Business News›Traders' Diary: Nifty may not stabilize unless it settles above 14,459 level
Economic Times | 19 Jan, 2021 | 07.32AM IST
Traders' Diary: Nifty may not stabilize unless it settles above 14,459 level
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4 priorities for government in Budget 2021
We need to understand that so far what India has seen is a normalisation to pre pandemic levels. We are not back to the growth rates that were there pre pandemic in terms of trends, says Sonal Varma, MD & Chief Economist (India and Asia ex-Japan), Nomura.
Ahead of Market: 12 things that will decide stock action on Tuesday
"A short-term correction was being anticipated for some time. It will be welcome for the market on a long-term basis," said Vinod Nair, Head of Research at Geojit Financial Services.
F&O: Nifty may weaken towards 14,200; VIX needs to cool down below 20
Nifty formed a bearish candle on the daily scale and is forming lower tops and lower bottoms for the last two sessions. Nifty may weaken towards 14,200 and 14,000 zones, while hurdles are seen at 14,450 and 14,500 levels.
Nureca gets Sebi's go ahead to float IPO
The IPO comprises issuance of equity shares worth Rs 100 crore, a draft red herring prospectus filed with Securities and Exchange Board of India (Sebi) showed.
Franklin Templeton MF gets a YES for winding up of six schemes
According to the observer’s (TS Krishnamurthy) report, over 90% of the unit holders in these six schemes have voted for winding up.
Growth will come back in 2021, go easy on protectionism: Swaminathan Aiyar
“I will not be surprised if India has a record GDP growth of 10-12% in the coming year. As market is doing well, let it be and don’t tinker with taxes.”
Mindtree Q3 results: Net profit rises 66% to Rs 326.5 cr
The Bengaluru-based company saw its revenue grow 3 per cent to Rs 2,023.7 crore in the quarter under review from Rs 1,965.3 crore in the year-ago period, it added.
Tech View: Nifty50 forms big bearish candle, market may move southward
"If the index breaks below 14,200, it would witness selling which would take the index towards 14,100-14,000,” said Rajesh Palviya of Axis Securities.
Saurabh Mukherjea betting on second-rung financial stocks
Marcellus is focusing a little more on the auto ecosystem, premier financials and listed market unicorns.
India likely to outperform Asian economies, clock 12.8% growth in 2021: Nomura
Liquidity normalisation will begin very shortly this year but the actual repo rate hike is still some time away, says Sonal Varma.
Investors lose Rs 2.7 lakh crore as bears rule Street for second straight day
Foreign institutional investors have fuelled the rally so far in the Indian markets. Any reversal in the trend will likely lead to more selloff as investors will look to liquidate their positions.
IndiaMART approves raising up to Rs 1,100 crore via equity, debt: Agencies
Six commodities that can deliver up to 8% return this week
Here are six commodities where analyst believe you can get returns of up to 8 per cent return during this week:
This is how the 30-pack Sensex moved in today's session. It touched a high of 49,122.23 and a low of 48,403.97 to finally settle at 48,564.27
CLOSING BELL: Sensex ends 470 points lower, Nifty below 14,300; SAIL, JSPL, Tata Steel plunge 6% each
- Infosys and financials lead the market fall
- 26 of 30 Sensex stocks end the day in the red
- Index contributors: Infosys, HDFC, ICICI Bank, Axis Bank, Bajaj Finance
- Top Index gainers: RIL (1.78%), Titan (1.57%), HDFC Bank (1.04%)
- Top Index losers: ONGC (4.83%), Sun Pharma (4.16%), IndusInd Bank (4.12%)
- All BSE sectoral indices except energy and consumer durables end the day in the red
- S&P BSE Energy biggest sectoral gainer, up 1.10%
- S&P BSE METAL biggest sectoral loser, down 4.14%
- Volume toppers: Tata Steel, SAIL, JSW Steel, Vedanta, Coal India
IRFC IPO subscribed 49% so far on Day 1
Indian Railway Finance Corporation's IPO worth Rs 4,633 crore received 61.7 crore bids till 3:15 pm, data from NSE showed. That marked a subscription of 49.4% compared with the total issue size of 124.8 crore shares.
Go neutral on equities, or start booking profit? Here’s your answer
One fallout of the Covid impact has been that big companies are becoming bigger, writes Nilesh Shah, joint president and MD, Kotak AMC.
SAIL, Tata Steel, Hindalco weigh on metal pack
The Nifty Metal index traded 4.3% lower in late afternoon deals, dragged by Jindal Steel, Tata Steel, Hindustan Copper, SAIL, Hindalco and Welspun Corp, which were down between 4.2% and 6.3%.
