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Sensex up 248 pts at 49,517; Nifty at 14,563; SBI, Airtel soar 4%, RIL 3%

Stock market updates: Nifty PSU Bank index surged over 6 per cent and was the top sectoral gainer

MARKET LIVE: Sensex gains 100 pts, Nifty tops 14,500; PSBs, realty stks up

Stock market updates: A stellar rally in Reliance Industries, State Bank of India, and Bharti Airtel lifted benchmark indices to fresh peaks for 12th straight session on Tuesday. The S&P BSE Sensex and Nifty touched 49,569 and 14,591 in the intra-day session today on the back of rally in the three heavyweights along with HDFC Bank, ITC, Bharti Airtel, and Axis Bank.

The S&P BSE Sensex settled 248 points, or 0.5 per cent, higher at 49,517.11 levels on the BSE. Bharti Airtel and SBI each surged 4 per cent on the Sensex today, followed by gains in RIL, HDFC Bank, ITC, and NTPC, up between 1.4 per cent and 3 per cent. On the downside, Asian Paints, Titan, HUL, and Nestle slipped up to 3 per cent, putting a lid on gains.

On the NSE, the Nifty50 closed above the 14,550-mark, at 14,563.45, up 79 points or 0.5 per cent.

In the broader market, the S&P BSE MidCap index ended the day at 19,208.6 level, up 0.4 per cent. It hit a fresh life-time high of 19,301.32 in the intra-day session. The S&P BSE SmallCap index, on the other hand, closed at 18,922.73 levels, up 0.25 per cent.

On the sectoral front, Nifty PSU Bank index leaped 6 per cent on the NSE, shrugging off NPA concerns highlighted by the Reserve Bank of India a day earlier. J&K Bank and Bank of Baroda each surged 10 per cent on the NSE today. Besides, Bank of India, Canara Bank, and Indian Ban gained up to 7 per cent.

That apart, Nifty Realty index, up 3 per cent, and Nifty Auto index, up 1.3 per cent, were other sectoral gainers.

Global markets

European shares were mixed on Tuesday as investors paused to assess how much worse the Covid-19 pandemic could get while waiting for a new earnings season on Wall Street to inject fresh direction.

Consolidation was the theme in Asia as well, where MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5 per cent after touching an all-time high on Monday, led by a 2.6 per cent drop in South Korea as investors took some profit from a soaring Kospi.

Drugmakers lifted Japan's Nikkei to a fresh three-decade high after reports of another effective COVID-19 treatment, though the index eased to be 0.16% lower in the afternoon.

(With inputs from Reuters)

4:47 PM

Crude Oil check

Oil hit an 11-month high towards $57 a barrel on Tuesday as tighter supply and expectations of a drop in U.S. inventories offset concerns over climbing coronavirus cases globally.

(Source: Reuters)

4:44 PM

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

Nifty continued its rally by closing by 0.5%. Top two gainers of the Nifty were Tata Motors due to strong sales reported by Jaguar Land Rover and GAIL as the company has announced a board meeting to consider buyback of the shares. Nifty PSU Bank closed up by 6% ignoring RBI concern of NPA in the banking sector, released in a letter a day ago. Defensive sectors such as Pharma, IT and FMCG closed in red. Global cues were supportive: Dow Futures and Nasdaq Futures were up by 0.2% and 0.4% respectively, while FTSE was down by 0.3%. As of now, the market is showing no sign of correction. Although after the sharp rally, we are concerned about the valuation of the market. So, we advise investors to book profit in a small portion of their portfolio.

4:43 PM

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Nifty continued to show upside momentum on Tuesday and closed the day higher by 78 points. After opening on a slightly negative note, the market shifted into an upside recovery mode with range bound action till afternoon. The intraday upside momentum got strengthened in the mid to later part and Nifty closed the day near the high, amidst a range movement.

A long bull candle was formed at the new all time high of 14590, which signal an uptrend continuation pattern. Though, Nifty placed at the highs, there is no indication of any trend reversal in the market.

The short term trend of Nifty continues to be positive. Now, one needs to be cautious about the higher levels weakness in the next few sessions (2-3 sessions). The next upside levels to be watched around 14700-14800. Immediate support is placed at 14490.

4:41 PM

Tech View :: Sumeet Bagadia, Executive Director, Choice Broking.

