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Stock Market Highlights: Sensex ends 533 points higher, Nifty above 18,200; metal, power, auto surge

Stock Market Highlights: Sensex ends 533 points higher, Nifty above 18,200; metal, power, auto surge

Stock Market Highlights: Sensex ends 533 points higher, Nifty above 18,200; metal, power, auto surge
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Summary

Stock Market LIVE Updates: Indian equity benchmarks Sensex and Nifty50 extended gains to the fourth session in a row on Wednesday. All sectors were well in the green. Financial, IT and oil & gas stocks were the top contributors to the rise in headline indices. Broader markets also strengthened, with the Nifty Midcap 100 and Smallcap 100 indices rising up to one percent each. Analysts awaited the Q3 numbers of TCS, Infosys and Wipro due later in the day for cues.

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Jan 12, 2022 4:02 PM

PSU banks will attract attention this year: Anshul Saigal Head & Exec VP Kotak PMS

“We expect 2022 to be a year of consolidation. So we anticipate that this will be a year where earnings will look up but stock prices will consolidate. There will also be sector rotation, so those sectors which were laggards last year are the sectors that are likely to do well now. Sectors like financials and within financials say PSU banks, those will attract attention in the current year,” said Anshul Saigal Head & Exec VP Kotak PMS.

Jan 12, 2022 4:00 PM

Market Watch | Buy Apollo Hospitals, Indus Towers: Aditya Agarwala of Yes Securities

- Apollo Hospitals is a sell with a stop loss of Rs 5,150 and target of Rs 4,800

- Indus Towers is a buy with a stop loss of Rs 265 and target of Rs 300

Jan 12, 2022 3:53 PM

Closing Bell: Sensex jumps 530 points to 61,150, Nifty at 18,200; Airtel, Reliance lead

India's share market closed higher Wednesday for the fourth straight session. The headline indices surged over half a percent higher, led by an uptick in realty, metal and auto stocks. The 30-scrip Sensex closed at 61,150, as it rose 530 points and the Nifty50 index surged 150 points to end at 18,212. It is the first time since October 27, 2021 that Nifty has closed the day above 18,200.

Jan 12, 2022 3:51 PM

Rupee At Close

Rupee ends at 73.92/$ against Tuesday’s close of 73.91/$.

Jan 12, 2022 3:47 PM

L&T bags two "mega" offshore orders

A consortium led by LTHE, a wholly-owned arm of Larsen & Toubro, has bagged two mega offshore orders from a prestigious overseas client. The engineering and construction company, however, did not provide the exact value of the contract but specified that as per its classification, a megaproject is of over Rs 7,000 crore. The scope of work comprises engineering, procurement and construction (EPC) for new facilities and integration with existing installations, Larsen & Toubro (L&T) said in a statement.

Jan 12, 2022 3:40 PM

EaseMyTrip's board approves issuance of bonus shares

Online travel platform EaseMyTrip on Wednesday said its board has approved issuance of bonus shares with a view to allow its shareholders increase their equity and gain greater exposure to its future growth. The board of directors of the company at its meeting held on January 12, 2022, have approved and recommended the issuance of fully paid-up bonus shares in the ratio of 1:1, out of its free reserves created out of profit, EaseMyTrip said in a statement.

Jan 12, 2022 3:34 PM

Aditya Birla Fashion and Retail collaborates with Germany's GIZ to boost circular business practices

Aditya Birla Fashion and Retail Limited (ABFRL) on Wednesday announced collaboration with Germany's GIZ, a move aimed at strengthening circular business practices for the Indian market. The joint project will focus on material innovation, reducing inputs of harmful substances, increasing textile-to-textile recycling, developing alternatives to plastic packaging, and fostering traceability, said a joint statement from ABFRL and GIZ.

Jan 12, 2022 3:27 PM

COVID-19 scare: Oxygen stocks jump 100% in 1 month; should investors buy?

Shares of oxygen stocks—National Oxygen, Bhagwati Oxygen—have risen over 5 percent Wednesday as the third wave of COVID-19 infections has gripped the country. The coronavirus cases—driven by the Omicron variant, the more transmissible permutation and the Delta variant, the more fatal variant—were the highest in 230 days on Wednesday.

Jan 12, 2022 3:20 PM

India's palm oil imports fall 29 pc in December 2021: SEA

India's imports of palm oils declined by 29.15 per cent to 5.44 lakh tonnes in December 2021, but the rise in shipments of RBD palmolein is threatening the survival of domestic refineries, Solvent Extractors Association (SEA) said on Wednesday. India, the world's leading vegetable oil buyer, had imported 7,68,392 tonnes of palm oil in December 2020. In December last year, palm oil imports fell to 5,44,343 tonnes.

Jan 12, 2022 3:15 PM

Kolte Patil Developers Q3 update

Kolte Patil Developers volumes grew 28% QoQ and was up 56% YoY. Collections were up 13% QoQ and added 10% YoY. The stock was trading at Rs 333.10, up Rs 7.10, or 2.18 percent. It has touched an intraday high of Rs 342.55 and an intraday low of Rs 326.90. It was trading with volumes of 76,459 shares, compared to its five day average of 69,619 shares, an increase of 9.83 percent.

Jan 12, 2022 3:11 PM

Bharat Forge shares fall 4%; CLSA downgrades rating, cuts target price

Bharat Forge shares fell over 4 percent on Wednesday after foreign brokerage firm CLSA downgraded its rating on the forging company’s stock and cut its target price by a whopping 23 percent. CLSA downgraded its rating on Bharat Forge shares to ‘sell’ from ‘buy’ and slashed its target price to Rs 690 from Rs 900. Shares of Bharat Forge fell 2 percent lower on the BSE during early trade. The stock has fallen after two days of consecutive gain and touched an intraday low at Rs 736 on BSE.

Jan 12, 2022 3:00 PM

Signs of bubble in certain areas; like IT, real estate space: Geosphere Capital

There are signs of a bubble in certain areas of the Indian equity market, said Arvind Sanger, managing partner of Geosphere Capital Management, on Wednesday, adding that he is trying to position the Indian portfolio to be inflation-proof.

“I do not think the RBI can keep itself separate from where most of the central bankers around the world are going and as liquidity tightens in India to deal with inflation and global cues, some of the sectors remain at risk. So there is a sign of bubbles in some of the areas and I would be cautious about those,” Sanger said.

Jan 12, 2022 2:53 PM

Oil prices hold firm on hopes economic growth to support demand

Oil prices steadied on Wednesday after rising in the previous session on expectations that fuel demand will continue to strengthen as the U.S. Federal Reserve is likely to raise interest rates more slowly than expected. Brent and U.S. crude oil futures are trading at their highest since the highly contagious Omicron COVID-19 variant emerged in late November has not impacted fuel demand the way previous variants did.

Brent crude futures were up 2 cents at $83.74 a barrel, after jumping 3.5% in the previous session.

Jan 12, 2022 2:40 PM

Edul Patel, CEO, and Co-founder, Mudrex- A Global Crypto Trading Platform on Cryptocurrency

"The cryptocurrency prices have gained a bit easing investor’s anxiety. Bitcoin gained momentum bouncing to US$43,000 in the past 24 hours. The next support price of BTC would most likely be US$40,000. Even though the total market volume is down, the global crypto market cap has gained close to 3% over the past day. As Iran might allow payments in crypto for international trades soon, the crypto market may witness a surge in the coming weeks."

Jan 12, 2022 2:33 PM

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