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 Nifty50 finished a volatile session nearly unchanged on Wednesday, having swung between gains and losses amid choppy trade during the session.
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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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
Catch Zee Business Managing Editor Anil Singhvi's insight on Bharti Airtel shares)
Sensex in the green lifted by Infosys, HDFC Bank, TCS
Tata Investment, PSB, Edelweiss Financial, Shree Renuka top gainers in BSE 500 universe
Oil India, Greaves Cotton and UCO Bank are also rising the most among some 330 gainers in BSE's broadest index.
On the other hand, stocks such as Bharti Airtel, Cipla and Supreme Industries are among the top laggards.
Nifty IT top gainer among NSE's sectoral indices helped by TCS, Infosys, HCL Tech
Here's a look at other sectoral indices on the bourse at this hour:
Index Change (%) NIFTY HEALTHCARE INDEX -0.6 NIFTY FMCG -0.5 NIFTY AUTO -0.5 NIFTY PHARMA -0.5 NIFTY OIL & GAS -0.5 NIFTY CONSUMER DURABLES -0.1 NIFTY REALTY 0 NIFTY FINANCIAL SERVICES 0.1 NIFTY PSU BANK 0.1 NIFTY BANK 0.2 NIFTY PRIVATE BANK 0.2 NIFTY MEDIA 0.3 NIFTY METAL 0.5 NIFTY IT 0.6 Reliance, Bharti Airtel, Hindustan Unilever, HDFC top drags on Sensex
Losses in Mahindra & Mahindra, Asian Paints, Nestle and Axis Bank also weigh on the index.
On the other hand, gains in stocks such as TCS, HDFC Bank and ICICI Bank lend some support to the gauge.
Headline indices eke out a gain but fail to stay in positive zone
The Sensex briefly makes it above the flatline but succumbs to negative territory soon after. The 30-scrip index declines 309.7 points or 0.5 per cent to 59,805.8 at the weakest level of the day so far.
Markets LIVE: Nifty Movement in Charts
Source: NSE Commodity Markets LIVE: MCX Snapshot
Currency Markets LIVE: Outlook and Expert Take
Rupee closing: 81.79
Rupee opening: 81.62
Range for the day: 81: 20 to 81.80
Exporters: wait for above 82.00 to sell
Importers: Hedge for 1 month"The dollar next was stable at 103.31 while brent oil was also stable at $ 79.48 per barrel. US 10 year yield rose to 3.58%. Asian currencies were a tad weaker against the dollar," Anil Kumar Bhansali,
Head of Treasury at Finrex Treasury Advisors LLP said. Expect Rupee to gain against the dollar but awaiting for RBI intervention to protect excessive appreciation, he said."Fed Chairman Powell did not speak anything on monetary policy in his speech at Stockholm. US equities were higher but Indian Equities fell yesterday as recession concerns in Western economies worried traders. World Bank downgraded growth in World for 2023 with Indian economy expected to grow at 6.6% while GOI expects it to grow by 7%," Bhansali 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.)
Currency Markets LIVE: Rupee opened with gains against the US Dollar for the third successive session this week. The INR has appreciated by nearly Re 1 this week.
Anil Singhvi Strategy on Nifty, Bank Nifty: key support and resistance levels
Stock markets could see some reversal today as per the available cues from the global markets, Zee Business Managing Editor Anil Singhvi said while spelling out his strategy on Nifty and Bank Nifty. He expects markets to trade in a range bound manner and investors are likely to get opportunities for a two-way trade.
Amid positive global markets, positive domestic institutional investors (DIIs), negative foreign institutional investors (FIIs), neutral futures & options (F&O) and neutral sentiment cues, the short-term trend of the Indian stock markets will be positive on Wednesday, January 11, 2023.
Markets LIVE: Countdown to Budget 2023 has begun and industry is ready with its wishlists. Manufacturing companies will remain in focus across sectors.
Budget 2023: Continued focus on investment in infrastructure, further incentivising manufacturing and sustained efforts in 'Ease of Doing Business', pushing through disinvestment and leaving more money in the hands of middle and lower middle class people are amongst the major expectations of India Inc, as brought out by an ASSOCHAM pre-Budget survey.
The survey, covering more than 400 people from 40 plus cities across the country, pointed towards the industry being optimistic about economic recovery and embracing the 'new normal' following the Covid period, challenging geo-political situation and slowdown or recession fears in several important economies of the world.
Markets LIVE: Strategy on 20 Stocks
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Markets LIVE: Telecom Stocks in Focus
Data adoption and tariff hike-led revenue growth as well as 5G rollouts are key monitorables for 2023 which will also be a decisive year for Vodafone Idea as a viable third player, according to a report.
The telecom sector's Average Revenue Per User (ARPU) when adjusted for inflation is still 17 per cent below pre-Reliance Jio launch. "...We expect Bharti (Airtel) to lead tariff hikes to ARPU of Rs 236 by FY25, while Bharti targets Rs 300 ARPU", leading brokerage CLSA said in its report on the telecom sector.
Markets LIVE: Stocks in News Today, January 11
Dr Reddy's: Theranica, a prescribed digital therapeutics company developing advanced neuromodulation devices for migraine and other pain conditions, has announced a strategic license and supply agreement with Dr Reddy's Laboratories Ltd. for the exclusive marketing and distribution of FDA-approved Nerivio in India, subject to completion of the regulatory approval process in India.
Uttam Sugar Mills: The company’s board has approved increasing the daily capacity of its ethanol distillery in Barkatpur by 100 kilolitres. The distillery capacity has been increased to 250 kilolitres with a capex of Rs 56 crore.
Tuesday Market Recap
Closing Bell: Indian frontline indices S&P BSE Sensex and NSE Nifty50 retreated on Tuesday dragged by banks & financial services stocks, metals and IT stocks. S&P BSE Sensex ended day's trade at 60,115.48, down 631.83 points or 1.04 per cent while the broader market Nifty50 crashed 185 points or over 1 per cent at 17,915.60. Banking gauge Nifty Bank finished at 42,014.75, lower by 568 points or 1.33 points.
In the 50-stock Nifty50, 17 stocks advanced with Tata Motors, Apollo Hospitals, Hindalco Industries, Power Grid and Divi's Laboratories ending as top gainers while Adnai Enterprises, Bharti Airtel and SBI witnessing massive selling pressure.
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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