Thank you, readers! That's all from CNBC-TV18.com's live market coverage on February 2, 2022. Stay tuned for other updates on our website: CNBCTV18.com.
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Time to buy cyclical, economy-facing stocks: Prakash Diwan
Market expert Prakash Diwan believes it is the right time to buy cyclical and economy-facing stocks. Speaking on Jubilant FoodWorks, he said it is not a stock to buy in the current environment. "One needs to wait for consumption stocks to participate, which will probably take a quarter or two. And that's one of the reasons why money will very readily move out if the numbers disappoint. I wouldn't buy it at this stage as well. I have always had a little bit of an aversion to high priced stocks in this category," he said. "I would look at something more sedate and boring, not something exciting but challenging," he said.
"Jubilant (FoodWorks) is probably setting itself up for a very challenging environment by promising to expand into so many new verticals - the biryani vertical and the new thematic verticals that it is adding. All of those will probably take time to nurture and invest into. So if the growth is going to be tepid, people will start losing some sort of patience," Diwan added.
Nifty50 has support at 17,070: Kotak Securities' Sahaj Agrawal
Sahaj Agrawal, Head of Research-Derivatives at Kotak Securities, said the Nifty has so far traded in the February (F&O) series with a positive bias, with support at 17,070 and targets at 18,000-18,200. "Nearby supports are yet to mature. The Budget has led to further thrust as we see broad-based participation in the Nifty200 basket. The BFSI and construction spaces remain momentum picks, and we see value in FMCG and pharma stocks at current levels," he said.
Q3 Results | Tata Consumer net profit up 21% at Rs 288 crore, beats Street estimates
Tata Consumer reported a net profit of Rs 287.6 crore for the December quarter, up 21.4 percent on a year-on-year basis.
Its quarterly revenue increased 4.5 percent on year to Rs 3,208.3 crore, according to a regulatory filing.
Analysts in a CNBC-TV18 poll had estimated the company's net profit at Rs 275 crore and revenue at Rs 3,205 crore.
Tata Consumer shares ended 0.9 percent higher at Rs 742.8 apiece ahead of the earnings announcement.
Market At Close | Sensex, Nifty50 gain for 3rd day
Here are some highlights:
--BSE-listed cos’ mcap rises by Rs 9 lakh crore in 3 days
--All Nifty Bank constituents rise, HDFC Bank top gainer
--37 of 50 Nifty stocks in the green; IndusInd, Bajaj Finserv top gainers
--Nifty Bank gains 825 points (over 2%) to 39,331
--Midcap index up 360 points at 30,972
--All sectoral indices in the green; Nfity PSU Bank top gainer
--HDFC rises 2% after company reports 9-quarter high AUM growth
--Jubilant FoodWorks, Balarampur Chini slip, Dabur rises after Q3 earnings
--Dr Lal, Union Bank, Can Fin, Vodafone Idea, GSPL, Orcale top midcap gainers
--Chola Invst, Chambal Fert, Indian Hotels, Polycab top midcap losers
--Market breadth favours bulls; advance-decline ratio at 3:1
Bajaj twins, IndusInd, HCL Tech, HDFC Life top blue-chip gainers
Kotak Mahindra Bank, Divi's, Axis Bank, HDFC Bank and Indian Oil were also among the top gainers.
On the other hand, Tech Mahindra, UltraTech, Britannia, Shree Cement and Nestle were the worst hit among the nine laggards in the Nifty50 pack.
Here's how the 30-scrip basket fared:
AGS Transact shares rebound, discount to issue price at 5%
AGS Transact Technologies made a comeback after a weak start on Dalal Street this week. The stock ended with a gain of 3.2 percent at Rs 165.6 apiece on BSE -- a discount of 5.4 percent to its issue price. (Read more on AGS Transact shares)
Closing Bell | Sensex, Nifty50 at 2-week highs
Both headline indices rose 1.2 percent to two-week closing highs.
The 30-scrip index rose 695.8 points to finish at 59,558.3, and the broader Nifty50 benchmark settled at 17,780, up 203.2 points from its previous close -- the highest closing levels for both since January 19. Gains across sectors -- led by financial, IT and oil & gas shares -- pushed the headline indices higher.
Q3 Results | Dabur profit up 2% at Rs 504 crore, in line with Street estimates
Dabur reported a net profit of Rs 504 crore for the December quarter, up 2.2 percent on a year-on-year basis. Dabur's revenue increased 7.8 percent on year to Rs 2,942 crore, according to a regulatory filing.
Analysts in a CNBC-TV18 poll had estimated the company's net profit at Rs 501 crore and revenue at Rs 2,950 crore.
Dabur shares ended two percent higher at Rs 557.4 apiece on BSE after the earnings announcement.
VRL Logistics Q3 net profit rises 52.21%
Net profit of VRL Logistics rose 52.21 percent to Rs 60.49 crore in the quarter ended December 2021 as against Rs 39.74 crore during the previous quarter ended December 2020. Sales rose 20.41 percent to Rs 678.39 crore in the quarter ended December 2021.
Zomato shares jump 5%, inch closer to Rs 100-mark
Zomato's share price rose for the third straight session to draw closer to the Rs 100 level on Wednesday. The shares of the food delivery platform jumped 5.4 percent in intraday trade to Rs 99.75 on BSE. At 2:40 pm, the stock was trading 4.65 percent higher at Rs 98.95. It has gained almost 3 percent in the past five sessions. However, in the past month, much like their peers Paytm and CarTrade, Zomato shares have corrected 30 percent as against the benchmark Sensex which has risen 0.60 percent during the period.
AGS Transact Technologies shares extend losses to 3rd day, trade at 11% discount to issue price
AGS Transact Technologies' share price continued to fall for the third session on Wednesday, following a weak listing earlier on January 31. The stock, which ended the listing day at a discount of around eight percent to the issue price, was down 3.3 percent to Rs 155.05 in intraday trade on BSE. AGS Transact Tech, the first debutant on stock exchanges in 2022, was trading 2.93 percent at Rs 155.75 at 1:48 pm.
Somany Ceramics 11% jump in Q3 net profit, shares gain over 1%
Somany Ceramics has posted 10.7 percent jump in its Q3 net profit at Rs 34.2 crore versus Rs 30.9 crore and revenue was up 18.8% at Rs 585.2 crore versus Rs 492.5 crore, YoY. Earnings before interest, tax, depreciation and amortization (EBITDA) was down 4 percent at Rs 60.6 crore versus Rs 63.1 crore and margin was at 10.4% versus 12.8%, YoY
Sideways crypto trading may continue this week: Edul Patel
"The total crypto market volume rose by nearly 28% over the last day. Bitcoin is currently trading above US$38,000, whereas Ethereum is trading at US$2,700. BTC is range-bound near support and holds a resistance level between US$40,000 to US$43,000. This sideways trading may continue this week. According to the market cap, the top altcoins are also running in green. UNUS SED LEO has spiked about nearly 21% in the past 24 hours. A day after India imposed a 30% taxation on cryptos, the price charts bounced back to reflect in green," said Edul Patel, CEO, and Co-founder, Mudrex- A Global Crypto Trading Platform.