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Stock Market Highlights: Sensex ends 621 points lower, Nifty below 17,750 dragged by financial, IT, oil & gas shares

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Stock Market Highlights: Indian equity benchmarks fell on Thursday tracking weakness across global markets, after minutes of the last FOMC meet stoked fears of sooner-than-expected rate hikes. Losses across most sectors, led by financial, IT and oil & gas shares, pulled the headline indices lower. Broader markets returned to the green after initial weakness, with the Nifty Midcap 100 and Smallcap 100 indices ending the day up 0.1-0.2 percent. Concerns about the increasing cases of the Omicron variant of COVID-19 persisted among investors globally.

Stock Market Highlights: Sensex ends 621 points lower, Nifty below 17,750 dragged by financial, IT, oil & gas shares
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  • Probabilities favour a rally in Nifty to 18,250-18,300 over 5-10 days: Manish Shah 

    Independent technical analyst Manish Shah said the Nifty has formed a spinning top pattern in a sign of indecision in the market. He believes the Nifty remains in a firm uptrend. "In a fast uptrend, the corrective decline coils last on for 2-3 days. The underlying trend is sharply up... The Nifty may see sideways rangebound action between 17,650 and 18,003, but the probabilities favour a rally to 18,250-18,300 levels over the next 5-10 days," he said. 

    Shah advises traders to consider retaining long positions.

  • Major hurdles for Nifty50 on Friday to be 17,750, 17,820: Kotak Securities' Shrikant Chouhan

    Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities, said the market was in a bearish mood throughout the day. As long as the Nifty does not cross the 18,600 mark, levels of 17,600 and 16,800 will be decisive for the market, he said. "Below 16,800, the Nifty will be ready to reach 16,400-16,000. However, staying above 17,600 will help the Nifty move to 18,200 or 18,600 levels. The Nifty will remain volatile between 17,600 and 16,800. On Friday, 17,750, 17,820 and 17,890 will be the major hurdles. On the dismissal of 17,950, the chances of going to 18,050/18,100 will be bright. Below 17,580, the Nifty will fall to 17,400-17,350 levels," he said. 

  • Edtech space promising but offers limited room to play: Gurmeet Chadha

    Gurmeet Chadha of Complete Circle Consultants is positive on the edtech space but feels there is limited room to play. "There are proxy players of course from NIITs to Aptechs of the world but my view on is that if you want to play this new-age thing, you create a basket," he said.

    Chadha believes there are better platform plays including fintech, gaming and D2C. "I call this concept investing rather than just handpicking something," he added. 

  • Multiple levers for Bharat Forge: Gurmeet Chadha

    Gurmeet Chadha of Complete Circle Consultants believes there are multiple levers to be constructive on Bharat Forge. "I am constructive that the CV cycle is turning around so that is the first lever. The second is the management itself has guided for the industry revenues to double in next three years. Their e-mobility, is currently at about 10-12 million euros, and they have guided for 100 million euros... so that is the third bit for me. The fourth is a defence order book. I think they have a good order book and it could be a little meaningful... maybe a couple of years down the line," he said. 

    "They also have this subsidiary called Sanghvi Forging, which is now likely to do well. So I think we have to look at more as a sum-of-parts for Bharat Forge, and not just only about chip shortage and North America. So I am in general constructive on the CV cycle turning around," he added. 

  • Bullish on L&T Technology Services: Devang Mehta

    Devang Mehta of Centrum Wealth Management is positive on L&T Tech Services. The company was probably lagging growth 2-3 years ago, he said. "From a rate of around Rs 1,200, when we talk today, it's roughly at around Rs 5,700 of stock price. The growth trajectory of this company has been phenomenal. The company is growing at probably 15-20 percent and even more in certain years. I think this type of companies will keep on doing well, for the next 2-3 years, be it COVID or non-COVID... People have learned to enhance their productivity and either work from home or make the digital shift towards a lot of such automation projects as well," he added. 

  • Rupee ends lower at 74.49 against US dollar

    The rupee ended at 74.49 against the greenback. On Wednesday, it had closed at 74.36.

