Stock Market Live: Indian indices, Sensex and Nifty pared day's losses to end Wednesday's volatile session marginally lower. Broader indices outperformed the benchmarks with Nifty Smallcap100 and Nifty Midcap 100 closing 0.7 percent higher each. Among sectors, Nifty Auto, Nifty Pharma, Nifty IT and Nifty Realty ended in the green, while Nifty FMCG, Nifty Fin Services and Nifty Private Bank ended lower.
Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services
The USDINR spot is trading within the tight range of 72.75-73.15. Currently, the market is flat and volatility is muted. The upbeat sentiments on account of optimism about a global recovery and inflows into local stocks will help Indian Rupee to appreciate, but likely RBI intervention at around 72.80-75.75 zone may limit the fall in USDINR pair. So we will expect USDINR spot to continue to trade sideways with bearish bias in between 72.75-73.20 zone. The 72.75 mark is acting as strong support and break of which could push prices towards 72.50. However, on upside 73.05-73.20 will continue to act as strong resistance levels.
Market At Close
- Nifty Holds On To 15,100 & Sensex 51,300
- Midcap Index Relatively Outperforms, Closes Nearly 1% Higher
- HDFC Bank Drags Nifty By 31 Points While Reliance Lifts By 14 Points
- Nifty Slips 3 Points To 15,107 & Sensex 20 Points To 51,309
- Midcap Index Rises 179 Pts To 22,926 While Nifty Bank Slips 273 Pts To 35,783
- Eciber Motors Top Nifty Loser After Reporting Operational Performance Below Estimates
- Bharti Airtel Sees Profit Booking After MSCI Weightage Increase, Slips Over 1%
- Tata Steel Falls Despite Reporting A Strong Set of Earnings, Down 5% From Highs
- Page Ind Surges Over 5% On Higher-than-expected Q3 Earnings
- Hindalco & GAIL Close With Gains As Well After Earnings
- Manali Petrol’s Strong Showing In Q3 Helps Co Close At Upper Circuit
- Market Breadth Slightly In Favour Of Advances; Advance-Decline Ratio At 1:1
Closing Bell | The Indian equity benchmark indices pared day's losses to end Wednesday's volatile session marginally lower. The Sensex ended 19.69 points, or 0.04 percent lower at 51,309.39, while the Nifty settled at 15,106.50, down 2.80 points, or 0.02 percent. Broader indices outperformed the benchmarks with Nifty Smallcap100 and Nifty Midcap 100 closing 0.7 percent higher.
Among sectors, Nifty Auto, Nifty Pharma, Nifty IT and Nifty Realty ended in the green, while Nifty FMCG, Nifty Fin Services and Nifty Private Bank ended lower. On the Nifty50 index, Eicher Motors, Bharti Airtel, HDFC Bank, Tata Steel and Britannia led the losses while, Cipla, Bajaj Finserv, SBI Life, HDFC Life, and M&M were the top gainers.
Datamatics Global Services | The company has entered into a strategic partnership with System Soft Technologies covering the North American region. The distribution agreement gives SSTech access to Datamatics’ Intelligent Automation (IA) suite of products including TruAI, TruCap+ and TruBot. SSTech will leverage Datamatics IA products to deploy automation with speed and scale for its enterprise customers.
Eicher Motors Q3FY21 | The company’s consolidated net profit rose 6.8 percent to Rs 532.6 crore from Rs 498.7 crore and revenue increased 19.3 percent to Rs 2,828.3 crore from Rs 2,371 crore, YoY. EBITDA rose 13.5 percent to Rs 672 crore from Rs 592.3 crore, while EBITDA margin narrowed by 130 bps to 23.7 percent from 25 percent, YoY.
Oil price rally falters despite unexpected drop in US inventories
Oil prices slipped on Wednesday, threatening to end the longest rally in two years as investors shrugged off industry data showing a fall in U.S. crude oil stocks that added to optimism about an expected rise in global fuel demand, a Reuters report said. Brent crude was down by 1 cent at $61.08 after rising nearly 1 pecent on Tuesday, when it touched a 13-month high. US crude dropped 8 cents to $58.28.
Brent had risen for eight days in a row, the longest sustained run of gains since January 2019. U.S. oil had gained for seven days, the longest rally since February 2019.
World shares hit fresh all-time highs; earnings and Fed in focus
World shares rose to new all-time highs overnight and European indexes strengthened, with market sentiment generally upbeat on the prospect of fiscal stimulus and vaccine rollouts and ahead of a speech by U.S. Federal Reserve Chair Jerome Powell. The MSCI world equity index, which tracks shares in 49 countries, was up 0.2% at 0833 GMT, having touched new peaks shortly before, Reuters reported.
Buzzing | IndiGo shares fall nearly 3% after it settles case with SEBI
Indigo owner InterGlobe Aviation's share price tumbled nearly 3 percent in early trade on Wednesday after the company paid Rs 2.10 crore to SEBI to settle a pending case. The stock was 2.81 percent down to Rs 1,614.7on BSE, while it slipped 2.83 percent to Rs 1,614.70 on NSE.
