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This article is more than 11 month old.

Stock Market Highlights: Sensex surges 1,197 points, Nifty ends above 14,600 led by auto, banks

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Stock Market Highlights: The Indian market extended gains to end over 2 percent higher on Tuesday, as investors continue to cheer Budget announcements amid positive global cues among. Broader markets supported the rally. Among sectors, Nifty Auto rallied the most, over 4 percent followed by Nifty PSU Bank, Nifty Realty and Nifty Financial Services gaining over 3 percent each.

Stock Market Highlights: Sensex surges 1,197 points, Nifty ends above 14,600 led by auto, banks
  • Ajit Mishra, VP - Research, Religare Broking

    Now as the budget is behind us, all eyes will be on RBI monetary policy outcome scheduled on Friday i.e. February 5. Meanwhile, as more corporates announce their results, stock-specific volatility would remain high. Markets may see a breather after the recent surge but the bias would remain on the positive side. Participants should maintain their focus on identifying the right opportunities across sectors.

  • Joseph Thomas, Head of Research, Emkay Wealth Management

    The markets kept up the momentum gained from a positive budget presented yesterday. The most spectacular movement has been witnessed in the bank index which rallied by almost 3.50% in today's session compared to a 2.50% rise in Sensex and Nifty. The rally is broad-based and derived its basic premises from the growth-oriented proposals in the budget across various key sectors of the economy, putting the highest emphasis on self-reliance and transformation into one of the fastest-growing economies of the world.

  • Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

    The Nifty failed to get past the 14,750 level which is a crucial point. Crossing this level would cement the upside direction of the markets which should lead us to 15,000. However, it is advised to enter on dips or mild corrections. The index has good support at 14,100 and hence we should accumulate positions closer to that level.

  • Market At Close

    - Sensex, Nifty & Nifty Bank End At Record Closing Highs

    - Frontline Indices Post The Biggest 2-day Gains In Last 10 Months

    - BSE Adds Mkt Cap Of `4 Lk Cr Today & Over `10 Lk Cr In Last 2 Days

    - HDFCs, ICICI & Reliance Ind Biggest Contributors To Nifty

    - Nifty Rises 367 Points To 14,648 & Sensex 1,197 Points To 49,798

    - Nifty Bank Climbs 1,179 Pts To 34,268 & Midcap 514 Pts To 22,115

    - All Sectoral Indices Close Higher; Auto, Realty & Cap Goods Top Gainers

    - 43 Nifty Stocks Close Higher; Tata Motors, Shree Cem, UltraTech Top Gainers

    - Tata Motors Surges Over 15% To End At A 3-year Closing High

    - Indigo Paints Makes A Strong Debut, Rises To `3,117 Vs Issue Price Of `1,490

    - Autos Move Higher After January Sales; Maruti Rises 3% & Bajaj Auto 2%

    - PSUs Continue To Gain On Govt’s Announcement w.r.t Privatisation; MSTC Up 10%

    - Market Breadth Favours Advances; Advance-Decline Ratio At 2:1

  • Closing Bell | The Indian market extended gains to end over 2 percent higher on Tuesday, as investors continue to cheer Budget announcements amid positive global cues among. At close, the Sensex was up 1,197.11 points or 2.46% at 49,797.72, and the Nifty up 366.70 points or 2.57% at 14,647.90. Broader markets supported the rally. Among sectors, Nifty Auto rallied the most, over 4 percent followed by Nifty PSU Bank, Nifty Realty and Nifty Financial Services gaining over 3 percent each. Tata Motors, Shree Cements, UltraTech Cement, SBI and Hindalco were among major gainers on the Nifty, while HDFC Life, Bajaj Finserv, Hero MotoCorp, Titan Company and HUL were the top losers.

  • Dixon Technologies | The company reported Q3FY21 net profit at Rs 61.59 crore against Rs 26.3 crore and revenue was at Rs 2,182.78 crore versus Rs 993.81 crore, YoY. The company's board approved sub-division/ stock split of existing 1 equity share of face value of Rs 10 each fully paid up into 5 equity shares of Rs 2 each fully paid up, subject to shareholders' approval.

  • Indigo Paints soars on debut; aspires to grow sales at 30-35% per year

    Indigo Paints saw a stellar debut, with the stock listing at an over 80 percent premium to its issue price. Hemant Jalan, MD, Indigo Paints discussed about the listing and his outlook for the business going forward.

