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Sensex ends at record closing high of 49,792 led by auto, IT cos; Nifty at 14645

Markets had made a strong comeback on Tuesday after two days of losses . Photo: ReutersPremium
Markets had made a strong comeback on Tuesday after two days of losses . Photo: Reuters

  • Benchmark indices hit record highs on Wednesday led by IT and auto stocks, and amid positive global cues. The Sensex was a mere 150 points away from the 50,000 mark in the last half hour of trade. Sensex ended up 394 points at 49,792, while Nifty closed 0.9% higher at 14,645

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20 Jan 2021, 03:37:35 PM IST

Sensex, Nifty end at new closing high; up for second day in a row

Benchmark indices hit record highs on Wednesday led by IT and auto stocks, and amid positive global cues. The indices closed in the green for the second day in a row with Sensex ending up 394 points at 49,792, while Nifty closing 0.9% higher at 14,645.

Sensex hit an intra-day record high of 49,874 and Nifty 14,666.50.

Nifty Auto and IT ended over 2% higher each, while VIX cooled off nearly 6%.

Sensex at close
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Sensex at close
20 Jan 2021, 03:24:23 PM IST

Hindustan Zinc Q3 net profit rises 36% to ₹2,200 crore

Hindustan Zinc on Wednesday reported 36% increase in net profit at 2,200 crore the quarter ending 31 December, 2020. It was 1,620 crore in the year-ago period.

Revenue from operations rose 28% to 5,915 crore as against 4,626 crore in December 2019.

20 Jan 2021, 03:16:46 PM IST

Tata Motors up 6%, hits 52-week high

Tata Motors zooms
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Tata Motors zooms
20 Jan 2021, 03:14:48 PM IST

Subdued Q3 earnings, government stake sale weigh on Tata Communications stock

The Centre's disinvestments have lagged this year, but one bright spot could be stake sale of Tata Communications Ltd.

The government is looking to sell its residual 26.12% stake in Tata Communications, partly through an offer for sale in the stock market and divesting the rest to the Tata Group. The government aims to garner around 8,000 crore as part of disinvestment proceeds in the current fiscal ending 31 March. (Full report)

20 Jan 2021, 03:05:38 PM IST

Federal Bank reports 8% fall in Q3 net profit on higher provisions

Federal Bank reported an 8% year on year fall in net profit to 404 crore at the end of December quarter owing to higher provisions against potential bad loans. The bank had reported a net profit of 441 crore during the same time last year.

The bank’s provisions grew 84% to 559 crore at the end of December compared to 303 crore in the previous quarter.

20 Jan 2021, 02:55:05 PM IST

RIL, HDFC, Infy fuel Sensex rally

Index contributors
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Index contributors
20 Jan 2021, 02:47:34 PM IST

Sensex 164 points away from 50,000 mark

Sensex check
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Sensex check
20 Jan 2021, 02:44:29 PM IST

Nifty broad markets strong, VIX down 5%

Broad markets
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Broad markets
20 Jan 2021, 02:37:09 PM IST

Sensex, Nifty hit all-time high

20 Jan 2021, 02:28:29 PM IST

Zydus Cadila starts enrolment for phase 3 trial of covid-19 vaccine

In a move that could boost availability of vaccines in India, Zydus Cadila has started enrolling and dosing participants for its phase 3 trial to determine the efficacy of its covid-19 shot ZyCov-D, two officials in the know told Mint.

“We started enrolment and dosing of participants from Saturday. The enrolment and dosing happens between 9 am and 5 pm," the principal investigator at one of the sites said.

20 Jan 2021, 02:19:31 PM IST

Nifty Bank recovers, in the green now

Banks recover
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Banks recover
20 Jan 2021, 02:12:14 PM IST

Indigo Paints IPO: Keshav Lahoti Associate Equity Analyst, Angel Broking

Indigo Paints has been gaining market share, we believe it will continue to gain market share in the upcoming years also due to the strong management team, strategies planned by the company and smaller base compared to top four players. Company’s revenue from operations have grown at a CAGR of 41.9% between Fiscal 2010 and Fiscal 2019, compared to the range of 12.1% to 13.1% recorded by the top four paint companies in India. There is further scope left for the company to improve EBIDTA margins due to operating leverage especially in the cost of advertisement expense. Issue is priced at 98.4x PE on a trailing basis in terms of fully diluted EPS, which we believe is quite reasonable by looking at the future growth prospects of the company. The key risk for this company would be an inability to protect, strengthen and enhance their existing brand. We are positive on the long term prospects of the industry as well the company, we recommend "subscribe" to the Indigo Paints IPO for long term as well as for listing gains.

