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Stock Market Highlights: Sensex ends choppy session 91 points lower; SBI down 2%, ITC 1%

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Stock Market LIVE Updates: Indian equity benchmarks Sensex and Nifty50 ended a volatile session lower on Wednesday, as caution prevailed among investors globally amid concerns about the Omicron variant of COVID-19. Gains in pharmaceutical and automobile shares were offset by losses in financial and metal scrips. Broader markets, however, strengthened, with the Nifty Midcap 100 and Smallcap 100 indices closing 0.1 percent and 0.6 percent higher respectively.

Stock Market Highlights: Sensex ends choppy session 91 points lower; SBI down 2%, ITC 1%
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  • Expect much better banking returns over next 12 months: Aman Chowhan

    Aman Chowhan, Fund Manager at Abakkus Asset Management, expects much better returns from the banking space over the next 12 months than the past 12 months. He expects banking to outperformance IT. "If the economy is to do well, which you feel it will, banking has to participate. You can't grow without banking participating. The near-term underperformance that we have seen is also being due to technical factors," he said. 

    "It is the most over-owned sector, most liquid and the cosy GDP story for most FIIs. If FIIs had to sell, the first choice was to trim their banking exposure. So we had a technical overhang also come into the banking space which we believe should not be there over the next 12 months. So from an absolute return perspective, both banks and IT will give positive returns," he added.

  • IT has supply-demand problem, earnings growth to continue: Aman Chowhan

    Aman Chowhan, Fund Manager at Abakkus Asset Management, believes the IT space has the problem of supply and demand. "Any company that you speak to, be it largecap or midcap,they are flooded with growth. In fact, we have management comments saying that even if you don't have a sales team, 20 percent growth is given the kind of demand that we are seeing because everybody wants to move to Cloud, everybody wants a better network environment, and everybody is getting into apps. So there is big digital demand now there in IT," he said. 

    "Many midcap IT companies are now trading at 40-45 times so from here on, getting a big outperformance from them looks difficult because the bulk of the re-rating is behind. But the earnings growth will continue and you will get a steady return from IT," he said. 

  • Investors with 3-4 year view can stay invested in Zomato: Quantum Securities' Neeraj Deewan

    Neeraj Deewan, Director at Quantum Securities, said investors with a 3-4 year view can stay invested in Zomato, and use opportunities to add to their positions. He, however, added that one needs to have patience because of the high valuation. "It came at an expensive valuation plus we have seen a good move even after listing... One needs to have some patience in a stock like Zomato. In the short term to medium term, I don't think that it will be easy to make money because of the high valuation," he added.

  • Volatility to remain high ahead of F&O expiry: Ajit Mishra

    Ajit Mishra, VP-Research at Religare Broking, said the scheduled monthly expiry of December derivatives (F&O) contracts would keep volatility high.

    The F&O expiry is due on Thursday. 

    "The banking pack is still struggling and its performance would be critical for the next directional move. In the absence of any event, updates on COVID cases would remain on participants’ radar. Keeping in mind the scenario, we suggest continuing with a stock-specific trading approach," he said. 

  • Any decline to 17,000-17,050 a buying opportunity: Manish Shah

    Independent technical analyst Manish Shah said the Nifty50 has managed to close above its 20-period moving average. Sideways action in the Nifty since the beginning of the month could lead to the Nifty completing its corrective decline that started in October 2021. 

    "The Nifty needs to show a break above the falling trend-line that is coming down from the highs of October 2021. This breakout is at 17,400-17,450. Once this happens, the Nifty could head towards 17,600-17,650 levels. This market is turning out to be a 'buy on decline' one. Any decline to 17,000-17,050 is a buying opportunity," he said. 

    "A break above the 17,400-17,450 band will be the first sign that the Nifty will resume its impulsive move in the direction of the weekly timeframe. It is time to accumulate select stocks that are one a verge of a reversal," he added.

  • Nifty to continue to face pressure at 17,300: Sharekhan's Gaurav Ratnaparkhi

    Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan by BNP Paribas, believes the Nifty50 will continue to face pressure at the key barrier of 17,300 going forward. "On the downside, the index is expected to fill up the recent gap area of 17,161-17,112 and tumble towards the hourly lower Bollinger Band, which is near 17,000," he said. 

  • Accumulate Sun Pharma for the long term: Quantum Securities' Neeraj Deewan

    Neeraj Deewan, Director at Quantum Securities, said Sun pharma has outperformed the pharma sector, which has been generally consolidating. "Right now it's in more of a trading mode because of the COVID cases going up. The expectation is that the sales will go up for Sun Pharma. But I think generally also, there's been a change in the way Sun Pharma’s balance sheet has shaped up, the way the earnings have been growing, and the kind of approval they've been getting," he said. 

    "If one is a long-term investor looking at short-term trading moves, they will happen definitely. But even in the long term, Sun Pharma looks well placed for the next one to one-and-a-half year or so. Though today it's up because of the trading move but if you get some down days, it can be accumulated for a long-term investment," he added.

