Sensex slips 81 pts ahead of FY21 advance GDP estimate; midcaps outperform

Overall, market breadth remained in the favour of the bulls with nearly two stocks rising against a stock that declined at the bourses

4:40 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Research, HDFC Securities

Indian equity benchmark indices closed with mild losses on January 7 for the second consecutive session. Nifty opened gap up in line with other Asian markets but gradually eroded through the day to end marginally in the negative. In the process it was one of the worst performing indices in the Asian region. At close, Nifty closed 9 points, or 0.1 percent, down at 14,137.35.

 

Volumes on the NSE were higher than recent average. Among sectors, Metals, Realty and PSU Bank gained the most, while FMCG, IT and Pharma fell the most. Broad market indices like smallcap and midcap indices gained and outperformed the Nifty.

Nifty ran into selling pressure at higher levels and ended in the negative. Markets may be witnessing some distribution at higher levels as is evident from large volumes in the past two days. However as long as the 13985 level on the Nifty is not breached, this remains a buy-on-dips market.

4:29 PM

MARKET CLOSING COMMENT :: Keshav Lahoti, associate equity analyst at Angel Broking

Today, Indian shares opened on a bullish note tracking positive global cues offering support on bets that Democratic sweep in Georgia would lead to more fiscal stimulus in the United States. Although, the market corrected in the later half to close flat for the day. Buying interest was higher in midcap stocks and smallcap stocks, Nifty Midcap 100 and Nifty Smallcap 100 closed up by 1.4% each. On the sectoral indices front, the trend was mixed. Global cues were supportive: Dow Futures and  Nasdaq Futures were up by 0.4% and 0.5% respectively, whereas FTSE was down by 0.3%. We are cautiously positive on the market. Now, market focus will shift to quarterly results to be reported by the companies

 

4:12 PM

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

Markets traded range bound and settled almost unchanged. After the gap up opening, profit booking in the index majors pushed the benchmark lower as the session progressed. A mixed trend was witnessed on the sectoral front wherein IT and FMCG traded subdued while metal, realty and banking posted decent gains. Meanwhile, the broader indices outperformed and ended higher in the range of 0.9-1.1%. Amid all, the Nifty index finally closed at 14,137 levels.

 

We believe Q3 earnings and global cues would provide further direction to the markets. To start with, the IT major, TCS, Q3FY21 result would be on participants’ radar. Traders should maintain extra caution in the selection of stocks now and focus on overnight risk management

3:59 PM

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

After the Democrats won the Georgia Senate, Global Cues were positive in Morning Trade. Afternoon Trade however did see profit taking in FMCG stocks despite which we saw a close above 48K led by Financials & Metals. The broader markets witnessed demand for Housing Finance, Realty and Liquor stocks

3:57 PM

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

Index opened a day with good gap but again failed to hold the gains for second consecutive day and showed a profit booking and managed to close a day on negative note at 14,137 with minimal loss. Index has formed a good base near 14,100-14,000 zone holding above said level one can hold longs but any break below 14k mark can result in more profit booking and we may see dip towards 13,800 zone, strong hurdle for nifty is formed near 14,250 zone fresh upside only possible above 14,250 zone

3:54 PM

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

The Market witnessed some lackluster movement. Nifty is still trading below its immediate resistance zone of 14,250-14,270. A significant breakout above the levels of 14,270 could result in improvement of market breadth and the market can rally till the levels of 14,680. The nearest support for Nifty would be 14,000.

3:54 PM

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

Although the markets witnessed a range bound rally during the day, profit booking was seen towards the end of the session. Outperformance was seen in small and mid-cap stocks today. Realty stocks experienced upward momentum after Maharashtra cut levies on real estate projects by 50% while a downward trend was seen in IT and FMCG stocks owing to profit booking. The global markets were largely positive on potential democratic control of the US Senate and increasing prospects for further economic US stimulus measures. Healthy business figures reported by banking and auto companies have led to a better quarterly outlook and are expected to keep the sector in focus in the coming days

3:53 PM

SECTOR OF THE DAY :: Realty stocks stole the show with up to 13% gains today

>> Shares of real estate companies were in focus, surging by up to 13 per cent, on the NSE on Thursday after the Maharashtra government on Wednesday slashed premiums and levies charged on construction by 50 per cent till December 31 2021. The move is expected to give a boost to the real estate sector in the state.

 

3:51 PM

BUZZING STOCKS OF THE DAY :: Bharti Airtel topped the Rs 3-trillion m-cap mark in the intra-day session today

>> As shares of Bharti Airtel rallied 5.5 per cent to Rs 554 on the BSE in intra-day trade on Thursday on the back of heavy volumes, the firm regained its market capitalisation of Rs 3 trillion. The stock was trading at its highest level since September 2, 2020.

>> The stock settled the day 3.7 per cent higher with a m-cap of Rs 2.97 trillion.

3:47 PM

MARKET INSIGHTS :: Benchmarks end in the red but market breadth remains in favour of the bulls

3:45 PM

S&P BSE MidCap settle near record high

3:43 PM

Sectoral trends :: Defensives take a back seat; Nifty FMCG, IT, Pharma indices end in the red

3:41 PM

Sensex Heatmap :: Bharti Airtel settles 4% higher; HUL, Nestle slip 2%

3:36 PM

CLOSING BELL

>> At close, the S&P BSE Sensex was quoting at 48,093 levels, down 81 points or 0.17 per cent, amid sell off in information technology and FMCG stocks.

 

>> The broader Nifty50, on the other hand, closed 9 points, or 0.06 per cent, lower at 14,137 levels. 

