Indices extended the Budget rally to Tuesday, led by a surge in banks, auto and infra stocks. The Sensex soared over 2% and touched a high 50,154.48 during the day while the Nifty moved in the range of 14,731.70-14,469.15 points
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02 Feb 2021, 03:50:23 PM IST
In a budget-fuelled rally, Sensex closes above 49K; Nifty above 14,600
Indian equities extended gains, ending over 2% higher on Tuesday, as investors continued to cheer Budget announcements. Advances in global peers also helped.
At close, the Sensex was up 1,197.11 points or 2.46% at 49,797.72, and the Nifty up 366.70 points or 2.57% at 14,647.90.
Among sectoral indices, Nifty Auto rallied the most, over 4%, followed by Nifty PSU Bank, Nifty Realty and Nifty Financial Services, each gaining over 3%.
Tata Motors, Shree Cements, UltraTech Cement, SBI and Hindalco were among major gainers on the Nifty, while HDFC Life, Bajaj Finserv, Hero MotoCorp, Titan Company and HUL were the top losers.
BSE Midcap and Smallcap indices rose 1-2%.
02 Feb 2021, 03:28:00 PM IST
Future Group rejects Delhi HC's proposal to enter into talks with Amazon for amicable resolution
02 Feb 2021, 03:14:30 PM IST
Exports rise 5.37% in Jan, trade deficit narrows to $14.75 billion
India's exports grew 5.4% year-on-year to $27.24 billion in January, driven by healthy growth in pharma and engineering sectors, according to provisional data of the commerce ministry.
Trade deficit during the month narrowed to $14.75 billion from $15.3 billion a year ago.
Imports in January rose 2% year-on-year to $42 billion.
02 Feb 2021, 03:05:09 PM IST
European equities trade higher
European shares rose on Tuesday as investors were hopeful of a faster economic recovery, while technology shares gained after French IT consulting group Atos ended talks of a potential takeover of U.S. rival DXC Technology.
Shares in Atos SE gained 2.8% after the firm said it has decided to discontinue talks about a potential $10 billion acquisition of DXC Technology Co.
The European technology sector rose 1.3%, while the STOXX 600 index gained 1.2%. All of Europe's major sector indexes were in positive territory in the first hour of trading.
02 Feb 2021, 02:59:47 PM IST
India rupee traded at 72.94 per dollar vs Monday's close of 73.02/dlr
02 Feb 2021, 02:53:03 PM IST
HDFC twins, SBI lead gains on Sensex
02 Feb 2021, 02:44:37 PM IST
HDFC Q3 earnings
HDFC Ltd on Tuesday reported a 65% year-on-year fall in its December quarter net profit to Rs2,925.8 crore while revenue fell 42.3% to Rs11,707 crore. The Q3FY20 net profit includes proceeds from Gruh stake sale, reported CNBC-TV18.
02 Feb 2021, 02:33:55 PM IST
Escorts reports Q3 net profit of ₹280 crore, revenue at Rs2,017 crore
02 Feb 2021, 02:30:24 PM IST
Cement shares soar on Budget infra push
02 Feb 2021, 02:22:21 PM IST
Cryptocurrency bill: Bitcoin in India trades at 20% discount to global prices
02 Feb 2021, 02:09:52 PM IST
All Nifty indices higher
02 Feb 2021, 01:58:08 PM IST
Oil prices extend rally as producers curb output
Oil prices rose around 1% on Tuesday after major crude producers showed they were reining in output roughly in line with their commitments, extending gains for a market thrown out of kilter by weak demand during the coronavirus pandemic.
Brent crude was up 48 cents, or 0.9%, at $56.83 a barrel, the third straight day of gains. US oil gained 52 cents, or 1%, to $54.07. Both contracts had risen more than 2% in the previous session.
02 Feb 2021, 01:47:05 PM IST
Indigo Paints surges higher
02 Feb 2021, 01:44:00 PM IST
Budget 2021: Proposed ARC to buy ₹1.4-1.5 lakh crore of bad loans from banks: CNBC TV-18
The proposed Asset Reconstruction Company for cleaning up the bad loans of bank may require around ₹10,500 crore of capital, senior officials familiar with the development told CNBC-TV18.
In her Budget speech, finance minister Nirmala Sitharaman had proposed setting up of an ARC/AMC (Asset Management Company) for tackling the non-performing asset problem of banks.
