In today's strong trade, Nifty Bank and Nifty Financial Services indices hit a fresh 52-week high. Image: ReutersShare Market News Today | Sensex, Nifty, Share Prices HIGHLIGHT: Domestic equity market benchmarks BSE Sensex and Nifty 50 extended their historic Budget day rally into Tuesday, and ended 2.5 per cent higher. BSE Sensex zoomed 1,197 points or 2.46 per cent to 49,797.72, while the broader Nifty 50 index surged 367 points or 2.57 per cent to end at 14,647.85. Index heavyweights such as HDFC Bank, Housing Development Finance Corporation (HDFC), Reliance Industries Ltd (RIL), ICICI Bank and State Bank of India, among others, contributed the most to the indices’ rally. Out of 30 Sensex stocks, 27 scrips finished their trade in the positive territory led by SBI shares which surged over 7 per cent. Ultratech Cement, HDFC Bank, Larsen & Toubro were up in the range of 5-6.7 per cent. On the flip side, Bajaj Finserv, Titan Company, Hindustan Unilever Ltd (HUL) were the only index laggards. All the Nifty sectoral indices ended with the gains, with Nifty Auto index rising over 4 per cent. In today’s strong trade, Nifty Bank and Nifty Financial Services indices hit a fresh 52-week high.
Highlights
Brookfield India Real Estate Investment Trust’s (REIT) initial public offering (IPO) will open for subscription tomorrow. Brookfield REIT will be third real estate investment trust to be listed on the bourses in India after the IPO, but the only 100% institutionally managed public commercial real estate vehicle. The issue opens for subscription tomorrow and will close on Friday. So far, domestic markets have seen Embassy Office Parks REIT in 2019 and Mindspace Business Parks REIT in 2020, both trading at a premium over their issue price.
Read full story
Dating application Bumble could soon be in your equity portfolio, instead of your mobile phone. The US-based women-centric dating app has filed papers to get its shares listed on NASDAQ and some reports say the IPO could come soon as we near Valentine’s Day. Bumble filed IPO papers with the US capital market’s regulator, Securities and Exchange Commission on January 15 and later filed supplement papers in the last week of the previous month. Bumble’s rival Tinder is already a NASDAQ listed company called Match Group.
Read full story
Strong trends in the market and an attempt to overcome the resistance level around the Nifty 50 Index level of 14750 (high as on 21st Jan 2021). While a breakout above 14750 is the key factor from a short-term perspective, the market is likely to maintain momentum and reaches the level of 14950-15000. The momentum indicators like RSI, MACD to recover from their low made in the last week of January 2021. As such odds of a fresh breakout is significantly high.: Ashis Biswas, Head of Research at CapitalVia Global Research Limited
The Nifty failed to get past the 14750 level which is a crucial point. Crossing this level would cement the upside direction of the markets which should lead us to 15000. However, it is advised to enter on dips or mild corrections. The index has a good support at 14100 and hence we should accumulate positions closer to that level.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
BSE Sensex zoomed 1,197 points or 2.46 per cent to 49,797.72, while the broader Nifty 50 index surged 367 points or 2.57 per cent to end at 14,647.85.
The Rs 1153.72-crore Home First Finance Company initial public offer, which saw 26.66 times subscription, is scheduled to make share market debut on Wednesday. The issue had received bids for 41.64 crore shares against 1.56 crore shares on offer. The shares were already seen commanding a strong premium over the IPO price in the grey market today. The issue was sold in the price band of Rs 517-518 apiece. Home First Finance Company shares were quoting a grey market premium of Rs 140 or 27 per cent over the issue price, to trade at Rs 658 apiece on Tuesday.
Read full story
In the short term, until the divestment proceeds do not materialize, the government shall continue to borrow in the money markets. Disbelief about the consummation of strategic sale of PSU companies shall remain a hangover over the shorter term. Time taken to consummate strategic sales shall remain crucial. The government has a huge execution task cut out for itself. Hopefully, global benign liquidity conditions shall provide the necessary tailwind to make it happen: Shashank Khade, Co-Founder & Director, Entrust Family Office
Indigo Paints share price zoomed 20 per cent to hit upper circuit at Rs 3,129 apiece on BSE on Tuesday. The stock began trading at Rs 2,607 per share with a 75 per cent premium over the upper band of the IPO price.
Check live prices: Indigo Paints
Indian share market benchmarks BSE Sensex and Nifty 50 were trading near all-time high levels on Tuesday. The share market benchmarks hit record highs on January 21, 2021; and since then, tumbled 7.76 per cent till January 29, mainly due to pre Union Budget 2021 jitters. However, on Monday, 1 February 2021, Sensex and Nifty 50 posted the biggest budget gains in 22 years. In 1997, markets surged 6 per cent on the budget day. From Friday’s close, headline indices have zoomed over 8 per cent and are just shy of record-high levels.
