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Stock Market Highlights: Sensex reclaims 60,000 led by Bajaj twins, HDFC Bank, ICICI Bank

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 extended gains to the fourth session in a row on Wednesday, though volatility persisted amid concerns about increasing cases of the Omicron variant of COVID-19. Buying interest in financial, metal and consumer stocks pushed the headline indices higher. However, selling pressure in IT shares kept the upside in check. Broader markets were mixed, with the Nifty Midcap 100 index finishing 0.2 percent higher and its smallcap counterpart declining 0.3 percent.

Stock Market Highlights: Sensex reclaims 60,000 led by Bajaj twins, HDFC Bank, ICICI Bank
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  • Buy Nestle, Britannia when valuations give opportunity: Prakash Diwan

    Market expert Prakash Diwan is positive on Nestle and Britannia, but would like to wait for the right opportunity in terms of valuations. 

    "I hope travel stocks do well given the kind of revenge travel that's likely to happen after the third wave subsides. So on the consumption names, we've seen the impact of higher input costs, the raw material impact being finally priced in, and even the likes of HUL, and all that are finding it quite difficult to pass on prices to consumers... So there are two parts of, of consumption names. One is the kind of paints, homebuilding and home improvement, and things which are fairly easy to kind of get away with in terms of prices... That's where you probably find much more salience. But the staples are where the demand compression is definitely very stark. So I would stick to that. Asian Paints and Indigo Paints have enough room to grow... The market is wide open for that. But don't ignore the fact that the basic cycle on home improvement will start from cement and steel and all of that, because that's where the first round of construction led growth is going to be felt," he said. 

    "But I wouldn't buy anything on the consumption names at this point in time and wait for the market to see a little bit of a shakeout of sorts from these stretched valuations," Diwan added.

  • Desired consolidation preferred theme for Thursday: Mehta Equities' Prashanth Tapse

    Prashanth Tapse, Vice President (Research) at Mehta Equities, said all bullish eyes are on the Nifty’s all-time high of 18,605. "If you still think the headwinds have the power to predict things bearish, you should reconsider. The preferred theme for Thursday’s trade could be desired consolidation. The Nifty and the Bank Nifty have support at 17,389 and 36,577 respectively," he said. 

  • Wait before buying Bajaj Finance: Prakash Diwan

    Market expert Prakash Diwan suggests investors to give Bajaj Finance some time. "Fundamentally, Bajaj Finance has always been priced to perfection, or probably even more generously. So any slippage, any letdown in those numbers, from the kind of high expectation it has to meet up with is always the opportunity to buy and not when the numbers actually meet expectations. I would wait for those opportunities, because it does correct itself, bounce back and consolidate. So, it gives you ample opportunities to buy at a more reasonable valuation than the stretch... I'm sure you will probably get one of those days where it's easy to buy and not be worried about the price every day," he said. 

  • Positive on ABB, Muthoot Finance: Kunj Bansal 

    Kunj Bansal, CIO of Karvy Capital, is positive on ABB and Muthoot Finance. 

    ABB

    “Despite valuations being high a year ago, the stock has almost doubled. The way the topline has been growing, it is resulting into expectation of margins going up for the company. So ABB looks good, with a disclosure that I have bought some shares and I hold them,” he said. 

    Muthoot Finance

    “Finally, BFSI seems to have come in the limelight. While private sector largecap banks continue to be fast moving stocks, Muthoot Finance is a good investment opportunity. It had corrected almost 20 percent till last week but in the last one week, it has moved up 7-8 percent or so,” he said. 

  • IT got substantially rerated due to COVID: Axis MF's Shreyash Devalkar

    Shreyash Devalkar, Senior Fund Manager-Equities at Axis Mutual Fund, believes IT is among the few sectors that got substantially rerated due ot COVID. "All the stocks got rerated, not only largecap, midcap and global IT services companies. The largest ones are trading in the range of around 35-40. This entire space got rerated in the last one-and-a-half year backed by really strong growth, deal wins and very good margins. Also, in the entire sector, tailwinds are definitely there. In the midcap segment, valuations are on a higher side compared to their historical averages on the largecaps, but probably such kind of valuations were there 10-15 years ago, if not in the recent past," he said. 