This ARC is expected to buy large stressed assets of at least ₹1.40-1.50 lakh crore from banks, officials said. These assets are largely legacy loans and banks have already provided at least 50 percent or more for these assets. The banking sector’s gross non-performing assets stood at ₹8.99 lakh crore as of March 2020.
The transfer value of the stressed assets of banks, to be housed in the ARC is estimated around ₹70,000 crore (net of provisions).
02 Feb 2021, 01:27:33 PM IST
At 1313pm, the Sensex was up 1,084.04 points or 2.23% at 49,684.65, and the Nifty was up 322.20 points or 2.26% at 14,603.40. About 1,551 shares advanced, 1,068 shares declined, and 144 shares are unchanged.
02 Feb 2021, 01:16:00 PM IST
Adani Ports update
Adani Ports handled cargo volume of 26.02 mmt in January, up 31% year-on-year. January cargo volumes include 3.87 MMT of Krishnapatnam Port. Excluding Krishnapatnam, cargo volume January rose 11% YoY.
Multiplex operator PVR Ltd has raised ₹800 crore by issuing shares to a set of investors through qualified institutional placement (QIP).
The QIP witnessed an allotment of over 55.55 lakh equity shares to eligible qualified institutional buyers (QIBs) at a price of ₹1,440 apiece.
02 Feb 2021, 12:55:07 PM IST
Gold was at $1,854 an ounce, down 0.3%: Bloomberg
02 Feb 2021, 12:50:55 PM IST
BP plunges into $20.3-bn annual loss on pandemic hit: AP
02 Feb 2021, 12:48:06 PM IST
RIL down over 1% amid a surge in markets
02 Feb 2021, 12:45:56 PM IST
Rajya Sabha adjourned for the day amid uproar by opposition over new farm laws: PTI
02 Feb 2021, 12:40:01 PM IST
Benchmark US crude rose 72 cents to $54.27 per barrel. The contract had gained $1.35 on Monday to $53.55 a barrel. Brent crude, used to price international oils, added 70 cents to $57.05 per barrel. It had advanced $1.31 the previous session to $56.35.
02 Feb 2021, 12:26:53 PM IST
BioNTech to produce 2 billion doses of COVID-19 vaccine in 2021
German biotechnology company BioNTech plans to produce 2 billion doses of covid-19 vaccine in 2021 following a surge in global demand, the company said in a statement.
"In order to respond to an increased global demand, we plan to manufacture two billion doses of our COVID-19 vaccine in 2021 by expanding the previously expected output of 1.3 billion doses by more than 50 per cent," it said.
"We are on track to scale-up our manufacturing capacities."
The company, which developed the vaccine with US-based pharma Pfizer, said the modification of production processes at Pfizer's facility in Puurs, Belgium, had been successfully completed.
02 Feb 2021, 12:25:18 PM IST
Wider fiscal deficits could pressure India's ratings, says Fitch
Wider fiscal deficits and a more gradual pace of consolidation will lift the Indian government's debt and pressure its sovereign ratings, Fitch Ratings said, cautioning that the fiscal firepower is limited due to a high debt ratio.
Finance minister Nirmala Sitharaman on Monday, while presenting the budget for 2021-22, said the current year fiscal deficit will touch 9.5% of GDP, much higher than the budgeted 3.5% and sharply above analyst estimates of around 7%.
The government has projected a deficit of 6.5% for the next fiscal, starting April and said it would reach 4.5% only by financial year 2025/26.
"Deficit targets presented in India's central government budget on February 1 are higher, and medium-term consolidation more gradual, than we expected," Jeremy Zook, director Fitch Ratings' Asia-Pacific Sovereigns team said in a note on Tuesday.
02 Feb 2021, 12:04:59 PM IST
Top gainers/losers on Nifty
02 Feb 2021, 11:59:27 AM IST
India's bigger Budget is a shot in the arm for economy, says S&P: ANI
India's Budget for fiscal 2022 represents a comprehensive effort by the central government to shore up the country's nascent economic recovery, S&P Global Rating said on Tuesday.
But the brawny spending programme also entails higher-than-expected general government deficits -- at more than 14% of GDP this fiscal year and 11.6% in fiscal 2022.
"While we currently see no material effect from the Budget on key credit factors, the economy's brightening growth prospects will be critical to maintaining the sustainability of public finances, with general government debt likely to hover at more than 90% of GDP over the next few years," S&P Global Rating said.
