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Sensex fails to hold 50,000 mark, ends 167 points lower; banks drag
Sensex tops 50,000 for first time20 min read.Updated: 21 Jan 2021, 03:51 PM ISTMadhumita Sen Choudhury
The benchmark Sensex scaled the 50,000-mark for the first time ever on Thursday but failed to hold on to the gains and closed 559 points lower from the day's highs on profit booking
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21 Jan 2021, 03:51:23 PM IST
Sensex gives up 50k mark at close
The benchmark Sensex hit the 50,000 milestone for the first time ever on Thursday but failed to hold on to the gains and closed 559 points lower from the day's highs on profit booking. The index closed 167 points lower at 49,625.
Nifty closed at 14,590.35, down 54 points. All sectoral indices closed in the red with banks and financials biggest laggards. Market breadth was negative with midcaps and small caps ending deep in the red.
Bajaj Finance, its twin Finserv and Bajaj Auto were the top gainers for most part of trade.
On the Sensex, 10 stocks advanced, while 20 declined.
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Sensex at close
21 Jan 2021, 03:34:41 PM IST
Sensex, Nifty end in the red
21 Jan 2021, 03:26:46 PM IST
Asian Paints up 1%; Q3 profit up 62% at ₹1,265 crore
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Asian Paints up
21 Jan 2021, 03:17:44 PM IST
HDFC twins drag Sensex into the red
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Sensex contributors
21 Jan 2021, 03:10:01 PM IST
All sectoral indices turn red; Nifty Bank slips almost 1%
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Sectoral indices
21 Jan 2021, 03:05:46 PM IST
Syngene Q3 earnings: Yash Gupta Equity Research Associate, Angel Broking
Syngene reported numbers in line with the expectation. Syngene international Ltd total revenue from operations for Q3FY21 stood at ₹584.5 crores up by 13% YoY from ₹519.1 crores in Q3FY20. EBITDA for Q3FY21 stood at ₹193 crores up by 11% as compared to ₹173.5 crores in Q3FY20. EBITDA margins are same as Q3FY20.
Profit after tax for the quarter up by 11% at ₹102.2 crores in Q3FY21 as compared to ₹91.8 crores in Q3FY20. Company employee cost and other expenses have increased due to that net profit margins has come down. Top line growth of 13% is in line with our expectation. We have a neutral outlook towards Syngene international Ltd.
21 Jan 2021, 02:56:21 PM IST
Sensex 126 points off 50,000 mark hit earlier
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Sensex check
21 Jan 2021, 02:53:08 PM IST
Bajaj Auto up 2.6%; Q3 net profit jumps 23%
Two-wheeler major Bajaj Auto on Thursday reported 23% rise in net profit at ₹1,556 crore for the quarter ended December. Revenue from operations increased 17% to ₹8,910 crore.
"Q3FY21 has been a record quarter for the Company - highest ever turnover which for the first time ever exceeded ₹9,000 crore, highest ever profit before tax which for the first time ever exceeded ₹2,000 crore, highest ever profit after tax to over ₹1,500 crore and an expansion in operating EBITDA margin to 19.8% driven by higher operating leverage and better product mix," Bajaj Auto said in a stock exchange filing
Global shares mostly rose Thursday on optimism over the new U.S. administration that earlier set off a rally on Wall Street.
France's CAC 40 gained 0.4%, while Germany's DAX rose 0.6%. Britain's FTSE 100 edged up nearly 0.2%.
Japan's benchmark Nikkei 225 closed 0.8% higher, while South Korea's Kospi edged up 1.5% and Hong Kong's Hang Seng slipped 0.1%. The Shanghai Composite added 1.1% and Australia's S&P/ASX 200 gained 0.8%.
21 Jan 2021, 02:36:04 PM IST
Jio’s Q3 revenue seen rising, but digital services yet to catch up
The telecom arm of Reliance Industries Ltd, Reliance Jio Infocomm, is expected to clock in higher revenues in the December quarter, driven by improved average revenue per user (Arpu) and addition of high-paying customers to JioFibre, the company’s fixed-line broadband services.
However, parent Jio Platforms' revenue is yet to come on a par with the telecom segment because various digital services businesses remain in the development stage and as capital raised from investors in 2020 will be utilised over the next few quarters, analysts said.
