Sensex soars 847 pts, ends above 72,550 for first time; Nifty nears 21,900

Closing Bell on Friday, January 12: Infosys jumped 8 per cent on the benchmark indices as new deal wins accounted for 71 per cent of total deals in Q3FY24. TCS, too, surged 4 per cent

3:53 PM

Comment :: 'Use any pause or dip, due to global uncertainties, to accumulate quality names'

We are now eyeing 22,150 in Nifty; However, selective participation from banking could keep the momentum in check.

We suggest focusing on other key sectors and using any pause or dip to accumulate quality names. Needless to say, the volatility would remain high due to earnings and mixed global cues so plan the overnight trades accordingly. 

Views by:  Ajit Mishra, SVP - Technical Research, Religare Broking

3:51 PM

Tech View :: 'Nifty can now hit 22,300 once it crosses 22,000'

Nifty 50
On the Daily charts, we can observe that the Nifty has decisively broken out of the 21,500 – 21,850 range on the upside. The breakout suggests a resumption of trending moves on the upside. We expect the Nifty to target levels of 22,000 immediately and above that 22,300. On the downside, the zone of 21,750 – 21,700 shall act as an immediate support as per the role reversal principle.

 

Bank Nifty

Bank Nifty started to form higher tops and higher bottoms on the daily charts indicating trend reversal from down to up. We expect the positive momentum to continue till 48,000 on an immediate basis and above that it can extend till 48,500.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:48 PM

Comment :: Why did IT, PSBs rally today?

Indian markets soared to new heights in a powerful rally, driven by IT heavyweights. Green shoots of recovery in the IT sector on the back of an improved outlook for BFSI in FY25 positively influenced market sentiments.

The robust performance of PSU banking stocks is underscored by the inherent synergy between their loan portfolios and the prevailing business cycle.

Noteworthy is the fact that this upward surge remained resilient amid mixed global cues on account of higher-than-expected US inflation and positive job data, which tempered expectations for an imminent rate cut by the US Fed.

Views by: Vinod Nair, Head of Research, Geojit Financial Services

3:46 PM

Currency check :: Rupee ends 11 paise stronger at 82.92/$

3:44 PM

SmallCap Heatmap :: Index claims new lifetime high of 44,644, ends 0.4% higher

3:42 PM

MidCap Heatmap :: Index touches new record high of 37,941, ends 0.36% up

3:40 PM

Nifty Heatmap :: IT-driven rally lifts benchmarks to record peaks

3:38 PM

CLOSING BELL :: Nifty ends near 21,900

3:36 PM

CLOSING BELL :: Sensex leaps 847 pts to end at record closing high

3:30 PM

Nifty PSU Bank soars 3%; Bank of India, Union Bank, PNB, UCO rally up to 7%

Analysts at Kotak Institutional Equities (KIE) say credit costs are also declining as net NPA ratios for most PSU banks have converged to a level of about 1.0 per cent. The steady decline in credit cost has driven a steady improvement in RoE closer to mid-teen levels. READ MORE

3:15 PM

Covid-19 JN.1: UP joins list of 16 states, UTs; total cases cross 1,000

The data compiled by the Indian SARS-CoV-2 Genomics Consortium (INSACOG) showed Karnataka has reported the highest number of cases at 214, followed by Maharashtra (170), Kerala (154), Andhra Pradesh (189), Gujarat (76) and Goa (66). READ MORE

3:03 PM

Global Check:: UK stock futures play catch-up, gain 1%; US trade flat

Source: Investing.com

2:52 PM

ALERT:: Cyient inks MoU with Japan-based SkyDrive; stock up 6%

Cyient in an exchange filing today said it has entered into a memorandum of understanding with SkyDrive Inc., a leading Japanese eVTOL aircraft manufacturer to work in partnership across product development, engineering, manufacturing, and digital services. 

2:39 PM

Kamdhenu soars 41% in one week ahead of Board meet for fund raising

A meeting of the Board of Directors of Kamdhenu is scheduled to be held on Saturday, January 13, 2024, to consider and approve the proposal for fund raising. READ MORE

2:27 PM

Asian Market Check:: Japan, India shine in an otherwise subdued trade

Source: Yahoo Finance

2:14 PM

Interim Budget likely to assume peak crude oil price at $85 per barrel

The Ministry of Finance is likely to assume crude oil price to remain within $85 per barrel while estimating subsidies for the Interim Budget 2024-25 (FY25), to be presented on February 1.  READ MORE

