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Stock Market Highlights: Sensex ends 153 points higher, Nifty50 reclaims 17,050 as market rebounds; Paytm shares drop 3%

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 ended a choppy session higher on Monday, rebounding after their worst single-day plunge on Friday following the news of a new COVID variant, Omicron. Gains in IT, oil & gas and select financial counters were offset by losses in consumer and pharmaceutical names. Broader markets tumbled with the Nifty Midcap 100 index ending 1.4 percent lower. Its smallcap counterpart settled 2.6 percent lower. Paytm parent One97 Communications' shares failed to hold on to intraday gains, ending with a cut of 2.6 percent.

Stock Market Highlights: Sensex ends 153 points higher, Nifty50 reclaims 17,050 as market rebounds; Paytm shares drop 3%
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  • Positive on SBI from medium-term view: Amit Khurana 

    Amit Khurana, Head-Equities at Dolat Capital Market, is positive on SBI. "We find intrinsic value in the franchise, their investments in their non-banking business definitely leave enough headroom for potential gains over the medium term... And all said and done, some of the data points coming out of SBI from the balance sheet perspective have been far superior to some of the larger private sector banks in the recent past. I think they would probably sustain it much better is what our view is so. It is something that we have been positive on," he said. 

  • Markey to react to news on COVID variant Omicron, better to stay out: Dolat Capital Market's Amit Khurana 

    Amit Khurana, Head-Equities at Dolat Capital Market, believes that as there will be a lot of news on the new variant of the coronavirus, the market will react abruptly at times. "It is very difficult to call out whether we have seen the final sort of bottoming of this correction or not. I don't think so. An intermediate, very near-term bottoming out range may get formed. But should one go out and buy, deploying all the cash? I don't think I would prefer to wait and watch... We will get to see as to how things work out over the next few days. So it is a mixed picture. I am more on the side of the caution, rather than trying to be adventurous, and deploying cash... That is not what we are recommending right now," he said. 

  • Apollo Hospitals well placed in current environment: Hemang Jani

    Hemang Jani of Motilal Oswal Financial Services is positive on diagnostic and hospital stocks. "Given the COVID variant situation, the diagnostic space will become an important part of our journey. So whether it is Dr Lal PathLabs or other diagnostic companies, there is going to be lot of interest. Hospital stocks are also going to be in focus. Apollo Hospitals is something that we feel is extremely well placed in the current environment,” he said. 

  • SBI Life, ICICI Pru Life extremely well placed: Hemang Jani

    Hemang Jani of Motilal Oswal Financial Services likes the insurance space. "We feel that SBI Life and ICICI Prudential Life are extremely well placed, and would be some sort of allocation stocks for us," he said. 

  • Market still remains weak, wait and watch whether COVID variant causes lockdowns, travel bans: Deepak Shenoy

    Deepak Shenoy, Founder of Capitalmind, believes the market is still weak "but not as weak as it was in the first, maybe, 15-20 minutes of the day". There was some kind of panic and the market seems to have recovered a bit, he said. 

    "The new strain of the coronavirus, as we get more information on it, whether it's going to cause lockdowns and bans on travel, or lead to another supply chain crisis, is what's going to determine the fate of everything going forward," he said.

    "I am not very bearish from a virus perspective but this is a market that is actually looking for an excuse to fall. So even if the virus is mild, the market may still continue to fall more on account of a natural correction rather than anything else. But when the markets look for reasons, sometimes they overreact. So you have to be watchful in the near term," he said. 

  • Market At Close | IndusInd Bank fails to hold on to day's gains after RBI’s rule on promoter shareholding

    Here are some highlights: 

    --Broader markets underperform benchmarks amid volatility

    --Kotak Bank shares rises on RBI’s new rule on promoter holding, nod to LIC to up stake

    --Reliance Industries up over 1% after 20% tariff hike announcement by Jio

    --IndusInd Bank fails to hold day’s gains seen on RBI’s rule on promoter holding

    --Unlock theme stocks under pressure; Delta Corp, IRCTC, Indian Hotels top losers

    --Pharma stocks surge on new COVID variant; Dr Lal, IPCA, Metropolis top gainers

    --Oil & gas stocks close lower despite a recovery in crude; Brent above $75/barrel

    --Market breadth remains in favour of bears; advance-decline ratio at 1:4

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

  • Expect choppiness in market to remain high: Ajit Mishra

    Ajit Mishra, VP-Research at Religare Broking, expects choppiness in the market to remain high given the prevailing uncertainty around the new COVID variant. Besides, on the domestic front, macroeconomic data such as GDP, core sectors and auto sales will further add to volatility, he said. reiterating a cautious stance and suggesting preferring hedged positions.

