On Wednesday morning SGX Nifty was up 35 points, hinting at a gap-up start for domestic equities.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Sensex and Nifty witnessed a volatile trading session on Tuesday but managed to recoup all opening losses to once again finish the day close to fresh all-time highs. S&P BSE Sensex is now at 49,517 and the 50-stock NSE Nifty sits at 14,563. On Wednesday morning SGX Nifty was up 35 points, hinting at a gap-up start for domestic equities. Stock indices on Wall Street ended with gains during yesterday’s session and cues from Asian peers were positive during the early hours of trade. Shanghai Composite, Hang Seng, Nikkei 225, and KOSDAQ were up in the green.
India’s leading telecom giant Bharti Airtel on Tuesday informed the bourses that it has received the relevant approvals for its relevant downstream investments. With this, Bharti Airtel has initiated the process to revise its foreign investment limit to 100% with immediate effect. NSDL updated its website while changing Bharti Airtel’s FPI limit to 100%. This is likely to elicit a response from MSCI, increasing the firm’s weightage in the global indices.
Highlights
Infosys, Wipro: A total of 10 BSE listed companies such as Infosys, Wipro,5paisa Capital, Amtek Auto, Asian Tea & Exports, CESC, Capital Trade Links, GTPL Hathway, Mideast (India) and Rajoo Engineers are set to announce their October-December quarter earnings later in the day today.
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Nifty futures were trading 28.50 points or 0.20 per cent up at 14,629 on Singaporean Exchange, indicating a gap-up start for BSE Sensex and Nifty 50 on Wednesday. On the back of bullish sentiment, the market capitalisation of all BSE-listed companies soared to a fresh all-time high of Rs 197.46 lakh crore on Tuesday.
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'In F&O space, we saw addition of fresh long positions in both the indices. We observed meaningful writing in 14500 and 14600 put options. Whereas, build-up was scattered between 14600-15000 strikes of call options. There are few derivatives data that hints market is now overbought. Firstly, the PCR-OI which is on the higher side at 1.75 and the stronger hands ‘Long Short Ratio’ around 80%, this certainly doesn’t give the comfort of holding longs now especially in case of index. Considering the above data points, we expect some profit booking any time soon and hence, it would be advisable to keep booking profits from hereon," said Sneha Seth, Derivatives Analyst, Angel Broking.
Maximum Call Open Interest (OI) for the January series is placed at 15000 strike with 20.84 lakh contracts. This is followed by 16.34 lakh contracts at 14000 strike.
Put OI is the most at 14000 strike with 29.90 lakh contracts, followed by 22.35 lakh contracts at 13,500 strike.
While Sensex gained a whopping 28% and Nifty 50 zoomed 29%, the big bull of domestic stocks markets was seen increasing his stake in some firms, while booking profits somewhere, and adding fresh investments to his portfolio.
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"Crude oil rallied to pre-pandemic levels. Brent traded as high as US$56.75 after bouncing on a larger crude draw than expected. A weaker US dollar helped and complimented numerous price revisions by several analysts for still higher 2021 estimates on the tailwind from the surprise 1mb/d cut announced by Saudi Arabia," said Stephen Innes, Chief Global Market Strategist at Axi.
The market capitalisation of all BSE-listed companies jumped to a fresh all-time high of Rs 197.46 lakh crore on Tuesday, driven by bullish market sentiment. At close of trade, the market capitalisation of BSE-listed companies stood at Rs 1,97,46,939.57 crore (USD 2.6 trillion).
NSDL has increased Bharti Airtel's FPI limit to 100% saying that the company sent a communication to the depositary on January 12, 2021, stating that it has received the regulatory approval for 100% FDI. The move is likely to rope in foreign fund buying of Bharti Airtel.
Arpu to improve as company gains high-value subs, migrates subs from 2G to 4G and potential tariff hikes in FY22e. Spectrum supply is abundant in the upcoming auction; we expect Bharti to invest Rs98 billion and industry to skip 700MHz. Reiterate ‘buy’ and raise target price by 14% to Rs650 (from Rs570). Key catalyst would be rise in mobile Arpu.