2:01 PM

Sebi proposes changes to ease fundraising, disclosure for listed companies

India's capital market regulator on Thursday proposed changes in rules for fundraising and disclosure requirements for listed companies, according to a discussion paper on the regulator's website. Read

1:53 PM

NCLT sanctions merger of Tata Metaliks into its parent Tata Steel

The National Company Law Tribunal has sanctioned the amalgamation of Tata Metaliks Ltd into its parent Tata Steel, which led to the cancellation of board meeting ahead of financial results announcement of the subsidiary firm. Read

1:41 PM

Market check:: Sensex hits new all-time high, up over 800 pts

1:27 PM

Centre may peg FY25 fiscal deficit at 5.3% in interim budget: Goldman Sachs

"In the current fiscal year FY24, robust tax collection, mainly driven by direct taxes, has given the government some fiscal space to carry out additional spending and yet meet the fiscal deficit target of 5.9 per cent of GDP," it said. READ MORE

1:15 PM

Passenger vehicle wholesales rise 4% to 286,390 units in December

Domestic passenger vehicle wholesales grew by 4 per cent to 2,86,390 units last month, the Society of Indian Automobile Manufacturers said on Friday.
 

As per the latest data issued by the Society of Indian Automobile Manufacturers (SIAM), dispatches of passenger vehicles (PVs) from manufacturers to dealers were 2,75,352 units in December 2022. Read

12:59 PM

Nifty hits record high, Sensex soars 750 pts: What's behind today's rally?

Indian benchmark equity indices rallied around 1 per cent in intra-day trades on Friday, with NSE benchmark, the Nifty 50, hitting a fresh all-time high at 21,848. The Nifty was quoting around 21,835 - up 189 points as of 11:45 AM. Read

12:45 PM

Debt-laden Vedanta cut to selective default by S&P after debt extension

Debt-laden Vedanta Resources Ltd. has been downgraded to selective default by S&P Global Ratings after the miner concluded a deal with creditors to extend the maturities of its three dollar bonds. Read

12:31 PM

US investor BlackRock slashes Byju's valuation by 95% to $1 billion

BlackRock has again reduced the valuation of its share in edtech firm Byju’s — this time to about $1 billion, TechCrunch reported on Friday, citing disclosures made by the US-based asset manager. This is 95 per cent less than its peak valuation of $22 billion in 2022. Read

12:15 PM

Arvind Ltd signs MoU with Indian Navy to supply advanced uniform fabric

A memorandum of understanding (MoU) was signed between the Indian Navy and textile and apparel company Arvind Limited for the supply of technically advanced uniform fabric for the Navy.
 

Taking to social media, the spokesperson for the Indian Navy posted on X, "MoU signed between Indian Navy and M/s Arvind Limited for supply of a technically advanced uniform fabric for Navy. Read

12:00 PM

China's exports rise, but deflation persists as economy enters 2024

China's exports grew at a faster pace in December, while deflationary pressures persisted last month, keeping alive expectations for more policy easing measures to shore up an economy carrying significant pockets of weakness into 2024. Read

11:45 AM

Nazara Technologies surges 8%, hits 52-week high on healthy outlook

Shares of Nazara Technologies rallied 8 per cent on the BSE to hit a 52-week high of Rs 974.80 in Friday’s intra-day trade on the back of healthy business outlook.
 

The stock of the digital entertainment company surpassed its 52-week previous high of Rs 927.25 touched on September 6, 2023. It had hit a record high of Rs 1,678 on October 11, 2021. Read

11:34 AM

Financial planning for 2024, farmhouse luxury: Top personal finance stories

In this week’s lead story, Bindisha Sarang delves into key financial strategies for 2024. She emphasises the importance of reassessing one’s financial goals, setting up an emergency fund, reducing debt, and putting in place a prudent investment strategy. For investors looking for actionable insights, this article is a must-read. Read

11:22 AM

Taiwan expects China to apply pressure on incoming govt after election

Taiwan's government believes China is likely to attempt to put pressure on its incoming president after the island goes to the polls on Saturday, including staging military manoeuvres near the island this spring, two senior government officials said. Read

 

11:10 AM

This PSU stock has zoomed 240% in 6 months; market cap nears Rs 1.5 trn

Shares of Indian Railway Finance Corporation (IRFC) hit a new high of Rs 112.90, as they rallied 6 per cent on the BSE in Friday's intra-day trade amid heavy volumes.
 

As many as a combined 92.89 million equity shares of IRFC changed in the first hour of trades on the NSE and BSE. In the past 10 trading days, on an average a combined near about 100 million shares were traded on the counter. Read