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The Indian equity markets climbed nearly one per cent in early trade on Tuesday on the back of broad-based buying support. There was good buying support in IT and telecom stocks. Tech Mahindra surged nearly two per cent. HCL Technologies climbed 1.68 per cent. Infosys rose 1.44 per cent. Bharti Airtel gained nearly one per cent. Shares of Supriya Lifescience started trading on the Indian stock exchanges on Tuesday by listing at a premium of over 53%.
"While the Nifty managed to touch 17250, it closed below it. We need to keep above 17250 for a bullish trend to emerge and sustain. The index can scale up to 17600 if we close above 17250. The market has good support at 16800."
Indian equities closed higher on Tuesday, led by gains in pharma, auto, IT, and banking stocks.
The Sensex rose 477.24 points to close the day at 57,897.48, while the Nifty was up 147.00 points or 0.86% at 17,233.25.
On the Nifty, Sun Pharma, Asian Paints, M&M, Ultratech Cement, NTPC were among the top gainers, while Powergrid and NTPC fell the most.
Pharma, bank, IT, auto and most other indices ended in the green. The broad market indices also gained during the day.
On Sensex, only two (Powergrid and IndusInd Bank) of the 30 stocks ended in the red.
Edelweiss MF has filed the draft scheme information document with the Securities and Exchange Board of India (Sebi) to launch Edelweiss Low Duration 80:20 Index Fund, an open-ended debt index scheme replicating Nifty CPCD Plus T-Bill Low Duration 80:20 Index. CP stands for commercial papers CDs for certificate of deposits.
The Indian economy is expected to maintain a real GDP growth of 9.0% each in FY22 and FY23 amid the uncertainty triggered by the Omicron variant of Covid-19, ratings and research firm Icra said on Tuesday.
The rating agency said the available data for Q3 FY2022 does not offer convincing evidence that the Monetary Policy Committee’s (MPC’s) criteria of a durable and sustainable growth recovery had been met, to confirm a change in the Monetary Policy stance to neutral in February 2022.
Sun Pharma Ltd and Cipla Ltd have received emergency use authorisation (EUA) from Drug Controller General of India (DCGI) to market and manufacture antiviral drug Molnupiravir in India.
Over 4.67 crore Income Tax Returns have been filed including over 15.49 lakh ITRs filed on December 27 alone, the I-T department said on Tuesday.
The last date for filing ITRs for 2020-21 fiscal ended March 31, 2021, by individual taxpayers is December 31, extended from the original date of July 31, 2021.
Recommending the stock as its top pick for the month, brokerage house Anand Rathi highlighted that ITC shares have been under pressure since quiet some time, but at this juncture the stock is trading near its crucial support. Previously, the stock turned from this level and a rally towards ₹240 was seen.
“On daily chart there is bullish WOLFE WAVE pattern which is looking lucrative. Thus we advise traders to go long in the stock with a stop loss of ₹208," the brokerage said. Anand Rathi has Buy recommendation on ITC shares with a target price of ₹250 and time frame of one month.
Eurozone stock markets opened higher on Tuesday following a strong showing on Wall Street as investors appear confident that the Omicron coronavirus variant will not derail the global economic recovery.
Frankfurt's DAX index was up 0.2 per cent at 15,868.47 points while the Paris CAC 40 also rose 0.2 per cent at 7,157.82 points.
The London FTSE 100 exchange was closed for a holiday.
India's benchmark 10-year bond yield rose to its highest level since April last year as investors grew cautious of the heavy government debt pipeline, rise in global oil prices and lack of direct support from the central bank.
Traders said the absence of a new 10-year bond as part of the papers on sale at the upcoming debt auction on Friday also weighed on sentiment as the outstanding stock on the existing benchmark is already at 1.48 trillion rupees ($19.77 billion).
Cipla Limited on Tuesday announced that the drug maker has been granted Emergency Use Authorisation (EUA) permission by the Drug Controller General of India (DCGI) for the launch of Molnupiravir in the country. Cipla plans to launch Molnupiravir under the brand name Cipmolnu.
Chennai-based ace investor is known for investing in low-cost stocks that tends to beat benchmark return over the passé of time. But, Rain Industries shares are exception to this notion. This chemical stock has been sideways for last two months in ₹190 to ₹225 range. However, stock market experts are highly bullish on this Dolly Khanna share as they are expecting breakout in the stock at ₹225 levels in near term.
