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    Stock Market Highlights: Sensex ends down 581 pts, Nifty at 17,110, off day's lows; SBI, Axis, Maruti up 3%

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    Stock Market Highlights: Sensex ends down 581 pts, Nifty at 17,110, off day's lows; SBI, Axis, Maruti up 3%

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    Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 ended a volatile session on Thursday around one percent lower each, amid weakness across global markets after the Fed said it is likely to hike interest rates in March. Losses in IT, oil & gas and consumer shares pulled the headline indices lower. The fag-end recovery in both Sensex and Nifty50 was driven by a rebound in banking stocks. Broader markets also weakened, with the Nifty Midcap 100 and Nifty Smallcap 100 indices falling 1.1 percent and 0.7 percent respectively. The US central bank also reaffirmed plans to end its bond purchases in March in what Chairman Jerome Powell pledged will be a sustained battle to tame inflation. 

    Stock Market Highlights: Sensex ends down 581 pts, Nifty at 17,110, off day's lows; SBI, Axis, Maruti up 3%
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    • Q3 Results | Nippon Life India AMC net profit down 18% at Rs 174 crore

      Nippon Life India AMC reported a net profit of Rs 173.9 crore for the quarter ended December, down 17.8 percent on a year-on-year basis. Its revenue increased 26.1 percent to Rs 338.5 crore. 

      It posted Rs 212.1 crore in earnings before interest, taxes, depreciation and ammortisation (EBITDA), up 44.5 percent on year. 

      The Nippon Life India AMC stock ended 2.6 percent lower at Rs 324.4 apiece on BSE ahead of the earnings announcement. 

    • Budget to provide good direction for some PSU banks: Deven Choksey

      Deven Choksey of KRChoksey believes the Union Budget will provide good direction for some of the PSU banks. "The consolidation of PSU banks is something the government is keenly following and some of the banks are already consolidated - no major change has happened over a period of time... Whether the PSU banks would be in a position to make the changes into their business model and drive these businesses is something that we need to see," he said. 

    • Q3 Results | BHEL net profit at Rs 27 crore 

      BHEL reported a net profit of Rs 27 crore for the December quarter, as against a net loss of Rs 218 crore for the corresponding period a year ago.

      Its revenue increased 15.4 percent to Rs 5,135 crore.

      The BHEL stock rose three percent to end at Rs 59.4 apiece on BSE, ahead of the earnings announcement. 

    • Nifty has respected 16,825 support but market may remain volatile for now: LKP Securities' Rupak De

      Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty has respected support at 16,825, but the market may remain volatile going forward. 

      ''On the lower end, the Nifty held the recent low of 16,836, made in early trades of Tuesday. On the lower-end, support is visible at 16,825-16,800. A decisive fall below 16,800 may trigger the resumption of a corrective phase. However, the Nifty may remain in the recovery mode as long as 16,800 is held," he said. 

    • Rupee ends higher at 74.08 vs US dollar

      The rupee ended at 74.08 against the greenback on Thursday. On Tuesday, it had settled at 74.78.

      Stock Market Highlights: Sensex ends down 581 pts, Nifty at 17,110, off day's lows; SBI, Axis, Maruti up 3%
    • Market At Close | Nifty Bank up 0.7%, recovers 970 points from day’s low

      Here are some highlights: 

      --Sensex, Nifty50 stage smart recovery from intraday lows 

      --Sensex off 838 points from day’s low, Nifty up 243 points

      --Strong Canara Bank earnings help state-run banking stocks rise; Nifty PSU bank up 5%

      --IT stocks remain under pressure with nifty it now down over 13% this month

      --Nifty IT set for biggest monthly fall since March 2020

      --Volatility index VIX down 2% 

      --Nifty Bank rises 275 points to 37,982; midcap index down 312 points at 29,365

      --Axis Bank, SBI, Kotak Bank, Maruti Suzuki lift Nifty; Infosys, TCS, RIL drag

      --Except ICICI Bank, HDFC Bank, all Nifty Bank constituents in green

      --HCL Tech, Tech Mahindra, DRL, TCS, Wipro, Divi’s top Nifty losers

      --Axis Bank, SBI, Maruti, Cipla, Kotak Bank, IOC, Bajaj Auto top Nifty gainers

      --Torrent Pharma top midcap loser after weak Q3, brokerages cut estimates 

      --IndiaMART, Coforge, Dalmia Bharat, Mindtree, Jubilant FoodWorks top midcap losers