  • Positive on Bajaj Auto: Prakash Diwan

    Market expert Prakash Diwan said developments at Bajaj Auto are interesting for two reasons. "Bajaj Auto has never been very committed about a core, EV strategy where they would kind of commit a lot of money or a lot of resources,  and now they are doing it in one of their largest facilities. It means there is going to be a lot of focus and support from the R&D team... They are also very clearly articulating that there is a vendor development that goes along with it, which is also significant. So it is something which they have timed well; they have learned from the mistakes," he said.

    "We have seen a lot of names come to the market but they have other issues and all of that goes into the AI that builds up the next most successful platform. So Hero did that in a little bit of a similar fashion though they started early with the Hero Electric venture.  I think Bajaj has learned from the hybrid experience or the Chetak launch... What is very remarkable is that they are actually talking about a launch middle of the next year, Calendar 2020, or so which is as fast as it can get. So that should be interesting. It will set the pace for the ecosystem to develop. So I am quite positive and they of course have the exports market as well to cushion themselves from any kind of volatility on the domestic side so pretty interesting. Let's see how it starts kind of building up. I am quite excited that a player like Bajaj has thrown their hat in the ring as well," he added.

  • Rupee ends lower at 74.73 against US dollar

    The rupee ended at 74.73 against the greenback as against its previous close of 74.65.

    Stock Market Highlights: Sensex ends choppy session 91 points lower; SBI down 2%, ITC 1%
  • Market At Close | Sensex, Nifty snap 2-day winning run

    Here are some highlights: 

    --Broader market mixed, midcap index holds on to minor gains

    --Nifty Bank takes sharp hit in last minutes of trade

    --HDFC Bank, SBI contribute most to Nifty Bank loss

    --Pharma stocks among top gainers; SBI, Coal India top Nifty losers

    --Hospital, diagnostics stocks surge after India sees rise in active COVID cases

    --Nifty Pharma top sectoral gainer

    --Gain in Apollo Hospitals, Divi’s keep midcap index in green territory

    --Bajaj Auto rises 3% after company announces EV unit in Pune 

    --Supriya Lifescience gains for second day after listing, up 60% in 2 sessions

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

  • Market At Close | SBI, ITC, Coal India, Grasim NTPC top blue-chip laggards

    On the other hand, Eicher Motors, Bajaj Auto, Sun Pharma, Divi's and IndusInd Bank rose the most among the 19 gainers in the Nifty50 pack. (Check out the complete list of stocks that moved the most)

    Here's how the Sensex basket fared:

    Stock Market Highlights: Sensex ends choppy session 91 points lower; SBI down 2%, ITC 1%
  • Closing Bell | Sensex down 91 points at 57,806, Nifty50 at 17,214

    The 30-scrip index ended 91 points or 0.2 percent lower at 57,806.5 and the broader Nifty50 benchmark settled at 17,213.6, down 19.7 points or 0.1 percent from its previous close. Gains in pharma and auto stocks were offset by losses in financial, IT and metal names. (Read more on the closing bell)

  • BSE Auto index gains 0.5 percent led by the Eicher Motors, Bajaj Auto, Sundram Fasteners. BSE Power index falls 0.5 percent dragged by the Adani Power, JSW Energy, Siemens.

  • Market Watch: Prakash Diwan, Market Expert on Amara Raja Batteries

    I think very clearly the battery innovation platform that Amara Raja Batteries is investing in and has rights to further increase its stake is something which is futuristic and most of these events are fairly binary at some point in time in terms of viability and how they would grow to start contributing to the balance sheet of Amara Raja. I mean, it is too minuscule at this point in time.

  • Explained: New SEBI rules for IPOs, preferential allotments, and what they seek to achieve

    Capital and commodities market regulator SEBI on Tuesday amended the rules for initial public offerings, both for investors as well as the issuing companies. The regulator also made changes to the rules relating to preferential allotment of shares. We look at some of the revised rules, and the objectives behind SEBI’s decision to introduce them.

  • Bajaj Auto commences work at its new EV facility, roll out in June 2022

    Bajaj Auto has today announced an investment of Rs 300 crore and commenced work at a brand-new unit at Akurdi for manufacturing electric vehicles. This unit will have a production capacity of 500,000 EVs per annum.

  • European shares mixed, Asia slips on omicron worries

    European benchmarks have opened mixed, with London FTSE 100 at nearly a two-year high, after Asian shares mostly finished lower. France's CAC 40 edged up 0.1% in early trading to 7,190.22, while Germany's DAX slipped 0.2% to 15,935.45. US shares were set to drift higher with Dow futures gaining 0.1% to 36,329.00. S&P 500 futures rose 0.2% to 4,788.25.

  • Sun Pharma, Dr Reddy's, Cipla, other pharma stocks in high demand on Molnupiravir nod

    Pharmaceutical stocks like Sun Pharma, Dr Reddy's, Cipla, Ipca and Aurobindo were in high demand on Wednesday, a day after the government approved the use of Merck's Molnupiravir pill and two vaccines for emergency use in the country. Molnupiravir is an anti-viral pill used in the treatment of COVID-19.