    “Even when we were unlisted, we were very much on the radar of all the large paint players. But I think there is a limited amount that any large player can do to stop the growth of somebody who is executing his plans well. I don’t think it bothers them too much at this stage. We are very small compared to their scale of operations. So our growth is coming at the expense of their growth numbers,” he said. Watch here.

  • Keki Mistry, CEO, HDFC | Reported total gross NPAs at 1.67%, with individual NPAs at 0.79% and non individual NPA at 4%. Proforma Gross NPA would be 1.91% with individual segment NPA at 0.98% and non-individual at 4.35%. Restructured 0.90% of the total AUM under RBI's Aug 6 circular.

  • Kolte-Patil Developers | The cmpany has signed three new projects with a combined saleable area of approximately 2.2 msf in Pune under capital light models. Expected total topline of approx. Rs 1,500 crore and profit of approx. Rs 220 crore.

  • Dhanuka Agrictech Q3 profit up 45% at Rs 40.04 cr

    Agro-chemical firm Dhanuka Agritech Ltd on Tuesday reported a 45 percent increase in its consolidated net profit at Rs 40.04 crore for the quarter ended December. Its net profit stood at Rs 27.67 crore in the year-ago period.

    Total income increased to Rs 305.04 crore in the third quarter of this fiscal from Rs 279.32 crore in the corresponding period of the previous year, the company said in a regulatory filing.

    Dhanuka has three state of the art manufacturing facilities in Rajasthan, Gujarat and Jammu & Kashmir.

  • Demand will be stronger for vehicles between 3-10 years old, says Shriram Transport Finance

    Umesh Revankar, Managing Director, Shriram Transport Finance believes that the Union Budget 2021 announcement on vehicle scrappage policy will increase the demand for 3 to 10 year old vehicles.

    "That way we feel the business can become quite big and large for us," he said in an interview to CNBC-TV18.

    "We normally lend for up to 10 years, at the maximum up to 12-13 years. So the announcement may not have any significant impact on the existing book. However, people are likely to buy younger vehicle between 5 and 10 years and there will be bigger demand in the 3 to 10 years old vehicle segment," he said. Watch here.

  • Dr Reddy’s Laboratories | The company has announced the launch of Vigabatrin Tablets USP, 500 mg, a therapeutic equivalent generic version of Sabril Tablets, USP, approved by the US FDA. The Sabril brand & generic had US sales of approximately $141 million as of December 2020.

  • Budget 2021: Proposed ARC to buy Rs 1.4-1.5 lakh crore of bad loans from banks, say sources

    The proposed Asset Reconstruction Company for cleaning up the bad loans of the bank may require around Rs 10,500 crore of capital, senior officials familiar with the development told CNBC-TV18.

    In her Budget speech, Finance Minister Nirmala Sitharaman had proposed the setting up of an ARC/AMC (Asset Management Company) for tackling the non-performing asset problem of banks.

    This ARC is expected to buy large stressed assets of at least Rs 1.40-1.50 lakh crore from banks, the officials said. These assets are largely legacy loans and banks have already provided at least 50 percent or more for these assets. The banking sector’s gross non-performing assets stood at Rs 8.99 lakh crore as of March 2020.

    The transfer value of the stressed assets of banks, to be housed in the ARC is estimated at around Rs 70,000 crore (net of provisions). Read more here.

  • Infra stocks surge on higher budgetary spending provisions

    Shares of infrastructure companies continued trading higher on Tuesday after Finance Minister Nirmala Sitharaman announced incentives to boost the sector in Budget 2021.

    In the Budget speech, FM said National Infrastructure Pipeline (NIP) has been expanded to 7,400 projects. She added that projects worth Rs 1.1 lakh crore have been completed under the National Infra Pipeline.

    "We will also introduce a bill to set up Development Finance Institution (DFI) providing Rs 20,000 crore to launch the National Asset Monetisation Pipeline to fund new infra projects," she further said.

    The BSE Infra index surged 2 percent on the back of the incentives. KNR Construction rose the most 10 percent followed by PNC Infra, which was up 8 percent. Meanwhile, L&T, Gujarat Pipavav Port, IRB, Powergrid, Sadbhav Engineering also rose over 2 percent each during the day. Read more here.

  • Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

    After a stellar run yesterday, the markets have opened with a gap up this morning. Traders should not be hasty as the run-up has been sharp and the stops are wide at this point in time. While the overall trend remains positive, a 'buy on dips' strategy would be advisable. The Nifty would gain further momentum after it crosses the high of 14,750 as that would lead the index to 14,900-15,000. The current support for the Nifty is as low as 14,100 so cautious trading should be implemented.