      --SRF falls 5% despite better-than-expected earnings

      --Market breadth improves but still in favour of declines

      Stock Market Highlights: Sensex ends down 581 pts, Nifty at 17,110, off day's lows; SBI, Axis, Maruti up 3%
    • Market At Close | Axis Bank, SBI, Cipla, Maruti top blue-chip gainers

      Kotak Mahindra Bank, Indian Oil, Tata Motors, IndusInd Bank, Bajaj Auto, Hindalco and ITC were also among the top gainers. On the other hand, HCL Tech, Tech Mahindra, Dr Reddy's, TCS, Wipro, Divi's and Titan were the worst hit among the 35 laggards in the Nifty50 pack. 

      Here's how the 30-scrip basket fared:

      Stock Market Highlights: Sensex ends down 581 pts, Nifty at 17,110, off day's lows; SBI, Axis, Maruti up 3%
    • Closing Bell | Sensex down 581 points at 57,277, Nifty50 at 17,110

      Both headline indices recovered more than half of the day's losses. The 30-scrip index ended 581.2 points or one percent lower at 57,276.9 and the broader Nifty50 benchmark settled at 17,110.2, down 167.8 points or 1.1 percent from its previous close. (Read more on the closing bell)

    • Nifty Bank rises over 1%; SBI up 3%

      The Nifty Bank made a comeback, up more than one percent in late afternoon deals. Earlier in the day, the banking index had declined as much as 1.8 percent. 

      Stock Change (%)
      RBLBANK 6.32
      PNB 4.57
      FEDERALBNK 4.49
      SBIN 2.89
      AXISBANK 2.77
      AUBANK 2.08
      KOTAKBANK 1.92
      IDFCFIRSTB 1.66
      INDUSINDBK 0.38
      BANDHANBNK -0.66
      HDFCBANK -0.92
      ICICIBANK -0.97
    • Explained: Zomato down 10%; in additional surveillance measure list, what next?

      Investors and traders in Zomato are stampeding for the exit, but the door is closed for now. Trading in the shares has been frozen at the lower end of the 10% intra-day circuit filter at Rs 90.45. On the NSE, around 1.36 crore sell orders are pending, and 26-odd lakh on the BSE. (Read more)

      Stock Market Highlights: Sensex ends down 581 pts, Nifty at 17,110, off day's lows; SBI, Axis, Maruti up 3%
    • Q3 Results | Laurus Labs profit down 43% at Rs 155 crore

      Laurus Labs reported a net profit of Rs 155 crore for the quarter ended December, down 43.2 percent on a year-on-year basis. Its revenue declined 20.1 percent to Rs 1,028.8 crore.

      The company posted Rs 285.3 crore in earnings before interest, taxes, depreciation and ammortisation (EBITDA), down 33.1 percent on year. Its EBITDA margin came down to 27.7 percent in the quarter ended Decemebr 2021, as against 33.1 percent in the year-ago period. 

      The Laurus Labs stock was down two percent at Rs 465.4 apiece on BSE, having fallen as much as 7.3 percent earlier in the day. 

    • SBI, Axis Bank, Kotak Mahindra Bank aid recovery in headline indices 

      Stocks such as Infosys, Reliance Industries, TCS, the HDFC twins and HCL Tech continued to put pressure on both headline indices.

      Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

      Stock Market Highlights: Sensex ends down 581 pts, Nifty at 17,110, off day's lows; SBI, Axis, Maruti up 3%
    • Zomato shares plunge 10%; here's what's pulling the stock lower

      Zomato shares plunged 10 percent to the Rs 90.5 mark on Thursday as new age stocks continued to be under selling pressure amid a broad market sell-off. On BSE, the Zomato stock was locked in the lower circuit at 10 percent in afternoon deals, not far from a 52-week low of Rs 84.1 touched on Tuesday. At the day's low, Zomato shares were left with a premium of 19 percent over its issue price. The food aggregator's stock has logged a series of lows in the past few weeks.