    The regulatory nod for Molnupiravir comes amid concerns over the Omicron variant of COVID-19. Many states in the country have brought in restrictions to curb the spread of the pandemic.
  • Rewind 2021 | Banking sector sees year of record profits

    In Q2 FY22, the banking sector reported its highest quarterly profit after tax in the last 24 quarters or in the last six years. This has been on the back of reduction in the overall stress assets in the banking sector, which has helped in curtailing their credit costs or NPA provisions. (Read here for more)

  • Oil prices extend gains, inventories fall

    Oil prices edged higher on Wednesday after rallying overnight as industry data showed a decline in US inventories, boosting demand sentiment.

  • Indices trade flat amid volatility; Pharma gains, IT, Media drag

    The Sensex was up 3.58 points or 0.01 percent at 57,901.06, and the Nifty was up 16.10 points or 0.09 percent at 17,249.35. About 1,929 shares have advanced, 1,172 shares declined, and 79 shares are unchanged.

  • Look for dips to buy; IT will not be leader in 2022: Geosphere Capital

    Geosphere Capital Management will look for dips to buy but will be selective, Arvind Sanger, managing partner, told CNBC-TV18. He further said that IT will remain a solid sector but will not be the leader in 2022. On global markets, Sanger said that the markets are adjusting to the fact that Omicron (a variant of COVID-19) will be mild in terms of symptoms.

  • Market Watch | Buy Godrej, Buy Apollo Hospitals: Manish Hathiramani, Deen Dayal Investments

    - Buy Godrej with a stop loss of Rs 600 and a target of Rs 710.

    - Buy Apollo Hospitals with a stop loss of Rs 4,755 and a target of Rs 5,100.

  • Digital transformation trajectory to continue for few years; attrition to remain elevated: Tech Mahindra

    Milind Kulkarni, CFO, Tech Mahindra, believes that the digital transformation trajectory will continue for the next few years. He is of the opinion that low base effect might impact growth in FY23. Kulkarni explains that as a whole, the IT sector benefitted from a low base in 2019-20. Kulkarni added that the company witnessed growth across geographies and industries. (Read here for more)

  • Apple puts Foxconn's TN facility on probation; to ensure strict norms are met before unit reopens

    Apple on Wednesday said it has put Foxconn's Sriperumbudur facility on probation', and asserted it will ensure strict standards are met before the unit reopens. Foxconn's Sriperumbudur factory hit headlines recently over mass-food poisoning at its offsite dormitory facility, an incident that led to workers' protest.

  • PG Electroplast to manufacture LED TVs for two customers at its Greater Noida facility

    PG Electroplast has begun manufacturing LED Televisions for two customers at its Greater Noida facility. It has an installed capacity of 500,000 units of televisions with screen sizes up to 70 inches.

     
  • Like engineering, capital goods, housing finance, cement: Roha Asset Managers' Dhiraj Sachdev 

    Dhiraj Sachdev, Managing Partner and CIO at Roha Asset Managers, believes the market is entering a strong corporate earnings cycle phase stepping into 2022. He expects corrections in the market to be short-lived. "The demand or growth is firing across almost all sectors and coming back to pre-COVID levels. Now, this will lead to strong earnings growth in the second half of FY22 and also for the full FY23. There are pockets where valuations have run ahead of time, but the likes of capital goods and engineering, manufacturing, NBFC in housing finance and select PSUs will continue to get recognised in terms of relative undervaluation," he said. 

    He likes engineering and capital goods in the market now. "The real estate cycle has come back after many years of adeclining trend thanks to lower interest rates and a work-from-home culture etc.. That will have a multiplier effect on many other businesses in the building products segment. Housing finance and cement are the other areas that we continue to like. Besides our favorite continues to be the chemicals and pharma segment, because earnings are fairly resilient. So on a net-net basis, there are several themes to play in 2022 whether it is import substitution, local manufacturing, ongoing digitisation, a shift from the unorganised to the organised sector, and green technology," he added.

  • Buy SBI Life, Eicher Motors: Prakash Gaba

    Here are two trading calls from Prakash Gaba of prakashgaba.com:

    --Buy SBI Life for a target of Rs 1,200-1,210 with a stop loss at Rs 1,180

    --Buy Eicher Motors for a target of Rs 2,550 with a stop loss at Rs 2,475 

  • Bharti Airtel, HDFC Life, ICICI Bank, L&T among Choice Broking's New Year picks

    Stock Market Highlights: Sensex ends choppy session 91 points lower; SBI down 2%, ITC 1%
Stock Market Highlights
: Indian equity benchmarks Sensex and Nifty50 ended a volatile session lower on Wednesday, as caution prevailed among investors globally amid concerns about the Omicron variant of COVID-19. Gains in pharmaceutical and automobile shares were offset by losses in financial and metal scrips. Broader markets, however, strengthened, with the Nifty Midcap 100 and Smallcap 100 indices closing 0.1 percent and 0.6 percent higher respectively.