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Stock Market Highlights: Sensex, Nifty at 2-month highs; Titan, SBI jump 3%; Paytm drops 6%

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 extended gains to a second straight session on Monday. Gains across sectors, led by financial, auto, metal and consumer stocks, pushed the headline indices higher. Broader markets also strengthened with the Nifty Midcap 100 index finishing 0.8 percent lower and its smallcap counterpart rising 1.3 percent. Investors globally awaited US inflation data to assess the probability of earlier-than-expected rate hikes amid increasing cases of the Omicron variant of COVID-19.

Stock Market Highlights: Sensex, Nifty at 2-month highs; Titan, SBI jump 3%; Paytm drops 6%
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  • Trend positive as long as Nifty holds 17,700 on a closing basis: Manish Hathiramani

    Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments, said the Nifty's successful close above the 17,950 level should allow it to scale levels closer to 18,300-18,400. "The overall mood of the market seems jubilant and intraday corrections can be looked at as buying opportunities. As long as the index holds 17,700 on a closing basis, the trend is positive," he said. 

  • Market showing tremendous resilience amid increasing COVID cases: Ajit Mishra

    Ajit Mishra, VP-Research at Religare Broking, said the market is showing tremendous resilience given the increasing COVID cases. "The focus would now shift to the earnings season. Besides, key macro data such as IIP and CPI would also be on investors' radar. Global cues would continue to induce volatility. We’re now eyeing a 18,100+ zone in Nifty. Apart from banking, participants should focus on metal, energy and select auto counters for long positions," he said. 

  • Underlying market trend remains strong: Manish Shah 

    Independent technical analyst Manish Shah expects some corrective declines as the Nifty approaches resistance at 18,150-18,200 levels. "For longer-term investors, it is not much of an issue but there could be some opportunity for players looking at reversion-to-mean trades," he said. 

    However, Shah believes the underlying trend remains strong, with all trend-following indicators firing on all cylinders. "MACD is in a buy mode and directional movement is also in a buy mode. RSI shows a trendline breakout and is still below overbought levels," he said.  

    He expects the Nifty to continue its upmove before hitting a barrier. "Nifty faces a hurdle at 18,150-18,200 and the rally should extend to this zone. Support is at 17,660," he added. 

  • 2022 great so far though valuations don't give much comfort: ICICI Pru AMC's Anand Shah

    Anand Shah, Head-PMS and AIF Investments at ICICI Pru AMC, said in an interview to CNBC-TV18 that the New Year has begun on a great note, though to some extent, valuations don't give that much of comfort and are sort of a mixed bag. "We had a lot of micro problems on the economy; on the ground, we had a slowdown, and lockdown impacts and so on for last almost 18-22 months. But the macro was very, very comforting; you had fiscal stimulus and monetary stimulus going on. I think the next 12 months would be like other way around, where we are seeing a solid recovery in economy. We are seeing many data points, which tell that the businesses on ground are getting better and stronger, and debt equity improving. Earnings, in particular, the biggest barometer we follow, looking up. But at the same time, there is fear and rightly so that as inflation picks up, we will have lesser and lesser support from both monetary and fiscal sides... It is a market where the approach has to be more bottom-up than top down," he said. 

    Shah is overweight on banking and manufacturing spaces, and also looking at sectors such as cement and solar panels to play the capex cycle. "As I dissect market from here, we have a part of the market that is very expensive or has challenges with growth... particularly the consumption sectors where inflation is hitting them hard. We are hearing margin pressures for many of these high quality businesses which are also trading at very high PE multiples. At the same time, we have baskets of companies within banking sector within manufacturing, where actually the higher inflation is helping them in terms of revenue and profits. At the same time, valuations are not very demanding," he added.

  • LIC raises stake in Deepak Nitrite to 3.37% in Q3

    Deepak Nitrite shares ended with a gain of 2.5 percent at Rs 2,596.2 apiece on BSE. 

    The insurance giant's shareholding had stood at 1.68 percent in Q2. 

  • EV story to remain relevant for reasonably longer period of time: Hemang Jani 

    Hemang Jani of Motilal Oswal Financial Services believes Tata Motors is the best way to play the EV story, which is likely to remain relevant for a reasonably longer period of time. "Apart from that, you can also have some exposure to some of the auto ancillary companies, maybe Motherson Sumi or Bosch, which also will have some component in terms of the entire ecosystem," he said. 

    "We think that a lot of people are excited to associate themselves with such emerging stories. Definitely, it's a small allocation theme for a lot of investors," he added.

  • Rupee ends higher at 74.04 vs US dollar

    The rupee settled at 74.04 against the greenback. It had settled at 74.31 on Friday. 

