The Indian equities markets witnessed heavy selling pressure for the fifth consecutive session on Monday, with benchmark Sensex and Nifty slumping by over 2.6 per cent
Indian shares fell for a fifth straight session on Monday and plumbed three-week lows, weighed down by selling across the board with technology stocks extending losses to the sixth day. The key indices Sensex and Nifty crashed by around 3 per cent wiping out nearly ₹10 lakh crore of investors' wealth.
24 Jan 2022, 03:48:35 PM IST
How Nifty moved today
24 Jan 2022, 03:46:41 PM IST
Sensex ends 1,550 pts lower, Nifty near 17,150; Metal, IT, Realty top losers
The benchmark Sensex slumped 1545.67 points or 2.62 per cent to 57,491.51 points against its previous session's close. The Nifty 50 of the National Stock Exchange tumbled 468.05 points or 2.66 per cent to 17,149.10 points against its previous session's close.
There has been broad-based selling pressure. All the Sensex scrips were in the red. Out of the 30 scrips that are part of the Sensex, 18 suffered over 2 per cent of loss.
Bajaj Finance crashed 6.24 per cent to ₹6913.15. Tata Steel dipped 5.91 per cent to ₹1100.00. IT stocks were under heavy selling pressure. Tech Mahindra crashed 5.35 per cent to ₹1508.85. Wipro tumbled 5.44 per cent to ₹572.30. HCL Technologies slumped 3.87 per cent to ₹1122.60 and Infosys slumped 2.87 per cent to ₹1734.75. The index heavyweight Reliance Industries Limited slumped 4.06 per cent to ₹2377.55. BSE midcap and smallcap indices fell 4 percent each.
On the Nifty, JSW Steel and Bajaj Finance lost over 6% each. Tata Steel, Grasim, and Hindalco were also among top losers. Only Cipla and ONGC gained. ICICI Bank was among the most active stocks. There were only 2 advances and 48 declines in the Nifty 50 index.
24 Jan 2022, 03:28:50 PM IST
Biocon: BUY (Axis Securities)
Strong Momentum in Generic And Biosimilar Verticals
· Biocon Limited reported revenue growth of 17.5% (est. 8.9%) which is majorly driven by biosimilars (+27.6%, YoY) and generic (+8.3%, YoY) segment while research services (+9.5%, YoY) reported moderate growth. In generic, the launch of Everolimus and uptake in API has improved sales despite continuous pricing pressure in the US. In biosimilars, strong performance in bGlargine was witnessed as it received the status of interchangeable insulin by the USFDA.
· The company’s gross margins improved by 254bps QoQ due to pricing pressure and increase in raw materials while EBITDA margins improved by 90bps YoY due to moderation of R&D expenses.
· Reported PAT grew by 17.2% YoY due to higher other income as well as an increase in profitability. There is a one-time MTM loss of ₹50 Cr in Adagio investments by Biocon logics.
Target Price: 425
24 Jan 2022, 03:25:28 PM IST
RIL sheds 4%
24 Jan 2022, 03:15:03 PM IST
Equities markets wipe out ₹10 lakh crore of investors' wealth
24 Jan 2022, 03:05:31 PM IST
BSE Metal down 5%
24 Jan 2022, 02:55:41 PM IST
Broad market indices in the red
24 Jan 2022, 02:43:39 PM IST
Volume toppers on Sensex
24 Jan 2022, 02:34:58 PM IST
European stocks slip again with tech under pressure
European shares slipped in early deals on Monday, with technology stocks falling the most after worries about tighter monetary policies triggered a bruising sell-off in global equities last week.
The pan-European STOXX 600 index slipped 0.4% by 0814 GMT, with Asian stocks also under pressure as investors braced for a hawkish update from the Federal Reserve this week.
Market participants were also concerned about a possible Russian attack on Ukraine with the U.S. State Department pulling out family members of its embassy staff in Kyiv.
Tech stocks fell 1.2%, hitting fresh 14-week lows, after growth stocks on Wall Street were pummelled by prospects of rising rates last week.
24 Jan 2022, 02:25:03 PM IST
Budget Expectations: B Gopkumar, MD & CEO, Axis Securities
“The advent of new Covid variants and the associated uncertainties has kept the markets and the economies globally on edge. We hope that the Union Budget could bring about some confidence and stability in current volatile markets. With state elections lined up in over five states in 2022, we believe that a focus on job creation and investment-driven growth would be paramount. We see that asset monetization and higher disinvestment will continue to fund the development projects. To boost consumption, we expect an increase in the limit of standard deduction and home loan tax deductions. Overall, we believe that policy reforms and government spending on infrastructure development will boost economic recovery, giving ample opportunities to retail investors for growth."
