Sensex, Nifty fell sharply in the last few hours of trade tracking global markets. All sectoral indices were in the negative zone, with banks, IT and pharma worst hit. Bharti Airtel reigned as the top gainer throughout the day
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15 Jan 2021, 03:33:49 PM IST
Sensex, Nifty end down 1%
Sensex and Nifty fell sharply in the last few hours of trade tracking global markets. Sensex managed to hold on to the 49,000 mark at close, despite falling 550 points. The index hit a high of 49,657 and a low of 48,796 intraday.
Nifty fell 1% at 14,433.
All sectoral indices were in the negative zone, with banks, IT and pharma worst hit. Bharti Airtel reigned as the top gainers throughout the day. Despite a stellar earnings performance, HCL Tech fell 4% today.
Besides Bharti Airtel
15 Jan 2021, 03:24:06 PM IST
Steel Strips profit rises to ₹287.6 million
Steel Strips Wheels profit rose to ₹287.6 million against ₹62.9 million a year ago in December quarter. Revenue from operations rose to ₹5.25 billion versus ₹3.44 billion
15 Jan 2021, 03:14:43 PM IST
SoftBank, Hughes Network invest in Bharti Global-owned OneWeb
Japan-based SoftBank Group and Hughes Network Systems LLC have invested $400 million in OneWeb, a broadband satellite communications company acquired by a consortium of investors comprising the UK government and Sunil Mittal-led Bharti Global.
The investment will take the total funding in OneWeb to $1.4 billion, according to a company statement. The UK government and Bharti Global had invested $500 million each to acquire OneWeb under a bankruptcy resolution process.
As part of the investment, SoftBank will gain a seat on OneWeb’s board. Hughes Network has infused capital through its parent EchoStar, and is an ecosystem partner, developing essential ground network technology for OneWeb’s system, the company said.
15 Jan 2021, 03:10:11 PM IST
Bharti Airtel, ITC and Bajaj Auto only gainers on Sensex
15 Jan 2021, 03:03:47 PM IST
Shares down globally
European stocks fell as the prospect of tighter lockdowns in Germany and France as well as new covid-19 restrictions in China cut into optimism about a global economic recovery.
The German DAX was down 0.5% and France's CAC 40 fell 0.6%. UK's FTSE 100 also declined 0.6%.
In Asia, Japan's Nikkei 225 slipped 0.6%, while South Korea's Kospi skidded 2%. The Shanghai Composite index and Australia's ASX were flat. Hang Seng in Hong Kong bucked the trend and closed 0.3% higher.
15 Jan 2021, 02:55:05 PM IST
BSE Midcap down 1%; Emami, Canara Bank down around 4% each
15 Jan 2021, 02:50:03 PM IST
PVR shares up 2.3%; Q3 earnings better than expectation
PVR Ltd on Friday reported net loss of ₹49 crore for the quarter ended 31 December, 2020 as against net profit of ₹36 crore a year ago.
15 Jan 2021, 02:42:52 PM IST
GAIL announces ₹1,046-cr share buyback, shares down 2%
GAIL today announced share buyback of 6.97 crore equity shares at ₹150 for an aggregate consideration of ₹1,046.35 crore.
GAIL board also approved payment of interim dividend for the FY 2020-21 at ₹ 2.50 per equity share on the paid-up equity share capital of the company.
The company has fixed 28 January as the record date for the buyback.
Crude oil prices fell on Friday as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world's biggest crude importer and U.S. plans for a large stimulus package.
Brent was down 71 cents, or 1.2%, at $55.71, after gaining 0.6% on Thursday. U.S. West Texas Intermediate crude was 46 cents, or 0.9%, lower at $53.11 a barrel, having risen more than 1% the previous session.