    Stock Market Highlights: Sensex ends 621 points lower, Nifty below 17,750 dragged by financial, IT, oil & gas shares
  • IT services in medium-term uptrend globally: Edelweiss MF's Trideep Bhattacharya 

    Trideep Bhattacharya, CIO-Equities at Edelweiss Mutual Fund, believes IT services globally are in the middle of a medium-term uptrend in terms of IT spending. "The reason why this is happening is because of the digital adoption of corporates in the post-COVID era. As they make investments, the Indian IT sector benefits as an enabler in this disruption. So we are structurally bullish on IT services sector from a medium- to long-term point of view,” he said. 

  • Market At Close | Sensex, Nifty down 1% though off day’s lows

    Here are some highlights: 

    --Broader market recovers from early losses; midcap index rises 39 pts to 30,956

    --Nifty Bank fails to hold on to green territory, but 431 points off lows

    --Reliance, HDFC Bank contribute most to Nifty losses 

    --UPL top gainer after CLSA raises target, FY22-24 EPS 

    --3 out of 6 top Nifty are auto stocks; Bajaj Auto, Eicher, Maruti up 1-2%

    --Bharat Forge amongst top midcap index gainers despite lower Class 8 orders YoY

    --Wockhardt in the green after board approves rights issue of up to Rs 1,000 crore

    --Future Retail up 5% following developments around arbitration proceedings

    --Goldman Sachs report on KPIT Tech lifts stock 9% 

    --Gain in banks in last hour lifts PSU bank index 0.5% 

    --All sectoral indices except Nifty Media, Auto, PSU Bank in the red

    --Market breadth in favour of bulls after midcap recovery; advance-decline ratio at 5:3

    Stock Market Highlights: Sensex ends 621 points lower, Nifty below 17,750 dragged by financial, IT, oil & gas shares
  • Market At Close | JSW Steel, UltraTech, Shree Cement top blue-chip losers

    Tech Mahindra, Adani Ports and HDFC were also among the top laggards in the Nifty50 pack. A total of 35 stocks in the index were in the red at the close. 

    On the other hand, UPL, IndusInd Bank, Bajaj Auto, Bharti Airtel, Maruti Suzuki and Eicher Motors were among the top gainers.

    Here's how the 30-scrip basket fared:

    Stock Market Highlights: Sensex ends 621 points lower, Nifty below 17,750 dragged by financial, IT, oil & gas shares
  • Closing Bell | Sensex down 621 points at 59,602, Nifty below 17,750

    Both headline indices closed one percent lower, though a good distance away from their intraday lows. The 30-scrip index shed 621.3 points to end at 59,601.8, and the broader Nifty50 benchmark settled at 17,745.9, down 179.4 points from its previous close. 

    Losses across sectors, led by financial, IT and oil & gas stocks, pulled the headline indices lower. (Read more on the closing bell)

  • India will see capex cycle as interest rates remain very low: Edelweiss MF 

    Edelweiss Mutual Fund told CNBC-TV18 India will see capex cycle as interest rates remain very low globally as well as in the country. 2022 will be a year of policy normalisation after the COVID era, it said. 

    Capex in the private sector is expected to be three times than the public sector in the coming years, said Edelweiss Mutual Fund, which is structurally bullish on the IT sector.

  • Paytm shares drop to fresh low, discount to issue price reaches 41%

    Paytm parent One97 Communications' shares continued to fall for a third straight day to hit an all-time low. The stock dropped more than two percent to Rs 1,262.1 on BSE, a discount of 41.3 percent to the issue price of Rs 2,150. Paytm is one of the worst Dalal Street debutants of 2021.

    One97 shares have completed seven weeks of trading on stock exchanges BSE and NSE following a weak listing on November 18. (Read more on Paytm stock price)

    Stock Market Highlights: Sensex ends 621 points lower, Nifty below 17,750 dragged by financial, IT, oil & gas shares
  • Auto Sales | Jaguar Land Rover UK December sales down 50%

    Jaguar Land Rover's auto sales in the UK came in at 4,002 units in December, as against 7,934 units in the corresponding period a year ago. 

