The S&P BSE MidCap and SmallCap indices settled 1.4 per cent and 1.5 per cent higher, respectively. Image: ReutersShare Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended at record closing highs on Wednesday, driven by Union Budget 2021 and highest ever FII buying. BSE Sensex jumped 458 points or 0.92 per cent to end at 50,255.75, while the broader Nifty 50 index settled at 14,790, up 142 points or 0.97 per cent. IndusInd Bank was the top Sensex performer, rising over 7.5 per cent. It was followed by Power Grid Corporation of India, Dr Reddy’s Laboratories, Sun Pharma, NTPC, Axis Bank, Titan Company, Tech Mahindra and Bharti Airtel, among others. On the flip side, Maruti Suzuki was the top Sensex laggards, along with Ultratech Cements, ITC, Kotak Mahindra Bank, Asian Paints, Nestle India and TCS. Except for Nifty Realty index, all the sectoral indices ended in the green. The broader markets outperformed their benchmark peers after a three-day underperformance. The S&P BSE MidCap and SmallCap indices settled 1.4 per cent and 1.5 per cent higher, respectively.
Highlights
The commercial landscape of Indian real estate has been progressive for last 5 years considering the stable demand for rented office spaces. With A-grade developers driving the commercial development, it has successfully managed to attract investor making commercial real estate an asset class. Important IPOs such as Brookfield will continue to build momentum for the robust future that commercial real estate holds especially in metro cities. Moreover, this will encourage a larger participation of the individual investor along with higher cash flow in the market making it a success.: Rohit Poddar, Managing Director, Poddar Housing and Development Ltd & Joint Secretary, NAREDCO Maharashtra
BSE Sensex jumped 458 points or 0.92 per cent to end at 50,255.75, while the broader Nifty 50 index settled at 14,790, up 142 points or 0.97 per cent.
We have been successful in getting past 14753.55 which was the previous high recorded by the Nifty. We should now target 15000-15100 and given the strong bullish tone, we could achieve this during the course of the February series. While we have good support at 14200-14300, a buy on dips strategy would be most appropriate.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
After being battered by the Covid-19 induced lockdowns and shutdowns, Union Budget 2021 was largely expected to reaffirm the Government’s commitment to the economy and signal an era of recovery and steadfast development in the country.
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Finance Minister, Nirmala Sitharaman presented the Union Budget 2021–2022, touted as the best budget-in-100 years, in the backdrop of a once-in-a-century crisis, triggered by the Covid-19 pandemic. The general mood was that she adhered to the need of the hour and did the right thing by not worrying about the fiscal deficit pegged at 9.5% of the GDP.
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The Hon’ble Finance Minister announced an increase in the foreign investment limit for insurance companies from 49% to 74% in her budget speech on 1 February 2020. This is a much-awaited development that will help the Indian insurance sector achieve tremendous growth through vast pools of capital and best in class know-how.
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Brookfield REITs offering is a great indicator of the strong future that commercial real estate has in India. After the successful listing of Embassy and Mindspace REITs, this rides high on the long -term investor confidence. REITs will help raise capital and improve the fund flows into the sector as well as allow greater participation from retail investors in the asset class. The commercial office space segment has been growing from strength to strength over the past few years with sustained growth in rentals across prime business districts. We expect this momentum to regain in the near future which would encourage more participants to enter the REITs market.: Tushar Rane Executive Director - Capital Markets (Core Assets), Knight Frank India
Brookfield REITs offering is a great indicator of the strong future that commercial real estate has in India. After the successful listing of Embassy and Mindspace REITs, this rides high on the long -term investor confidence. REITs will help raise capital and improve the fund flows into the sector as well as allow greater participation from retail investors in the asset class. The commercial office space segment has been growing from strength to strength over the past few years with sustained growth in rentals across prime business districts. We expect this momentum to regain in the near future which would encourage more participants to enter the REITs market.: Tushar Rane Executive Director - Capital Markets (Core Assets), Knight Frank India
Growing optimism among investors after bold and pro-growth union budget helped market to rebound sharply. The underlying strength of markets remains intact. Given a sharp increase in capital expenditure along with a number of reforms to pick up investment activities, momentum in corporate earnings is expected to sustain in subsequent quarters. Further, higher fiscal stimulus in the USA, persistent soft monetary policy stance of global bankers and the weak dollar should continue to act as key tailwinds for FPIs flows. In the near term, monetary policy outcome will be a key focus area for market, which is broadly expected to remain favorable. Companies in infrastructure, cement, building materials, bank and auto are likely to remain in focus.: Binod Modi, Head Strategy, Reliance Securities
"JK Lakshmi Cement will be commissioning 15MW WHRS at Sirohi by Oct’21. Udaipur Cement’s clinker/cement capacity will increase by 0.3/0.5mn MT by Mar’21 (debottlenecking). By 4QFY24, JKLC expects to increase UCWL’s clinker/cement capacity by another 1.5/2.5 mn MT (brownfield expansion), incurring ~Rs 14bn capex. UCWL will both borrow and raise equity (through rights issue) to fund the expansion. We continue to like JKLC for its continued deleveraging and asset sweating. WHRS ramp-up will also lead to margin expansion. We maintain our earnings estimates and maintain BUY with revised SOTP-based target price of INR 460/sh. We value the standalone cement business at 8x Dec’22E and JKLC’s 72.5% holding in UCWL at a 20% discount to current Mcap."