    • Colgate Palmolive Q3 net profit up 1.6%

      Net profit was up 1.6% at Rs 252.3 crore against Rs 248.3 crore (YoY). Revenue rose 3.9% at Rs 1,280 crore against Rs 1,232 crore (YoY). EBITDA was up 2.6% at Rs 380.4 crore against Rs 370.7 crore (YoY). Margin at 29.7% against 30.1% (YoY).

    • Paytm shares struggle near Rs 900-mark; what should investors do now?

      Paytm parent One97 Communications' shares hovered around the Rs 900-mark on Thursday, as most new-age business stocks remained under sustained selling pressure. On BSE, Paytm shares fell as much as 3.9 percent to Rs 880 during the session before recovering most of those losses. At 1:50 pm, the Paytm stock was down 1.2 percent at Rs 905.1. Yet, the stock was not far from a 52-week low of Rs 875.5, hit on Tuesday. Read more to know what should investors do now with the stock?

    • Future Group to sell 25% in general insurance JV to Generali for Rs 1,253 cr; to exit insurance biz

      Debt-ridden Future Group will exit from the insurance business in a time-bound manner and plans to sell its 25 percent equity in Future Generali India Insurance Company Ltd (FGIICL) to its JV partner Generali for a cash consideration of Rs 1,252.96 crore, as part of its asset monetisation plans to pare debts. FGIICL is a joint venture between Future Enterprises Ltd (FEL) and Generali Participations Netherlands NV (Generali) and operates in the general insurance sector.

    • AGS Transact Tech IPO: Share allotment today; here's how investors can check status

      AGS Transact Technologies, one of the largest integrated omnichannel payment solutions providers in India in terms of providing digital and cash-based solutions to corporates, closed its public issue last week. It is expected to list on the bourses on February 1.

      The company announced its share allotment on Thursday and investors can check their status on the issue's registrar Link Intime as well as BSE. The status will only appear if the details are entered correctly. In the case of non-allotment, the blocked amount will be refunded to your bank account.

    • Bitcoin relief rally short-lived after Fed signals rate hike: Edul Patel

      Bitcoin fell to US$36,000 in the past 24 hours. BTC was trading at US$39,000 yesterday, but the relief rally seemed to be short-lived after the announcement of the Federal Reserve signals the upcoming rate hike. Even though January is BTC's month, this time that doesn't seem to be true, said Edul Patel, CEO, and Co-founder, Mudrex- A Global Crypto Trading Platform.

      “January 2022 has been harsh to BTC and the entire crypto market. The current support price for BTC is US$37,000. Long-term momentum remains weak, leading BTC to a critical juncture. On the other side, ETH and other top altcoins are also running in the red. The upcoming days would be vital for the entire crypto market," he added.

    • Bond yields may touch pre-pandemic levels of 6.8% this quarter

      Amid the Fed tapering talks, domestic yields have been steadily rising in a narrow band, and the yields are expected to continue northwards in Q4 as the benchmark G-secs rates could move in the range of 6.4-6.8, which is pre-pandemic level, even though the signalling repo rate may be capped at 4 percent at the next policy meeting, SBI chief economist Soumya Kanti Ghosh said in a report.

    • Market Watch | Wherever you see in our portfolio, fundamentals are robust: Rakshit Ranjan on stocks

      There are a couple of stocks - for instance, Dr Lal Pathlabs, which is part of many of our clients’ portfolios at Marcellus, has fallen a lot more than Nestle and that's what I was talking about the rebalancing opportunity, you can benefit from these by shaving off a little bit from sort of stocks which have not fallen yet and buying a lot more of stocks which have fallen a lot more provided nothing has changed in terms of deterioration in fundamentals which it hasn't, said Rakshit Ranjan, Portfolio Manager, Marcellus Investment Managers.