Read full story
Shares of Indigo Paints slipped marginally after a bumper listing debut. However, the stock hit an upper circuit during the day as it climbed 20% over listing price.
"It is a growth-oriented budget in every sense. Not only is there a visible push on pump-priming the economy, a lot of effort has been made around creating a solid long-term growth platform. Capital allocation is quite positive with emphasis on capital spending (+35%), and a sizeable boost for both physical and social infra build in both urban and rural areas. A fillip to housing and construction in general will lead to a quicker multiplier effect on the economic activity, while incentives under the PLI scheme will also provide a runway to manufacturing investment. Managing to support it all without raising taxes and relying instead on attracting private capital in various forms is a clearly progressive. Not only will the measures announced today help banks in managing their asset quality challenges better, the ensuing growth can notably ease their burden in this regard. This positions the economy better in terms of resuming the credit cycle," said Nitin Sharma, Director Research, Fidelity International.
The Budget has given priority to more fiscal support and spending with the hope that the resultant economic growth will offset the negative impact stemming from a higher deficit. The slew of measures announced for infrastructure and rural development should help to bring the economy back on track. No negative surprises in terms of taxation such as a higher LTCG or new surcharges comes as a further relief for the taxpayers in these difficult times. The market seems to have given a thumbs up to the Budget, posting its best Budget day gain in a long time as measures such as cleaning up of NPAs, vehicle scrappage policy, hiking FDI in insurance, tax incentives for FPIs came as major positives, among others, INDmoney said in a report
Multiplex operator PVR Ltd has raised Rs 800 crore by issuing shares to a set of investors through qualified institutional placement (QIP). The QIP witnessed an allotment of over 55.55 lakh equity shares to eligible qualified institutional buyers (QIBs) at a price of Rs 1,440 apiece.
Read full story
Finance Minister Nirmala Sitharaman has forced the bulls to take charge once again with her Union Budget. Dalal Street is saluting the ‘no negative’ budget that the government has delivered with Sensex reclaiming 50,000 and Nifty breaching 14,700. But the question remains where should investors put their money to illicit healthy gains from the resumed rally that Sensex and Nifty seem to be charting on. The Budget is a growth-oriented one, with an aim of keeping India on the growth trajectory as it emerges out of a pandemic.
Read full story
For the currency market, it was just like another instance where USDINR pair was seen trading in a range of 72.80 to 73.15 zone. From off strike, RBI played well by protecting both the side and keep the volatility low on budget day. Today, the USDINR pair is expected to trade in a range of 72.90-73.30. The rebound in the dollar index till 90.90 could also cap emerging market currency’s gain. Today, domestic market opened higher by 2.5% to extend yesterday’s gains. FII might have doubt on the presented budget as there was an outflow of $600 million from equity and $72 million from Debt and Debt-linked VRR. Overall, domestic investors are cheering and dominating over FII outflow. The impact on the USDINR could be mixed as offsetting flows could not affect the market in short term.: Amit Pabari, CR Forex Advisors
The Finance Minister has delivered on the expectations from the Union budget. It is a prudent and growth-oriented budget. The announcement of a 1-year tax holiday for affordable housing projects and a 1-year extension for an additional deduction of interest up to Rs 1.5 lakh on loan for affordable housing will boost prospects for the housing and real estate industry. Relaxation on TDS deduction on dividend payment by REITs and InvITs will ensure investment in these instruments.: Nish Bhatt, Founder & CEO, Millwood Kane International on Union Budget
Gold prices fell for the second consecutive session on Tuesday. On MCX, gold April futures were seen trading at Rs 48,380 per 10 gram, down Rs 340 or 0.70 per cent. While silver March futures plunged Rs 1,835 or 2.49 per cent to Rs 71,831 per kg on Multi Commodity Exchange. On the Budget day, Finance Minister Nirmala Sitharaman announced to cut base customs duty gold and silver prices, and imposed a 2.5 per cent agriculture infrastructure and development cess.
Read full story
The FM’s announcement in the Union Budget allocating INR 1500 crores to promote digital modes of payments is very welcome and will add muscle to the drive to enhance the adoption of digital payments across the country to tier 3 and below towns, a much-needed step for universal acceptance of digital payments.: Deepak Chandnani, Managing Director, Worldline South Asia & Middle East
Indigo Paints shares made a stellar debut on the bourses today as the stock surged to list at a hefty premium over the issue price. Indigo Paints shares began trading at Rs 2,607 apiece on Tuesday morning, a 75% bonus over the upper band of the IPO price. Indigo Paints was commanding a market capitalization of Rs 12,403 crore on listing. The recently concluded IPO of the firm was subscribed a massive 117 times, making it one of the most subscribed recent public issues. Minutes into the trading session, stocks added to gains and zoomed 4% over the listing price.