15 Jan 2021, 01:53:03 PM IST
SAIL up over 5%, OFS for retail portion fully subscribed
15 Jan 2021, 01:43:17 PM IST
VK Vijayakumar, chief investment strategist at Geojit Financial Services, on markets
"Most indicators of market valuations are much higher than long-term averages. Now, an important indicator - market cap to GDP- has crossed 100% indicating overvaluation. However, economic indicators are suggesting faster than expected recovery in the economy. Present valuations can be justified only if the recovery sustains and gathers momentum. In the short run expectations regarding the budget are likely to influence market movements. Retail investors buying low-grade stocks is an extremely risky investment."
15 Jan 2021, 01:34:40 PM IST
CEAT up 3%
Tyre maker CEAT on Friday said it will supply its Zoom Cruz tyres to niche bike maker Royal Enfield for its 650cc Interceptor range.
With the Zoom Cruz tyres, CEAT marks its entry in the 650cc segment for any two-wheeler as well as the twin-engine cylindrical motorcycles segment, the company said.
15 Jan 2021, 01:23:22 PM IST
PFC NCD issue: Long term options attractive for those in lower tax bracket
State-owned Power Finance Corporation (PFC) Limited will offer non-convertible debentures (NCD) from 15 January.
The company is offering lower rates for short- and medium-term tenures, which are similar to what a public sector bank is offering on fixed deposits at present.
For the long-term, rates are slightly better compared to other products available. PFC is also offering the option of floating rate on 10-year NCDs. (Full report)
15 Jan 2021, 01:12:33 PM IST
HDFC Bank down 0.6% ahead of Q3 earnings on Saturday
The lender will report its December quarter earnings on Saturday. It had reported a loan growth of 16% for the quarter.
Its net profit rose 18.4% year-on-year to ₹7,513 crore for the three months to September.
15 Jan 2021, 01:01:26 PM IST
Sensex off the day's low but still down 200 points
15 Jan 2021, 12:54:38 PM IST
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments, on Nifty
"The resistance patch of 14600-14650 has been very effective. The markets are finding it difficult to move up," said . "We need to get past 14700 in order to resume this uptrend. If the market manages to cross that level, the index should go up to levels closer to 15000. On the flip side, if we break the support of 14350, we can drop to 14000."
15 Jan 2021, 12:51:08 PM IST
Whatsapp privacy case deferred to 18 Jan; judge recuses herself from hearing PIL
15 Jan 2021, 12:42:40 PM IST
IDFC First Bank up 5%
The bank is set to shake up the credit card market by charging interest as low as 9% on revolving credit for those with a good track record, the Times of India reported. The private lender will also not charge interest on cash withdrawals during the 45-day free credit period.
HCL Tech reported a 4.4% qoq growth in revenues to USD 2617mn which was ahead of our estimates of USD 2,598. In rupee terms consolidated revenue increased by 3.8% qoq to ₹19,302 crore while gross profits increased by 5.8% qoq to ₹8,107 crore. Gross margins expanded by ~80bps qoq to 42.0% against our expectations of 41.3%. Consolidated operating profit for the quarter was up by 9.9% qoq while EBIT margins were up by ~130bps qoq to 22.9%. Net profit for the quarter was up by 26.3% qoq to ₹3,918 crore. Management has increased their guidance for Q4FY21 to 2.0-3.0% growth in revenue in constant currency terms. While the Q1FY21 numbers were marginally ahead of our estimates in terms of revenue growth the expansion in margins despite wage hikes during the quarter was a pleasant surprise. We continue to remain positive on HCL Technologies and have a target price of ₹1,180 on the stock.
15 Jan 2021, 12:14:23 PM IST
Bharat Dynamics up 1%
The state-run company and leading defence company Thales have signed an agreement to work on an air defence system with the support of the Indian and British governments. Through the agreement, Bharat Dynamics will become a part of the STARStreak missile system's global supply chain.
15 Jan 2021, 12:04:12 PM IST
All Nifty sectoral indices in the red at noon; banks and financials drag
15 Jan 2021, 12:02:07 PM IST
Sensex at noon: Down 300 points dragged by HDFC, ICICI Bank
15 Jan 2021, 11:54:48 AM IST
With end to MSCI overhang in sight, Airtel stock reclaims ₹600 mark
Shares of telecom provider Bharti Airtel were under pressure last year after MSCI Emerging Market Index reduced its weightage by 15 basis points in August.