Jio Platforms’ revenue is to likely to grow 4.3% sequentially to ₹193 billion in the December quarter, while the telecom arm is expected to register a 3.7% growth sequentially and a 29.8% year-on-year rise in revenues, according to brokerage firm Axis Capital.
21 Jan 2021, 02:27:32 PM IST
Credit risks better-managed at small finance banks: RBI bulletin
The bad loan ratio of small finance banks (SFBs), one of the latest entrants in India’s financial system has remained moderate since inception, a reflection of their better management of credit risks, the central bank said in its January bulletin.
Written by Richa Saraf and Pallavi Chavan from the Department of Supervision as part of the bulletin, the article was accompanied by the usual disclaimer that views expressed are those of the authors and do not reflect the views of the organisation.
Ten small finance banks have started operations since licensing guidelines were released by the central bank in 2014. The first two, Capital Small Finance Bank and Equitas Small Finance Bank, started operations in 2016 followed by seven more in 2017, and one more in 2018. Most of the SFBs, the regulator said, were previously microfinance institutions (MFIs) with a few notable exceptions, such as the Capital Small Finance Bank which was a local area bank.
21 Jan 2021, 02:18:45 PM IST
Mohit Ralhan, Managing Partner and Chief Investment Officer, TIW Private Equity on Sensex rally
The benchmark BSE Sensex index achieved a record high during early trading hours on Thursday, crossing the 50,000 mark for the first time ever. This historic milestone which comes ahead of the upcoming budget announcement is a result of sustained economic recovery from the Covid-19 pandemic and indicates an extremely positive investor sentiment in the Indian market. The high expectations from budget announcement, initiation of the Covid-19 vaccine distribution program, strong liquidity support and positive backdrop of newly inaugurated US president has helped sensex to cross 50,000 mark.
21 Jan 2021, 02:09:48 PM IST
Tata Motors gains 8.5%, trades at nearly 3-year high
Top cryptocurrencies fell on Thursday, with bitcoin declining over 3% to below the $35,000 mark. The crypto asset traded at $34,694 as of 12 pm, as per data available with crypto exchange WazirX.
According to experts, the sell-off has come on the back of former US Federal Reserve Chairperson Janet Yellen’s comments that cryptocurrencies are "mainly" used for illegal activities. She is US President’s Joe Biden's nominee for the treasury secretary.
21 Jan 2021, 01:50:24 PM IST
L&T Technology Services down 4% as profit dips in Q3
The company's consolidated net profit fell 8.8% to ₹186 crore in the December quarter. Its revenue declined 1.6% to ₹1,401 crore in the quarter. On a sequential basis, profit rose 12.4%, while revenue increased 6.6%.
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L&T Technology Services slips
21 Jan 2021, 01:42:06 PM IST
Nifty Bank up 0.7%; RBL Bank up 3%
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Banks gains
21 Jan 2021, 01:30:19 PM IST
JK Tyre up 15% ahead of December quarter earnings
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JK Tyre zooms
21 Jan 2021, 01:21:03 PM IST
Sensex up 93% from March crash to hit 50000: Stocks that led rally
The Sensex has climbed 93% from the brutal sell-off in March when the markets had crashed following government’s strict lockdown to restrain covid. As the Sensex hit 50,000-mark for first time ever on Thursday, BSE MidCap and BSE SmallCap indices have outpaced the benchmark index in last 10 months. Since March lows, BSE Midcap index soared 99% while BSE Smallcap index climbed 112.56%.
In the Sensex pack, four stocks have gained over 100% from March lows contributing massively to the 30-share gauge's journey towards the 50,000-mark. During the period, Mahindra & Mahindra gained 155%, Infosys rose 129%, HCL Technologies jumped 124%, IndusInd Bank gained 115% and Reliance Industries added 103%. (Full report)
21 Jan 2021, 01:11:05 PM IST
Bandhan Bank up 2.6% ahead of Q3 earnings
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Bandhan Bank
21 Jan 2021, 01:06:09 PM IST
As Sensex mounts 50K, investors willing to take more risk, says survey
Indian benchmark index Sensex has breached yet another psychological level, hitting the 50,000 mark on Thursday. This up move in Indian stock market is in line with the US equities, which closed at a record high on hopes that US President Joe Biden will provide more economic stimulus to boost demand hit by the pandemic.