24 Jan 2022, 02:14:36 PM IST
Chemical stock rises 14% despite weakness in stock market. Here's why?
Despite weakness in the Indian stock market, Sharda Cropchem share price today has appreciated more than 14 per cent. The small-cap agro-chemical company stock today opened with an upside gap of around ₹41 per share and went on to climb to its new 52-week high of ₹455 today. According to stock market experts, this rise in the chemical stock is mainly due to its strong Q3 numbers and expected sops for the sector in upcoming Union Budget 2022.
24 Jan 2022, 02:04:51 PM IST
SBI Cards and Payment Services sheds nearly 6%; at 52-week low
24 Jan 2022, 01:54:06 PM IST
Adani Wilmar IPO
The three-day initial public offering (IPO) of Adani Wilmar Ltd will launch on this week on Thursday, January 27, 2021. The company has fixed a price band of ₹218-230 a share for its issue through which it aims to raise up to ₹3,600 crore.
Latest GMP ahead of issue opening for subscription this week.
24 Jan 2022, 01:44:49 PM IST
Sensex smallcap down 4.6%
24 Jan 2022, 01:34:59 PM IST
Should you buy, sell or hold Yes Bank shares post Q3 results?
Private sector lender Yes Bank's standalone net profit rose 77% to ₹266 crore for the third quarter as compared to ₹150.7 crore in the October-December quarter a year ago, as provisions came down significantly to ₹374.6 crore from ₹2,089 crore.
The bank's net interest income (NII) also slipped by 31% to ₹1,764 crore in Q3 as compared to ₹2,560 crore in the same quarter a year ago. Meanwhile, gross non-performing asset (GNPA) ratio improved sequentially to 14.7% from 15% in the previous quarter.
Experts give buy tag despite Dolly Khanna booking profit in this IT stock in Q3
Ace investor Dolly Khanna has booked profit in one of her portfolio stocks — Nucleus Software Exports. As per the IT company's shareholding pattern for December 2021 quarter, Chennai-based investor's name is missing from the list of individual shareholders of the company who own 1 per cent or more stakes in Nucleus Software Exports. This means the marquee investor has either exited the stock or she has sold out her stake in the company to an extent that led to her shareholding in Nucleus Software Exports come below 1 per cent. However, stock market experts are unmoved by this development in Dolly Khanna's portfolio. They said that stock is bullish and it may go up to ₹640 per share levels in short term.
24 Jan 2022, 01:13:21 PM IST
Sensex tanks 3300 points in 5 days
Indian benchmark indices extended the decline for the 5th straight session as the benchmark BSE Sensex has lost around 3300 points whereas NSE Nifty has crashed around 1,000 points. Nifty Small-cap 100 and Nifty Mid-cap 100 indices have slipped into the negative territory in 2022 i.e., year-to-date time or YTD.
INOX Leisure: INOX’s Q3FY22 result has many positives though company performance was significantly below pre-covid levels. Its ATP and SPH was 10.8% and 19.7% higher compared to Q3FY20, which shows the strength of cinemas to make a comeback.
However, the rise was relatively lower compared to PVR. INOX has a balanced view where it sees Q3FY22 ATP having benefited from higher mix of blockbuster movies where prices are typically higher. It remains hopeful of ATP growth, and expects prices to increase in line with inflation (3-4% p.a.) unlike the bullish view shared by PVR. However, INOX’s efforts to increase SPH continues, and it anticipate higher SPH to sustain. We have cut our EBITDA estimate by 31% and 7% for FY23E and FY24E respectively. Accordingly, we reduce our TP to Rs474 (from Rs492) and increase the EBITDA multiple to 13x (from 12x). Maintain BUY
PVR: PVR’s Q3FY22 cash EBITDA was Rs380mn, but the quarter highlighted potential opportunities from higher ATP and SPH, which grew by 14% and 29% vs Q3FY20. Company sounded optimistic and anticipates further growth. We believe maximising revenue per screen is the ultimate goal and, if it is able to protect occupancy on higher realisation, we would likely see much higher EBITDA. This will be further boosted by lower cost structure.
We would wait to see durable ATP and SPH on complete normalisation. Content pipeline remains good and occupancies should increase when normal operations for cinemas are allowed. We are now penning gradual recovery and, accordingly, have cut EBITDA by 26% and 12% respectively for FY23E and FY24E. We have also cut the target price to Rs1,804 (from Rs1,874), but increased EBITDA multiple to 16x (from 14x) on the back of our increased faith in the business model and optionality for higher ATP / SPH. Maintain BUY.