20 Jan 2021, 02:00:28 PM IST

Larsen & Toubro Infotech CFO Ashok Kumar Sonthalia resigns

IT firm Larsen & Toubro Infotech (LTI) on Wednesday said its chief financial officer Ashok Kumar Sonthalia has resigned from the company.

"...the Board of Directors in its meeting held on January 19, 2021, inter-alia considered the resignation of Mr Ashok Kumar Sonthalia, CFO of the company, on account of personal reasons and accepted the same to be effective from close of business hours of January 25, 2021," a regulatory filing said.

20 Jan 2021, 01:50:30 PM IST

Oil prices rise

Oil prices rose on Wednesday, building on solid gains overnight, thanks to a combination of a weaker dollar and expectations the incoming U.S. administration will deliver massive stimulus spending that would lift fuel demand and draw down crude stocks.

U.S. West Texas Intermediate (WTI) crude futures climbed 41 cents, or 0.77%, to $53.39 a barrel. Brent crude futures rose 37 cents, or 0.66%, to $56.27 a barrel, adding to a 2.1% gain on Tuesday.

20 Jan 2021, 01:40:44 PM IST

Sterlite Technologies up 1.5%; Q3 consol profit rises

Sterlite Technologies' December quarter consolidated net profit rose to 859.7 million versus 499.9 million a year ago. Consol revenue from operations rose to 13.14 billion versus 12.03 billion a year ago.

20 Jan 2021, 01:34:54 PM IST

Karnataka is the most innovative state, says NITI Aayog

Karnataka is the most innovative state in the country in terms of offering a conducive environment for innovation and performance parameters, as per NITI Aayog’s India Innovation Index 2020 rankings released on Wednesday.

The index is based on factors like human capital, investments, business and legal environment as well as performance parameters like new businesses registered, and patent and trademark registrations filed for.

20 Jan 2021, 01:23:54 PM IST

Bajaj Finance up 1% ahead of earnings

India’s largest non-bank lender will report it December quarter earnings today. The company's consolidated net profit fell 36% to 965 crore in the September quarter on higher provisioning. Provisions rose 181% to 1635 crore as on 31 September.

20 Jan 2021, 01:15:35 PM IST

Angel Broking says 'buy' JK Lakshmi Cement for a target of ₹422

"JK Lakshmi is a predominantly north India cement company with capacity of 13.3 Mn Mt. Currently, north India is favorable location for the cement industry as it is consolidated to a large extent as well as demand and supply outlook is better compared to other locations. Q1FY21 numbers of the Company were better compared to its peers due to favorable regional presence. It is also trading at a significant discount compared to other north based cement company such as JK Cement as well as historical valuation."

20 Jan 2021, 01:07:01 PM IST

Indigo Paints IPO off to strong start

The IPO of Sequoia Capital-backed Indigo Paints, which opened today, was subscribed 0.39 times as of 12.45 pm. Ahead of the initial public offering, Indigo Paints mopped up 348 crore from anchor investors at 1,490 apiece. The anchor investors include Government of Singapore Investment Corporation, Fidelity, Goldman Sachs, Nomura and HDFC MF. Pune-based Indigo Paints manufactures a range of decorative paints and has an extensive distribution network across the country.

20 Jan 2021, 12:57:44 PM IST

India's power demand surges to record high Wednesday

In what is being viewed as an indication of much-awaited economic recovery, India’ electricity demand surged to an all-time high of 185.82 gigawatts (GW) early Wednesday.

The previous record of 182.88 GW was registered on 30 December. This assumes significance as the Indian economy has been battered by pandemic-induced disruptions. Energy consumption, especially that of electricity and refinery products, is typically linked to overall demand in the economy.

