Indices snap 10-day winning streak; Sensex tanks 264 pts; ITC, RIL drop 3%

In the broader market, the S&P BSE MidCap index ended the day in the green, up 0.4 per cent at 18,749 level.

4:20 PM

MARKET CLOSING COMMENT :: Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities

Nifty trades around the 14100; midcap stocks have outperformed in the recent past and select stocks continue to remain in momentum. We believe within the structural up-move, interim correction phase is expected to play out. Expect volatility to increase significantly in the near term. There has been a shift in positions/interest from frontline stocks to the midcap space which usually in followed by a correction. FMCG stocks look attractive while Metals and Banking are expected to witness volatility. Traders are advised to keep leverage in control while investors can wait for a meaningful dip to buy aggressively.

3:54 PM

TECH VIEW :: Rohit Singre, senior technical analyst at LKP Securities

Index opened a day with gap up but failed to hold the gains and saw profit booking and closed a day on a negative note at 14134 with loss of half a per cent and formed hanging man candle pattern which is bearish reversal candle pattern by nature. Now going ahead 14040 will be good support any break below said levels can show some more cuts in the index and on the higher side 14180-14230 zone will be strong resistance further upside-only possible if index managed to sustain above-said levels

 

3:49 PM

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

Market is experiencing volatility due to weak Asian market and profit booking owing to rich valuation. Banking stocks are supportive, led by good loan growth data for Q3FY21, announced by key private banks. In the near-term, trend of the broad market will depend a lot on FII inflows while stock specific actions will be based on Q3 result, which is about to pick up.

 

3:49 PM

MARKET CLOSING COMMENT :: S Ranganathan, Head of Research at LKP Securities

A volatile session of trade today as the situation in EU tempered optimism with pivotal like RIL & ITC giving way. However, improvement in High-Frequency Indicators and the Impending Vaccination has ensured brisk FII flows into India even as other Emerging Markets witnessed outflows

3:48 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research, CapitalVia Global Research

The market witnessed some lackluster movement. Nifty 50 Index is still trading below the resistance level of 14,250-14,270. The research suggests breakout above 14,270 is critical to keep the long-term positive trend, intact. The market observed volatility to expand in today’s trading session indicating profit booking and distribution of stocks at a higher market level. The investors to buy on a breakout of 14,270 and look for an exit around 14,680-14,710. Overall, the investor should maintain a stop at 14,040.

3:47 PM

Market stats :: Market breadth remains around 1:1

3:45 PM

MARKET INSIGHTS :: Top losers on the BSE at close

3:45 PM

MARKET INSIGHTS :: Top gainers on the BSE at close

3:44 PM

S&P BSE MidCap index ends in the green

3:42 PM

Nifty Metal index outperforms benchmarks, ends 1% higher

3:40 PM

Sectoral trends on NSE :: Nifty IT, FMCG indices end as top losers

3:39 PM

Sensex Heatmap :: RIL, Tech stocks drag indices

3:33 PM

CLOSING BELL

The benchmark S&P BSE Sensex tanked 264 points, or 0.54 per cent, to settle the day at 48,174 levels. In the intra-day session, the index had slumped 750 points from fresh record high of 48,616 levels to hit a low of 47,864. 

 

The NSE's Nifty50, meanwhile, slipped below the 14,150-mark and ended the session at 14,133, down 66 points or 0.47 per cent. From the new peak of 14,244, the index dropped 200 points to hit a low of 14,040.

3:28 PM

Power Finance Corp to sell bonds worth $1.4 billion to individual investors

India’s biggest lender to the power sector plans to sell bonds to individual investors as it tries to attract savers dissatisfied with deposit rates at a 16-year low.

 

Power Finance Corp. has filed a draft prospectus for a 100-billion-rupee offering ($1.4 billion), and plans to raise the entire sum this quarter, according to Parminder Chopra, director (finance). READ MORE

3:21 PM

BUZZING :: TBZ locked in 20% upper circuit

3:14 PM

ITC dips 3% on profit booking as govt drafts law to raise legal smoking age

The central government, through the proposed Cigarettes and Other Tobacco Products (Prohibition of Advertisement and Regulation of Trade and Commerce, Production, Supply and Distribution) Amendment Act, 2020, seeks to raise the minimum age limit for sale of cigarettes and tobacco products from 18 years to 21 years, and restrict their sale within 100 meters of any educational institution. READ MORE