With rising anticipation of more liquidity, investors' risk taking ability has also increased. The latest global fund manager survey by BofA Securities showed that 19% of respondents were taking higher than normal risk. This upward movement in risk appetite is at a record high, showed the survey. (Full report)
21 Jan 2021, 12:56:15 PM IST
Future Retail hits 5% upper circuit
Sebi on Wednesday granted approval to the Future Group and Reliance Retail deal. In August, Kishore Biyani led-Future Group had entered into a ₹24,713 crore agreement with Mukesh Ambani's Reliance Retail. As part of the deal, Future Group was to sell its retail, wholesale, logistics and warehouse businesses to Reliance Retail Ventures (RRVL).
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Future Retail surges
21 Jan 2021, 12:52:45 PM IST
Waqar Naqvi, CEO - Taurus Mutual Fund on Sensex mounting 50,000
The rally in banking, PSU, auto and IT sectors has helped Sensex cross the landmark number of 50,000 setting a record high. If the Midcaps join the party, which is a high probability, on the back of the vaccinations and the anticipated announcements in the Budget to boost demand, the stock markets should continue to do well in the foreseeable future. From this level minor ups and downs in the index are not going to bother investors.
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21 Jan 2021, 12:42:44 PM IST
Sun Pharma to Friday mull payment of interim dividend
Sun Pharma has said its board of directors, at its meeting scheduled to be held on Friday, will consider declaration of interim dividend on the shares of the company, for the financial year 2020-21.
ICICI Direct expects Sun Pharma to report net profit at ₹1,319 crore up 44.4% year-on-year and down 27.2% quarter-on-quarter.
21 Jan 2021, 12:32:42 PM IST
Syngene reports 11% growth in Q3 PAT
Biocon's subsidiary Syngene International has reported 11% growth in earnings before interest, taxes, depreciation and amortisation (EBITDA) and profit after tax at ₹193 crore and ₹102 crore respectively in the quarter ended December.
Revenue from operations rose 13% to ₹585 crore compared to ₹519 crore in the corresponding quarter of last year.
21 Jan 2021, 12:23:31 PM IST
BSE Midcap gains 150 points; Voltas, Crompton lead
Indigo Paints received a good response from anchor investors by raising Rs.348 crore from 25 anchor investors. The anchor allotment was done at the higher price band of Rs.1490/share. Anchor investors of the issue were SBI Mutual Fund, HDFC Mutual Fund, Capital Group etc
Indigo India IPO was subscribed by 1.9 times on the first day of issue. Retail portion was most subscribed by 3.3 times. Non institutional and QIB was subscribed 1.1 and 0.1 times only as mostly they subscribe in big numbers on the last day of the issue. We expect the IPO to be subscribed many times as a lot of value is left in the table. We expect a good listing for the company at exchange.
We are positive on the future outlook for the industry as well as the company, so we have recommended “subscribe" to the issue for long term as well as for listing gains in our IPO Note.
21 Jan 2021, 12:05:46 PM IST
Broad markets positive; VIX down 4%
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VIX down
21 Jan 2021, 12:02:18 PM IST
Sensex holds strong above 50,000 at noon; Bajaj group cos reign
The Sensex has hit levels of 50,000 on the back of strong global cues post inauguration of Joe Biden as the new president of the US. We expect global cues to remain strong in the near future which will lead to global flows remaining strong over the near term. Markets will also look to the Union Budget on the 1st of February and the ongoing Q3FY2021 results season for further cues. However valuations at current levels are expensive with the Senses trading at P/E multiples of ~21xFY2022 EPS estimates. While the markets may be expensive at current levels we believe that India equities will command a premium given that we are still in the early part of an earnings recovery cycle where multiples tend to be higher. However if we look at the markets on an FY2023 basis then valuations appear to be more reasonable at ~17.5x. Moreover we believe that liquidity will keep coming into India given zero interest rates in developed countries and continued monetary stimulus by the central banks globally. Therefore we continue to remain positive on the Nifty from a medium to long term perspective despite any possible short term volatility in the markets. Corrections if any are likely to be short lived and should be used as an opportunity to buy into the market from a long term perspective.