    "But in the midcap, definitely the valuations are at a higher level. One need to take really stock-specific view in this because if these companies that are able to give you 15 percent-plus or higher teens kind of growth, such kind of multiple is sustainable. One needs to look at it from that point of view,” he added.

  • Your Stocks | Birlasoft, Infosys, Aarti Drugs in focus 

    Astha Jain of Hem Securities and Rahul Sharma of Equity99 Advisors answer investors' queries on CNBC-TV18's Your Stocks

  • TCS, Infosys, Wipro, other IT stocks drop; worst day for Nifty IT in 2 weeks

    IT stocks from the likes of Tata Consultancy Services (TCS), Infosys and Wipro succumbed to selling pressure, halting a winning run that lasted four trading sessions.

    The Nifty IT index fell as much as 2.4 percent during the session before finishing the day down 1.9 percent -- its worst single-day fall since December 20. (Read more on IT shares)

  • With every new COVID wave, correlation between mobility restrictions, GDP reducing: Citi

    Roaring markets notwithstanding, the Indian economy appears to be facing several headwinds. Rural consumption has slowed down, as pointed out by consumer durables and FMCG players. India’s trade deficit has inched to uncomfortable levels, coupled with bond yields moving up. COVID-induced restrictions, announced by several states, are also playing spoilsport. To understand whether any of these can become brakes to growth, CNBC-TV18's Latha Venkatesh spoke to Samiran Chakraborty, Chief Economist-India at Citi.

    "The Omicron threat is looming over the economy. But I must also say that our work globally is suggesting that with every passing wave, the correlation between mobility restrictions and the GDP impact is getting weakened, or in other words, the virus is not having as much impact on the economy as it initially was having," he said.  (Read more)

  • Omicron cases surge; experts assess impact on travel bookings

    There's been a surge in the number of COVID cases owing to the high transmissibility of the Omicron variant. CNBC-TV18 spoke with Thomas Cook CMD  Madhavan Menon and Cleartrip CEO Ayyappan Rajagopal to understand how the rising numbers have impacted travel bookings. (Read more)

    Catch latest COVID-19 updates here

  • Market At Close | All Nifty Bank constituents in the green

    Here are some highlights: 

    --Financial stocks surge as Street cheers Q3 business momentum; Nifty Bank up 856 points

    --Private financial stocks lead Nifty 120 points higher 

    --Banking stocks rise across the board; HDFC Bank, ICICI Bank, Kotak Mahindra Bank lead gains

    --Small banking stocks Federal, IDBI, Bandhan, DCB Bank gain 2-7% 

    --Midcap index holds on to gains, up 47 points at 30,917

    --IT pack takes a breather from this week's rally; 4 out of 5 top Nifty50 losers IT stocks

    --Market breadth neutral; advance-decline ratio at 1:1

    Stock Market Highlights: Sensex reclaims 60,000 led by Bajaj twins, HDFC Bank, ICICI Bank
  • Market At Close | Bajaj twins, Kotak Bank, JSW Steel, Grasim top blue-chip gainers

    Indian Oil, BPCL, Eicher Motors, Axis Bank and Tata Steel were also among the top gainers. On the other hand, Tech Mahindra, Infosys, HCL Tech, Divi's, Wipro, PowerGrid and Dr Reddy's were the worst hit among the 17 laggards in the Nifty50 basket. (Catch the complete list of stocks that moved the most on January 5)

    Here's how the 30-scrip pack fared:

    Stock Market Highlights: Sensex reclaims 60,000 led by Bajaj twins, HDFC Bank, ICICI Bank
  • Closing Bell | Sensex up 367 points at 60,223, Nifty at 17,925 

    The 30-scrip index ended 367.2 points or 0.6 percent higher at 60,223.2 and the broader Nifty50 benchmark settled at 17,925.3, up 120 points or 0.7 percent from its previous close. Gains in financial, consumer and metal shares pushed the headline indices higher, though losses in IT stocks limited the upside. (Read more on the closing bell)

  • HFCL shares surge after company joins hands with Aprecomm

    HFCL shares skyrocketed after the telecom equipment maker and technology provider announced a partnership with Aprecomm, a provider of AI-powered Wi-Fi analytics technology.

