Markets zoomed on Wednesday, extending the budget rally, led by advances in banks and pharma stocks. The Sensex hit a record high of 50,526.39 during the day, closing 458 points higher while the Nifty ended at 14,789.95
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03 Feb 2021, 03:47:08 PM IST
Sensex, Nifty close at fresh highs; banks, pharma stocks gain
Domestic indices closed higher for the third straight day, with Sensex and Nifty at fresh highs. Gains were fuelled by heavy buying across the board and on strong global cues.
At close, the Sensex was up 458.03 points or 0.92% at 50,255.75, while the Nifty rose 142.10 points or 0.97% to 14,790.
IndusInd Bank, Power Grid Corp, Sun Pharma, Dr Reddy’s Labs and Divis Lab were among major gainers on the Nifty, while losers were Shree Cements, UltraTech Cement, Maruti Suzuki, ITC and UPL.
Except FMCG, all other sectoral indices ended in the green with pharma and PSU Bank indices up 2% each. Auto, metal and energy indices climbed over a percent each.
03 Feb 2021, 03:28:11 PM IST
Bitcoin reclaims $36,000 level, ether hits all-time high of $1,563.90
03 Feb 2021, 02:58:29 PM IST
India rejects USTR finding on digital economy tax
India does not agree with the US Trade Representative’s (USTR) conclusion that the 2% tax on digital economy that New Delhi rolled out last April was “unreasonable or discriminatory," commerce secretary Anup Wadhawan said on Wednesday.
In a post-budget news briefing, Wadhawan said the USTR probe report on India’s e-commerce tax released in January which warned of withdrawing trade concessions or imposing duties on exports from India stemmed from the fact that US companies now dominate the tech industry.
“As part of the process, we certainly convey our point (of view) and our position is certainly conveyed and we do not agree with that conclusion that you mentioned," Wadhawan said referring to the USTR probe finding, in response to a question.
03 Feb 2021, 02:57:11 PM IST
Future Retail shares fall 5%; Delhi HC orders status quo on RIL deal
Govt will reserve up to 10% in LIC's IPO for policyholders, says DIPAM Secretary: Business Standard
03 Feb 2021, 02:29:28 PM IST
India rupee at 72.92 per dollar vs Tuesday's close of 72.96 a dollar
03 Feb 2021, 02:28:54 PM IST
After a stellar run in 2020, Tata Consumer stock faces near-term margin concerns
Tata Consumer Products Ltd was one of the best performing consumer stocks in the country in 2020. After all, the shares had appreciated a whopping 84% last year, helped by better in-home consumption and consumer preferences for known brands as a result of the pandemic.
So far, 2021 appears to be largely steady. Tata Consumer’s shares hit a new 52-week high on 12 January to nearly ₹635 a piece. Since then, the stock has corrected by about 8% and is trading marginally shy of the price it ended 2020 with.
But valuations are not cheap to begin with. Tata Consumer’s shares trade at 47 times estimated earnings for financial year 2022, based on Bloomberg data. (Full Report)
03 Feb 2021, 02:19:57 PM IST
Zee Media Corporation raises ₹230 crore via NCDs
03 Feb 2021, 02:12:19 PM IST
GlaxoSmithKline, CureVac to make Covid vaccines targeting new variants: AP
UK-based drugmaker GlaxoSmithKline and Germany’s CureVac say they plan to collaborate on a new generation of vaccines targeting emerging variants of COVID-19.
The announcement comes as public health experts around the world raise concerns about mutations in the virus that may make existing vaccines less effective.
03 Feb 2021, 02:10:28 PM IST
38 workers hurt in Uttam Metallics steel plant accident: PTI
Thirty eight workers were injured, two of them critically, after coming in contact with hot air and coal particles from a furnace at the Uttam Galva Metallics steel plant near Wardha in Maharashtra on Wednesday, an official said.
Wardha District CollectorVivek Bhimanwar told PTI that the injured workers were shifted to nearby hospitals, while those in critical condition were shifted to Nagpur for further treatment.
The workers sustained burn injuries after coming in contact with hot air and coal particles from a furnace, he said.
03 Feb 2021, 02:09:17 PM IST
European stocks higher in opening deals
European stock markets rallied at the open Wednesday, building on the previous session's strong gains driven by progress over a US stimulus deal and on tackling the coronavirus pandemic.
London's benchmark FTSE 100 index climbed 0.8% to 6,566.14 points.