21 Jan 2021, 11:46:12 AM IST
HDFC to sell 24.48 pc stake in Good Host for ₹232.81 crore
HDFC Ltd has signed an agreement to sell its 24.48 per cent stake in Good Host, a company engaged in the business of managing student housing facilities, for ₹232.81 crore, according to a regulatory filing.
The two-wheeler major will announce its earnings today. The company reported better-than-expected earnings for the quarter ended September with profit rising 22% to ₹1,402 crore. Revenue from operations had dipped 4%.
21 Jan 2021, 11:27:06 AM IST
Auto-debit defaults fall in Dec
After months of distress, retail repayments seem to be limping back to normalcy with fewer defaults in auto-debit transactions in December.
Data from the National Payments Corp. of India showed that 38% of all auto-debit transactions failed in December, or about 200 basis points lower than November. It was, however, higher than the pre-covid run rate. The bounce rate, or the percentage of failed transactions, by volume, was at 31% and 31.5% in January and February 2020, respectively. (Full report)
21 Jan 2021, 11:18:35 AM IST
Home First Finance IPO: Jyoti Roy - DVP- Equity Strategist, Angel Broking Ltd on
Incorporated in 2010, Home First Finance Company India Limited is a Housing Finance Company. It is primarily engaged in the business of lending of housing loans to first time home buyers in low and middle-income groups, loans for the purpose of purchasing commercial property, loan against property and construction finance. The Company's Rs. 1154 crore IPO is opening today which comprises a fresh issue of Rs. 889 crore and offer for sale of Rs. 265 crore. Home First has posted strong growth in NII of 58.6% CAGR between FY18-20 while net profits have grown at a CAGR of 122.6% during the same period. Despite the Covid-19 crisis the company’s asset quality has remained largely stable with GNPA and NNPA largely stable at 0.7% and 0.5% respectively at the end of 1HFY2021. The company had a CAR of 51.7% at the end of 1HFY2021which provides comfort. At the higher end of the price band the stock would be trading at P/BV of 3.6x fully diluted post issue book value of `143.4 per share. We expect the company to post strong growth driven by strong demand for affordable housing. Given the growth prospects, we recommend a SUBSCRIBE rating on the issue.
21 Jan 2021, 11:09:54 AM IST
Axis Bank up 2.5%
Competition Commission of India on Wednesday approved the stake acquisition in Max Life Insurance Company by Axis Bank, Axis Capital and Axis Securities. As per the combination notice filed with CCI, the shareholding of Axis Bank in Max Life will increase to 9.9%. Currently, the bank holds about 1% stake in Max Life and is also the biggest distributor of the insurer's products through banking channel.
21 Jan 2021, 11:01:45 AM IST
Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking Ltd on gold prices
Gold prices hit near two-week highs on Wednesday on stimulus plans anticipated from the Joe Biden 46th U.S. president. Gold increased by 1.12% and closed at 49,534 levels. Silver prices also increased by 1.44% and closed at 66,990 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 49600 levels with the stop loss of 49300 levels for the target of 50200 levels. They can also for buy in Silver at 66500 levels with the stop loss of 65900 levels for the target of 68500 levels. We are expecting that gold may test $1900 levels and Silver may test $27 levels again soon.
21 Jan 2021, 10:52:21 AM IST
Havells fires on all cylinders, Q3 earnings beat may drive earnings upgrades
Havells' strong show in Q3 was driven by secular growth across segments and divisions. The company coming out of the lockdown has seen regular improvement in consumer sentiments driving sales recovery. Encouraging business performance in Q3 was helped by strong festive season sales too as electrical consumer durable sales were also pushed up by work from home culture.
As anticipated, the strong show was led by the sharp rise of 46% year-on-year sales of electrical consumer durables. Even products classified under ‘Others’ as motor, pump, solar, personal grooming and water purifier businesses, saw growth of 53% year-on-year. Segments as switchers, lighting and fixtures and cables segment that have certain dependence on institutional sales to clocked 27-32%.
HDFC AMC puts up a tepid show for investors in December quarter
Shares of HDFC Asset Management Company Ltd have underperformed the broader market despite the 32% rise over the past two months. The company’s December quarter performance didn’t seem to give enough reasons to celebrate and the stock has slipped today as well.