    The HFCL stock surged as much as 13 percent to Rs 89.4 on BSE, coming within seven percent of a 52-week high touched in July 2021. (Read more on HFCL shares)

  • Nifty firm above 17,900, on track to close higher for fourth session in a row

  • Videocon IBC Case | NCLAT sets aside NCLT order approving Twin Star's resolution plan

    Twin Star Tech is a wholly-owned subsidiary of Vedanta's parent company Volcan Investments.

  • IndiGo, SpiceJet shares down 1-3%

    Shares in InterGlobe Aviation -- the operator of airline IndiGo -- were down 3.3 percent at Rs 1,973.3 apiece on BSE in late afternoon deals.

    SpiceJet was down 1.3 percent at Rs 66.5 apiece.

  • Government continues to monitor domestic air traffic on daily basis: Officials

    Government officials said the Centre continues to monitor domestic air traffic on a daily basis, and needs to assess more data on weekend travel before taking any measures. Domestic air traffic has softened but remains broadly stable so far, they said. 

    International flights may continue under the air travel bubble arrangements, they said. 

    Here are some highlights of weekly aviation data for the Dec 29-Jan 4 period:

    --Domestic air traffic down 11 percent

    --Domestic departures down 1.4%

    --Average daily domestic traffic at 3.3 lakh passengers

  • See surplus oil building throughout 2022: Julius Baer's Norbert Rucker

    Norbert Rucker, Head Economics and Next Generation Research at Julius Baer, believes confidence has returned to the oil market with the New Year as prices climb above the $80 per barrel level. "The petro nations’ decision to maintain their path of lifting supply restrictions and view of market tightness supports sentiment. We see the oil market in a transition phase where output growth exceeds demand growth as the post-pandemic recovery has largely run its course. We see headwinds to prices in the longer term, but acknowledge that tailwinds could prevail in the very near term," he said. 

    "We are rather in the camp of seeing a surplus building throughout 2022 as supply growth exceeds demand growth. In North America and Europe, oil demand is back at cruising speed i.e. stagnant. In China, with the coal supply and energy crunch largely having eased, and the real estate sector under pressure, oil use looks unlikely to swell much. Meanwhile, supply continues to grow incrementally given the healthy levels of shale drilling activity and ongoing easing of the petro-nations output restrictions. The oil market is likely in a transition phase where storage shifts from tightening towards easing. Sources of uncertainty include the pandemic, ongoing supply chain hiccups and especially oil politics given the underlying shift of fundamentals. Against this backdrop, we see lower prices in the longer term," he added.

  • Nelco bags contract worth Rs 40 crore from ONGC

    Nelco announced their contract for a turnkey project from Oil and Natural Gas Corporation (ONGC) worth more than Rs 40 crore, the company said in its release. The scope of the project entails supply, commission, and maintenance of ONGC’s captive very small aperture terminal (VSAT) based network. This network will be used to enhance the communication infrastructure of ONGC’s Western India offshore sites, it added.

  • Gland Pharma, Laurus Labs, other pharma, healthcare stocks rally; here’s why

    Shares of pharmaceutical and healthcare companies rallied on Wednesday amid a spike in cases of the Omicron variant of COVID-19 in India and the emergence of a new strain ‘IHU variant' in France. Both Neuland Laboratories and Aster DM Healthcare were the top gainers in the BSE Healthcare pack rising more than 6 percent to an intraday high of Rs 1,664.80 and Rs 191.45, respectively. Sastasundar Ventures shares were up 4.99 percent at Rs 508.10 and Hikal Ltd stock rose 6.6 percent intraday.