In the eurozone, Frankfurt's DAX 30 jumped 1% to 13,967.43 points and the Paris CAC 40 added 0.9% to 5,615.25.
03 Feb 2021, 02:05:55 PM IST
Indian Oil's Q3 performance beats estimates led by strong petchem recovery
Indian Oil Corporation Ltd's strong performance for the quarter ended December will improve sentiment for the stock. The scrip has gained more than 8% since having announced results on Friday.
Coming out of the lockdown, the oil marketing company (OMC) continues to see the benefits of improving auto fuel demand. Marketing margins on the sale of fuel have been impressive as well.
The weak link remains the refining margins environment, the outlook for which is though brightening with recovery in world economy. (Full Report)
03 Feb 2021, 02:03:47 PM IST
Sensex check at 2pm
03 Feb 2021, 01:54:46 PM IST
Nifty Pharma index jumps 4%; Sun Pharma, Cipla hit 52-week highs
03 Feb 2021, 01:47:37 PM IST
HDFC twins, Infosys lead gains on Sensex
03 Feb 2021, 01:45:12 PM IST
Market view: Sameet Chavan, chief analyst-technical and derivatives, Angel Broking
The budget exuberance remains in the market and the global optimism is too providing impetus to the move. This financials-led rally is likely to drive Sensex towards 51,000 and Nifty to 15,000.
03 Feb 2021, 01:43:19 PM IST
IBM is leading the 'make in India, for the world’ agenda: Sandip Patel
IBM Corp. is expected to complete the spin-off of its managed infrastructure services unit as a separate public company by 2021-end. While IBM will continue to focus on hybrid cloud and artificial intelligence (AI), the new entity, currently called NewCo, will focus on infrastructure modernization and service delivery. With up to one-fourth of India employees expected to be part of NewCo, IBM India is gearing up for the transition. In an interview, Sandip Patel, MD, IBM India/South Asia, spoke about the company’s strategy for this year, India’s role in IBM’s global agenda and drivers of growth. (Full interview)
03 Feb 2021, 01:41:41 PM IST
All Nifty broad market indices higher; India VIX rises over 3%
Fitch Ratings has assigned Indian Railway Finance Corporation Limited's (IRFC, BBB-/Negative) proposed US dollar Regulation S/144A senior unsecured notes a rating of BBB-. The proposed notes are to be issued under the global medium-term note programme.
IRFC has also proposed an increase its GMTN programme to $4 billion-$2 billion. The original programme was last affirmed in June 2020. The upsize will not affect the programme's long-term rating, which is equalised with IRFC's Issuer Default Rating.
03 Feb 2021, 01:17:27 PM IST
Bajaj Auto to enter electric three-wheelers in FY22
03 Feb 2021, 01:09:55 PM IST
Vodafone Group Plc sticks to fully-year guidance: Bloomberg
Vodafone Group Plc beat sales estimates after German consumers stuck at home during the pandemic spent more money on mobile and broadband services.
The Newbury, England-based mobile carrier said third-quarter organic service revenue rose 0.4%, compared to the 0.2% decline expected by analysts.
The company stuck to its guidance for full-year adjusted earnings before interest, taxes, depreciation and amortization of between 14.4 billion euros and 14.6 billion euros ($17.3 billion-$17.6 billion).
03 Feb 2021, 01:06:06 PM IST
PMI: Good bye covid-19 and hello services inflation
With a vaccine now available and covid-19 restrictions easing, India's services sector is slowly finding its feet in a post pandemic world. The seasonally adjusted India Services Business Activity Index rose from 52.3 in December to 52.8 in January, pointing to a quicker expansion in output, showed IHS Market's latest Purchasing Managers' Index (PMI) survey. A reading above 50 indicates expansion and below the threshold points to contraction. (Full Report)
03 Feb 2021, 12:53:57 PM IST
Farmers' protests: India slam comments by foreigners
India on Wednesday slammed comments made by foreign celebrities such as singer Rihanna and climate change activist Greta Thunberg supporting the farmers’ protests, warning against the "temptation of sensationalist social media hashtags and comments."
In a sharply worded statement, the Indian foreign ministry said the protests were by "a very small section of farmers" in parts of India.
Besides Rihanna and Thunberg, Meena Harris, the niece of US Vice President Kamala Harris, too had tweeted her support for the protestors.