20 Jan 2021, 12:54:00 PM IST

Sensex off day's high

Sensex check
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Sensex check
20 Jan 2021, 12:43:50 PM IST

Jyoti Roy, DVP, Equity Strategist, Angel Broking on L&T Infotech

L&T Infotech reported a 5.8% qoq growth in revenues to USD 427.8mn which was well ahead of our expectations. In rupee terms consolidated revenue increased by 5.1% qoq to 3152.8 crore while gross profits increased by 5.5% qoq to 1,102.1 crore. Gross margins expanded by ~20bps qoq to 35.0% due to sharp increase in utilization by 210bps qoq to 84.1%. Consolidated operating profit for the quarter was up by 6.7% qoq while margins were up by ~35bps qoq to 23.2%. Net profit for the quarter was up by 13.7% qoq to 519.3 crore. During the quarter growth was driven by India which grew by 30.4% QoQ while RoW witnessed a degrowth of 4.2% QoQ. BFS, manufacturing and other verticals witnessed strong growth while Insurance, Energy & Utilities verticals reported sluggish growth. Overall the numbers were ahead of our expectations on all fronts. Post the Q3FY21 numbers we maintain our positive stance on L&T Infotech and expect strong earnings growth of 24.2% CAGR between FY20-23E, though valuations at 24.5xFY23 earnings are expensive.

20 Jan 2021, 12:34:25 PM IST

Tata Communications down 7%; govt may exit co

Government will sell its residual 26.12% stake in Tata Communications Ltd (TCL) to exit the erstwhile Videsh Sanchar Nigam Ltd, partly through offer for sale in the stock market and selling the rest to the Tatas to garner around 8000 crore as part of its disinvestment receipts in the current financial year ending 31 March.

“Part of the stake will be sold through OFS and on the discovered price, rest of the stake will be sold to the Tatas. Though how much exactly will be sold through OFS has not been decided yet, the Cabinet Committee on Economic Affairs (CCEA) has approved selling up to 16% stake through OFS and remaining to the Tatas," a finance ministry official said

20 Jan 2021, 12:23:22 PM IST

Nifty Auto up 2%; Tata Motors gains over 6%

Auto stocks
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Auto stocks
20 Jan 2021, 12:15:08 PM IST

Moderation in US sales dampens investor confidence in Alembic Pharma

Alembic Pharmaceuticals Ltd performance for the quarter ending December disappointed with US sales growth momentum taking a pause. The US sales saw a decline of 1% during the quarter, compared to 33% growth registered during the first half. The investor's sentiments were bound to get impacted as the stock has corrected by more than 5% post results, even though the company’s overall performance remained decent.

At 1019 levels, the stock is trading at about 19.5 times FY22 estimated earnings. The pick up in US sales and earnings upgrades are crucial for further upside in the stock prices. (Full report)

20 Jan 2021, 12:04:06 PM IST

Nifty broad market indices in the green at midday; VIX down 4%

Broad market
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Broad market
20 Jan 2021, 12:01:43 PM IST

Sensex up 267 points at noon, near day's high

Sensex heatmap
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Sensex heatmap
20 Jan 2021, 11:54:35 AM IST

ICICI Lombard Q3 earnings: Jyoti Roy - DVP- Equity Strategist, Angel Broking

ICICI Lombard reported 6.3% YoY growth in net premium earned to Rs. 2,611.4 crore while investment income registered a growth of 31.4% YoY to Rs. 441.9 crore. Total income registered a growth of 9.29% growth YoY to Rs. 3058.9 crore. Operating profit for the quarter was down by 2.7% YoY to Rs. 312.1cr while net profit for the quarter was up 6.60% at Rs. 313.5 crore. The combined ratio for the quarter stood at 97.9% while return on average equity stood at 17.6% as compared to 20.3% in Q3FY20 Overall the company witnessed good traction in fire insurance, health and marine insurance while motor insurance was flat YoY.

20 Jan 2021, 11:48:49 AM IST

UPI transactions hit a new high in December

Unified Payment Interface (UPI) transactions have been rising consistently, making a new high every month for the past six months. In December, UPI volumes reached 2,234.16 million, and the value of transactions was 4,16,176 crore. In April, the number of transactions fell to 999.57 million. The total money transacted was 1,51,141 crore, according to data from National Payments Corporation of India, which owns and operates the UPI.

The trend of growth in UPI is likely to continue in the coming years. According to a PwC India report, titled The Indian Payments Handbook, more than half of the total digital transactions by volume could be on UPI within the next four financial years.