InterGlobe Aviation has settled the case of alleged corporate governance lapses and listing norm violations raised by co-promoter Rakesh Gangwal in July 2019. Gangwal has differences over the matters of corporate governance with the co-promoter and majority shareholder Rahul Bhatia. Bhatia holds a majority of 38.21 percent shares, while Gangwal owns 36.64 percent shares and the public owns the rest.
Following the complaints, SEBI had issued a show-cause notice to the airline operator containing allegations on account of multiple LODR regulations. The company settled the matter on Tuesday without denying or admitting any violation on its part. Read more.
BEML Q3FY21 | The company's consolidated net profit jumped to Rs 27.7 crore from Rs 4.2 crore, while revenue rose 5.1 percent to Rs 728.2 crore from Rs 693 crore, YoY. Consolidated EBITDA increased 65.5 percent to Rs 42.8 crore from Rs 25.9 crore and EBITDA margin was at 5.9 percent as against 3.7 percent, YoY. The company announced an interim dividend of Rs 4.80 per share.
VA Tech Wabag | The company has secured multiple orders worth about 100 million euros in Switzerland, Tunisia and Libya.
E-commerce grows by 36% in last quarter in India: Report
The last quarter of 2020 saw e- commerce order volume growing by 36 percent in India with Personal care, Beauty and Wellness (PCB&W) segment being the biggest beneficiary, according to a report. In October to December 2020 period, PCB&W and FMCG & Healthcare (F&H) categories’ volumes grew by 95 percent and 46 percent year-on-year (YOY) respectively, said the Q4- 2020 -E-commerce Trends Report’, released by Unicommerce and Kearney.
Tier 2 and 3 cities accounted for a 90 percent YOY incremental volume and value growth, it said. The report, which assesses the e-commerce growth in Q4 2020 with the sector-wise analysis, said brand websites reported a 94 percent volume growth in fourth quarter of 2020 as compared to same period last year. Read more.
Domestic-facing economy sectors expected to do well: Motilal Oswal AMC’s Susmit Patodia
Susmit Patodia, Associate Director & Fund Manager at Motilal Oswal AMC on Wednesday said that markets have a very strong earnings momentum going into the next 3-4 quarters.
“Stocks are salves of earnings and if markets are a congregation of stocks, then they are also slaves of earnings. If you look at the last two quarters, they have been phenomenal with respect to earnings. We have had decline in sales, but more than 20% growth in profits. It looks like even Q3 will be more than 20% growth in profits. Q4 obviously will be upwards of 40% because of the base and so will Q1. So, we have very strong earnings momentum built in for the next 2-3 quarters and hence this is really what I think is supporting the markets,” he said in an interview to CNBC-TV18.
According to Patodia, domestic cyclical sectors will do better than export oriented sectors over next 1-2 years. Read more.
PAGE Industries Q3FY21 | The company's net profit rose 76.6 percent to Rs 153.7 crore against from Rs 87 crore, YoY, while revenue rose 16.8 percent to Rs 927 crore from Rs 794 crore, YoY. EBITDA increased 63 percent to Rs 226.1 crore from Rs 138.8 crore and EBITDA margin stood at 24.4 percent as against 17.5 percent, YoY.
HDFC Securities on BPCL | We maintain ADD on Bharat Petroleum (BPCL) with a price target of INR 461, owing to an expected recovery in demand for petroleum products and, subsequently, refining margins. 3Q EBITDA/APAT was 2/2% higher than our estimates owing to 7% rise in revenue, lower-than-expected opex, higher-than- expected other income, offset by higher-than-anticipated finance cost. Total inventory gains were INR 8bn. Forex gain stood at INR 0.8bn. Adjusting for these, core EBITDA stood at INR 35bn (HSIE INR 30bn), +53/+178% YoY/QoQ.
CNBC-TV18 Exclusive | Sources said that some select export sectors such as petroleum & petroleum products, gold and precious metals may not be able to reap benefits from the Remission Of Duties and Taxes on Exported Products Scheme
Power Mech Projects | The company has received the Letters of Award for the works worth Rs 1,068.36 crore.
Lupin | LupinLife, consumer healthcare business of Lupin, has launched a new ayurvedic energy supplement for men, Be One.
Gold firms on faltering dollar, stimulus hopes
Gold rose on Wednesday, hovering near a one-week peak hit in the previous session, as a weaker dollar and rising hopes of a US stimulus package elevated bullion's appeal as a hedge against inflation, Reuters reported.
Spot gold rose 0.3 percent to $1,842.90 per ounce. Prices hit their highest since February 2 at $1,848.40 on Tuesday. US gold futures gained 0.4 percent to $1,845.30. The dollar slipped to a near two-week low against rivals.
SBI's home loan portfolio crosses Rs 5 lakh crore, says Chairman Khara
State Bank of India, the country’s largest bank, on Wednesday, said that its home loan portfolio has crossed Rs 5 lakh crore. Addressing the media, Chairman Dinesh Khara said the bank was strengthening its underwriting capability further to grow the book. Khara said SBI was the country’s cheapest home loan provider with non-performing assets of less than 1 percent, even in the time of COVID.