03 Feb 2021, 12:42:09 PM IST
Ambitious Budget can drive further gains in Indian stock markets: Morgan Stanley
India’s plan to spend its way out of the coronavirus funk is capturing the imagination of stock watchers, with some rushing to revise higher their targets for the nation’s equity benchmarks.
Morgan Stanley now sees an upside of almost 10% from current levels for the S&P BSE Sensex by the year end, even as the gauge has climbed more than 7% in two sessions, disregarding concern over valuations in one of Asia’s most expensive equity markets.
03 Feb 2021, 12:39:54 PM IST
03 Feb 2021, 12:28:49 PM IST
Nifty Pharma: Yash Gupta, equity research associate, Angel Broking
Nifty Pharma up by 4.05%, trading at 12822. The index consolidated for more than 5 months after it doubled from its March low of 6343. "We expect nifty pharma can give a run up to previous highs of 13476. If we look at the results reported by the pharma companies, all are in line with expectations and some even better than the expectations. The US and the domestic market have been good for Indian companies in Q3FY21, even as API growth momentum looks weak this quarter."
Some stocks like Ajanta Pharma, Sunpharma Lupin have reported better than expected numbers in Q3FY21, while Dr.Reddy, Granules, Alembic have reported numbers in line with market expectation.
Expect a rally in nifty pharma from 12500 to 13500-14000 in the next couple of months.
We have a buy call on Cadila Healthcare with a target of 557.
03 Feb 2021, 12:04:02 PM IST
Barring Nifty Realty, all sectoral indices in the red
03 Feb 2021, 11:59:06 AM IST
Oil rises on falling U.S. crude stocks, demand hope on stimulus: Reuters
Oil prices rose in Asia on Wednesday after hitting their highest in about a year in the previous session, supported by an unexpected draw in US crude stockpiles and an OPEC+ estimate of a global oil market deficit this year.
Market sentiment was bolstered by news that Democrats in the US Congress took the first steps toward advancing President Joe Biden's proposed $1.9 trillion coronavirus aid plan without Republican support.
U.S. West Texas Intermediate (WTI) crude futures climbed 24 cents, or 0.4%, to $55.00 a barrel, for a third straight day of gains. The benchmark hit a one-year high of $55.26 on Tuesday.
Brent crude futures rose 26 cents, or 0.5%, to $57.72 a barrel, for a fourth day of gains after hitting $58.05 on Tuesday, the highest since January last year.
03 Feb 2021, 11:56:39 AM IST
Congress leaders move adjournment motion notice in Lok Sabha over farmers issue
03 Feb 2021, 11:34:23 AM IST
Top gainers/losers on Nifty
03 Feb 2021, 11:08:42 AM IST
Future to challenge Delhi HC order blocking deal with RIL: Reuters
Dixon Technologies in limelight for robust earnings, stock split
Shares of contract manufacturer Dixon Technologies (India) Ltd rose more than 2% in opening deals on the NSE on Wednesday. The stock was on investors' radar screen for its impressive December quarter earnings and stock-spilt announced by the management.
The company reported robust earnings performance in Q3FY21, exceeding estimates on key parameters. It posted record quarterly revenue of Rs2,182 crore - much higher than consensus estimate of Rs1,540 crore. Buoyancy in consumer sentiment, on the back of festival season and strong order book, aided topline growth. Improved sales mix and government restrictions on LED TV imports boosted performance of its consumer electronics segment. In the mobiles segment, it added Nokia and Motorola as two new clients. (Full Report)
03 Feb 2021, 10:51:46 AM IST
India January Services PMI at 52.8 vs 52.3 in Dec
03 Feb 2021, 10:42:29 AM IST
Centre not to infuse equity into bad bank
The government will not invest any equity in the bad bank proposed in the Union budget, and commercial banks will have to create and manage it on their own, financial services secretary Debashish Panda said, in contrast to the banks’ proposal for a state-run entity.
A bad bank buys toxic assets from banks and pursues loan recovery on its own, while banks with cleaned-up balance sheets resume lending. (Full Report)
03 Feb 2021, 10:41:31 AM IST
Bezos to step down, Andy Jassy to be new Amazon chief
Founder of global e-commerce major Amazon Inc. and the world’s second richest man Jeff Bezos (57) will transition to the role of execution chair, by the third quarter of 2021 and step down as chief executive. Bezos has been the CEO since the company’s inception in 1994.