20 Jan 2021, 11:37:54 AM IST

L&T up over 1%; construction arm wins 'large' order

L&T Construction wins "large" contracts for its power transmission and distribution business in Bangladesh. The order value is between 25 billion and 50 billion

20 Jan 2021, 11:28:10 AM IST

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking Ltd on gold/silver

Gold and silver prices increased on U.S treasury secretary nominee Janet Yellen’s plans to fight the coronavirus-induced economic crisis with big spending.

Gold increased by 0.18% and closed at 48983 levels. Silver prices also increased by 0.93% and closed at 66036 levels. The hope on stimulus package in US economic by the US Govt. Weakness in Dollar also supportive the Gold and silver.

As of today Traders can go for buy in Gold at 48900 levels with the stop loss of 48600 levels for the target of 49500 levels. They can also for buy in Silver at 66000 levels with the stop loss of 65400 levels for the target of 67500 levels. We are expecting that gold may test $1880 levels and Silver may test $27 levels again soon.

20 Jan 2021, 11:17:36 AM IST

Ceat hits 52-week high

The tyre manufacturer reported around 149% year-on-year jump in consolidated net profit to 132 crore for the quarter ended December, as vehicle production returned to pre-covid level and sales in the after-market segment made a strong comeback. Net sales during the quarter surged 26% year-on-year to 2,221 crore.

Ceat jumps
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Ceat jumps
20 Jan 2021, 11:10:27 AM IST

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking:

“The Asian markets were trading with a positive bias and this led to a gap up opening in Nifty around 14370. The minor dip in the first half an hour got bought into and then it was no looking back for the index. It crept higher throughout the day and ended the session above 14500.

Post the previous sessions correction, it initially seemed that the pullback move would again see some profit booking and the volatility would continue in yesterday’s session as well. However, the index breached its intraday resistances one after another and posted decent gains at close. Most of the sectors participated in the upmove yesterday while the broader markets gained back momentum. Frankly speaking, yesterday’s move was certainly a bit unexpected by us; but certainly the bulls have made a smart comeback supported by the global optimism. Going ahead, 14450 and 14320 would now be seen as immediate supports whereas 14600-14620 would be the immediate range to watch. Traders are advised to focus on stock specific moves and look for themes which are providing good opportunities during the day."

20 Jan 2021, 11:00:27 AM IST

L&T Infotech's improving deal win trajectory is good, but priced-in

Shares of technology consulting and digital solutions company L&T Infotech rose nearly 3.5% in opening trade on Wednesday following its stellar earnings peformance. Some of the key highlights of its December quarter earnings were better-than-expected constant currency revenue growth, decent margins and new deal wins.

Investors should note that IT services providers who have reported numbers so far, have beaten expectations on constant currency revenue growth terms. After a strong show by sector leaders Tata Consultancy Services Ltd and Infosys Ltd, earnings of other companies were anticipated to be decent. (Full report)

20 Jan 2021, 10:52:07 AM IST

Adani Green up 2%; commissions 150 MW solar power plant at Kutchh

Adani Solar Energy Kutchh One Limited has commissioned 150 Megawatt solar power project, three months prior to the scheduled date. Adani Solar Energy Kutchh One is a subsidiary of Adani Green Energy Limited.

"Despite all the challenges of global pandemic Covid-19, unprecedented rain and flood in Kutchh, Gujarat, continuing with the Group’s commitment to nation building, the team of experts made it possible to commission the project 3 months prior to its scheduled commissioning date," Adani Green Energy wrote.

20 Jan 2021, 10:45:10 AM IST

Jack Ma emerges for first time since China's crackdown on Ant, Alibaba

Alibaba and Ant co-founder Jack Ma has resurfaced after months out of public view, quashing intense speculation about the plight of the billionaire grappling with escalating scrutiny over his internet empire.