Mahanagar Telephone Nigam Ltd or MTNL share price today climbed to its 7-year high hitting 10 per cent upper circuit in early morning session. MTNL shares have been in 'uptrend' for last one month. In last one month, MTNL share price has shot up from around ₹18 to ₹38.95 levels, logging near 120 per cent rise in this period. However, stock market experts are still bullish on the counter as there are speculations that company is mulling to monetize its assets to raise funds.
ITC Limited has commissioned its first offsite solar plant in Dindigul, Tamil Nadu backed by an investment of Rs76 crore, the company said in a statement.
The 14.9 MW solar plant—will help reduce CO2 emissions over the course of its lifetime.
This new project is in line with ITC chairman Sanjiv Puri’s ‘Sustainability 2.0’ Vision—under which ITC plans to meet 100% of the entire grid electricity requirements from renewable sources by 2030.
Fabless maker, Intel, is planning to set up its semiconductor manufacturing unit in India. The US-based chipset maker announcement came in the back drop of recent Union Cabinet’s decision on semiconductors that will encourage research and innovation in the sector and also boost manufacturing, strengthening the 'Aatmanirbhar Bharat' programme. The Minister for IT and Electronics, Ashwini Vaishnaw, welcomed Intel to India by tweeting. He wrote, “Intel - welcome to India."
IndusInd Bank has announced the launch of ‘Green Fixed Deposits’ where the deposit proceeds will be used to finance projects and firms supporting the United Nations Sustainable Development Goals (SDGs). IndusInd Bank is amongst few banks globally, to bring forth this proposition, thereby integrating SDG into a regular fixed deposit product.
Shares of Ajanta Pharma rallied 6% to ₹2,310 apiece on the BSE in Tuesday's session after the company announced that its board at its meeting held today has approved share buyback proposal. The board has fixed Friday, January 14, 2022 as the record date for the proposed buyback offer.
Bank balance sheets are in good shape now, and lenders are ready to participate in the next round of economic growth, said top bankers at the Mint Annual Banking Conclave.
Bank chief executives who participated in a panel discussion said the bad loan situation is under control, and banks have set aside adequate funds to cover against future delinquencies. While India’s retail credit growth continues to remain buoyant, the demand for corporate loans—tepid for quite some time now owing to deleveraging—is showing early signs of a pickup.
Despite auto stocks under selloff heat throughout the year, Tata Motors shares have managed to enter the list of multibagger stocks in 2021. In year-to-date time, this multibagger stock in Rakesh Jhunjhunwala portfolio has surged from ₹186.50 to ₹472.45 apiece levels — logging around 150 per cent rise in 2021. However, stock market analysts are still bullish on the auto scrip as they expect this Tata group stock to go up to ₹670 per share levels in next one year. Tata Motors share price today is ₹472.45 per share on NSE.
Consumer durable companies reported higher margins in CY21E YoY, despite steep input material inflation and supply chain constraints. While there was some impact on revenues in H1CY21 due to severe second wave of covid (Apr Jun), demand returned stronger led by large vaccination drives across the nation in H2CY21. There was a rise in ecommerce share in channel mix. In CY22, we model consumer durable companies to report flat margins YoY. New categories such as trimmers, hair dryers and dishwashers would likely drive strong volume growth.
We model consumer durable companies under our coverage to report revenue in mid-teen digits in CY22 YoY.
Top picks: Havells India (BUY), Crompton Greaves (ADD) and Whirlpool of India (ADD).
Share allocation of CMS Info Systems can be finalised any time today as tentative CMS Info Systems IPO allotment date is 28th December 2021 i.e. today. In 3-day bidding from 21st to 23rd December 2021, the public issue worth ₹1100 crore was subscribed 1.95 times whereas it retail portion was subscribed 2.15 times. Those who have applied for the public offer are advised to check their application status online by logging in at BSE website or at the website of official registrar of the IPO. The official registrar of the IPO is Link Intime Private Limited.
Drug regulator CDSCO has approved vaccines Corbevax, Covovax, anti-viral drug Molnupiravir for restricted emergency use against COVID-19.
Indian ace investor and stock market trader Ashish Kacholia is known for picking lesser-known stocks from midcap and smallcap segment that have seen to go on to outperform in the market. The investor had bought shares in multibagger stock Sastasundar Ventures Ltd in a block deal on the National Stock Exchange (NSE) on Monday.