~ HDFC Securities
Bharti Airtel share price hit a record high of Rs 618.75, rising over 3 per cent on BSE on Wednesday, ahead of its October-December quarter earnings later in the day. The telecom giant has surpassed its previous high of Rs 611.70 apiece touched on May 20, 2020, fuelled by post budget rally in the equities. So far in the intraday session, over 7.6 lakh shares have traded on the BSE, while 1.47 crore shares exchanged hands on NSE, as per the data from the respective stock exchanges
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With Nirmala Sitharaman’s third Union Budget speech turning out to be the most positive for equity markets so far, global brokerage and research firm Morgan Stanley has raised its year-end target for Sensex to 61,000 in a bull-case. “The budget has favoured a wider fiscal deficit with a view to spur growth through higher capex,” analysts at Morgan Stanley said in a note. On February 1, Finance Minister Nirmala Sitharaman presented a growth-oriented Budget, with higher fiscal deficit limits and privatisation plans.
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Global investing has taken off in a big way for investors in India. The recent outperformance of US-centric funds over India and the ability to play US consumer and technology companies with ease of access has paved the way to a better-diversified portfolio for Indian investors. What are the benefits of global investing?
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The Rs 3,800-crore global investment firm Brookfield’s Real Estate Investment Trust (REIT) initial public offer (IPO) has opened for subscription on Wednesday, at a price band of Rs 274 to Rs 275. The firm on Tuesday raised Rs 1,710 crore from anchor investors, where 6.21 crore units were subscribed at a bid price of Rs 275 per unit. The anchor investors included financial institutions such as HDFC AMC, SBI Life, Tata AIG, HDFC Life, Kotak Mahindra AMC, and Bajaj Holdings, among others.
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India Services PMI in January rose to 52.8 versus 52.3 in December 2020.
Uncertainty has been prevailing over dollar movement and is visible in the USDINR pair. Taking cues from the global markets, Indian equities also looked set to extend the Budget-fuelled rally to the third day attracting the FII flows on one side. While on other side RBI’s remained active to manage volatility and curb unprecedented gains from rupee past 72.80 levels. Overall, the near term range for the pair remain between 72.80-73.50 levels, therefore one can buy on dips near 72.80-73.00 and sell on upticks above 73.30 levels in the near term.: Amit Pabari, managing director, CR Forex Advisors
Home First Finance Company made its trading debut on Dalal Street today at Rs 612 per share, a premium of Rs 94 or 18.18% from the issue price. Shares of the firm surged further, after the initial few minutes of trade to reach Rs 637 apiece. Home First Finance became the third IPO of 2021 to list on the bourses successfully. On listing the housing finance firm was commanding a market capitalization of Rs 5,349 crore. Home First’s IPO was subscribed 26 times by investors, bidding for 41.64 crore shares against 1.56 crore that were on offer.
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Home First Finance Company India shares made trading debut on Dalal Street today at Rs 612 per share, a premium of Rs 94 or 18.18 per cent from the issue price. Shares of the firm surged further, after the initial few minutes of trade to reach Rs 632 apiece.