On Thursday, MSCI said that Bharti Airtel will be a part of its February 2021 quarterly index review. This means that weight of Bharti Airtel may increase significantly in the MSCI index, attracting foreign investors.
Reacting to it, Bharti Airtel shares rose more than 4% and is at a kissing distance from its 52-week high of ₹612 seen in May.
15 Jan 2021, 11:43:58 AM IST
Govt suspects attempt to deflate BPCL share price
The Centre suspects that Bharat Petroleum Corp. Ltd’s (BPCL’s) share price is being manipulated as it prepares to divest its controlling stake in the state-run firm, said two government officials.
The concerns over stock price manipulation of India’s second-largest fuel retailer have been discussed within the government, considering that its privatization is a key milestone in the Centre’s ₹2.1 trillion divestment target for 2020-21. “Someone is playing the market to keep BPCL’s share price down. This concern has been discussed within the government," one of the officials said, requesting anonymity. (Full report)
Barring Bharti Airtel and Bajaj Auto, all Sensex stocks in the red
15 Jan 2021, 11:29:26 AM IST
Keshav Lahoti Associate Equity Analyst, Angel Broking on Bharti Airtel
Index provider MSCI on Thursday informed that Bharti Airtel will be part of its February 2021 quarterly review index as NSDL has updated the foreign investment limit to 100% from 49% for the company. Increase in MSCI weightage will lead to more inflow for the company. This was a positive development for the company. From the last three months subscriber addition reported by TRAI till October month, the company has gained most subscribers. We are bullish on the company considering that industry dynamics are looking favorable, it is expected to continue to gain market share and it is positioned well to clear its AGR dues.
15 Jan 2021, 11:23:43 AM IST
Venky's up 3%
Delhi Chief Minister Arvind Kejriwal has directed officials to withdraw the restriction on sale and import of chicken stocks after all samples taken from the poultry markets tested negative for bird flu.
SAIL offer for sale (OFS) of ₹1,322 crore has been oversubscribed by non retail investors on day one. While the Government has put 20.65 crore shares representing 5% of the paid up capital, they also have a greenshoe option of additional 20.65 crore shares. Looking at the oversubscription by non retail category we feel that the Government will exercise the entire greenshoe option of additional 20.65 crore shares. SAIL OFS will be open for subscription for retail shareholders on the 15th of January 2020. Out of the total issue 12.5% is reserved for retail shareholders. At The floor price, the stock is offered at P/E multiples of 12.5xFY2020 EPS of `5.1, which is on the higher side. Recent hike in steel prices by domestic manufacturers on the back of run up in global steel prices have led to a rally in the stock. However considering the recent run up in stock prices we have a NEUTRAL rating on the issue.
15 Jan 2021, 10:56:49 AM IST
All sectoral indices in the red; pharma down over 1%
15 Jan 2021, 10:52:22 AM IST
HCL Tech expects Q4 revenue to grow 2-3% sequentially
HCL Technologies reported a net profit of ₹3,982 crore, up 26.7% quarter-on-quarter (QoQ) and 31.1% year-on-year (YoY) for the quarter ended December.
Revenues rose 3.8% sequentially to ₹19,302 crore in the quarter under review.
Guiding for Q4, the company said it expects revenue to grow 2-3% sequentially in constant currency terms.
“This solid performance was driven by a robust momentum in our Mode 2 and Mode 3 businesses led by Digital, Cloud and Products & Platform segments. Our results reflect the success of the strategic investments we have made over the years including unique ecosystem constructs with all Cloud Hyperscalers, organic and inorganic investments in a broad-based IP and Platforms portfolio and an enterprise digital transformation value proposition that is truly integrated and differentiated" said C Vijayakumar, president and chief executive.
15 Jan 2021, 10:46:21 AM IST
The rupee opened on a flat note and fell 3 paise to 73.07 against the US dollar in opening trade on Friday tracking muted opening in domestic equities.
On Thursday, the rupee had settled at 73.04 against the American currency.