24 Jan 2022, 12:42:49 PM IST
24 Jan 2022, 12:32:47 PM IST
PTC India Financial shares fall 8% on India market regulator notice
Shares of PTC India Financial Services Ltd fell as much as 8.3% on Monday after India's market regulator directed the non-banking financial company over the weekend to address corporate governance issues before holding any board meeting.
The Securities and Exchange Board of India (SEBI) also asked PTC India Financial to file an action-taken report in four weeks, the company said.
The firm was accused of lapses in corporate governance by four independent directors, who resigned last week.
24 Jan 2022, 12:22:21 PM IST
Top drags on Sensex
24 Jan 2022, 12:17:18 PM IST
Sensex plunges over 1,000 points
24 Jan 2022, 12:02:09 PM IST
How Nifty is moving today
24 Jan 2022, 11:52:12 AM IST
India VIX surges over 12% to 21 level
24 Jan 2022, 11:43:31 AM IST
Markets deep in the red
24 Jan 2022, 11:32:07 AM IST
Nifty realty tanks over 3.5%
24 Jan 2022, 11:28:36 AM IST
Paytm, Fullertone announce partnership to scale up digital lending to MSMEs
Paytm and non-banking financial company Fullerton India have announced a partnership to expand digital lending to MSMEs and consumers from smaller cities and towns.
"Fullerton India and One97 Communications Limited, which owns the brand Paytm, India’s leading digital payments and financial services platform, have announced a partnership to provide lending products to merchant partners and consumers. With the partnership, the two established institutions will leverage data-driven insights and wide reach to bring credit to new-to-credit users," Fullerton India said in a statement.
24 Jan 2022, 11:16:24 AM IST
Bandhan Bank shares up 3.5% post Q3 earnings
Private sector lender Bandhan Bank Ltd returned to profitability in the December quarter with a net profit of ₹860 crore aided by higher other income and a decline in provisioning. In Q2FY22, the bank had reported a net loss of ₹301 crore.
Reacting to the earnings, the stock rose around 3.5% on the NSE in Monday's opening trade.
24 Jan 2022, 11:05:19 AM IST
24 Jan 2022, 10:56:19 AM IST
Sensex plunges nearly 700 points
24 Jan 2022, 10:46:59 AM IST
Multibagger stock: NBFC doubles shareholders' money in 12 sessions
After ushering in New Year 2022, a good number of shares have given multibagger returns to their shareholders. However, most of them are X or XT category stocks with lower liquidity. KIFS Financial Services is one such X category stock that has doubled shareholders money in just 12 sessions. The stock had closed at ₹64.80 apiece levels on BSE on 5th January 2022 whereas it closed at ₹133.40 per share levels on BSE on 21st January, doubling shareholders money in just 12 trade sessions.
24 Jan 2022, 10:36:50 AM IST
Markets opening view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
17500 was a level of support that the market has broken this morning. If we continue trading below this level, it can fall further and 17200 would be the next target or level of support for the Nifty. The resistance for the index is currently at 17800 and hence any rally up is an opportunity to short the markets.
24 Jan 2022, 10:26:06 AM IST
Zomato, Paytm shares fall to lowest since listing
New-age tech stocks Zomato and Paytm continued to remain under pressure, hitting their respective lows since listing. Zomato slumped over 18% in Monday's early deals to ₹98 apiece on the BSE, plummeting over 25% in the last five trading sessions. On the other hand, Paytm was trading nearly 4% lower at ₹924 apiece.
24 Jan 2022, 10:16:07 AM IST
ICICI Bank shares surge on strong Q3 results, Brokerages see huge upside
Shares of ICICI Bank surged over 1% to at ₹811 apiece on the BSE in Monday's opening deals after the lender's standalone net profit rose 25% to ₹6,194 crore in the December quarter from ₹4,940 crore in the year-ago quarter, on the back of higher net interest income and lower provisions.
Its net interest income (NII), the difference between interest earned and interest expended, rose 23% year-on-year (y-o-y) to ₹12,236 crore in the Q3 of FY22.
24 Jan 2022, 10:06:37 AM IST
BSE IT shed 2%
24 Jan 2022, 09:59:20 AM IST
Most active stocks on Nifty
24 Jan 2022, 09:47:07 AM IST
‘BUY’ SBI Life Insurance: ICICI Securities
SBIL pushes guaranteed business and controls cost to sustain margin, Maintain BUY
Target Price: ₹1,768
Potential Return: +43%
(1) Management stated that sales of Non-par Guaranteed business will be driven by customer demand and they are not looking at internal limits at the moment.
