Sensex ends 308 pts up at 48,177, Nifty at 14,133; Nifty metal surges 5%

S&P BSE MidCap index touched record high in the intra-day trade of 18,435. On the sectoral front, Nifty IT index closed at record high

3:55 PM

MARKET CLOSING COMMENT :: Naveen Kulkarni, Chief Investment Officer, Axis Securities

Today, the Indian market tested a fresh high of 48,000 at Sensex, amidst a positive development on the vaccination front. Overall, the investor sentiments have been lifted after the emergency approval given by DCGI on two Coronavirus vaccines: Covishield & Covaxin. A strong December closing has laid the platform for a solid 2021. We continue to believe that 2021 will be the year of mid and small caps. 2021 is likely to outperform, similar to 2020 . Our core themes -  digital, telecom, pharma, rural, staples and consumer discretionary, continue to remain relevant in 2021. Pharma & IT were the top performing sectors of 2020, while Banks were negative. Automobiles and metals delivered positive returns in 2020 after a challenging 2019. We believe that 'Growth and Quality' are likely to be the themes for 2021. The focus will be on the BFSI sector and management commentary on the stress challenges. Apart from the Q3 earnings, the Union Budget will be an important event. The finance minister has promised a solid budget, and this will be critical for manufacturing, pharma and infrastructure sectors.  IT and Consumer will report good numbers

3:50 PM

MARKET CLOSING COMMENT :: Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares

Indian markets opened on a positive note following upbeat Asian market peers as South Korean and China’s stocks surge in first trading day of 2021 after private survey showed Chinese manufacturing activity expanding in December. During the afternoon session markets slipped as some selling was witnessed in key frontline banking stocks. However, markets regained and further sthengthened as the Nikkei India Manufacturing Purchasing Managers’ Index (PMI), released during the day  surged to 56.4 in December as against 56.3 in November. Also, the global cues from western markets helped in boosting the sentiments near closing session. On sectoral front, Metals, IT, Auto and Pharma led the markets while Bank stocks remained muted for the day

3:50 PM

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Every dip is being considered by the traders as an opportunity to buy. Today morning’s volatility was brought, fueled by the early rollout of the vaccine in India and positive opening of the European market. The leader was IT stocks boosted by the hope of a strong quarterly result, which will start soon. The global market has kicked off the year on a positive note as investors across the globe are optimistic about economic recovery on the report over vaccine approval &  fiscal support

 

3:49 PM

Market stats :: BSE m-cap hits Rs 191.7-crore mark

3:47 PM

Broader markets :: S&P BSE MidCap up 1.4%

3:46 PM

Nifty IT index ends at record high

3:44 PM

All 15 constituents end in the green; Tata Steel jumps over 8%

3:42 PM

Sectoral trends on NSE :: Nifty metal outperforms benchmarks

3:41 PM

Sensex Heatmap :: Financials cap gains

3:40 PM

CLOSING BELL

The S&P BSE Sensex settled the day 308 points, or 0.6 per cent, higher at 48,177 levels on the BSE, after hittig fresh liftime peak of 48,220.4 in the intra-day deals. Its NSE counterpart, Nifty50, ended above the 14,100-mark for the first time, at 14,133 levels, up 114 points or 0.8 per cent. In the intra-day trade, the index hit a record peak of 14,148.

3:30 PM

Puravankara surges 8%

3:24 PM

Tata Motors partners with Karnataka Bank for retail finance support

Tata Motors has signed a memorandum of understanding with Karnataka Bank to introduce financing offers for customers.

 

Customers can avail a variety of schemes on their future vehicle purchase available across 857 branches of Karnataka Bank which include 199 semi-urban and 67 rural branches. READ MORE

3:15 PM

Corporate Action :: HDFC Board to meet on Feb 2 to consider fund raise via NCDs

>> the Board of Directors of the Corporation would consider the issuance of secured/unsecured redeemable non-convertible debentures, in various tranches

under a Shelf Disclosure Document, aggregating around Rs 45,000 crore on a private placement basis.

>> It will also consider and approve Q3FY21 results.