Infosys, HDFC, ICICI Bank, Axis Bank top drags on Sensex
Price as on 18 Jan, 2021 03:20 PM, Click on company names for their live prices.
6 commodity bets that can deliver up to 8% return
The announcement of additional stimulus in the US has given a fillip to precious metals, whereas charts of crude oil are showing the prices may soften now, halting the recent bull run. Some agro commodities are also presenting ample opportunities to make money.
Here are the top laggards among BSE indices
What makes Indian Oil analysts' favourite bet among OMCs
IOC’s refineries are back to 100% capacity utilisation levels which should help improve its refining margins. Besides, the company is expected to report y-o-y Ebitda and net profit growth of 15% and 55% respectively during the third quarter. This has made the company a favourite of analysts.
S&P BSE MidCap down 2%. This is how the index stocks are faring
Why are investors gung ho on Bitcoin, Tesla? Raghuram Rajan has a theory
Tesla stock is up over 700% in the past 12 months. Raghuram Rajan says Tesla is another case where investors have priced the stock at many multiples of the price of solid car companies like Toyota or GM.
Forex Center: This is how all the major currencies are faring against each other
Here are the top losers in the real estate space
Price as on 18 Jan, 2021 02:23 PM, Click on company names for their live prices.
French energy group Total buys 20% stake in Adani Green
Total said on Monday that its purchase of the stake in AGEL would give Total a seat on the board of directors of AGEL. Total and Adani had earlier struck a partnership deal back in 2018 in the liquefied natural gas (LNG) sector.
7 stocks to buy for up to 27% returns in the next few weeks
Here are seven stocks that technical analysts say can deliver 6-27 per cent return in the next few weeks.
Here are the top losers in the tourism and hospitality space
Price as on 18 Jan, 2021 01:52 PM, Click on company names for their live prices.
"Global cues indicated that this week would be sluggish and choppy, as the world market movements showed small corrections with the opening all over the globe. The European Central Bank will meet on Thursday for the first time in 2021, as it tries to manage the impact of rising COVID-19 cases and a resurge in lockdowns across the continent, while taking into account preliminary PMI data from Europe. The continent has taken a hit in January as the spread of Covid-19 has trumped the vaccine rollout. The impact of this can be seen on the markets all over the world.
- Guarav Garg, Head of Research at CapitalVia Global Research
IRFC IPO subscribed 24% within 90 minutes
Most brokerages advised investors to subscribe to the issue with a long-term investment horizon.
Analysts see up to 27% upside in HDFC Bank after Q3 earnings beat
HDFC Bank's third quarter results impressed analysts, who said that the profit beat was led by healthy treasury gains and recoveries.
Union Budget and the end of financial year are genuine headwinds for the market. In 2019 and 2020, the fortnight prior to Budget announcements saw selling in Sensex, shaving off 2.7% and 5.7%, respectively. So, historically, we do have instances of selling, which calls for caution in the next two weeks... There are two counter arguments here. Traders fearing a major collapse in the run-up to US elections as well as year-end ended up terribly wrong, despite coming off a similar hot streak. Also, DIIs have been persistent sellers since June, barring September, which suggests that should there be correction, it is fair to expect the trend to reverse, ensuring that the cuts don’t turn deep.
- Anand James, Chief Market Strategist and Head of Technical Research, Geojit Financial Services
Rupee sheds 15 paise against dollar, at 73.22
The rupee was last seen trading down 15 paise - or 0.2% - at 73.22 against the US dollar. Earlier on Monday, it moved within a range of 73.20-73.37 against the greenback, having begun the day weaker at 73.23 compared to its previous close of 73.06.
Nifty Bank hovers near 32,000, down 0.7%
Price as on 18 Jan, 2021 11:45 AM, Click on company names for their live prices.
S&P BSE 500 plummets 1%
The broadest index on BSE -- the S&P BSE 500 -- tanked over 1%, having declined as much as 1.6% earlier on Monday. Hathway Cable, Sobha, SAIL, M&M Financial, Tata Steel and RAIN were the worst hit in the index, down between 5.5% and 6.8%.
Broader markets tumble
The S&P BSE Midcap and Smallcap indices traded 1.9% and 1.9% lower respectively, sharply underperforming the benchmark S&P BSE Sensex and NSE Nifty 50 indices. The Sensex traded 220.9 points - or 0.5% - lower at 48,813.8 the time, while the Nifty was down 105.2 points - or 0.7% - at 14,328.5.
India VIX jumps
The NSE's India VIX index -- which gauges the market's expectation of volatility in the near term -- was up 3.7%, having risen as much as 5.8% earlier.