Read full story
Indigo Paints shares began trading at Rs 2,607 per share on Tuesday morning, a 75% bonus over the upper band of the IPO price.
Check live prices: Indigo Paints
After a stellar run yesterday, the markets have opened with a gap up this morning. Traders should not be hasty as the run-up has been sharp and the stops are wide at this point in time. While the overall trend remains positive, a 'buy on dips' strategy would be advisable. The Nifty would gain further momentum after it crosses the high of 14750 as that would lead the index to 14900-15000. The current support for the Nifty is as low as 14100 so cautious trading should be implemented: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
COMEX gold trades little changed near $1865/oz after a 0.7% gain yesterday. Gold is choppy amid mixed trade in US dollar index and as market players assess possibility of US stimulus deal. Support from rising virus cases, uneven global economic recovery and hopes of higher Indian demand is countered by continuing ETF outflows which shows weaker investor interest. Gold may continue to witness mixed trade reflecting mixed trend in US dollar but general bias may be on the upside owing to global growth worries and possibility of US stimulus. Domestic gold price have become cheaper due to duty cut however general price trend will be determined by international markets: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
All the Nifty sectoral indices were trading in the positive territory led by Nifty Bank and Nifty Financial Services indices, up over 3 per cent. Nifty Bank index hit a fresh 52-week high today.
Barring Hindustan Unilever Ltd (HUL), all the BSE Sensex constituents were trading in the green. LT was the top Sensex gainer, followed by HDFC Bank, Bajaj Finance, Tech Mahindra, HDFC and SBI.
HDFC Bank, Housing Development Finance Corporation (HDFC), ICICI Bank, Infosys, Larsen & Toubro, Tata Consultancy Services (TCS) were among top BSE Sensex contributors.
Sensex zoomed 816 points or 1.68 per cent to 49,450, while the broader Nifty 50 index crossed 14,500, up 256 points or 1.8 per cent.
Check live Sensex, NIfty levels
Markets are happy with the outcome of the Union Budget. Banks, infra and commodities were preferred sectors from major participants of the market on the completion of the Budget announcements.
Read full story
ICICI Bank, Mahindra & Mahindra, HCL Technologies, Kotak Mahindra Bank, SBI, RIL, among top BSE Sensex gainers in the pre-opening session today.
BSE Sensex jumped 478 points or 0.98 per cent to 49,078, while the nifty 50 index was trading above 14,500 in the pre-opening session on Tuesday.
Check live Sensex, NIfty levels
On Monday, foreign institutional investors (FIIs) lapped shares worth Rs 1,494.23 crore, whereas domestic institutional investors (DIIs) offloaded shares worth Rs 90.46 crore on a net basis in the Indian equity market, according to the provisional data on the NSE.
A total of 69 companies including Housing Development Finance Corporation, Ajanta Pharma, Balrampur Chini Mills, Carborundum Universal, Dhampur Sugar Mills, Dixon Technologies, Escorts, IIFL Wealth Management, PI Industries, Tata Consumer Products, Vinati Organics and Wonderla Holidays are scheduled to announce their quarterly earnings on February 2.
Read full story
A total of 69 companies including HDFC, Ajanta Pharma, Balrampur Chini Mills, Carborundum Universal, Dhampur Sugar Mills, Dixon Technologies, Escorts, IIFL Wealth Management, PI Industries, Tata Consumer Products, Vinati Organics and Wonderla Holidays are scheduled to announce their quarterly earnings on February 2.
Indigo Paints is the fifth largest decorative paints manufacturer in India. Indigo Paints has grown at a 42% CAGR over the financial year 2010 to 2019 against a 12-13% CAGR recorded by top four players. The decorative Paints industry is a Rs 40,300 crore industry, according to brokerage and research firm Motilal Oswal. The brokerage firm added that the industry is expected to grow at CAGR 13% between the Financial year 2019 and 2024. When compared to peers such as Asian Paints, Berger Paints, Nerolac, and Akzo, Indigo Paints displayed highest revenue CAGR over the fiscal years 2018-2020.
Read full story
Union Budget 2021: Dalal Street marked one of its most significant rallies today after the Finance Minister unveiled her Budget for the coming fiscal year. Sensex jumped a massive 2,314 while the broader Nifty galloped 4.74%. This was aided mainly by the Banking stocks where IndusInd Bank zoomed 15%, ICICI Bank soared 13%, and State Bank of India jumped 11%. The move comes after the Finance Minister announced the setting up of an Asset Reconstruction Company and further introducing a plan to recapitalise public sector banks
Read full story
Sensex and Nifty recovered almost half the losses they had suffered in the last six trading sessions after Nirmala Sitharaman unveiled her Union Budget. This was for the first time that a Budget speech by Nirmala Sitharaman has resulted in Bulls running the show on Dalal Street.
Read full story