Nifty sectoral indices were trading mixed with Nifty Auto index up 2.42 per cent. While Nifty Pharma and Nifty Realty indices were down over half a per cent.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading at day’s low on Friday, dragged by sell-off in index heavyweight Reliance Industries Ltd (RIL). BSE Sensex was trading weak and gave up the crucial 49,000, while the broader Nifty 50 index breached 14,400 level on the downside. Bajaj Auto, Mahindra & Mahindra, Asian Paints, Maruti Suzuki, Bharti Airtel, Bajaj Finserv were among other gainers on the index. On the flip side, Axis Bank was the worst performer, followed by Housing Development Finance Company, Tech Mahindra, HDFC Bank, ONGC, Dr Reddy’s Laboratories and Kotak Mahindra Bank among others. Nifty sectoral indices were trading mixed with Nifty Auto index up 2.42 per cent. While Nifty Pharma and Nifty Realty indices were down over half a per cent. In overnight trade on Wall Street, S&P 500 and tech-heavy Nasdaq Composite closed at record highs, while Dow Jones fell into negative territory.
Mukesh Ambani-led Reliance Industries Ltd is scheduled to announce its October-December quarter earnings later in the day today. Analysts at Goldman Sachs expect sequential core EBITDA growth of 13%/17% in 3Q/4QFY21 and 59% YoY growth in FY22 based on cyclical growth in the energy and chemicals business driven by economists’ above consensus global GDP view.
Highlights
BSE Sensex and NSE Nifty 50 have almost doubled from respective March lows. Earlier this week, headline indices rose to all-time highs, taking the market capitalisation of the BSE-listed companies to Rs 199 lakh crore. Even as indices trade near record highs, Kunal Sanghavi, CFO, HDFC Securities, told Financial Express Online that 2021 may not be a repeat of the 2020 rally. According to him, 2021 will be a lot more different than 2020, as there will be no similar kind of rise from lows or the V-shaped recovery in 2021. Moreover, even short-term volatility cannot be ruled out in this calendar year.
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Home First Finance Company IPO subscribed 1.60 times so far on second day of bidding. Qualified institutional investors have put in 1.28 times bids against their reserved portion, while the portion set aside for retail investors has been subscribed 2.38 times and that of non-institutional investors 23 per cent.
Indigo Paints IPO subscribed 62.31 times so far on the final day of the bidding process, with non-institutional investors subscribing their reserved portion a massive 157.87 times. The portion set aside for qualified institutional buyers witnessed a subscription of 78.71 times. The retail investors have put in 13.54 times bids against their reserved portion, and the employees' portion was subscribed 2.08 times.
Stock markets in Europe opened lower on Friday with DAX down 0.41 per cent. FTSE fell 0.30 per cent, CAC lost 0.39 per cent while STOXX600 declined 0.46 per cent.
We expect the market to be volatile till the budget. On upside 14700 will be a hurdle for nifty and 14300 on downside till this expires on 28th January 2021. We suggest Long Investors should be cautious on the market and can have some cash in their portfolio to buy on dips and Intraday traders to trade with strict stop loss: Yash Gupta Equity Research Associate, Angel Broking Ltd
Even after pharma stocks witnessed a massive bull run in 2020 and valuations seem quite rich at this juncture, global investment bank HSBC expects the momentum to continue. “After four difficult years, the India pharma sector rallied in 2020, and we expect the benign operating environment to lead to another good year,” a recent report by HSBC said. In 2020, the Nifty pharma index soared 58% as investors latched on to defensive bets to cruise through the pandemic. In 2021, HSBC sees export demand, benign regulatory outlook, and tailwinds from coronavirus vaccines to help domestic pharma stocks.
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Axis Bank was the top Sensex loser, down nearly 5 per cent, followed by ICICI Bank, Asian Paints, State Bank of India (SBI), NTPC, and Tech Mahindra, among others.
S&P BSE Sensex was down more than 500 points, testing 49,050 on Friday. Nifty was nearing 14,400 as domestic markets continued to slip.
Reliance Industries Ltd (RIL) share price fell as much as 1.5% on Friday morning to trade at Rs 2,065 per share, just ahead of the quarterly results. Mukesh Ambani’s RIL will announce its quarterly results today where eyes will be glued on how its traditional cash cow, the oil refining business is recovering and how strong growth is being recorded in the freshly carved out segments like retail. Stock price of the oil-to-telecom conglomerate has lagged the benchmark Nifty 50 since September 2020.
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Biocon share price fell 8.5 per cent to Rs 404.45 apiece on BSE today, after the company reported 17 per cent on-year fall in its net profit at Rs 169 crore in the October-December quarter.