The fund house’s net profit grew a modest 5% for the December quarter. But the growth was largely because of a sharp reduction in expenses rather than an improvement on the income side. Operating expenses shrank, led by a massive 80% year-on-year drop in fees and commissions. Operating profit from core asset management business rose just 6% growth for the quarter. That said, operating margin has improved for the third straight quarter. (Full report)
21 Jan 2021, 10:38:59 AM IST
Journey of Sensex: From 1,000 to 50,000 in 30 years
Indian stock market benchmark BSE Sensex index today climbed above 50,000 points for the first time as the gauge extended its longest weekly winning streak in over a decade. The index over 250 points to 50,048, logging 11 straight weeks of gains. Sensex has nearly doubled from its March lows of 25,638.
The rise in the index has been fueled by foreign buying, with overseas investors pouring $2.6 billion into Indian equities in January after record net purchases last quarter. Prospects of a bounce back in earnings after the economy reopened following coronavirus-triggered lockdowns have spurred investor confidence.
The CCI approved the ₹1,500-crore deal between the company and Flipkart, which will help the Walmart Inc.-owned e-tailer consolidate its position in the apparel business. The deal, which was announced last October, will help Aditya Birla Fashion cut its debt and expand into new apparel categories and give Flipkart a significant edge over Amazon.
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Aditya Birla Fashion
21 Jan 2021, 10:19:39 AM IST
Rupee opens higher
Rupee gained 7 paise to trade near the five-month high of 72.98 against the US dollar.
21 Jan 2021, 10:15:49 AM IST
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
After crossing the 14550-14600 resistance zone yesterday, we are headed to 14800-14900. This rally could even extend to 15000. The index has a good support at 14300. Any intra day dip can be bought into for higher targets. However, caution is advised as markets can get volatile during corrections. The best way to address the volatility would be to update stops on a regular basis.
21 Jan 2021, 10:06:23 AM IST
RIL, Bajaj Finance, ICICI Bank biggest contributors to Sensex rally
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Sensex contributors
21 Jan 2021, 09:56:39 AM IST
Havells India up over 6%
The company reported a net profit of ₹3.49 billion in the December quarter against ₹1.99 billion a year ago. Revenue from operations rose to ₹31.66 billion versus ₹22.7 billion a year ago. The company declared an interim dividend of ₹3 per share.
21 Jan 2021, 09:50:14 AM IST
RIL up 2.5%
SEBI on Wednesday granted approval to the Future Group and Reliance Retail deal. In August, Kishore Biyani led-Future Group had entered into a ₹24,713 crore agreement with Mukesh Ambani's Reliance Retail. As part of the deal, Future Group was to sell its retail, wholesale, logistics and warehouse businesses to Reliance Retail Ventures (RRVL).
21 Jan 2021, 09:40:01 AM IST
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"The smooth transition in the US and President Biden's healing speech lifted the US markets to record highs. This feel-good factor is likely to spread to other markets too. FII inflows which had declined a bit during the last few days, have again turned strong going above ₹2200 crore on Wedne. Apart from robust FII inflows, another major factor supporting the rally is the impressive corporate results which started in Q2 and continue in Q3...The rally in stock markets, which is global, has been triggered by the massive liquidity injection by the central banks. This ultra-loose monetary policy of massive liquidity injection and historically low-interest rates is the response to the severe recession caused by the pandemic. While enjoying this bull run, investors should not be carried away by the euphoria. At high levels, markets are vulnerable to corrections."
21 Jan 2021, 09:33:40 AM IST
All sectoral indices in the green, Nifty Auto up 1%
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Sectors
21 Jan 2021, 09:28:32 AM IST
Tata Motors, Bajaj Finance top gainers at open on Nifty
Indian markets hit record high on Thursday with widespread optimism among investors. The Sensex hit the 50,000-mark for the first time ever following rise in global peers. The Sensex opened at 50,096.57, up 304.45 points or 0.6%. The Nifty was at 14,712.90, up 68.20 points or 0.47%.