    --Jaguar UK December sales down 60.6% YoY at 1,333 units

    --Land Rover UK sales down 41.3% YoY at 2,669 units 

  • Bharti Airtel, Vodafone Idea, Indus Tower shares jump; CLSA raises target prices

    Bharti Airtel and Vodafone Idea shares gained as telecom stocks were in focus after CLSA said it expects the sector to grow further this year. The brokerage said the sector's revenue grew 15 percent on a year-on-year basis in 2021.

    Bharti Airtel shares jumped as much as 2.9 percent to Rs 720.5 apiece on BSE, after CLSA said the private sector telecom company is its top pick in the sector. The brokerage raised its target price for Bharti Airtel to Rs 910 from Rs 863.

    Vodafone Idea shares gained as much as 4.3 percent to Rs 15.8 apiece on BSE. The brokerage raised its target price for Vi to Rs 16 from Rs 11. It also said the government's mega relief package last year averted a financial crisis at Vodafone Idea. (Read more on telecom stocks)

  • Exclusive: Sources say Byju’s looking to acquire majority stake in Zee Learn

    Byju's is looking to acquire a majority stake in Zee Learn, sources told CNBC-TV18. The talks between and Zee Learn are at a preliminary stage, they said.

    Zee Learn denied having any dialogues with Byju's, calling the news speculative in nature. The company does not comment on such matters, it said. 

    Byju’s may look to acquire a stake of nearly 51 percent in Zee Learn, and the proposed acquisition could be through a mix of a preferential issue and sale of stake by shareholders, according to the sources. (Read more)

  • IT stocks extend losses to 2nd day; Zensar Tech shares down 5%, Infosys, TCS slip over 2%

    Information Technology (IT) stocks failed to impress investors for the second straight day on Thursday. The sector gauge BSE IT declined more than 2 percent intraday with Zensar Technologies and Persistent Systems Ltd being the top laggards in the tech stocks pack. Zensar Technologies shares slipped nearly 5 percent intraday to Rs 495.40, Infosys slipped 2.4 percent during the day to an intraday low of Rs 1,800, Tata Consultancy Services stock too was in the negative territory and fell 2.32 percent to an intraday low of Rs 3,771.35.

  • Bond yields rise to two-year highs, here's why

    India's 10-year government bond yield surged to a two-year high of 6.54 percent on Thursday, 06 January 2022 and bond market watchers expect them to stay high, unless the RBI intervenes. Yields were hovering around 6.5 percent earlier this week, but stabilised on Wednesday as crude oil prices fell. They have started inching up again.

  • One should not be very aggressive in these markets: Bhavin Shah, Founder & Portfolio Manager, Sameeksha Capital

    The reason to be a little bit cautious on the market is that while the valuations continue to remain high, limiting the number of opportunities available. From the US Fed, their story continues to change from falling inflation transitory to today’s very hawkish comments on the upcoming action. So, obviously, if there is further pressure on interest rates there, it could also affect the Indian markets in that sense. But within India also, we do also have some bit of inflationary pressures versus somewhat weak demand that we have seen in some pockets, especially rural demand. So, I think it requires some bit of caution. One should not be very aggressive in these markets.

  • Market Watch | Buy Motherson Sumi, Indiabulls Housing Fin: Himanshu Gupta of Globe Capital

    - Buy Motherson Sumi Systems with a stop loss of Rs 227 and a target of Rs 242-245.

    - Buy Indiabulls Housing Finance with a stop loss of Rs 217 and a target of Rs 232-235. 

  • Expect 2022 to be volatile for equities; bullish on auto ancillaries focused on EVs: Emkay Global

    Krishna Kumar Karwa, managing director, Emkay Global, expects 2022 to be a challenging and volatile year for equities. He explained that a reasonable return of 12-15 percent can be expected over the next 12-18 months. On autos, Karwa expects passenger vehicles (PVs) and auto ancillaries focused on electric vehicles (EVs) to do well. According to him, both passenger vehicles and commercial vehicles (CVs) could see a cyclical uptick.

  • RBL Bank up 2% on better loan growth

    RBL Bank shares advanced over 2 percent intraday on January 6 after the company reported better loan growth for the quarter ended 31 December 2021. RBL Bank's gross advances jumped 5 percent year-on-year to Rs 59,941 crore (provisional) in Q3FY22 from Rs 57,092 crore in the same quarter of the previous fiscal year. Sequentially, it was up 3.5 percent from Rs 57,939 crore in Q2FY22. 