    Stock Market Highlights: Sensex, Nifty at 2-month highs; Titan, SBI jump 3%; Paytm drops 6%
  • Market At Close | Infosys, HDFC, ICICI Bank, Kotak Mahindra Bank top index movers

    Stock Market Highlights: Sensex, Nifty at 2-month highs; Titan, SBI jump 3%; Paytm drops 6%
  • Market At Close | Sensex, Nifty at 2-month highs

    Here are some highlights: 

    --Sensex, Nifty50 at their highest closing levels since November 15.

    --Banking stocks lead indices higher; Nifty Bank up 2% (up 608 points at 38,348)

    --ICICI, Infosys, HDFC, Kotak Bank, L&T top Nifty contributors

    --UPL, Titan, Hero MotoCorp, SBI top Nifty gainers

    --Midcap index gains 260 points to 31,372

    --Auto stocks continue to gain momentum on increased demand

    --Infosys, TCS rise, Wipro slips ahead of earnings

    --PSU banking stocks rise on reports of FDI limit rise; PNB, Bank of Baroda up 4-5%

    --India Cements gains 5%, hits 52-week high

    --SBI Cards falls 2% after Goldman Sachs initiates coverage with 'sell' rating

    --Paytm falls 6% after Macquarie lowers target to Rs 900 from Rs 1,200 

    --Market breadth favours bulls; advance-decline ratio at 3:1

  • Market At Close | UPL, Hero MotoCorp, Titan, SBI top blue-chip gainers

    Maruti Suzuki, Tata Motors, Larsen & Toubro, HDFC, Coal India and Kotak Mahindra Bank were also among the top gainers. 

    On the other hand, Wipro, Nestle, Divi's Asian Paints, PowerGrid and Sun Pharma were the worst hit among the 15 laggards in the nifty50 pack. 

    Here's how the 30-scrip basket fared:

    Stock Market Highlights: Sensex, Nifty at 2-month highs; Titan, SBI jump 3%; Paytm drops 6%
  • Closing Bell | Sensex rises 651 points to 60,396, Nifty50 tops 18,000

    Both headline indices ended 1.1 percent higher, extending gains to a second straight session. The 30-scrip index gained 651 points to end at 60,395.6 and the broader Nifty50 benchmark settled at 18,003.3, up 190.6 points from its previous close -- their strongest closing levels since November 15. 

  • SJVN says Electricity Regulator (CERC) grants ‘I’ licence for inter-state trading in electricity

  • Will look at consumption push in budget 2022: Kotak AMC's Nilesh Shah

    Kotak Mahindra AMC will look at the consumption push in budget 2022, Nilesh Shah, managing director, told CNBC-TV18. Talking about union budget, he said, “We believe budget, like last year, should be good for the market, it will support consumption and that’s how we will end up creating a virtuous cycle of more consumption creating more demand and more demand creating more jobs.”

  • FY22 India GDP growth could be 0.25 ppts lower than forecast of 9.2 percent: HSBC India

    FY22 India GDP growth could be 0.25 ppts lower than forecast of 9.2 percent, said HSBC India. The Q3FY22 GDP is likely to be 0.5 ppts higher due to uptick in services demand. Lockdowns, stumbles in Asia supply chain may impact Q4 GDP. The economic cost of each pandemic wave is 1/3rd of previous wave; we see higher current account deficit on higher consumption, govt capex, HSBC India added.

  • L&T Construction bags significant order from National High-Speed Rail Corporation; shares up 3%

    Larsen & Toubro (L&T) on Monday said its construction arm has bagged a significant order from National High-Speed Rail Corporation Ltd (NHSRCL). The major scope of work for the project comprises the design and construction of civil and building works for a double-line high-speed railway of a length of 8.198 km, L&T said in a statement.

  • Nifty at day's high

    Benchmark indices extended the gains and were trading near the day's high with Nifty inching towards 18,000 level. The Sensex was up 615.31 points at 60,359.96, and the Nifty was up 177.10 points at 17,989.80. About 2,501 shares have advanced, 910 shares declined, and 86 shares are unchanged.

  • No lockdown in Delhi, DDMA mulls stricter Covid curbs

    The Delhi Disaster Management Authority (DDMA) on Monday decided not to impose a lockdown to contain the spread of COVID-19 and discussed further restrictions such as closing the dine-in facilities in restaurants and scaling down seating capacity in Metro trains and buses, officials said. A DDMA meeting, chaired by Lieutenant Governor Anil Baijal and attended by Chief Minister Arvind Kejriwal, also discussed ways to strictly enforce existing restrictions to check rising cases of the coronavirus and its Omicron variant.

  • TCS shares gain as board to consider buyback on 12 Jan

    Shares of Tata Consultancy Services (TCS) surged about 3.5% after the firm said its board will consider buyback of shares on 12 January. The board will also meet to announce third-quarter earnings. This will be the fourth buyback and in the earlier three buybacks Tata Sons was the biggest beneficiary.