“We are at a cusp of a new economy cycle and business uptrend in India. The pillars of the long term equity rally are in place, i.e., low interest rates, bank balance sheets on a mend, significant policy reforms along with the recent focus on attracting foreign investments and developing the Indian manufacturing sector," Gaurav Dua, head capital market strategy and investments, Sharekhan by BNP Paribas said.
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Sensex at open
21 Jan 2021, 09:15:52 AM IST
Sensex opens above 50,000
21 Jan 2021, 09:01:06 AM IST
Sensex hits 50,000 at pre-open
At 0903 am, Sensex was up 257 at 50,049.95 as markets soared globally after Joe Biden took charge as the 46th President of the US.
The Nifty index opened on a positive note and gradually moved higher during the day to register new highs. In just a couple of sessions, the index recovered all its losses of the recent correction and ended the day tad below 14650.
The index continued its previous day’s upmove today supported mainly by the IT heavyweights. The Auto stocks and the heavyweight Reliance Industries too contributed and participated in the upmove. Although, the Banking index consolidated in a range today and relatively underperformed the Nifty as no significant momentum was seen in the private sector banking stocks. If we look at the recent chart of Nifty on the daily time-frame, it is seen that the 20-day EMA has acted as a support on intermediate declines and the index has continued its ‘Higher Top Higher Bottom’ structure. With the last two days of upmove, this moving average support now coincides with Monday’s low of 14222 and thus, it now becomes a sacrosanct for the short term.
Apart from this, the Nifty Midcap index had seen some correction from its important level as per the retracement theory and hence, it would be crucial to see if this index surpasses its swing high with an ease. In case the midcap index does not break this hurdle, then we could see some volatility again in the short term and hence, traders should keep a close tab on this index.
Meanwhile, we continue with our advice for traders to keep focusing on stock specific moves and identify the sectors which are showing momentum on a given day. Traders should also avoid taking leverage positions at this juncture and focus on timely exits on the trading positions.
The intraday supports in Nifty for the coming session are placed around 14535 and 14490 whereas resistances are seen around 14710 and 14770.
21 Jan 2021, 08:48:35 AM IST
Stocks to Watch: Bajaj Finance, Reliance, Bajaj Auto, Axis Bank,
Among top ten stocks that will be in focus today are Bajaj Finance, Reliance, Bajaj Auto, Axis Bank, Piramal Enterprises, and Future group companies.
Top companies which will announce their December quarter earnings today are Asian Paints, Bajaj Auto, SBI Card, Bandhan Bank, Biocon, JK Tyre, JSPL and Mphasis.
21 Jan 2021, 08:41:18 AM IST
Sensex eyes 50,000 mark on optimism in global markets
Indian stock markets are likely to surge on Thursday following optimism in global peers. Trends in SGX Nifty suggest a positive opening for domestic benchmark indices. On Wednesday, the BSE Sensex ended at 49,792.12, up 393.83 points or 0.80%. The Nifty closed at 14,644.70, up 123.55 points or 0.85%.
21 Jan 2021, 08:21:02 AM IST
Joe Biden sworn in as 46th president of the US
Joseph Robinette Biden Jr was sworn in as the 46th president of the US, taking control of a nation wracked by a deadly pandemic, persistent unemployment and burgeoning social unrest to cap the most acrimonious transfer of power in modern American history.
Biden, 78, took the oath of office shortly before noon from Chief Justice John Roberts on the steps of the US Capitol—the very spot overrun two weeks ago by Donald Trump loyalists, who waged a deadly attack seeking to block the Democrat’s ascent to the presidency.
21 Jan 2021, 08:15:46 AM IST
Asian shares rise
Asian shares rose on Thursday tracking US markets amid hopes US President Joe Biden's administration will work to support the struggling US economy.
Japan's Nikkei 225 rose 0.7%, while South Korea's Kospi edged up 0.4%. Hong Kong's Hang Seng was little changed, while the Shanghai Composite added 0.4%. Australia's S&P/ASX 200 gained 0.6%.
21 Jan 2021, 08:10:56 AM IST
Wall Street ends at record highs
Wall Street ended at record highs as Joe Biden took charge as the 46th President of the US.
The Dow Jones Industrial Average rose 0.83%, the S&P 500 gained 1.39%, and Nasdaq Composite added 1.97%.