Shares of BSE Limited surged in Tuesday's early deals on the NSE after the stock exchange announced that its board will meet on February 8, 2022 to consider bonus issue and financial results. On the NSE, BSE Ltd shares surged more than 7% to ₹1,961 per share.
Telecom operator Bharti Airtel and IT major Tata Consultancy Services (TCS) have joined hands to build a 5G-based remote working technology using robotics, according to sources. Both the companies are currently running the trials in Airtel's 5G lab at Manesar, Haryana. (PTI)
Shares of Supriya Lifescience started trading on the Indian stock exchanges on Tuesday by listing at a premium of over 53% at ₹421 per share on the NSE as compared to its issue price of ₹274 apiece. On the BSE, the stock made its debut at ₹425 per share.
The three-day initial public offering (IPO) of Supriya Lifescience Limited was subscribed 71.51 times on the last day of share sale that concluded on December 20. The issue was fully subscribed within a few hours on first day of subscription that opened on December 16 on the back of a strong response from retail investors.
The index is slowly inching towards the 17200 mark. It is imperative we have a couple of closings above this level. That would mark the beginning of a new medium-term bullish trend. That would also allow the Nifty to scale up higher towards 17600. 16800 has now become a good support for the index and as long as that holds, we can aim at entering long positions.
Trent Ltd. is a part of the Tata Group of companies and has been an early entrant in India’s organized Retail sector. Domestic brokerage and research firm Axis Securities has recommended Trent as its top stock pick of the week as it expects the company's recovery momentum to continue in H2FY22. Axis Securities has recommended Buy rating on the Tata Group stock with a target price of ₹1,180 per share.
5 stocks to buy or sell today — 28th December
Shares of Supriya Lifescience Limited is going to hit Dalal Street today. As per the information available on BSE website, the equity shares of Supriya Lifescience Limited shall be listed and admitted to dealings on NSE and BSE in the list of 'B' Group of Securities in a Special Pre-open Session. According to stock market experts, Supriya Lifescience may have a strong debut as the stock is expected to list in the range of ₹360 to ₹430 per share levels. Grey market is also signaling strong Supriya Lifescience share price debut. According to market observers, Supriya Lifescience IPO GMP today is ₹150.
Here is the list of the top 10 stocks that are likely to be in focus today.
In cryptocurrencies, Bitcoin price was trading above $50,000 even as the world's most popular and largest cryptocurrency by market capitalization slipped 0.6% to $50,180. Bitcoin, famed for its volatility, has shed more than $18,000 since hitting a record in early November, but it’s still up more than 75% this year (year-to-date or YTD) so far.
Check cryptocurrency prices today.
RBL Bank is among the four stocks that have been been put under the ban for trade on Tuesday, December 28, 2021 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. Meanwhile, other three stocks are Indiabulls Housing Finance, Escorts, and Vodafone Idea that continue to be under the exchange's stock ban list for today.
Indian investment bankers are set for their best year ever, collecting almost ₹2600 crore ($347 million) in fees from local initial public offerings (IPOs) that have reached an all-time high in 2021.
The yen traded near a one-month low to the dollar on Tuesday as safe-havens fell out of favour following Wall Street's rally to a record high overnight, with Omicron uncertainty consigned to the background. The Japanese currency weakened as far as 114.935 yen per dollar for the first time since Nov. 26, approaching the year-to-date low of 115.525 reached Nov. 24.
Asian stocks traded mixed Tuesday as investors mulled another all-time high for U.S. shares on optimism the global recovery can weather risks from the coronavirus and tighter policy.
Equities climbed about 1% in Japan but slipped in Hong Kong and fluctuated in China and South Korea. U.S. futures dipped following the S&P 500’s 69th record close this year, though volumes on Wall Street were lower than average in the wake of the Christmas break.
China’s central bank -- which on the weekend vowed more economic support -- boosted a short-term liquidity injection. Traders also digested new curbs from Beijing on certain offshore listings and a looming interest payment deadline for struggling property giant China Evergrande Group -- whose shares climbed Tuesday.
Shorter maturity U.S. Treasury yields rose, while those for longer-dated bonds were steady. The dollar was little changed. Oil pushed higher amid bets that economic reopening faces only a temporary setback from the omicron virus-strain outbreak.
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