  • Course5 Intelligence files for IPO to raise up to Rs 600 crore

    Course5 Intelligence Ltd, a pure-play data analytics and insights company has filed preliminary documents with markets regulator Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO). The IPO - worth Rs 600 crore -  comprises a fresh issue of equity shares of up to Rs 300 crore and an Offer For Sale of Rs 300 crore by existing promoters, according to the draft red herring prospectus (DRHP).

  • Budget 2022: Real estate sector expects tax rebates, infrastructure status

    Real estate developers expect the government to relax long-term capital gains tax on real estate, raise the ceiling of home loan interest deduction for tax rebate from Rs 2 lakh to Rs 5 lakh, redefine affordable housing, give waivers or reductions on GST on raw material and provide new provisioning for rental housing in the upcoming budget, media reports said. (Read here)

  • Phillip Capital initiates coverage on Orient Cement with 'buy' rating

    Phillip Capital has initiated coverage on Orient Cement with a 'buy' rating and a target price of Rs 228, valued at seven times the company's FY24E EV/EBITDA and EV/tonne of $67. 

    The brokerage believes that the company's strong infrastructural push coupled with a revival in real estate activity and favourable industry situation would lead to  better cement demand growth and improved utilisation in the coming years. Orient Cement's focus towards cost saving initiatives will help in improving its EBITDA per tonne to around Rs 1,200 by FY24E, it said. 

    A well planned expansion, improving operational performance and healthy balance sheet structure will help the company fetch
    better valuation, it added.

  • Monarch Networth Capital's top stock picks: CRISIL, Gati, IFGL Refractories, FIEM Industries and Saksoft

    Monarch Networth Capital has suggested top 5 stock picks - CRISIL, Gati, IFGL Refractories, FIEM Industries and Saksoft - which could generate decent returns. Read here to see what the brokerage house says.

  • ICICI Securities initiates coverage on Indian Hotels with 'buy' rating

    Indian Hotels shares were in high demand on Monday after ICICI Securities initiated coverage on the company with a 'buy' rating. The brokerage assigned a target price of Rs 237 apiece to the stock.

    ICICI Securities believes Indian Hotels is well poised to benefit from an expected recovery in the hotel business cycle from the second half of FY23, which factors in the impact of an Omicron wave. (Read more on Indian Hotels shares)

  • Market Watch | Buy Strides Pharma, MCX: Jay Thakkar, Marwadi Shares & Finance

    - Buy Strides Pharma with a stop loss of Rs 434 and a target of Rs 490-510.

    - Buy MCX with a stop loss of Rs 1,540 and a target of Rs 1,740-1,800.

  • SBI, Kotak Bank, Titan at day's highs; Paytm, Divi's, Nestle at lows 

    Kotak Mahindra Bank, SBI, ICICI Prudential, Bank of Baroda, DCB Bank, South Indian Bank, Grasim, L&T, Indian Oil, Bajaj Finance and Titan hit the day's highest levels in afternoon deals. 

    Hindustan Unilever, Nestle, Asian Paints Paytm, IndusInd Bank, Aavas Financiers, Equitas Small Finance, PowerGrid and Divi's hit the day's lows. 

  • GNA Axles reports Q3

    - Cons net profit down 37.4% at Rs 16.7 cr vs Rs 26.6 cr (YoY)

    - Cons revenue up 9.1% at Rs 301.3 cr vs Rs 276 cr (YoY)

    - Cons EBITDA down 20.1% at Rs 38.5 cr vs Rs 48.1 cr (YoY)

    - Cons EBITDA margin at 12.8% vs 17.4% (YoY)

  • GTPL Hathway partners with Aprecomm

    GTPL Hathway shares were up 8.9 percent at Rs 292.9 apiece in the afternoon, after the company announced a partnership with Aprecomm to improve customer experience.

    Here's how other constituents of the telecom index fared:

    Stock Market Highlights: Sensex, Nifty at 2-month highs; Titan, SBI jump 3%; Paytm drops 6%
  • Buy Aarti Industries, Deepak Nitrite: Prakash Gaba 

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

    --Buy Aarti Industries for a target price of Rs 1,100 with a stop loss at Rs 1,020 

    --Buy Deepak Nitrite for a target of Rs 2,600 with a stop loss at Rs 2,560 

  • From Bloomberg | Court approves Edison Motors' deal to buy M&M's Ssangyong    

    Mahindra & Mahindra shares were up 1.6 percent at Rs 842.4 apiece on BSE. 

Stock Market Highlights
: Indian equity benchmarks Sensex and Nifty50 extended gains to a second straight session on Monday. Gains across sectors, led by financial, auto, metal and consumer stocks, pushed the headline indices higher. Broader markets also strengthened with the Nifty Midcap 100 index finishing 0.8 percent lower and its smallcap counterpart rising 1.3 percent. Investors globally awaited US inflation data to assess the probability of earlier-than-expected rate hikes amid increasing cases of the Omicron variant of COVID-19.