20 Jan 2021, 10:35:50 AM IST

Infy, TCS, HCL tech top contributors on Sensex

Index contributors
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Index contributors
20 Jan 2021, 10:25:35 AM IST

BSE Midcap up 120 points led by Naukri

Midcap stocks
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Midcap stocks
20 Jan 2021, 10:15:20 AM IST

Rupee opens marginally up

The Indian Rupee opened marginally higher at 73.11 per dollar compared with Tuesday's close of 73.16

20 Jan 2021, 10:07:50 AM IST

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

"We are trading above the 14550 level which is a resistance point for the Nifty. If we can keep above this, our next target should be 14750-14800. Given the strong undercurrent we can possibly stretch towards 15000 too. A strong support now lies at 14200 and hence any dip or correction can be utilised to enter the index for higher targets."

20 Jan 2021, 09:59:39 AM IST

Gold prices up

Gold and silver prices edged higher in Indian markets, tracking higher global rates. On MCX, February gold futures rose 0.27% to 49,115 per 10 gram while silver gained 0.3% to 66,234 per kg. In global markets, gold rates moved higher following a weaker US dollar amid expectations of a massive US stimulus.

20 Jan 2021, 09:49:00 AM IST

Larsen & Toubro Infotech up 2%

The company reported a 37.85% jump in net profit to 519.3 crore for the December quarter, mainly driven by a surge in revenue and margin expansion. It reported a 12% increase in revenues to 3,152.8

20 Jan 2021, 09:40:59 AM IST

Wipro, HCL Tech, L&T Infotech up around 2% each

IT pack
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IT pack
20 Jan 2021, 09:33:19 AM IST

Nifty IT up 2%, best gainer among sectoral indices; FMCG declines

Sectoral indices
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Sectoral indices
20 Jan 2021, 09:26:18 AM IST

Nifty losers/gainers at open

Nifty players.
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Nifty players.
20 Jan 2021, 09:24:57 AM IST

Sensex gains 160 points at open

At 0923 am, Sensex was 168 points higher at 49,567.24 led by ONGC, Tech Mahindra and Bajaj Auto.

Nifty was up 48 points at 14,569.80 led by Sun Pharma and Wipro.

Sensex check
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Sensex check
20 Jan 2021, 09:18:11 AM IST

Indices open flat

Indices opened flat to positive on Wednesday. Bajaj Finance and Bajaj Finserv are in focus as they will report their December quarter earnings on Wednesday

20 Jan 2021, 09:06:03 AM IST

Sensex at pre-open

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20 Jan 2021, 09:03:03 AM IST

Sensex, Nifty positive in pre-opening session

20 Jan 2021, 08:59:12 AM IST

NTPC records 4% growth in power generation in Apr-Dec

State-run power major NTPC Ltd achieved gross cumulative generation of 222.4 billion units between April and December 2020, up 3.8% year-on-year, the company said in a statement on Tuesday. India’s largest power generation utility also registered its highest-ever daily gross electricity generation of 1,009 million units on 18 January, it added.

20 Jan 2021, 08:52:07 AM IST

Stocks to Watch: Bajaj Finance, SBI, HUL, Vedanta

Among top ten stocks that will be in focus on Wednesday are Bajaj Finance, SBI, HUL, Vedanta, IIFL Finance, Tata Communication.

Besides Bajaj Finance and Bajaj Finserv, companies that will declare December quarter earnings today are Federal Bank, GMM Pfaudler, Havells India, HDFC AMC, Hindustan Zinc and L&T Technology Services.

20 Jan 2021, 08:40:05 AM IST

Indian stock markets seen in a range

Indian stock markets are likely to be in a range on Wednesday, while trends in the SGX Nifty indicate a soft opening for domestic benchmark indices. Snappin a two-session loss, BSE Sensex on Tuesday ended 834 points higher at 49,398.29, while the Nifty closed at 14,521.15, up 1.68%.

20 Jan 2021, 08:38:06 AM IST

Asian shares mixed

Asian markets were mostly higher tracking Wall Street. South Korea's Kospi was up 1.5%. Hong Kong's Hang Seng rose 0.86%, while Australia's ASX rose 0.6%.

Japan's Nikkei though edged down 0.4%.

20 Jan 2021, 08:22:10 AM IST

Wall Street rises

Wall Street's main indexes rose on Tuesday as US Treasury Secretary nominee Janet Yellen advocated for a hefty fiscal relief package before lawmakers to help the world's largest economy ride out a pandemic-driven slump.

The Dow Jones Industrial Average rose 0.38%, while the S&P 500 gained 0.81%. The tech-heavy Nasdaq Composite added 1.53%.

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