      Asian Paints reporting at 18-19 percent volume growth in the December quarter despite the fact that in the previous December quarter, they had some 33 percent volume growth something like that. Likewise, for Titan, Bajaj Finance accelerating loan book growth, so on and so forth. So wherever you see in our portfolio, fundamentals are robust and hence, opportunities are either portfolio level dislocations, or, in general, they remain cheap vis-a-vis intrinsic value, although it's 10-15 percent lower entry point today than where it was a month ago, he added.

    • Maruti Q3 concall: Production to stay below full capacity in March quarter, says management

      The country's largest car maker Maruti Suzuki India reported a 47.82 percent decline in consolidated net profit at Rs 1,041.8 crore in the third quarter ended December 2021. The management addressed the shareholders in an earnings conference call. Here are the key takeaways from the concall: 

    • SRF announces an investment in aluminium foil, says it has potential to emerge as an enabler to cater to demand from electric vehicle space

    • Market Watch | Buy Canara Bank, Maruti: Jay Thakkar, Marwadi Shares & Finance

      Buy Canara Bank with a stop loss of Rs 219 and a target of Rs 250

      Buy Maruti Suzuki with a stop loss of Rs 8,400 and a target of Rs 9,040 and 9,150

    • Rupee falls 41 paise to 75.19 against US dollar in early trade

      The rupee declined 41 paise to 75.19 against the US dollar in opening trade on Thursday, tracking the strength of the American currency after hawkish US Fed policy stance. Forex traders said muted domestic equities, sustained foreign fund outflows and firm crude oil prices also weighed on the local unit. At the interbank foreign exchange, the rupee opened weak at 75.18 against the US dollar, then fell further to 75.19, registering a decline of 41 paise from the last close. On Tuesday, the rupee settled at 74.78 against the US dollar.

    • Raymond shares jump over 4 pc after strong Dec quarter earnings

      Shares of Raymond Ltd on Thursday gained over 4 percent after the company reported a multifold jump in its net profit at Rs 101.07 crore for the third quarter ended December 2021. The stock jumped 4.37 per cent to its 52-week high of Rs 818.25 on the BSE. At the NSE, it gained 4.44 percent to a 52-week high of Rs 819. Raymond Ltd on Tuesday reported a multifold jump in its net profit at Rs 101.07 crore for the third quarter ended December 2021, helped by improved performance across the segment.

    • Canara Bank Q3 Earnings: Net profit more than doubles to Rs 1,502 crore, beats Street estimates

      State-run Canara Bank on Thursday reported a net profit of Rs 1,502 crore for the quarter ended December, beating Street estimates. The lender's net profit more than doubled on a year-on-year basis. It had posted a net profit of Rs 696.1 crore for the corresponding period a year ago. The bank's quarterly net interest income (NII) - the difference between interest earned and interest paid - increased 14.1 percent on year to Rs 6,945 crore, according to a regulatory filing.

    • Cipla shares up 2%; should you buy, sell or hold post Q3 earnings?

      Shares of Cipla Ltd gained over 2 percent on Thursday after the pharma major on Tuesday posted a consolidated net profit of Rs 756.88 crore for the third quarter ended December 31, 2021, almost flat compared to the year-ago period. Here’s what brokerages said:

    • Sell IEX, Trent: Mitessh Thakkar

      Here are two trading calls from Mitessh Thakkar of earningwaves.com:

      --Sell IEX for a target of Rs 210 with a stop loss at Rs 234 

      --Sell Trent for a target of Rs 980 with a stop loss at Rs 1,040 

    • Amazon Vs Future Case | Supreme Court to hear Future  Retail plea on Jan 31        

    Stock Market Highlights
    : Indian equity benchmarks Sensex and Nifty50 ended a volatile session on Thursday around one percent lower each, amid weakness across global markets after the Fed said it is likely to hike interest rates in March. Losses in IT, oil & gas and consumer shares pulled the headline indices lower. The fag-end recovery in both Sensex and Nifty50 was driven by a rebound in banking stocks. Broader markets also weakened, with the Nifty Midcap 100 and Nifty Smallcap 100 indices falling 1.1 percent and 0.7 percent respectively. The US central bank also reaffirmed plans to end its bond purchases in March in what Chairman Jerome Powell pledged will be a sustained battle to tame inflation.

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