Stock Market HIGHLIGHTS: Nifty50 as flat as it can get, Sensex ends 37 pts higher; Maruti up 3%, Axis Bank down 2%
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 gave up most of their intraday gains in a choppy session on Tuesday despite positive moves across global markets. Investors awaited more of corporate earnings from India Inc for domestic cues.
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 gave up most of their intraday gains in a choppy session on Tuesday despite positive moves across global markets. Investors awaited more of corporate earnings from India Inc for domestic cues.
Here are 10 key things to know about the January 24 session on Dalal Street:
1) The Sensex ended 37.1 points or 0.1 per cent higher at 60,978.8 — having retreated 287.3 points from its strongest level of the day, and the Nifty50 settled flat at 18,118.3.
2) Tata Motors, Maruti Suzuki, Bajaj Auto, Britannia, HCL Tech, HDFC Bank and Asian Paints rose the most among the 21 gainers in the Nifty50 basket, finishing the day around 1-3 per cent higher.
3) Axis Bank, Hindalco, Dr Reddy's, PowerGrid, SBI Life, Grasim and JSW Steel — declining between 1.5 per cent and 2.4 per cent — were the top laggards.
4) Among the index heavyweights, the HDFC twins and Maruti Suzuki were the biggest boosts for both headline indices, whereas Axis Bank, Reliance and Kotak Mahindra Bank were the largest drags.
5) Overall market breadth favoured the bears, with an advance-decline ratio of 4:5 as 1,533 stocks rose and 1,973 fell at the close on BSE.
6) Maruti Suzuki shares were in high demand after the country's largest carmaker reported a more than two-fold jump in net profit to Rs 2,351.3 crore that exceeded analysts' estimates.
7) Axis Bank shares succumbed to selling pressure after the earnings announcement. (What's ailing Axis Bank shares)
8) SBI Card shares slipped deeper into the red after the card issuer's quarterly numbers missed analysts' estimates.
9) European gave up initial gains as better-than-expected business activity data in the euro zone failed to excite investors worried about more of steep hikes in benchmark interest rates. The pan-European Stoxx 600 index was down 0.1 per cent at the last count.
10) S&P 500 futures edged down 0.2 per cent, suggesting a sluggish start ahead on Wall Street. MSCI's broadest index of Asia Pacific shares outside Japan was flat amid thin trade owing to holidays in parts of the region.
Catch highlights of the session, live market commentary and analysis, financial results, expert views, investment ideas and much more on Zeebiz.com's market blog:
Latest Updates
Closing Bell | Sensex up 37 pts at 60,979, Nifty50 flat at 18,118
Here's how the 30-scrip index moved during the session:
SBI Card shares extend intraday losses after Q3 results
SBI Cards and Payments Services — which issues credit cards under brand SBI Card — reports a net profit of Rs 509 crore for the quarter ended December 2022, up 32 per cent compared with the corresponding period a year ago. The credit card issuer's revenue increases 16 per cent on a year-on-year basis to Rs 3,656 crore, according to a regulatory filing.
Its credit card spends grow 24 per cent on a year-on-year basis to Rs 68,835 crore. (Read more on SBI Card results)
Maruti Suzuki Results | India's largest carmaker wins hearts on Dalal Street with more than two-fold jump in Q3 profit
Maruti Suzuki India reports a more than two-fold jump in net profit to Rs 2,350 crore for the quarter ended December 2022 compared with the corresponding period a year ago, far exceeding analysts' estimates. Revenue of the auto major expands 24.9 per cent on a year-on-year basis to Rs 29,044 crore, according to a regulatory filing.
According to Zee Business research, Maruti Suzuki's quarterly net profit was estimated at Rs 1,922 crore and revenue at Rs 27,379 crore.
Maruti Suzuki's margin — a key measure of profitability — improved by 310 basis points on a year-on-year basis to 9.8 per cent.
The Maruti Suzuki stock builds on intraday gains after the earnings announcement, rising by as much as Rs 251.8 or three per cent to Rs 8,675 apiece on BSE.
Stock Idea | Sandeep Wagle suggests going long on Persistent Systems
Sandeep Wagle of Sandeep Wagle Advisory Services has a 'buy' call on Persistent Systems for a target of Rs 4,950 with a stop loss at Rs 4,410.
Persistent shares have rewarded investors with a return of almost 21 per cent in the past one month, a period in which the Sensex benchmark has risen 0.8 per cent.
Infosys, ICICI Bank among Dharmesh Kant's medium-term stock picks
Market expert Dharmesh Kant recommends four stocks for a three-month horizon:
- Buy Infosys for a target of Rs 1,800 with a stop loss at Rs 1,430
- Buy LTIMindtree for a target of Rs 5,200 with a stop loss at Rs 4,100
- Buy ICICI Bank for a target of Rs 1,000 with a stop loss at Rs 830
- Buy UltraTech for a target of Rs 7,900 with a stop loss at Rs 6,400
Buy ICICI Bank, Savita Oil Tech: Avinash Gorakssakar
In an interaction with Zee Business Managing Editor Anil Singhvi, Avinash Gorakssakar of ProfitMart Securities suggests buying ICICI Bank and Savita Oil Tech at current levels for 12-15 months. Here are his calls:
- Buy Icici Bank for a target price of Rs 1,050
- Buy Savita Oil Tech for a target of Rs 400
Route Mobile, Happiest Minds, Zensar top BSE 500 gainers
Nykaa, L&T Tech Services, Westlife Foodworld, Tata Motors and Vaibhav Global are also among the stocks that are rising the most among some 200 gainers in the broadest index on the bourse.
