Sensex falls 260 pts in fag-end, Nifty holds 21,550; FMCGs crack, PSBs soar

Stock market highlights on January 20, 2024: Among sectors, the Nifty IT, and FMCG indices fell 1 per cent each, while the Nifty PSU bank index added 1.9 per cent

3:54 PM

Tech View :: 'Nifty needs to break 21,500-21,700 for directional move'

The Nifty opened higher and remained volatile throughout the day. The overall consolidation phase may persist for the next few days or until the Nifty stays within the range of 21,500-21,700.

Only a decisive breakout on either side could initiate a directional move. A significant decline below 21,500 might trigger a correction towards 21,300 and below.

Conversely, a robust breakout above 21,700 is needed for a resumption of the uptrend.

Views by: Rupak De, Senior Technical  Analyst, LKP Securities

3:52 PM

Tech View :: 'Bank Nifty needs to breach 46,300 to extend gains'

The Bank Nifty index displayed resilience by forming a higher low on the daily chart while maintaining the immediate support zone of 45,700-45,600.

To resume the uptrend, the index needs to overcome the immediate resistance at 46,300, a breakthrough that could trigger short-covering, propelling it towards 46,500/46,800 levels.

However, a close below the crucial support of 45,600 might instigate a substantial downside correction towards 44,000.

Views by: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

3:49 PM

Comment :: What will drive the markets next week?

Amid rising optimism about AI, US markets surged over the weekend. However, domestic markets exhibited a subdued trend influenced by extended holidays, low volumes, and weekly option expiration. Profit booking was noted in IT and FMCG, while private banks witnessed selective buying post the recent sharp correction and stable Q3 earnings. Next week, the interest rate decisions of the BoJ and ECB, along with US GDP data, are anticipated to drive the market dynamics.

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

3:43 PM

Broader markets :: Mid, SmallCap indices outperform, rise 0.4% each

3:42 PM

Sectoral trends :: IT, FMCG indices slide; PSBs rally in last hour

3:40 PM

Sensex Heatmap :: Kotak Bank, ICICI Bank rally up to 2%

3:39 PM

CLOSING BELL :: Nifty holds 21,550 amid profit booking

3:38 PM

CLOSING BELL :: Sensex falls in fag-end trade

3:19 PM

Sector Watch :: PSU Bank stocks rally in weak market

3:07 PM

ALERT :: Adani group buzzing in trade

2:52 PM

Oil mkt braces for a weeks-long disruption to shipping in southern Red Sea

Charters of tankers to haul crude and fuels — which for some vessels are arranged up to a month in advance — reveal growing numbers of the vessels are being hired for routes that will avoid the danger zone, according to shipowners, brokers and traders. READ MORE

2:41 PM

ALERT:: Union Bank of India Q3 net jumps 60%; stock soars over 4%

Union Bank of India Q3 net profit jumped 59.9 per cent to Rs 3,589.91 crore for the quarter ended December 2023 as against Rs 2,244.80 crore in the corresponding quarter a year ago. Total income increased by 20.6 per cent YoY to Rs 29,137.26 crore.

2:30 PM

ALERT:: Bharti Airtel arm files IPO papers; stock marginally up

Bharti Airtel in an exchange file said, its subsidairy Bharti Hexacon has filed a Draft Red Herring Prospectus with Sebi for its IPO. The latter plans to offload up to 20 per cent equity stake by way of 'Offer for Sale'

2:18 PM

ALERT:: IREDA Q3 net surges 67%; stock hits 10% upper circuit

Indian Renewable Energy Development Agency (IREDA) today reported 67.2 per cent surge in Q3 net profit at Rs 335.54 crore for the quarter ended December 2023 as against Rs 200.75 crore in the year ago period. Revvenue from operations rose 44.2 per cent YoY to Rs 1,253.20 crore.

2:04 PM

ALERT:: Can Fin Homes Q3 net up 32%; stock slips 2%

Can Fin Homes today reported a 32.1 per cent rise in Q3 net profit at Rs 200.14 crore for the quarter ended December 2023 as against Rs 151.49 crore in the year ago period. Total income grew 27.1 per cent YoY to Rs 901.93 crore.

1:53 PM

ALERT:: IDBI Bank Q3 net rises 57%; stock jumps 5%

IDBI Bank today reported a 57.3 per cent growth in Q3 net profit at Rs 1,458.18 crore for the quarter ended December 2023 when compared with Rs 927.27 crore in the quarter ended December 2022. Total income increased by 23.4 per cent YoY to Rs 7,514.27 crore.

1:43 PM

COMMENT:: FPIs selling owing to rise in yields, high valuations

There is a sudden change in the strategy of the FPIs starting 17th January. They turned massive sellers in the cash market having sold equity worth Rs 24,147 crore in three days from 17th through 19th January.

