Volatility inched up on Monday morning to cross 21 levels.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity benchmark indices started Monday’s trading session with gains following strong global cues. S&P BSE Sensex opened above 49,200 for the first time in history while Nifty 50 began the day above 14,400. IT stocks were the leading gainers on Monday morning. Infosys, HCL Technologies, and ITC were the top gainers. Among the top drags were Axis Bank, Maruti Suzuki India, and Bajaj Finance. Nifty Smallcap 50 was outperforming the benchmark while Midcap 50 was underperforming.
Earning of India’s leading companies are looking to bounce back strongly in the third quarter after the coronavirus-induced hit that they suffered in the initial months of this fiscal year. IT major TCS has reported strong on-year growth in net profit while Radhakishan Damani’s Avenue Supermarts said its net profit grew 16% on-year basis. Business activity has been picking up and the October-December earnings are expected to be better with pent-up demand and festive demand collectively boosting figures for India Inc.
Highlights
IT majors Infosys and HCL Technologies are top gainers on Sensex at this hour. Both the stock have continued to inch higher and are now up 4% and 3%, respectively.
Radhakishan Damani’s Avenue Supermarts saw its share price surge to a fresh all-time high of Rs 3,130 per share on Monday morning as investors reacted to the strong earning growth of the firm. Avenue Supermarts, which own and operates the supermarket chain DMart, on Saturday, reported a 16.3% on-year jump in net profit to Rs 446.95 crore for the October-December quarter of the current fiscal year. This strong growth in profits was aided by an 11% jump in revenue for the firm as consumption picked up with India moving away from lockdowns as it looked to control the spread of the coronavirus.
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"Frenzied buying (FII's bought Rs 6029 cr last Friday) is taking the markets to unchartered territory. Trend prediction has become extremely difficult. Market is in over - bought zone and there is no valuation comfort in the market. Market consensus that liquidity will remain abundant and interest rates low is driving the market. Risk is the consensus going wrong. TCS results & management commentary are very positive and indicate the improving prospects for the sector. But most positives are in the price," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Tata Consultancy Services (TCS) share price jumped 3.5 per cent to hit a fresh 52-week high of Rs 3,230 apiece on BSE today, following better-than-expected October-December quarter results for the fiscal. The IT major reported 7.17 per cent on-year rise in the consolidated net profit to Rs 8,727 crore, as compared to Rs 7,504 crore in the July-September quarter. Nifty IT index too topped 26,800 points, rising 2.5 per cent in the opening deals.
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We have achieved our next level of target and resistance which is 14450. If we can keep above this, the next target should be 14600. Since we are in unchartered territory, the target levels are getting smaller. We have a new support for the Nifty between 14200-14250. Intraday dips can be utilised to enter the index for higher targets. Stops must be placed and strict caution should be practised: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
In what was a controversial week in the United States of America on the political front, Wall Street was also in for something that has been rare for equity markets. The top five big tech companies on Wall Street, collectively known as FAANG, underperformed the benchmark index -- NASDAQ. While the equity index gained 1.8% during the last five trading sessions, most of the FAANG stocks witnessed losses in the same time period. On the other hand, leading electric vehicle manufacturer Tesla’s stock price jumped over 20%, helping Elon Musk become the world’s richest person beating Amazon’s Jeff Bezos.
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"We have achieved our next level of target and resistance which is 14450. If we can keep above this, the next target should be 14600. Since we are in unchartered territory, the target levels are getting smaller. We have new support for the Nifty between 14200-14250. Intraday dips can be utilized to enter the index for higher targets. Stops must be placed and strict caution should be practiced," Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
The USDINR pair is finding crucial resistance around 73.55-60 levels and reverses and its momentum towards 73.10-15 levels. Either side breakout will decide further trend for this week. Overall, daily chart suggests that 72.90 is likely to remain strong support and 74.00 is likely to remain short term resistance. It is advisable to sell on upticks close to 73.50 levels and if it breaches that then one can look for selling around 73.90-74.00 levels. Levels near 73.15 is advisable for buying the near term exposures: Amit Pabari, managing director, CR Forex Advisors
Commodity prices traded volatile during the previous week with bullion prices witnessing sharp correction from recent highs while Crude oil and base metals extended weekly gains. The dollar index re-gained above 90 territory and ended 0.18% higher for the week with a rise in US treasury yields.
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Sensex, Nifty began trading at their respective all-time highs on Monday morning. Sensex breached 49,200 for the first time in history while Nifty crosses 14,400.
While Nifty 50 gave up 14,500 during the pre-open session on Monday, Sensex was seen inching higher and now crossing 49,200.
NSE will introduce Futures & Options contracts for Nifty Financial Services Index from today. The index includes leading banks, insurance, housing finance, and NBFC among other financial services firms. NSE will not charge exchange transaction charge for Nifty Financial Services for the first six months.
Sensex jumped to cross 49,000 during the pre-open session on Monday morning. Nifty 50 gained to cross the 14,500 levels.
USDINR Jan Future gives successful closing above short resistance level of 73.70 then we can see short term price reversal movement which will push the price towards 74.20levels. FX Reserves declined by $290 million after touching lifetime high $581.3 Billion. RBI is in action and absorbed the inflows of dollar, suggesting positivity as aggressive reserve is helpful to uplift local economic activity as they have bought around $ 13 billion from the market which will help to price reversal from lower levels. Monthly PCR is rising at 0.32 indicating the call option of USDINR in demand and it takes higher prices in the coming week: Kshitij Purohit, Lead Currency & Commodities at CapitalVia Global Research Limited- Investment Advisor
BSE Sensex and Nifty 50 were likely to open flat on Monday, as suggested by trends in SGX Nifty. Nifty futures were trading flat at 14,448 on Singaporean Exchange. Last week, BSE Sensex rallied 913.53 points or 1.90 per cent, while the Nifty soared 328.75 points or 2.34 per cent. Investors will first react to the TCS numbers which came after the market hours on Friday.
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Call OI is the most at 14000 strike with 18.61 lakh contracts, followed by 15000 strike with 14.93 lakh contracts. Put OI is maximum at 14000 strike with 24.24 lakh contracts.
TCS: TCS reported 7.17 per cent on-year rise in the consolidated net profit to Rs 8,727 crore for the third quarter ended December 31, 2020. Tata Steel: Tata Steel India reported a 3% year-on-year growth in its crude steel production at 4.60 million tonne for the third quarter of the current fiscal.
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Domestic crude oil production has fallen by 6% over the April-November period compared with 5.9% de-growth during 8M-FY20. India imported 3.7 mb/d of crude oil during 8M-FY21 compared with 4.5 mb/d during 8M-FY20.
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Notwithstanding the disruption caused by the pandemic, Indian consumer internet companies continued to win the support of investors in 2020, raising a little over $8 billion, data sourced from market research firm Tracxn showed. Companies had attracted investments worth about $11.21 billion in 2019.
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SGX Nifty was trading 72.5 points or 0.50% higher on Monday morning. This surge in SGX Nifty hinted at a gap-up start for domestic benchmark indices.
Driven by festive fervour, pent-up demand, sharp cost cuts and regulatory breaks, corporate earnings for the three months to December 2020 are expected to rebound smartly. With very little of the country now under a lockdown and business activity picking up nicely, companies, across the board, should report good revenue growth, better than in Q1 and Q2FY21. Sectors such as capital goods are expected to have seen a rebound in order inflows and also execution.
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