3:27 PM

NEWS ALERT :: Lupin receives tentative nod from US FDA for Empagliflozin & Metformin Hydrochloride ER tablets

>> Empagliflozin & Metformin Hydrochloride tablets are indicated as an adjunct to diet and exercise, to improve glycemic control in adults with type 2 diabetes

 

3:23 PM

ISPL repays debt amounting to nearly Rs 845 cr after EEPL clears dues

IL&FS Solar Power Limited (ISPL) has paid its entire debt amounting to nearly Rs 845 crore to its creditors - including financial and operational debt, thereby helping the IL&FS Group move ahead with the resolution process. This follows pre-payment by Embassy Energy Private Limited (EEPL) for the financial assistance provided by ISPL. READ MORE

3:08 PM

MARKET CHECK

2:59 PM

Metals extend rally on strong demand; Tata Steel zooms 97% in 3 months

Shares of metal companies extended their rally into Thursday, with the Nifty Metal index surging 4 per cent to hit a fresh 52-week high of 3,564 on the National Stock Exchange (NSE) on strong demand outlook. In comparison, the Nifty50 index hit a fresh record high of 14,256 today. The index was up 0.28 per cent, at 02:15 pm. Tata Steel, Hindustan Copper, Jindal Steel and Power (JSPL) and Hindalco Industries from the Nifty Metal index were up between 5 per cent and 9 per cent. NMDC, Hindustan Zinc, Steel Authority of India (SAIL), JSW Steel and National Aluminium Company gained in the range of 2 per cent to 3 per cent on the NSE. READ MORE

2:46 PM

GLOBAL MARKET CHECK

• Futures on the S&P 500 Index gain 0.4%
• Stoxx Europe 600 Index increases 0.2%
• MSCI Asia Pacific Index climbs 1%
• MSCI Emerging Market Index rises 0.4%

2:43 PM

SBI raises $600 mn from overseas bond sale at 1.80% coupon

The nation's largest lender State Bank of India (SBI) on Thursday raised USD 600 million from selling bonds to international investors at a coupon of 1.80 per cent. The issue, oversubscribed by 2.1 times, is part of the bank's USD 10 billion medium term note programme, the ratings of which were withdrawn by the rating agency Moody's on Wednesday. (Text Source: PTI)

2:43 PM

Steel stocks hit fresh high on price hike, improvement in production

Stocks of all major steel producers hit a new one-year high with Tata Steel leading the pack. The stock gained 6.1 per cent intraday and touched a new 52-week high of Rs 725.70 on the Bombay Stock Exchange (BSE). The Jindal Steel & Power (JSPL) scrip touched Rs 300.90, JSW Steel Rs 412.95 and Steel Authority of India Ltd (SAIL) Rs 80.35. READ MORE

2:34 PM

Saudi's surprise output cut to lift Brent to $60/barrel by mid-year: UBS

UBS raised its forecast for Brent oil prices to $60 per barrel by mid-year, following Saudi Arabia's surprise unilateral production cut and expectations of a sharp recovery in demand in the second quarter on vaccine rollouts and increased travel.
 

With Saudi Arabia's move, OPEC's production increase of 0.5 million barrels per day (bpd) for January is reversed in full, which will result in a tighter oil market in the first half of the year, analysts at the Swiss bank wrote in a note. READ MORE

2:25 PM

NEWS ALERT :: Congress has affirmed President-elect Joe Biden's victory, reports CNN

>> Donald Trump finally pledges an "orderly" transfer of power to Biden, while repeating false claims about the election that led to a mob storming the Capitol.

2:19 PM

NEWS ALERT :: Tata Power bags a 110 MW solar project

>> Order given by Kerala State Electricity Board

>> Project cost: Rs 488 crore

>> Time period: 18 Months after signing of Power Purchase Agreement

2:10 PM

M-cap of top 7 global tech stocks surged 61% last year, shows data

Tesla’s share price has risen 729 per cent in the past year, while share prices of Apple and Amazon have gained 76 per cent and 71 per cent during this period. The year has been good for India’s tech bellwethers as well. TCS, Infosys, HCL Technolgies, and Wipro have seen their combined market cap rise by 53 per cent or by Rs 7.6 trillion (about $105 billion). Their shares have risen 41-73 per cent. READ MORE

2:00 PM

BUZZING STOCK:: Bharat Forge surges 9%

1:56 PM

NEWS ALERT :: Govt has allowed passenger aircraft to transport vaccines, reports ANI

1:48 PM

Bharti Airtel regains Rs 3 trillion market-cap as stock surges over 5%

As shares of Bharti Airtel rallied 5.5 per cent to Rs 554 on the BSE in intra-day trade on Thursday on the back of heavy volumes, the firm regained its market capitalisation of Rs 3 trillion. The stock was trading at its highest level since September 2, 2020. At 01:14 am, Bharti Airtel's market capitalisation stood at Rs 3.01 trillion, the BSE data showed. The trading volumes on the counter more-than-doubled as a combined nearly 30 million equity shares changed hands on the NSE and BSE till the time of writing of this report. The stock hit a record high of Rs 611.70 on May 20, 2020, which was also its 52-week high. READ MORE

1:39 PM

Q3 Biz Update :: Witnessed normalization in demand in domestic and international mkts, says S H Kelkar

>> As informed in the earlier business update dated December 9, 2020, the global Fragrance and Flavours (F&F) industry has been witnessing notable increases in key raw material prices. In order to mitigate the near-term uncertainties in raw material prices, the Company proactively built-up its inventories to ensure continued supplies across all its customers. However, the Company believes that the surge in raw material prices is transitory in nature and the situation should normalize in the near to medium-term.

1:31 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ADANI ENTERP.	519.70	521.80	5.81
ADANI PORTS	518.00	519.35	4.29
ADANI TRANSMISSI	455.65	464.00	0.52
AJANTA PHARMA	1772.15	1786.90	4.00
AMARA RAJA BATT.	985.15	996.80	0.61