 

There are two main reasons why FPIs turned sellers. One, the US bond yield started rising with the 10-year yield rising from the recent level of 3.9% to 4.15% triggering capital outflows from emerging markets. It is important to understand that FPIs were big sellers in other emerging markets too like Taiwan, South Korea and Hongkong.

 

Two, since the valuations in India are high, FPIs used the excuse of less-than-expected results from HDFC Bank to press massive sales. FPIs increased their short positions, too. But the FPI strategy of pushing the market down is not working since their selling is countered with buying by DIIs and individual investors.

 

FPIs have been buying IT stocks this month after the management commentary following the Q3 results of IT managers indicated optimism of demand revival in the sector."

 

-  Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

1:31 PM

Bansal Wire Industries files draft papers to mobilise Rs 745 crore via IPO

Steel wire manufacturer Bansal Wire Industries Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 745 crore through an Initial Public Offering (IPO). Read

1:20 PM

Ceat extends rally for third day; surges 14% on healthy outlook

Shares of Ceat hit a new high of Rs 2,948, as they surged 14 per cent on the BSE in Saturday’s intra-day trade aftert the tyre maker announced its foray into steel radial tyres for two-wheelers. The stock was trading higher for the third straight day, zooming 22 per cent during this period. Read

1:09 PM

Broader indices outperform; Small-caps lead gains

1:01 PM

AstraZeneca jumps 4%; gets import nod for formulation needed for Andexxa

Co has received CDSCO permission to import pharmaceutical formulations needed for Andexanet alfa powder for solution for infusion 200 mg (Andexxa).

Through this approval, Andexanet alfa is indicated for patients treated with FXa inhibitors when reversal of anticoagulation is needed due to life-threatening or uncontrolled bleeding.

The receipt of this permission paves way for launch of Andexanet alfa powder for solution [for infusion 200 mg (Andexxa)] in India for the specified indication. 

12:50 PM

Alert: Kotak Mahindra Bank's Q3 net profit rises 7.6% YoY to Rs 3,005 crore

>> On standalone basis, Kotak bank's net profit is up 7.6% to Rs 3,005 crore.
>> NII up 15.9% YoY at Rs 6,554 crore

>> NIM unchanged at 5.22% against the last quarter (Q2FY24)

12:39 PM

Godawari Power gets environmental nod to enhance Raipur unit capacity

Godawari Power gets Chhattisgarh Environ Body ‘Consent To Operate’ for enhanced capacity at Raipur Plant.

12:26 PM

Alert: RITES bags order worth Rs 414 cr

The order is for construction work at IIT Bhubaneswar.

12:13 PM

Over Rs 30,000 crore AIF investments found circumventing norms: Sebi

The Securities and Exchange Board of India (Sebi) on Friday proposed several measures to enhance trust and ease of compliance for Alternative Investment Funds (AIFs) in specific cases at a time when it has found over Rs 30,000 crore worth of investments to be in circumvention of regulations. Read

11:57 AM

Ganesh Housing zooms over 50% in 4 days as Q3 net profit jumps three-fold

In the past four days, the stock of the Ahmedabad-based real estate company has zoomed 54 per cent after it reported strong earnings for the December quarter (Q3FY24). Read

11:44 AM

Near-term margin pressures to persist for Tata Communications stock

Tata Communications has seen analyst upgrades after reporting Q3FY24 results. The biggest factor is the visible signs of a turnaround in its new acquisition, Kaleyra. The consolidated revenue grew 16 per cent Q-o-Q to Rs 5,630 crore led by 15 per cent Q-o-Q improvement in the data segment. Read

11:31 AM

Market regulator Sebi planning comprehensive stress tests of equity schemes

The Securities and Exchange Board of India (Sebi) is in active discussion with the mutual fund (MF) industry to do a comprehensive stress test of equity schemes and figure out measures to tackle situations when the test results indicate red flags, chairperson of the markets regulator Madhabi Puri Buch said here on Friday. Read

11:18 AM

NYT Opinion: China's economy is in serious trouble

In 2023, the US economy vastly outperformed expectations. A widely predicted recession never happened. Many economists (though not me) argued that getting inflation down would require years of high unemployment; instead, we’ve experienced immaculate disinflation, rapidly falling inflation at no visible cost. Read

11:08 AM

These 2 rail-related stocks have zoomed over 75% thus far in Jan

IRFC with market capitalisation of Rs 2.3 trillion today surpassed other state-owned companies like Power Grid Corporation of India (Rs 2.23 trillion), IOCL (Rs 2.11 trillion) and HAL (Rs 2.01 trillion). READ MORE