  • Market At Close | Nifty Bank falls 49 points to 35,976; midcap index sheds 405 points to 29,515

  • Long-term investors can hold IndusInd Bank shares: Gaurang Shah 

    Gaurang Shah of Geojit Financial Services recommends long-term investors to continue to hold IndusInd Bank shares. Those with a short-term view may consider switching to a long-term perspective on IndusInd Bank, he said.

    "Second quarter earnings have thrown in a visible amount of green shoots in terms of improvement for the third and the fourth quarters. Most importantly, the environment with this pandemic, there are going to be fears, and banking and finance would be susceptible to this kind of negative news flow. But our sense is that the turnaround this year will stay in the banking and finance and that will reflect upon improving earnings for the quarters to come by," he said.

  • Buy JK Lakshmi Cement, Aster DM: Jay Thakkar 

    Here are two trading calls from Jay Thakkar of Marwadi Shares & Finance: 

    --Buy JK Lakshmi Cement for a target of Rs 715-730 with a stop loss at Rs 615 

    --Buy Aster DM for a target of Rs 240-260 with a stop loss at Rs 175 

  • Market At Close | Kotak Mahindra Bank, HCL Tech, HDFC Life top gainers; BPCL, Sun Pharma, Adani Ports top laggards

    Stock Market Highlights: Sensex ends 153 points higher, Nifty50 reclaims 17,050 as market rebounds; Paytm shares drop 3%
  • Closing Bell | Sensex rises 153 points to 57,261, Nifty50 reclaims 17,050

    The 30-scrip index ended 153.4 points or 0.3 percent higher at 57,260.6 and the broader Nifty50 benchmark settled at 17,054, up 27.5 points or 0.2 percent from its previous close. Gains in IT and oil & gas shares pushed the headline indices higher though losses in consumer and pharmaceutical stocks limited the upside. 

  • Telecom companies raise prepaid rates; experts anticipate another hike in 12-18 months

    After Bharti Airtel and Vodafone Idea, Reliance Jio has also announced a tariff hike. 

    Speaking on the tariff hikes, Tarun Lakhotia, Director at Kotak Institutional, said: “The message that is given along with the 20 percent across-the-board tariff hike seems to be: It is just the beginning. The policy measures, which were announced recently, have set the industry structure for the next four years. It makes sense for the operators to now start increasing tariffs on a consistent basis rather than keeping this as a one-off event."

    Speaking on ARPUsNitin Soni, Senior Director-Corporates at Fitch Ratings, said: “This is a positive move as all three telecom companies have hiked headline tariffs. We do expect ARPUs to increase by 15 percent in FY22 and another 15 to 20 percent in FY23." (Read more on what experts think of telecom companies now)

    Stock Market Highlights: Sensex ends 153 points higher, Nifty50 reclaims 17,050 as market rebounds; Paytm shares drop 3%
  • Reliance Industries, Kotak Mahindra Bank, TCS, HDFC Bank top Sensex movers

    On the other hand, weakness in stocks such as HDFC, Axis Bank, ICICI Bank and ITC put pressure on the 30-scrip index.

    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 153 points higher, Nifty50 reclaims 17,050 as market rebounds; Paytm shares drop 3%
  • Time to bottom fish in market: Alfaccurate Advisors' Rajesh Kothari

    Rajesh Kothari, Managing Director of Alfaccurate Advisors, believes investors need to now bottom fish in the market. "Nothing much has changed in the last 2-3 months. Earnings growth is reasonably good, the big is becoming bigger, the capex story is expected to start after 1-3 quarters and a significant revival in real estate will also add the impetus to different legs of the economy," he said. 

  • Reliance one of best stocks to play India story, expect it to test lifetime high soon: Gautam Shah

    Gautam Shah, Founder and Chief Strategist of Goldilocks Premium Research, told CNBC-TV18 he is bullish on Reliance Industries Ltd (RIL) shares. He believes RIL is one of the best stocks to play the India story.

    “The medium-term to long-term charts remain positive. So despite the newsflow, the chart setup is positive and this could be the stock that could bail out the bulls going forward. I remain positive. I do see Reliance and the entire sector test lifetime highs very soon,” Shah said in an interview to CNBC-TV18. (Read more on what Gautam Shah thinks of the market now)

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

  • See need for genetic testing to tackle Omicron: Apollo Hospitals

    CNBC-TV18 spoke to Suneeta Reddy, MD at Apollo Hospitals, on the new variant of the coronavirus. 

