250
BUY MCX COPPER JANUARY AT 728 STOP LOSS 722 TARGET 745
BUY NCDEX COCUDAKL JANUARY AT 3060 STOP LOSS 3000 TARGET 3150
BUY NIFTY AT 18100 STOP LOSS 18000 TARGET 18350
BUY BANK NIFTY AT 42200 STOP LOSS 41850 TARGET 42800
SELL USDINR AT 82.80 STOP LOSS 83.10 TARGET 82.20
(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.)
Trading Call by Anuj Gupta of IIFL Securities
Gold USD 1874
Silver USD 24.10
Dollar Index 103.97
Top 5 stocks for the week
- BUY SBIN | STOP LOSS 578 | TARGET 645
- BUY ONGC | STOP LOSS 139 | TARGET 160
- BUY BANDHANBANK | STOP LOSS 224 | TARGET 275
- BUY HINDALCO | STOP LOSS 442 | TARGET 498
- BUY RELIANCE | STOP LOSS 2465 | TARGET 2595
(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 Brokerages recommend today?
-- Macquarie on Larsen & Toubro (CMP: 2087)
Maintain Outperform, Target raised to 2280 from 2240
-- Morgan Stanley on Sobha (CMP: 585)
Maintain Overweight, Target 1024
SDL continues to deliver on new launches, strong pre-sales & de-leveraging goals.
All this, plus inexpensive valuation, drives OW rating
- Jefferies on Sobha (CMP: 585)
Maintain Buy, Target cut to 765 from 825
-- Morgan Stanley on Macrotech Developers
Maintain Equalweight, Target 1145
Key themes for MDL include pre-sales momentum, project acquisition via JDA/JV route & de-leveraging.
Cash repatriation from London projects should accelerate
- Jefferies on Macrotech Developers
Maintain Buy, Target raised to 1275 from 1250
Markets LIVE: Global Markets at a Glance
Asian bench mark indices were trading positive on Monday.Today's momentum can be attributed to a thumping ending of frontline indices on Wall Street on Friday. Dow 30 ended at 33,630.60, up 700.53 points or 2.13 per cent while S&P 500 closed at 3,895.08, higher by 86.98 points or 2.28 per cent. Nasdaq Composite was trading with nearly 260 points or 2.56 per cent gains at 10,569.30 264.05 2.56 per cent.
US bond yields have slipped to 3.56 per cent with buying resuming in most sectors. The rally in US stock was on the back of strong US jobs data. Around 2.23 lakh jobs were added in the month gone by against estimates of 2 lakh. The unemployment fell from 3.7 per cent to 3.5 per cent. Markets took strength from low wage numbers despite growing job numbers in the world's largest economy. The view is that low growth in incomes will curtail spending and keep inflation in check.
Source: Comex Friday Market Recap - Closing Bell: Sensex, Nifty end week in red; record 3rd successive loss beaten down by IT, bank stocks
Indian equity markets ended Friday in the red, recording their third consecutive losses in the week. S&P BSE Sensex ended at 59,900.37, down 453 points or 0.75 per cent while the broader market Nifty50 settled at 17,859.45, lower by 132 points or 0.74 per cent. Banking gauge Nifty Bank finished 419 points or 0.99 per cent lower at 42,188.80.
Losses in financial and IT stocks including the likes of ICICI Bank, HDFC Bank, TCS and Infosys were the biggest contributors to the fall in headline indices.
Nifty FMCG and Nifty Consumer Durables ended with minor gains among Nifty sectoral Indices. Out of 15 indices, 13 closed in the red. The worst performers were Nifty IT (-2 per cent), Nifty Media (-1.45 per cent) and Nifty Private Bank (-1.12 per cent).
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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.
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