  • HFCL surges 10%, IDBI 9%, AU Small Finance Bank 7%

    Aster DM Healthcare, Tata Communications, Greaves Cotton, Chambal Fertilisers & Chemicals and Hikal were also among the top gainers in the BSE 500 pack. Around 240 stocks were in negative territory in afternoon deals.

    Stock Market Highlights: Sensex reclaims 60,000 led by Bajaj twins, HDFC Bank, ICICI Bank
  • All major indices in green; Bank Nifty up 2.5%

  • Won't buy any NBFC other than Bajaj Finance, says Ajay Srivastava

    Ajay Srivastava, CEO, Dimensions Corporate Finance Services said he wouldn’t buy any non-banking financial company (NBFC) other than Bajaj Finance. If one wants to buy NBFCs, one must start with Bajaj Finance, there is no other way to start it. Leaving Bajaj Finance aside, there is no other NBFC he would want to buy in this market. (Read here for more)

  • TCS, Infosys, Wipro, other IT stocks drop; worst day for Nifty IT in 2 weeks

    IT stocks from the likes of Tata Consultancy Services (TCS), Infosys and Wipro succumbed to selling pressure on Wednesday, as investors geared up for the onset of the quarterly earnings season in the coming days. The Nifty IT index tumbled nearly 2.5 percent - its worst intraday fall since December 20.

    All of the 12 constituents of the Nifty IT basket were down 2-3 percent in early afternoon deals. TCS was down 1.8 percent, Infosys 2.8 percent and Wipro 2.5 percent. HCL Tech, Tech Mahindra, Mphasis, Mindtree, L&T Infotech, L&T Technologies and Coforge were down between 1.9 percent and 3.1 percent.

  • Market Watch | Buy ICICI Bank, Asian Paints: Manish Hathiramani of Deen Dayal Investments

    - Buy ICICI Bank with a stop loss of Rs 750 and target of Rs 820

    - Buy Asian Paints with a stop loss of Rs 3,350 and target of Rs 3,750

  • ICICI Bank facilitates payment of customs duty online

    ICICI Bank today announced the launch of a facility for its customers—both retail and corporate—to pay customs duty digitally. Corporate customers can pay customs duty through the Bank’s Corporate Internet Banking (CIB) and mobile banking app InstaBIZ, while retail customers can do so through the Bank’s retail internet banking platform. The customers can make online payment by selecting ICICI Bank from the list of banks on the website of Indian Customs Electronic Gateway (ICEGATE).

  • Market Watch | Earnings to likely go up by 15-20%; value in the mid and small-cap space even now: Rajesh Pherwani, Founder of Valcreate

    India, per se, I think the next couple of years, the next three years, we are going to see a good growth, earnings are likely to go up by 15-20 percent on an average, and there is a lot of value in the mid and small cap space even now. That's probably one of the reasons why there is a lot of buying happening when the markets are correcting. If you look at the tone of the buying - there's buying across the broader market rather than just the large caps. Although we've seen some downgrades for India, it's more a relative sort of a call and that too on the larger cap side of the market, but midsize companies are doing extremely well and there are many pockets in multiple sectors which will benefit. India is positioned strategically this year in terms of multiple legs of the economy. I am very positive on the entire broader market for the next two to three years. So I would say well play by the year but I would be a buyer in any sort of correction.

  • Delhi may add 10,000 cases today, says health minister Satyendar Jain

    Delhi is likely to report as many as 10,000 Covid-19 infections on Wednesday, said city health minister Satyendar Jain, adding that the national capital’s daily positivity rate will inch closer to 10 per cent. “The third wave of Covid-19 has set in,” he said.

  • Ramesh Damani buys 1.26% stake in Panama Petro in Q3

Stock Market Highlights
: Indian equity benchmarks Sensex and Nifty50 extended gains to the fourth session in a row on Wednesday, though volatility persisted amid concerns about increasing cases of the Omicron variant of COVID-19. Buying interest in financial, metal and consumer stocks pushed the headline indices higher. However, selling pressure in IT shares kept the upside in check. Broader markets were mixed, with the Nifty Midcap 100 index finishing 0.2 percent higher and its smallcap counterpart declining 0.3 percent.

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