    “Health Secretary Rajesh Bhushan sent out a letter yesterday and we are here to cooperate with the government. What the government has suggested, and very rightly so, is that we quickly ramp up the vaccination numbers. As you know, 63 percent of India has had a single dose of the vaccine; I think the intent is to ramp up vaccination," Reddy said. (Read more on the new COVID variant)

  • Parliament passes Farm Laws Repeal Bill, 2021 without a discussion

    Catch LIVE updates of the winter session of Parliament here

  • Kotak Securities upgrades HCL Technologies to 'buy'

    Kotak Securities has upgraded HCL Technologies to 'buy' but maintained the target price at Rs 1,400. The stock is available at an inexpensive valuation versus peers and is trading at a discount of 35-40 percent. (Read more on HCL Tech shares)

  • Man Industries wins orders worth Rs 325 crore

    The Man Industries stock turned positive after the news, up 1.4 percent at Rs 95.9 apiece in afternoon deals. 

  • Got intimation from LIC that RBI allowed it to raise stake in bank up to 9.99%: Kotak Mahindra Bank

    Kotak Mahindra Bank shares were up 2.4 percent higher at Rs 2,010.4 apiece in afternoon deals. 

  • Markets to remain volatile, corrections going to be normal: Alfaccurate Advisors' Rajesh Kothari

    Rajesh Kothari, Managing Director of Alfaccurate Advisors, expects the market to remain volatile. Corrections are going to be normal, he said 

    From 2003 to 2008, the Sensex went up five times in five years but on 6-7 occassions, it corrected by more than 15-20 percent. "You need to have the stomach to absorb the volatility. One should invest starting from today," he said. 

  • Government does not collect information on cryptocurrency trading: Finance Minister Nirmala Sitharaman In Parliament

    Finance Minister Nirmala Sitharaman said in Parliament that the government does not collect information on trading in cryptocurrency. 

  • CNBC-TV18 Exclusive | Mark Mobius says current correction in market was needed 

    Market veteran Mark Mobius said in an exclusive interaction with CNBC-TV18 that he expects the valuation gap between India and China to be the same or to increase. The current correction in the market was needed as a breather, he said.
     
    He said technology has a very big allocation in Mobius Capital portfolios, and its view is to stay heavy towards India, Taiwan and China. 
     
  • CNBC-TV18 Exclusive | Mark Mobius says not many know about new COVID variant, volatility to decrease once more is known

    In an exclusive interview to CNBC-TV18, market guru Mark Mobius said he expects volatility in the market to come down once more is known about the new variant of the coronavirus. Sharp reactions by governments globally will bot be good for businesses, he said. 

  • Reliance Industries, TCS, Kotak Mahindra Bank, HDFC Bank top Nifty50 movers 

    On the other hand, stocks such as HDFC, ITC, Hindustan Unilever, ONGC and Axis Bank were the biggest drags for the 50-scrip benchmark. 

    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 153 points higher, Nifty50 reclaims 17,050 as market rebounds; Paytm shares drop 3%
  • Cryptocurrency Bill | Finance Minister Nirmala Sitharaman says no proposal to recognise Bitcoin as a currency 

    Finance Minister Nirmala Sitharaman said in Parliament that there is no proposal to recognise Bitcoin as a currency. The government does not collect data on Bitcoin transactions, she said. 

    The finance minister was responding to a question on Bitcoin. (Catch LIVE updates from the winter session of Parliament)

  • Asian Paints to expand paint manufacturing capacity at Ankleshwar unit 

    Asian Paints will expand the manufacturing capacity of paint at its Ankleshwar unit to 2.5 lakh kL from 1.3 lakh kL. 

    It will also expainds its resins and emulsions capacity to 85,000 from 32,000 tonnes at Ankleshwar. 

    It will expand the capacity with an investment of Rs 960 crore at Akleshwar over the next 2-3 years. 

    Stock Market Highlights: Sensex ends 153 points higher, Nifty50 reclaims 17,050 as market rebounds; Paytm shares drop 3%
  • Not sure if Omicron far more virulent, infectious, lethal: Kiran Mazumdar Shaw

    Biocon's Kiran Mazumdar Shaw said in an interview to CNBC-TV18 that it could be possible that the coronaviurs is mutating into a milder form.

Stock Market Highlights
: Indian equity benchmarks Sensex and Nifty50 ended a choppy session higher on Monday, rebounding after their worst single-day plunge on Friday following the news of a new COVID variant, Omicron. Gains in IT, oil & gas and select financial counters were offset by losses in consumer and pharmaceutical names. Broader markets tumbled with the Nifty Midcap 100 index ending 1.4 percent lower. Its smallcap counterpart settled 2.6 percent lower. Paytm parent One97 Communications' shares failed to hold on to intraday gains, ending with a cut of 2.6 percent.

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