  • Budget 2021 strengthens our case of recovery in India, says Aberdeen AMC's Adrian Lim
    Budget 2021 strengthens our case of recovery in India, said Adrian Lim, Investment Manager-Asian Equities, Aberdeen Asset Management on Tuesday. The investment firm has maintained an overweight stance…
    Stock Market Highlights: Sensex surges 1,197 points, Nifty ends above 14,600 led by auto, banks
  • Capital goods companies, banks stand to benefit from budget measures: HDFC AMC’s Prashant Jain


    Budget 2021 marks a fundamental shift from the previous budgets with a focus on CAPEX and growth that should help revive job creation, said Prashant Jain, ED and CIO of HDFC AMC, on Tuesday. Speaking with CNBC-TV18, Jain said, “The clear emphasis is on capex, accelerating growth and that in-turn should review jobs and consumption, but the shift in focus towards investment is very clear. Therefore, sectors that benefit from this are beneficiaries of this budget and that would include banks, which are coming out of a significant NPA cycle and the capital goods companies. These are two sectors which stand to benefit from this.” More here

  • Gold rate today: Yellow metal falls below Rs 48,500 per 10 grams level

    Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Tuesday following a muted trend in the international spot prices amid firm US dollar, while silver prices plunged over 2 percent on profit booking. At 11:15 am, gold futures for April delivery fell 0.72 percent to Rs 48,370 per 10 grams as against the previous close of Rs 48,720 and opening price of Rs 48,612 on the MCX. Silver futures traded 1.90 percent lower at Rs 72,269 per kg. The prices opened at Rs 72,600 as compared to the previous close of Rs 73,666 per kg. The domestic gold prices declined in the previous session after the government announced a reduction in duty on both the precious metals to 7.50 precent from 12.5 percent and introduced a 2.50 percent Agriculture Infrastructure Development Cess. More here

  • Bajaj Auto's Rakesh Sharma joins us after co reported highest ever exports in January. Here is what he had to say

  • Bajaj Auto shares jump over 3.5% on strong Jan sales lifted by highest ever exports

    Bajaj Auto on Tuesday reported an 8 percent rise in total sales for January 2021 at 425,199 units compared to 394,473 units in January 2020 buoyed by strong exports. The two and three-wheeler domestic auto major reported the highest ever exports during the month at 254,442 units, a 26 percent rise from 201,601 units the year-ago. Total domestic sales declined 11 percent to 170,757 units from 192,872 units, YoY. Two-wheeler sales in January increased by 16 percent to 384,936 units from 332,342 units, YoY. Two-wheeler exports were highest at 227,532 units, up 30 percent YoY. However, sales of commercial vehicles plunged 35 percent to 40,263 units from 62,131 units, YoY, dragged by lower domestic sales.

  • PVR raises Rs 800 cr from investors via QIP

    Multiplex operator PVR Ltd has raised Rs 800 crore by issuing shares to a set of investors through qualified institutional placement (QIP). The QIP witnessed an allotment of over 55.55 lakh equity shares to eligible qualified institutional buyers (QIBs) at a price of Rs 1,440 apiece. ”The fund raise committee of the company… approved the issue and allotment of 55,55,555 equity shares to eligible QIBs at the issue price of Rs 1,440 per equity share, aggregating to approx Rs 800 crore,” PVR said in a regulatory filing late on Monday night.

  • Tata Motors shares rally 10% on strong Q3 numbers, scrappage policy announcement


    Shares of Tata Motors rallied 10 percent to hit its 52-week high on Tuesday on the back of better-than-expected December quarter earnings and the government's announcement of the scrappage policy. The firm's India business posted a 67.2 percent surge in profit for the December quarter, as the easing of coronavirus restrictions led to a pick-up in sales in several of the carmaker's key markets. The stock rose as much as 10 percent to its 52-week high of Rs 307.45 per share on the BSE. Since yesterday, the stock has surged as much as 17 percent. Meanwhile, In Budget 2021, Finance Minister Nirmala Sitharaman proposed the voluntary scrappage policy to replace personal vehicles older than 20 years and commercial vehicles older than 15 years. The move is expected to be positive for the sector.

Stock Market Highlights: The Indian market extended gains to end over 2 percent higher on Tuesday, as investors continue to cheer Budget announcements amid positive global cues among. Broader markets supported the rally. Among sectors, Nifty Auto rallied the most, over 4 percent followed by Nifty PSU Bank, Nifty Realty and Nifty Financial Services gaining over 3 percent each.