The Nifty has become slightly nervous after facing resistance at 14750. While the trend still remains positive, we need to approach the index strategically. On the upside, we can go up to 14800-14900. On the downside, we have a good support at 14300. Hence traders can initiate long positions with a target of 14800 and a stop below 14300.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The recent pullback in US dollar helped riskier currencies to gain and hence yesterday USDINR pair was seen making lows below 73.00 mark. Further, stall in domestic and Asian equity rally could support the pair the pair at lower levels. Overall, the pair is likely to track its Asian peers, check foreign investors flow and RBI activity. Recently released figure suggests, RBI continued to remain a net buyer of the US currency in November after it bought USD 10.261 billion from the spot market. They are likely to remain active on both the side and increase their forex kitty and hence, we may not see strong appreciation in Rupee. Overall, the broader range for the USDINR pair remain 72.80-74.00.: Amit Pabari, managing director, CR Forex Advisors
The Rs 412.62 crore Stove Kraft initial public offer (IPO) is set to open for subscription on Monday, January 25, in the price band of Rs 384-385 apiece. This will be the fourth public issue of the calendar year 2021, after the just-concluded Indian Railway Finance Corp IPO, and the ongoing Indigo Paints and Home First Finance Company India IPOs. Stove Kraft IPO comprises fresh issue of shares worth Rs 95 crore and an offer-for-sale (OFS) of up to 82.50 lakh equity shares. The anchor investors portion will open for subscription today, January 22, 2021.
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Indigo Paints initial public offering closes today for subscription. The 1,170 crore IPO has received a decent response from investors so far during the bidding process, with all portions being oversubscribed. Today on the last day of subscription, Qualified Institutional Buyers (QIB) are expected to shore up the subscriptionon rate even higher. Along with this, the public issue of Home First Finance has also gotten off to a flying start, with retail investors and QIBs oversubscribing their portions at the end of the first day.
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Nifty sectoral indices were trading mixed with Nifty Auto index up 2.42 per cent. While Nifty Pharma and Nifty Realty indices were down over half a per cent.
On the flip side, Axis Bank was the worst-performer, followed by Housing Development Finance Company, Tech Mahindra, HDFC Bank, ONGC, Dr Reddy's Laboratories and Kotak Mahindra Bank among others.
Bajaj Auto, Mahindra & Mahindra, Asian Paints, Maruti Suzuki, Bharti Airtel, Bajaj Finserv were among other gainers on the index.
Reliance Industries Ltd (RIL) shares were trading 0.78 per cent up at Rs 2,114.30 apiece on BSE ahead of October-December quarter earnings today
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BSE Sensex was trading 130 points or 0.27 per cent down 49,494, while the broader Nifty 50 index was ruling at 14,567, down 22 points or 0.15 per cent.
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COMEX gold trades little changed near $1866/oz after a near flat close yesterday. Gold steadied today amid a pause in the US dollar’s recent decline. Also weighing on price is upbeat US economic data and lack of any clear cues from ECB or Bank of Japan while ETF investors remained on sidelines. However, supporting price is increased US stimulus expectations, US-China tension and rising virus cases. Gold may witness choppy trade unless there are fresh triggers however general bias may be on the upside as US stimulus expectations may keep pressure on the US dollar.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
Infosys and Tata Consultancy Services (TCS) were among the top BSE Sensex losers on the index in the pre-open, down up to 1 per cent.
BSE Sensex was trading flat with a negative bias at 49,607, while the broader Nifty 50 index was ruling above 14,700 in the pre-opening session on Friday.
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With the government's focus on 'Housing for All' by 2022, AF has seen strong growth over last six years. Smaller players like HFF have created a niche in this space and are capitalizing on this multi-year opportunity. We like HFF given its 1) leverage on digital technology 2) wide distribution network, 3) high quality housing finance portfolio, and 4) robust expansion plans. It showed resilience during Covid-19 with >96% collection efficiency. The issue is valued at 4.8x FY20 P/BV which is comparable to peers. We recommend Subscribe for Long Term. Further given the current buoyant market, the issue could see listing gains as well: Motilal Oswal
A total of 41 BSE-listed companies such as Reliance Industries Ltd, Yes Bank, SBI Life Insurance Company, Gland Pharma, HDFC Life Insurance Company, Oberoi Realty, Reliance Home Finance, among others are scheduled to announce their October-December quarter earnings today.
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Indigo Paints initial public offer (IPO) was subscribed 6.97 times on the second day of the bidding process on Thursday. IPO was subscribed 1.9 times on the opening day. The three-day offer will close on January 22, Friday.
Asian peers were also seen trading mixed with the Shanghai composite down 0.18 per cent. Japan’s Nikkei 225 slipped 0.34 per cent while the Topix index shed 0.18 per cent. South Korea’s Kospi gained nearly half a per cent.
Indian share market failed to hold record high hit in intraday and closed in the red on Thursday. BSE Sensex plunged 785 points from a record high of 50,184 to hit an intraday low of 49,398.86. While, at the close, most of the losses were recovered and Sensex ended 167 points or 0.34 per cent down at 49,625. While Nifty 50 index settled below the crucial 14,600, after hitting an all-time high of 14753.55 in intraday deals. Market breadth favoured the bears as 1,909 stocks declined while 1,111 scrips advanced.
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S&P BSE Sensex zoomed past 50,000 points on Thursday for the first time since its inception. The move is remarkable considering the March 2020 sell-off which saw the index tank to as low as 25,638. What makes the rally in domestic equity markets even more remarkable is the rapid move charted by the index, adding the last 10,000 points in less than 100 days after it fell to 40,000 at the end of October. The Nifty too was seen mirroring the up-move, reaching new highs as it breached 14,700.
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