Auto, metal, pharma shares worst hit
Price as on 18 Jan, 2021 10:55 AM, Click on company names for their live prices.
Caplin Point enters into partnership with Canadian firm
Caplin Point Laboratories announced that Caplin Steriles Limited (a Subsidiary of Caplin Point Laboratories Ltd) has entered into a strategic partnership with JAMP Pharma Group for six injectable products to be filed shortly in Canada. Some of these products have already been filed by Caplin Steriles in the USA.
L&T Construction Wins 'Large' contract from Rail Vikas Nigam
Price as on 18 Jan, 2021 09:48 AM, Click on company names for their live prices.
OPENING BELL: Sensex declines 100 points, Nifty tests 14,400; Bajaj Hind rises 8%, Majesco 5%
Pre-open session: Sensex drops 100 points, Nifty above 14,500
SGX Nifty signals negative start
Nifty futures on the Singapore Exchange traded 64 points, or 0.44 per cent, lower at 14,395, in signs that Dalal Street was headed for a negative start on Monday.
Mindtree, IndiaMart to disclose Q3 results
L&T Finance, Alok Industries, Mindtree, IndiaMart, Trident, Rallis India, IRB Infra, Indiabulls Real Estate, Snowman Logistics are some of the companies which will disclose their December quarter earnings during the day.
IRFC IPO to open today
The Rs 4,633 crore IPO by Indian Railway Finance Corporation (IRFC), hitting on Monday, has many brokerages recommending 'subscribe' on it with long-term gains. Analysts said the IPO looks attractively priced and can be a good bet for conservative long-term investors, as expansion drivers for return on equity (RoE) or margins are missing, even as the company is seen reporting consistent growth numbers.
Tech View: Nifty forms Dragonfly Doji
Nifty50 tanked over 1 per cent on Friday and formed a bearish candle on the daily chart and an indecisive Gravestone Doji on the weekly scale. The fact that Nifty could not defend its immediate support at 14,450 level has made a few analysts turn wary of the recent rally.
Oil prices fall in early trade
Oil prices ran into profit-taking on worries the spread of increasingly tight lockdowns globally would hurt demand. Brent crude futures were off 12 ents at $54.98 a barrel, while US crude eased 11 cents to $52.25.
China's Q4 GDP data today
Chinese GDP data are expected to show growth picked up to an annual 6.1% last quarter, from 4.9% in the third quarter. Monthly figures on retail sales and industrial output should show brisk activity as the year ended, Reuters reported. "We expect Q4 Chinese GDP growth accelerated to an above-consensus 6.5% a year," said Joseph Capurso, head of international economics at CBA.
Asia shares fall ahead of China economic data
Asian share markets retreated from highs on Monday as disappointing news on US consumer spending tempered risk sentiment ahead of a reading on the Chinese economy. MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.3 per cent. Japan's Nikkei slipped 1 per cent and away from a 30-year high. E-Mini futures for the S&P500 dipped 0.3 per cent, though Wall Street will be closed on Monday for a holiday.
US stocks settled lower
Wall Street's main indices finished lower, weighed down by big US banks after their earnings reports. The Dow Jones Industrial Average fell 177.26 points, or 0.57 per cent, to 30,814.26, the S&P500 index lost 27.29 points, or 0.72 per cent, to 3,768.25 and the Nasdaq Composite dropped 114.14 points, or 0.87 per cent, to 12,998.50.
FPIs invest Rs 14,886 cr in first half of January
Foreign portfolio investors (FPI) put in Rs 14,866 crore in Indian markets in the first half of January with participants expecting strong third-quarter results by companies. As per depositories data, FPIs invested a net Rs 18,490 crore into equities but pulled out Rs 3,624 crore from debt segment between January 1-15.
Rupee logs 1st decline in four days, down 3 paise against dollar
The rupee snapped its three-session winning streak and settled for the day 3 paise lower at 73.07 against the US dollar on Friday, with weaker Asian peers and heavy selloffs in domestic equities weighing on sentiment. At the interbank forex market, the rupee opened at 73.07 and hit an intra-day high of 72.99 and a low of 73.15. It finally finished at 73.07, lower by 3 paise to US dollar.
Sensex, Nifty on Friday
Equity indices sank deep into the red on Friday as concerns over stretched valuations and a bearish trend in global markets triggered across-the-board selling. Investors preferred to book profits at higher levels despite a good start to the earnings season, traders said. The 30-share BSE Sensex slumped 549.49 points or 1.11 per cent to finish at 49,034.67. The broader NSE Nifty tumbled 161.90 points or 1.11 per cent to 14,433.70.
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