On the flipside, Kalpataru Power Transmission, L&T Finance Holdings, Phenix Mills and Tata Communications are the top laggards.
Buy Bharat Petroleum: Ruchit Jain
Ruchit Jain, Trading Strategist at 5Paisa, recommends going long on BPCL shares for a target of Rs 365 with a stop loss at Rs 342.
BPCL shares have grown 7.6 per cent in value in the past one month, outperforming the 30-scrip benchmark, which has risen 0.8 per cent.
HDFC twins, Infosys, ITC, Tata Motors top Sensex movers
On the other hand, selling pressure in stocks such as Axis Bank, Bharti Airtel and PowerGrid is weighing on the index.
Gold Price Today | Yellow metal crosses Rs 57,000-mark for first time ever
Domestic gold futures touch an all-time high of Rs 57,099 per 10 grams.
The yellow metal has been staging a rally for the past few weeks owing to weakness in the US dollar and sluggish US bond yields. (Read more on gold price)
Market off day's highs after Sensex gains over 300 pts, Nifty50 touches 18,200
The Sensex is quoting at 61,100.7 at this hour, up 159 points or 0.3 per cent from its previous close. The Nifty50 is at 18,154.7, up 36.2 points or 0.2 per cent from its previous close. Within the first 30 minutes of trade, the 30-scrip index climbed to as high as 61,266.1, adding 324.4 points or 0.5 per cent to its previous close, and the Nifty moved to high as 18,201.3, up 82.7 points or 0.5 per cent for the day.
Here's what the intraday chart of Sensex looks like so far:
What's pulling Axis Bank shares lower?
"Axis Bank results are good but concerns remain about whether the sector's earnings will remain good going forward... Deposit growth so far has not been good for any bank in this earnings season," AK Prabhakar, Head of Research at IDBI Capital Markets, tells Zeebiz.com.
"Even ICICI Bank (shares) did not move up much owing to profit booking after good results," he adds. (Read more on Axis Bank shares)
Axis Bank shares under pressure despite strong Q3 show
Pre-Open Market | Sensex up 181 pts, Nifty 16 pts shy of 18,200
In the pre-opening session, the Sensex settles at 61,122.2, up 180.5 points or 0.3 per cent from its previous close. The Nifty50 is at 18,184, up 65.4 points or 0.4 per cent from its previous close.
Traders' Diary | Buy, sell or hold strategy on TCS, SBI, Axis Bank, J&K Bank, Zensar, 15 other stocks
In today's edition of Traders' Diary, the Zee Business research team shares exclusive research on 20 stocks that investors and traders can track. Check out which stocks are on analysts Varun Dubey and Kushal Gupta's radar today, and what they recommend in cash and derivative segments.
Access the complete list of their recommendations
Traders' Diary | Buy, sell or hold strategy on TCS, SBI, Axis Bank, J&K Bank, Zensar, 15 other stocks
In today's edition of Traders' Diary, the Zee Business research team shares exclusive research on 20 stocks that investors and traders can track. Check out which stocks are on analysts Varun Dubey and Kushal Gupta's radar today, and what they recommend in cash and derivative segments.
Access the complete list of their recommendations
Anil Singhvi expects support for Nifty50 at 18,075-18,125 levels today
Zee Business Managing Editor Anil Singhvi shares his strategy for the January 24 session on Dalal Street. He expects support for the Nifty50 benchmark to come in at 18,075-18,125 levels during the session, below which, he sees a strong buy zone in the 17,950-18,025 area.
For the Nifty Bank, Anil Singhvi sees support at 42,575-42,725 levels, and a strong buy zone in the 42,375-42,500 band.
US futures pause after Monday's strong session
S&P 500 futures are flat to slightly negative this mrning, suggesting a muted start ahead on Wall Street.
On Monday, the three main indices rallied as investors began an earnings-heavy week with a renewed enthusiasm for market-leading momentum stocks that were battered last year.
- S&P 500: up 1.2 per cent
- Dow Jones Industrial Average: up 0.8 per cent
- Nasdaq Composite: up two per cent
Asian shares continue to rise amid thin trade
Equities in other Asian markets strengthen this morning, following a strong handover from Wall Street, amid thin trade on account of Lunar holiday in many regions. MSCI's broadest index of Asia Pacific shares outside Japan is up 0.2 per cent.
- Japan's Nikkei 225: up 1.6 per cent
- China, Hong Kong, South Korea and Singapore: holiday
SGX Nifty futures rise 100 points, indicate gap-up opening ahead on Dalal Street
Singapore Exchange (SGX) Nifty futures — an early indicator of the Nifty50 index — are quoting up 96.5 points or 0.5 per cent at 18,243 at this hour, suggesting a gap-up start ahead on Dalal Street. Earlier in the day, the contract gained as much as 107 points to 18,253.5.Sensex rose 320 points to 60,942 on Monday, Nifty50 reclaimed 18,100
On Monday, both headline indices finished 0.5 per cent higher. The Sensex added 319.9 points to its previous close to end at 60,941.7, and the Nifty50 settled at 18,118.6, up 90.9 points from its previous close. (Read more on the January 23 session)
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