(2) SBIL has not changed anything on the retention approach for retail protection as far as the new product launched in 2QFY22 is concerned.
(3) Two key reasons for improvement in VNB margin for SBIL on YoY basis has been improved margin for product buckets and declining expense ratio.
(4) We maintain ‘BUY’ rating on SBIL with a revised price target of ₹1768.
24 Jan 2022, 09:37:18 AM IST
Tech Mahindra, Asian Paints drop 2.5% each
24 Jan 2022, 09:28:16 AM IST
Nifty below 17,600 at open
24 Jan 2022, 09:21:23 AM IST
Markets at open
24 Jan 2022, 09:17:19 AM IST
Sensex 200 pts down, Nifty opens in red amid weak global cues
A total of five stocks have been put under the ban for trade on Monday, January 24, 2022 under the futures and options (F&O) segment by the National Stock Exchange (NSE). These securities have been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE.
Vodafone Idea, Indiabulls Housing Finance, Escorts, Bharat Heavy Electricals Limited (BHEL) continue to be under the F&O ban, whereas Granules India which was part of the list in the previous sessions, is out of the list for today.
24 Jan 2022, 08:29:50 AM IST
Stocks to Watch: Reliance, Vodafone Idea, PNB, ICICI Bank
Rupee rises 8 paise to close at 74.43 against US dollar
The Indian rupee advanced by 8 paise to close at 74.43 against the US dollar on Friday, helped by some correction in crude oil prices and weaker greenback against key rivals.
However, the rupee's further recovery was restricted by continuous foreign fund outflows and sell-offs in domestic equities, analysts said.
At the interbank foreign exchange market, the rupee opened at 74.50 a dollar and during the day, it witnessed an intra-day high of 74.40 and a low of 74.55 against the American currency.
The domestic unit finally settled at 74.43 against the American currency, up 8 paise over its last close of 74.51.
24 Jan 2022, 07:59:32 AM IST
Stocks May Extend Drop on Fed Tightening Concerns
Stocks looked set for further declines Monday amid concerns about tightening Federal Reserve policy, while a cryptocurrency plunge highlighted waning appetite for the most speculative investments.
Futures for Japan, Australia and Hong Kong fell following one of the worst stretches for global shares last week since the onset of the pandemic. The dollar was steady against key peers in early Asian trading.
The Fed on Wednesday is expected to signal a liftoff in interest rates from March and balance-sheet reduction later this year. Ebbing stimulus is forcing a rethink about the economic and market outlook.
24 Jan 2022, 07:49:23 AM IST
Oil Opens Week With Jump on Outlook for Stronger Global Demand
Oil pushed higher at the week’s open as investors weighed prospects for rising demand as the omicron virus wave fades in key economies.
Global benchmark Brent rose toward $89 a barrel after a run of five weekly gains, the best streak since October. President Joe Biden’s chief medical adviser, Anthony Fauci, expressed optimism at the weekend that the surge in the new variant will soon peak. That could underpin improved consumption as more workers return to offices and people travel more.
Crude has enjoyed a robust start to the new year, with prices soaring to the highest since 2014 last week, as demand picked up, stockpiles fell, and top Wall Street banks including Goldman Sachs Group Inc. issued bullish oil forecasts. At the same time, investors are weighing the possibility that Russia may invade Ukraine, as well as the outlook for tighter U.S. monetary policy.
24 Jan 2022, 07:43:07 AM IST
SGX Nifty futures trading 148 points (0.85%) lower at 17,489 in early deals
24 Jan 2022, 07:36:56 AM IST
Asia stocks fall
Asian stocks fell Monday and U.S. equity futures rebounded as traders weighed concerns about tightening Federal Reserve monetary policy. Treasury yields and crude oil climbed.
Shares fell in Japan, technology stocks retreated in Hong Kong and China’s market was mixed. But gains in S&P 500 and Nasdaq 100 contracts stirred hopes of some respite after one of the worst stretches for global shares last week since the pandemic began. The dollar was steady.
The Fed on Wednesday is expected to signal a March liftoff in interest rates and balance-sheet reduction later this year to help fight inflation. Ebbing stimulus is forcing a rethink about the economic and market outlook.
How the policy shift will affect fixed income is among the key questions. The Treasury yield curve flattened and the 10-year yield rose as high as 1.78%.
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