3:04 PM

Prime Minister Narendra Modi to interact with leading economists on Friday

Prime Minister Narendra Modi will interact with leading economists and sectoral experts on Friday to deliberate on measures that may be included in the upcoming budget for promoting growth, amid uncertainty on multiple fronts caused by COVID-19. The meeting, being organised by the government think tank Niti Aayog will be held virtually and will also be attended by Niti Aayog Vice Chairman Rajiv Kumar and Niti Aayog CEO Amitabh Kant. (Text Source: PTI)

2:57 PM

Tata Motors to re-launch flagship SUV Safari in a new avatar this month

“We are proud and elated to re-introduce our flagship SUV–Safari. The Safari, an iconic brand with a strong following, has been the most sought after SUV on Indian roads for well over two decades. In its new avatar, the Safari will appeal to the socially active, fun loving customers who seek out unique experiences and adventure. Its design, performance, versatility, features, and long lasting build quality, reinforce the SUV lifestyle to provide unending pleasure,” said Shailesh Chandra, president - Passenger Vehicles Business Unit, Tata Motors, in a statement. The launch of the Safari will once again re-energise the market, amplifying its cult status, Chandra added. READ MORE

2:49 PM

NEWS ALERT :: 4 workers died, few others fell ill after inhaling a toxic gas leaked from SAIL's Rourkela Plant

>> SAIL says a high level committee has been formed to inquire into the cause of the incident and all emergency protocols have been immediately activated in the plant

2:43 PM

BUZZING STOCK:: SRT Finance zooms 6% in an otherwise weak market

2:37 PM

NEWS ALERT | Japan to declare COVID-19 emergency in Tokyo area from Saturday: Report

>> Japan will declare a month-long emergency in Tokyo and surrounding areas to tackle a surge in coronavirus cases from Saturday until Feb. 7, broadcaster Asahi TV reported.

 

>> Japan’s capital recorded a record number of daily coronavirus cases on Wednesday, with at least 1,591 new infections.

2:34 PM

BUZZING :: PowerGrid rises over 4% in a weak market

2:22 PM

Nasdaq futures extend decline, down over 2%

-- Source: Agencies

2:21 PM

Sensex slides over 400 points, near day's low

2:20 PM

Sensex Heatmap at this hour

2:12 PM

Bitcoin's emergence as 'digital gold' could lift price to $146,000: JPMorgan

Digital currency bitcoin has emerged as a rival to gold and could trade as high as $146,000 if it becomes established as a safe-haven asset, investment bank JPMorgan (JPM) said on Tuesday.
 

Interest in the world's biggest cryptocurrency has soared this year, with investors viewing bitcoin as a hedge against inflation and an alternative to the depreciating dollar. The rush led to bitcoin prices more than tripling in the past six months to a record peak of $34,800 on Jan. 2. READ MORE

2:02 PM

CLSA sees 31% upside in RBL Bank on stable deposits, robust credit card biz

In a report dated January 5, CLSA said the bank is re-aligning its product portfolio and is now focusing on key retail-asset niches. The bank built its credit-card and microfinance (MFI) business over the past three to four years and scaled it further through tie-ups. This, they say, will drive the bank's profitability going forward. READ MORE

1:51 PM

MARKET UPDATE:: Sensex at day's low

1:45 PM

JBM Auto incorporates subsidiary; stock surges 12%, hits 52-week high

Shares of JBM Auto advanced 12 per cent to Rs 323, also its 52-week high, on the BSE on Wednesday after the company said it has formed a new company, JBM Ecolife Mobility Private Limited, to leverage growth opportunities in the electric vehicles segment. “The Company has incorporated a wholly owned subsidiary company "JBM Ecolife Mobility Private Limited” as approved by Ministry of Corporate Affairs (“MCA”) vide certificate of incorporation dated 06 January, 2021,” JBM Auto said in a regulatory filing. READ MORE

1:32 PM

Power Finance Corp to sell bonds worth $1.4 billion to individual investors

India’s biggest lender to the power sector plans to sell bonds to individual investors as it tries to attract savers dissatisfied with deposit rates at a 16-year low. Power Finance Corp. has filed a draft prospectus for a 100-billion-rupee offering ($1.4 billion), and plans to raise the entire sum this quarter, according to Parminder Chopra, director (finance). “We want to explore an alternative source of funds,” Chopra said in a telephone interview. “Fixed deposit rates are quite low, so there could be interest from the public to get a bit better rate.” READ MORE