It was a dull opening however with the passing of trading session, the benchmark index was making day high throughout both the session and closed near to day high at 14563 level with the gain of 78 points. Nifty has given a close above 14500 level with decent gains and all its large cap constituents performed very well and it seems that further upside movement would be there with the ongoing sentiments. Technically, the benchmark index has been trading in an uncharted territory with accentuated volume which shows further upside movement in the index. At present level, Nifty has strong support at 14400 while upside resistance comes at 14800.

4:25 PM

MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive VP, Equity Technical Research at Kotak Securities

Today, financial stocks, especially PSU banks, showed strong support in the market to move above the critical psychological barrier point of 14500. The Bank-Nifty is 215 points away from reaching an all-time high of 32613.10. The Nifty 50/Sensex index has closed above the peak point of the indecisive candlestick formation, suggesting further upside. Sectoral rotational activity clearly shows that the broader market trend is still very strong. In the short term, the trend would remain uncertain due to concerns over rising crude and dollar index prices, but traders should try to find buying opportunities in the market until a negative reversal appears on the daily chart. On Wednesday, the Nifty would take hold at the level of 14650/49800 or at 14700/50000. On the downside, the Nifty should find support between 14450 or at 14400. Our strategy should be to buy select stocks on dips or Index between 14460/14430 levels. The bullish reversal formation of Reliance Industries would help the Sensex to reach the milestone of 50,000 in the near term

4:18 PM

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

The Indian equity benchmark indices rose for the third consecutive day on Jan 12. Nifty opened almost flat and rose gradually between 1100 Hrs and 1430 Hrs. At close, the Nifty was up 78.70 points or 0.54% at 14,563.50.

Volumes on the NSE were the highest since Nov 27. Among sectors, PSU Bank, Bank, Realty, Auto, Infra and Energy were the main gainers while Pharma, IT and FMCG fell the most. Midcap and smallcap indices rose less than Nifty.

Nifty has risen for the third consecutive day with a better breadth. Action is now shifting to largecaps and large midcaps while the balance stocks are undergoing profit taking. Large volumes on a positive day is good for our markets and yet there is no immediate trigger for reversal.

4:17 PM

Rupee Closing

Rupee ends higher at 73.25 per US dollar vs Monday's close of 73.38/$

3:55 PM

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

Nifty Mild loss but managed to hold its bullish stream and decisively cross 14500 zone which was a good hurdle in nifty and managed to close a day at 14563 with gains of half a per cent. Going ahead 14500 will act as fantastic support in nifty and holding above said levels we may see some more decisive move in nifty towards 14600-14700 zone. The nifty bank has witnessed a bullish flag breakout on the two-hour chart which suggest nifty bank can outperform and see next move towards 32500-32700 zone"

3:55 PM

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

3:54 PM

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

The pace of the market rally continued despite RBI’s caution over elevated NPA levels in 2021, supported by PSU Banks and Auto stocks. Majority of the sectors traded in the green in anticipation of good quarterly result while pharma and FMCG experienced some selling. US bond yield has changed its trajectory to a rising trend, which could impact EMs in the future. But FII inflows are strong and the dollar continues to be weak due to oversupply of USD led by the high amount of fiscal stimulus

3:54 PM

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

Markets begun the day on a sombre note post the stability report on banks released yesterday late evening but afternoon trade witnessed buying across the PSU basket with state-owned banks posting a smart rally pushing the NIFTY past the 14500 marks effortlessly. Reliance finally took centre stage after a long time giving Bulls the much-needed ammunition

3:53 PM

MARKET CLOSING COMMENT :: Osho Krishan, Sr. Manager – Equity Research, Anand Rathi Shares

The benchmark index NIFTY50 is on a stellar bull run backed by the buying interest seen in Auto and Realty stocks followed by Bank Nifty that has seen a resurgence from the day’s low to set new 52 weeks high. Meanwhile, on the derivative front, NIFTY has seen huge addition in 14500PE followed by 14400PE suggesting strong base formation, while 14600CE and 15000CE have the maximum OI concentration suggesting an extensive upward trend. Stock-specific action to be the prime focus as mid cap indices are in a continuous uptrend, followed by the IT sector as two major IT companies INFY and Wipro are set to announce their Q3 performance a day ahead

3:52 PM