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14750-14760 needs to be crossed for the Nifty to propel further north. Once we get past this, the next level should be 15000. The index has good support at 14200-14400 range. Keeping a close below this level as a stop, traders can aspire long positions above 14750.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The risk-on is back in the market with massive FII inflows of Rs 6181 cr yesterday. There is huge delivery based buying in HDFC Twins, Tata Motors, RIL, ICICI Bank and many other bluechips. The growth-oriented bold budget, with emphasis on privatization,has facilitated this return of risk-on in the market with the Nifty spiking by 7% in 2 days. The fundamental support to the market comes from the surprisingly good results from companies. If the present steadily declining Covid incidence trends continue, the economy will bounce back sharply, supporting the rally: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The Nifty has almost completely recovered from the pre-budget sell-off. The reaction in the bond market has been completely the opposite. Yields are 25-30bps higher across maturities. Corporate bond spreads have widened. SDL auctions yesterday saw tails and cutoffs were 30-35bps higher compared to pre-budget levels. Rather than the higher than expected gross borrowing figure for FY22, bond markets seem to have been spooked more on account of slower than expected return on the path of fiscal consolidation. Even comforting statements from rating agency S& P about the budget not having any material impact on India's credit factors were not enough to soothe the markets. The RBI so far has refrained from announcing an OMO and that is adding to nervousness.: Abhishek Goenka, Founder and CEO, IFA Global
COMEX gold trades 0.5% higher near $1842/oz after a 1.6% decline yesterday. Supporting gold price is hopes of additional US stimulus, disappointing Chinese economic data and loose monetary policy stance of major central banks. However, weighing on price is recent gains in the US dollar and progress on the vaccine front. Gold may continue to witness mixed trade unless there is clarity on US dollar trend however we expect price to trade with a positive bias on US stimulus expectations and loose monetary policy stance of central banks.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
Dr Reddy's Laboratories, Sun Pharma, Tech Mahindra, Mahindra & Mahindra, Titan Company were among top BSE Sensex gainers.
HDFC Bank, Reliance Industries Ltd (RIL), Kotak Mahindra Bank, Housing Development Finance Corporation (HDFC), State Bank of India (SBI) were among top BSE Sensex draggers
Sensex fell into the red after hitting record high while the Nifty 50 index slipped below 14,650 level.
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Sensex hit a record high of 50,231, while Nifty surpassed its previous high and touched 14,754 on Wednesday.
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Asian Paints, HDFC, Titan Company, Bharti Airtel, ONGC, ITC, HCL Tech were among the top BSE Sensex gainers in the pre-opening session.
Sensex hit a record high of 50,300 and touched 50,300, while the broader Nifty 50 index reached 14,700 levels in pre-opening session
Foreign Institutional Investors (FII) were net buyers of domestic equities on Tuesday, pumping in a massive Rs 6,181 crore. Domestic Institutional Investors (DII), on the other hand, were net sellers as they pulled out Rs 2,035 crore.
Having gained 3,400 points in just two sessions, S&P BSE Sensex now sits just below the 50,000 mark. The broader 50-stock NSE Nifty reclaimed 14,600 and could again attempt to summit 15,000. The return of the bullish sentiment on Dalal Street was helped by the Union Budget, where nothing that could harm the equity markets was announced. On the charts as well bulls were seeing asserting control and analysts believe there could be more upside in the offing.
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A total of 88 BSE-listed companies including Bharti Airtel, Adani Green Energy, Jubilant FoodWorks, PNC Infratech, Hindustan Copper, Ujjivan Small Finance Bank and VIP Industries, among others are scheduled to announce their October-December quarter earnings today.
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Amazon.com Inc founder Jeff Bezos will step down as CEO and become executive chairman, naming the head of its lucrative cloud computing division as successor in a sign of the company’s transformation from web retailer to internet conglomerate. This summer, Bezos, 57, will hand the keys of the world’s largest online retailer to Andy Jassy, head of its cloud division Amazon Web Services known as AWS. The announcement on Tuesday settles a long-running question about who would replace the world’s second-richest person at the company’s helm. (Reuters)
The six-member monetary policy committee (MPC) headed by Reserve Bank of India (RBI) Governor Shaktikanta Das is scheduled to meet for three days starting today, February 3. The resolution meeting would be announced on February 5.
Brookfield India Real Estate Investment Trust’s (REIT) initial public offering (IPO) will open for subscription today. 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.
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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.
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