3:10 PM

MARKET CHECK :: Sensex leaps 300 pts, hits record high of 48,194

2:55 PM

Alkyl Amines Chemicals advances 7% on stock split, expansion plan

Shares of Alkyl Amines Chemicals moved higher by 7 per cent to Rs 4,141 on the BSE in intra-day trade on Monday after the company announced stock split and expansion plans. The stock of the specialty chemical firm was trading close to its record high of Rs 4,162 touched on December 2, 2020. "The board of directors of the company are scheduled to meet on February 2 to consider the proposal of sub-division of equity shares of the company from the face value of Rs 5 to a lower denomination. The board will also consider the proposal for setting up of new project(s) including Amines," it said in a BSE filing. READ MORE

2:44 PM

NEWS ALERT :: India's Oct-Dec sugar output surged 42%YoY to 110.22 lakh tonne

2:34 PM

Budget 2021 will address woes of affected sectors, says Finance Secretary

Finance Secretary AJAY BHUSHAN PANDEY attributes the record December goods and services tax (GST) collections at Rs 1.15 trillion to economic recovery and the government’s measures to address tax evasion. READ MORE

2:26 PM

Limited near term gains for Syngene International stock in pharma space

The Syngene International stock has been one of the big outperformers within the pharma space over the past year nearly doubling in value. The gains came on the back of expectations that a rise in research and development programmes of innovators and the expansion of its contract manufacturing business will boost its medium term prospects. READ MORE

2:16 PM

Corporate Action :: Alkyl Amines to consider stock split in February 2 board meeting

>> To also consider setting up new project including amines 

2:15 PM

Q3 Biz Update :: India business delivered a strong performance with double-digit volume growth, says Marico

>> The quarter was characterized by a faster than expected recovery in consumer sentiment in Indi

>> India business delivered a strong performance with double-digit volume growth. Revenue growth was in tandem with volume growth.

>> The International business had a resilient quarter with high-single digit constant currency growth, led by double-digit constant currency growth in Bangladesh and recovery in few other markets.

2:12 PM

European indices trade higher in early deals

(Source: Reuters)

2:02 PM

NEWS ALERT | L&T Hydrocarbon bags an an order in the range of Rs 2,500-5,000 cr from HPCL Rajasthan Refinery

1:50 PM

Vodafone Idea, RIL, Tata Steel among most active stocks in volume terms

1:44 PM

NEWS ALERT | TCS hits new high of Rs 3,015, trading above share buyback price of Rs 3,000 per share

-- The buyback offer closed on Friday, January 1, 2021

1:38 PM

MARKET STATS :: BSE advance-decline ratio at 2:1

1:29 PM

BSE Midcap index hits record high; JSPL, Ashok Leyland surge 6%, SAIL up 5%

Shares of midcap companies were on a roll on Monday with the S&P BSE Midcap index hitting a record high on the back of a strong rally in metals, financials and public sector undertaking (PSU) stocks. At 12:50 pm, the S&P BSE Midcap index was up 0.85 per cent at 18,319 levels, as compared to a 0.31-per cent rise in the S&P BSE Sensex. The midcap index hit a record high of 18,363 in the intra-day trade, surpassing its previous high of 18,321, touched on January 9, 2018. READ MORE

1:14 PM

S&P BSE MidCap index up 1%; Ashok Leyland, Voda Idea, Jindal Steel up 5% each

1:05 PM

BROKERAGE VIEW :: Jefferies sees Nifty at 15,800 by Dec 2021

>> Nifty currently trades at 22.3x 12M forward earnings - more than 1sd above the past 10-year range. However, our favourite (bond yield - earnings yield) metric shows that the valuation is close to averages.

>> Favourable global backdrop should continue to drive foreign inflows and we expect overall domestic retail participation (including direct participation) will be supportive.

>> Our Nifty target implies a 20x 12M forward PE - 10% derating from the current level. We remain OWT – Financials, Property, industrials, materials. Neutral – Pharma, energy, discretionary. UWT – Staples, Utilities, IT services, telecom.

1:02 PM

Revathi Equipment hits 20% upper circuit on voluntary delisting proposal

The company informed the stock exchanges that it has received a letter dated January 3 from the promoters and promoter group of the company with a proposal to voluntarily delist the equity shares of the company from BSE and National Stock Exchange (NSE) in accordance with the SEBI regulations. READ MORE

12:51 PM

Oil prices touch multi-month highs as OPEC+ expected to hold output

 Oil prices touched multi-month highs on Monday on expectations that OPEC and allied producers may cap output at current levels in February as the coronavirus pandemic keeps worries about first-half demand elevated. Prices rose in line with broader financial markets with Brent crude futures reaching $53.17 a barrel, the highest since March 2020. U.S. West Texas Intermediate crude touched $49.71 a barrel, the highest since February 2020. READ MORE