He will be succeeded by Andy Jassy, currently the chief executive of Amazon Web Services Inc., the company's on-demand cloud computing business.
03 Feb 2021, 10:40:07 AM IST
Covid-19 update: India reports 11,039 new cases, active cases at 1.60 lakh
03 Feb 2021, 10:36:15 AM IST
Bad Bank plan sparks concern loan prices could be inflated
ndia’s move this week to set up a bad bank to manage one of the world’s largest piles of soured loans could bring unintended consequences.
One that some market participants say they’ll be closely watching is whether it could wind up inflating the price of distressed assets. That could happen if the creation of the bad bank reduces pressure on loan owners to price such debt at discounts attractive enough to draw other buyers, the argument goes. (Full Report)
03 Feb 2021, 10:28:31 AM IST
Nifty Pharma surges most among sectoral indices
03 Feb 2021, 10:23:47 AM IST
Indian rupee opened flat at 72.97 per dollar on Wednesday
On Tuesday, the rupee had ended at 72.96 per dollar.
03 Feb 2021, 10:08:36 AM IST
Home First Finance lists at 19% premium over issue price
Shares of Home First Finance Company India Ltd made a strong debut on the stock exchanges on Wednesday. The stock listed at Rs618.80 apiece, up 19.45% from the issue price of ₹518 a piece.
The issue, with a price band of ₹517-518 per equity share, was open for subscription on 21-25 January and was subscribed 26.66 times.
03 Feb 2021, 10:00:25 AM IST
Sensex check at 1000am
03 Feb 2021, 09:51:35 AM IST
Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
14750-14760 needs to be crossed for the Nifty to propel further north. Once we get past this, the next level should be 15000. The index has a good support at 14200-14400 range. Keeping a close below this level as a stop, traders can aspire long positions above 14750.
03 Feb 2021, 09:47:41 AM IST
Glenmark Pharma update
Glenmark Pharmaceuticals has received approval from the US Food & Drug Administration (US FDA) for Topiramate extended-release capsules, 25 mg, 50 mg, 100 mg, 150 mg, and 200 mg.
The capsules are the generic version of Qudexy XR Capsules, 25 mg, 50 mg, 100 mg, 150 mg, and 200 mg, of Upsher-Smith Laboratories, LLC.
According to IQVIATM sales data for the 12 month period ended December, the Qudex XR achieved annual sales of approximately $120.8 million.
03 Feb 2021, 09:37:27 AM IST
Nifty view: Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The short term trend of Nifty continues to be positive. The formation of long bull candles and a possibility of faster retracement of downswing is expected to pull the Nifty beyond 14,750-14,800 levels in the next 1-2 sessions. A sustainable move above this hurdle could open the next upside target of 15,475 levels for the next few weeks. Immediate support is placed at 14,490.
Bharti Airtel, Adani Enterprises, Arvind Fashions, Bajaj Consumer Care, Indian Hotels, Inox Leisure, Jubilant FoodWorks, Ujjivan Small Finance Bank are among 88 companies scheduled to announce their Q3 earnings today.
03 Feb 2021, 08:44:27 AM IST
SGX Nifty traded at 14,754.80 points, up 0.29%, suggesting a higher opening for benchmark indices.
Having risen 5% a day earlier, the BSE Sensex on Monday rose another 2.5% to end at 49,797.72 on Tuesday, while the Nifty50 climbed 2.6% to 14,647.90.
03 Feb 2021, 08:28:17 AM IST
Asian stocks on optimism about economic recovery
Asian shares rose in early deals on Wednesday as governments around the world looked poised to boost spending to help economies recover from the coronavirus and vaccine roll-out programmes accelerated.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.51%. Australian stocks jumped by 1.12%. Shares in China fell 0.06%.
Japan's Nikkei added 0.66%. Shares in Seoul rose by 0.44%.
E-mini futures for the S&P 500 rose 0.36%.
03 Feb 2021, 08:17:19 AM IST
US stocks end higher on stimulus hope, gains in tech stocks
US stocks finished sharply higher for a second straight day on Tuesday, helped by gains in Amazon.com and Google-parent Alphabet ahead of their results and by optimism over progress on a US pandemic relief package.
The Dow Jones Industrial Average rose 475.57 points, or 1.57%, to 30,687.48, the S&P 500 gained 52.45 points, or 1.39%, to 3,826.31 and the Nasdaq Composite added 209.38 points, or 1.56%, to 13,612.78.