15 Jan 2021, 10:45:18 AM IST
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking on Markets
"We had a flat start yesterday marginally in the red despite positive global cues. In the initial couple of hours, market extended losses to again test the sub-14500 territory. But once again similar to recent trend, buying emerge in the latter half to conclude the weekly expiry marginally in the green at 14600.
The mighty bulls remains in the dominant position and they are in no mood to loosen up their grip on the market. Every now and then some heavyweight space comes for a rescue and yesterday it was a combination of IT as well as Pharma names. We witnessed a stellar move in some of the heavyweights to pull the index in the safe terrain. For the coming session, 14650 remains to be an immediate resistance; whereas on the lower side, 14500 - 14430 are to be seen as crucial supports.
As of now there is no sign of weakness in the index but if we look at the overall market breadth since last few days, individual stocks started to show some fatigue now. Hence, traders are continuously advised to stay light and look to take some money off the table. Yesterday, banking was slightly on the back foot in the second half as the baton was passed to IT and Pharma stocks."
15 Jan 2021, 10:24:55 AM IST
BSE Midcapin the green, SAIL up 7%
15 Jan 2021, 10:16:00 AM IST
Power Finance Corporation up 1.7%
The state-owned company's maiden taxable bond issue of ₹5,000 crore for individual buyers will open today and close on January 29. PFC is planning to raise ₹10,000 crore through bonds (NCDs) in two tranches. The company said it would come out with more such issues going forward.
Gold prices fell for the second day in Indian markets with futures on MCX edging lower by 0.2% to ₹49,122 per 10 gram. In the previous session, gold had declined 0.3%. Silver futures on MCX were also weak today, falling 0.8% to ₹66,150 per kg.
15 Jan 2021, 10:00:12 AM IST
Nifty pharma slips around 1%, Aurobindo Pharma down 2%
15 Jan 2021, 09:49:47 AM IST
Sensex slips over 350 points
15 Jan 2021, 09:44:09 AM IST
Nifty IT down 1%, biggest loser among sectoral indices
15 Jan 2021, 09:33:53 AM IST
Bharti Airtel up 4%
MSCI Global Standard Indexes will increase the weight of telecom operator Bharti Airtel stock in its February quarterly review. The move follows an approval to increase foreign investment limit in the telecom major to 100% from 49%.
Besides HCL Tech and PVR, companies that will announce earnings are L&T Finance and Shoppers Stop.
15 Jan 2021, 08:47:28 AM IST
Oil mixed as Chinese lockdowns raise demand questions
Oil prices were mixed on Friday as strong import data from China, the world's biggest crude importer, that boosted sentiment earlier ran into concerns about Chinese cities in lockdown due to coronavirus outbreaks.
Brent was down 3 cents at $56.69 by 0133 GMT, after gaining 0.6% on Thursday. U.S. West Texas Intermediate crude was up 12 cents at $53.69 a barrel, having risen more than 1% the previous session.
15 Jan 2021, 08:37:24 AM IST
Indian stocks seen volatile
Indian stock markets are likely to be volatile on Friday, while trends in SGX Nifty suggest a negative opening for Indian benchmark indices. On Thursday, the BSE Sensex ended at 49,584.16, up 91.84 points or 0.19%. The Nifty closed at 14,595.60, up 30.75 points or 0.21%.
15 Jan 2021, 08:32:44 AM IST
Asian shares mixed
Asian shares were mixed with Japan’s Nikkei 225 down 0.2% and South Korea’s Kospi inching down 1%. Hang Seng rose 0.3% and Australia’s S&P/ASX 200 up 0.2%.
15 Jan 2021, 08:16:04 AM IST
Wall Street ends lower
Wall Street closed lower on Thursday, making a u-turn towards the end of the session as reports emerged about U.S. President-elect Joe Biden's pandemic aid proposal following earlier data that showed a weakening labor market.
The Dow Jones Industrial Average fell 0.22%, the S&P 500 lost 0.38%, and the Nasdaq Composite dropped 0.12%.