02 Feb 2021, 11:46:40 AM IST
Auto stocks soar on Budget push
January saw traction in automobile sales, led by demand for tractors and passenger vehicles. Commercial vehicles sales also saw a strong pickup which will likely sustain aided by proposals in the Union Budget.
The budget's focus on infrastructure boost and other measures to accelerate economic revival should aid sales growth of commercial vehicles.
Tata Motors Ltd and Ashok Leyland saw their stocks gain 7-9% on Monday.
02 Feb 2021, 11:27:16 AM IST
Rupee opened at 73.01 to a dollar vs Monday's close of 73.02
Market view: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking
Monday’s massive rally post budget was followed by a gap up opening today morning. This triggered some short covering in the market and hence, we are seeing this gush in the market in the opening hour itself, led by banking space.
"With leadership back from the banking heavyweights, the markets seem to have resumed its uptrend and thus, another ‘Higher Bottom’ is in place at last week’s low. Thus, one should prefer to trade with the trend now until any negative signs seen and look for opportunities which could continue to outperform. The near term trading range could be wide given the recent volatility wherein the supports are now placed around 14140 and 14000, wheres resistance could be seen around 14500."
02 Feb 2021, 10:48:34 AM IST
ITC hits 52-week high in post-budget rally
The Union Budget for 2021-22 did not recommended any change in cigarette excise (NCCD - National Calamity Contingent Duty). Last year, the hike cigarette tax was quite steep at around 13%.
“A status quo scenario works well for ITC; there was anyway quite a bit of pressure on the volumes front. Cigarettes is one of the very few consumer businesses that has not benefited whatsoever from the ‘unlocking’ of the economy yet. An unchanged tax structure should, in our view, help the legal industry to gradually win back some of the volumes lost earlier to the contraband segment, which now accounts for more than 20% of the industry," point out analysts from JM Financial Institutional Securities Ltd in a report on 1 February.
Unsurprisingly, shares of ITC rallied, touching a new-52 week on Tuesday on the NSE. In the past two days, the stock has risen 9%.
"No change in cigarette taxation is a positive for ITC. Focus will now shift to volume growth recovery and future GST council meets," said analysts from Jefferies India Pvt. Ltd in a report on 1 February.
Manufacturing PMI: Global trade activity showing signs of stress
Business activity in global manufacturing sector lost some momentum in January as growth rate for output and new orders eased. The JP Morgan Global Manufacturing Purchasing Managers' Index (PMI) fell to a three-month low of 53.5 in January, down from 53.8 in December.
A reading above 50 indicates expansion and data print below the threshold points to contraction.
While the headline number may not seem very worrying, some of sub-indices are showing some signs of stress. Experts are wary of the fall in output sub-index and new export orders index slipping to near-stagnation in January.
02 Feb 2021, 10:19:23 AM IST
Brookfield REIT looks attractive: Anish Moonka of JST Investments
Due to success of Mindspace & Embassy REITs, Brookfield India Real Estate Trust looks to cash in via a three-day initial public offering. The 7.95% yielding assets of the REIT compasses a Portfolio of 14.0 msf (comprising 10.3 msf of Completed Area, 0.1 msf of under Construction Area, and 3.7 msf of Future Development Potential), with additional rights to acquire a further 8.3 msf and rights of first offer on an additional 6.7 msf, both currently owned by members of the Brookfield Group. The latter is at a higher yield which adds significant optionality if financial prudence is maintained.
While a 7.1-year WALE provides stability to the cash flows of its Initial Portfolio, they look to be well-positioned to achieve further organic growth through a combination of contractual lease escalations, 36% mark-to-market headroom to in-place rents, and lease-up of vacant space, and near-term completion of Under Construction Area to meet tenants’ expansion needs. Barring a few risks like the tenant & geography concentration, Brookfield looks to successfully capitalize on the commercial Real Estate opportunity given its resilient performance in the pandemic & growth opportunity going forward. Given a unit is available at a 12% discount to NAV/unit when other listed REITs are much more expensive while providing much less value on the dividend & optionality side, Brookfield REIT looks attractive.
02 Feb 2021, 10:13:09 AM IST
RBI appoints external IT company to audit HDFC Bank's IT infra
Reserve Bank of India (RBI) has ordered an audit of the IT infrastructure of HDFC Bank by an external professional IT firm, the private lender said in a regulatory filing on Tuesday.