  • Volatility of Bitcoin may be connected to the gain of Altcoins: Edul Patel, CEO, and Co-founder, Mudrex

    Bitcoin’s price fell to US$42,000, which traded at its lowest in more than a month in the past 24 hours. The next normal floor would be US$40,000. The volatility of Bitcoin may also be connected to the gain of Altcoins. Once things on the Altcoins settle, Bitcoin will gradually gain momentum in 2022, said Edul Patel, CEO, and Co-founder, Mudrex- a global crypto trading platform.

  • ICICI Securities: Like SBI, HDFC Bank, Axis Bank and Federal Bank

    Kunal Shah, BFSI Analyst at ICICI Securities likes Axis Bank, State Bank of India (SBI) and HDFC Bank from the banking space. Shah also likes Federal Bank. Within the midcap space, Federal Bank is the top pick, he said. He expects to see 9 percent credit growth by the end of current fiscal year, FY22.

  • Reliance Industries raises $4 billion in US dollar bonds, largest such issue by an Indian corporate

    Reliance Industries Ltd (RIL) on Thursday said it has raised $4 billion in a three-tranche US dollar bond issuance in what is the largest-ever foreign currency bond issuance from India. The bond issue was subscribed over three times with orders mainly from Asia and the US. Billionaire Mukesh Ambani-led oil-retail-telecom conglomerate informed exchanges in a filing that it has raised $1.5 billion in a 10-year tranche, $1.75 billion in a 30-year and $750 million in a 40-year deal. The proceeds will mainly be used for refinancing existing borrowings.

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

  • UPL stock rises 2%; CLSA hikes target price, EPS estimate

    Shares of UPL rose more than two percent on Thursday after CLSA's upbeat commentary. The brokerage firm also hiked its target price and raised its EPS estimates, which has supported the upswing in UPL's stock. The stock was the top gainer on Nifty50. At 10:43 am, UPL's shares were trading 2.2 percent higher at Rs 781.25 on BSE. The stock has been gaining for the last two days and has risen over 2 percent during the period.

  • Future Group stocks recover after Delhi HC stays Amazon-Future Singapore arbitration

    Shares of Future Group recovered amid a market fall on Thursday after the Delhi High Court delayed the Amazon-Future arbitration over the appeals filed by Future Retail and its promoters. While Future Retail rose as much as 8.5 percent, Future Consumer was up 9.3 percent. Future Lifestyle gained as much as 13.8 percent and Future Enterprises Ltd was up 9.9 percent. Future Supply Chain Solutions Ltd was trading 9.5 percent higher as well on Thursday.

  • Paytm shares hit new low 

    Paytm parent One97 Communications' shares fell as much as 2.1 percent to hit a fresh low of Rs 1,262.1 apiece, a discount of 41.3 percent to the issue price of Rs  2,150.

  • Alembic Pharma gets US regulator's nod for anti-Parkinson's drug

    Alembic Pharma has received approval of the US Food and Drug Administration for the Entacapone tablet, an anti-Parkinson's drug. 

    Alembic Pharma shares jumped as much as 1.3 percent to Rs 826.9 apiece on BSE after the announcement. At 12:45 pm, the stock was up 0.6 percent at Rs 821 apiece. 

  • Business Update | Bajaj Allianz General Insurance gross direct premium at Rs 1,123.6 crore in December

    Here are some highlights of Bajaj Finserv's business update for December: 

    Bajaj Allianz Life Insurance individual single premium at Rs 22.9 crore

    Bajaj Allianz Life Insurance individual non-single premium at Rs 459.1 crore

    Bajaj Allianz Life Insurance group single premium at Rs 585.3 crore

Stock Market Highlights
: Indian equity benchmarks fell on Thursday tracking weakness across global markets, after minutes of the last FOMC meet stoked fears of sooner-than-expected rate hikes. Losses across most sectors, led by financial, IT and oil & gas shares, pulled the headline indices lower. Broader markets returned to the green after initial weakness, with the Nifty Midcap 100 and Smallcap 100 indices ending the day up 0.1-0.2 percent. Concerns about the increasing cases of the Omicron variant of COVID-19 persisted among investors globally.

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