"..kindly note that RBI has appointed an external professional IT firm for carrying out a special audit of the entire IT infrastructure of the Bank under Section 30 (1‐B) of the Banking Regulation Act, 1949 (“the Act"), at the cost of the Bank under Section 30 (1‐C) of the Act," the private sector lender said in a statement to the stock exchanges.
HDFC Bank had come under scanner following outages in its internet banking, mobile banking, and payment utilities services over the past two years.
02 Feb 2021, 10:05:03 AM IST
All Nifty constituents trade higher barring 4 stocks
02 Feb 2021, 10:02:26 AM IST
Indigo Paints lists at Rs2,607 apiece, a 75% premium over issue price
Indigo Paints Ltd made a strong stock markets debut on Tuesday. Shares listed at Rs2,607.50, a 75% premium over the issue price of Rs1,490 a piece. The initial public offering (IPO) to raise around ₹1,176 crore was subscribed 117 times at a price band of ₹1,488– Rs1,490 in the three-day share sale that closed on 22 January.
02 Feb 2021, 09:57:49 AM IST
Nifty Bank at record high
02 Feb 2021, 09:55:06 AM IST
Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
After a stellar run yesterday, the markets have opened with a gap up this morning. Traders should not be hasty as the run up has been sharp and the stops are wide at this point in time. While the overall trend remains positive, a 'buy on dips' strategy would be advisable. The Nifty would gain further momentum after it crosses the high of 14750 as that would lead the index to 14900-15000. The current support for the Nifty is as low as 14100 so cautious trading should be implemented.
02 Feb 2021, 09:52:00 AM IST
L&T top gainer on Sensex, surges 8%
Finance Minister Nirmala Sitharaman on Monday said the government will set up a ₹20,000 crore Development Finance Institution (DFI) with a view to mobilise ₹111 lakh crore required for funding of the ambitious national infrastructure pipeline.
02 Feb 2021, 09:41:22 AM IST
Sensex at 50K
02 Feb 2021, 09:29:36 AM IST
Sensex stocks in early deals
02 Feb 2021, 09:25:55 AM IST
Nifty in opening deals
02 Feb 2021, 09:18:29 AM IST
Market check at open
02 Feb 2021, 09:05:50 AM IST
Nifty at pre-open
02 Feb 2021, 09:05:01 AM IST
Indices extend gains from Monday at pre-open
02 Feb 2021, 08:57:09 AM IST
Indigo Paints to list on exchanges today
Indigo Paints will make its stock market debut today, having finalised the issue price at ₹1,490 per share - the higher end of the price band of its public offer.
The IPO was open from 20-22 January, with the price band at ₹1,488-1,490 a share. The retail segment was subscribed 16 times, while the portion reserved for qualified institutional buyers was subscribed 189 times and the non-institutional investor category 263 times.
The company will utilise fresh issue proceeds for expansion of its existing manufacturing facility at Pudukkottai, Tamil Nadu, by setting up an additional unit adjacent to the existing facility ( ₹150 crore), purchase of tinting machines and gyroshakers ( ₹50 crore); and repayment certain of borrowings ( ₹25 crore).
Trends on SGX Nifty indicate a positive opening for domestic benchmarks. The Nifty futures traded at 14,452, up 93 points.
02 Feb 2021, 08:29:44 AM IST
Asian equities trend higher on optimism about global economic recovery
Asian stock markets extended gains on Tuesday on increased optimism about stimulus packages and global economic recovery, while retail investors retreated from GameStop and their new-found interest in silver.
MSCI's gauge of Asia Pacific stocks outside Japan was up 1.25% mid-morning, building on Monday's rise. Hong Kong's Hang Seng Index and China's benchmark CSI300 Index opened 1.7% and 0.33% higher, respectively. Japan's Nikkei 225 gained 0.67%.
02 Feb 2021, 08:28:41 AM IST
US markets surge overnight led by tech, mining stocks
The S&P 500 registered its biggest daily percentage gain since Nov. 24 on Monday after a steep sell-off last week, and technology-related shares led the advance, while a move by retail traders into silver drove up mining shares.
The Dow Jones Industrial Average rose 229.29 points, or 0.76%, to 30,211.91, the S&P 500 gained 59.62 points, or 1.61%, to 3,773.86 and the Nasdaq Composite added 332.70 points, or 2.55%, to 13,403.39.