Benchmark indices closed with gains for the eighth time in the last nine sessions on Wednesday, as buying continued on Dalal Street as investors believe India Inc will positively surprise in the upcoming earnings season. Buying in global markets also boosted the morale of investors back home. The 30-share pack Sensex rose 533.15 points or 0.88 per cent to close at 61,150.04. Its broader peer NSE Nifty50 climbed 156.60 points or 0.87 per cent to 18,212.35. Both indices are closer to their all-time high levels.
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The retail inflation for the month of December has risen over the 5% mark at 5.59%. With this, the CPI inflation has risen to a 6-month level. The rise in inflation is largely due to food price, rural and urban inflation, all of which rose above the 5% mark in December. The data is crucial as this was the last metric before the MPC meeting next month.
– Nish Bhatt, Founder & CEO, Millwood Kane International
TCS Q3 earnings
Revenue: Rs 48,885 cr vs Rs 42,015 cr YoY
PAT: Rs 9,769 cr vs Rs 8,701 cr YoY
Firm announces buyback worth Rs 18,000 cr; interim dividend of Rs 7 per share
Infosys reported better than expected quarterly earnings beating all street expectations. The company hiked growth guidance for FY22 to 19.5%-20% from 16.5%-17.5% which was above our expectations. Constant Currency growth also rose from 6.3% to 7% against 3.5% street expectation and net profit growth performed better than street expectations when compared to same quarter last year. Large deals stood at $2.53 bn giving strong growth visibility. Based on the results, we expect stock would react positively up from today closing of Rs 1876/- and we are overall optimistic on the stock with medium to long term horizon with a technical target above Rs 2000 mark in 6-12 months period.
– Prashanth Tapse, Vice President (Research) at Mehta Equities Ltd
Nifty Tech View by Rupak De, LKP Securities
The headline index started the day gap up and remained range-bound throughout the day before ending 156 points higher. On the daily chart, the index moved above the previous swing high suggesting a rise of bullish bet. Going forward, sustained trades above 18215 may induce further rally towards 18400. On the lower end, price has support at 18000 below which the Nifty may fall back into consolidation.
Gold in the national capital on Wednesday jumped Rs 228 to Rs 46,812 per 10 grams, reflecting overnight gains in international precious metal prices, according to HDFC Securities. In the previous trade, the precious metal settled at Rs 46,584 per 10 grams.
Since mid-Dec, USDINR spot has been in a downtrend, as the dollar bulls are failing to take advantage of the hawkish Fed. Tonight’s US CPI will be the centre court, and is expected at a red-hot 7% on a year basis, boosting the case for an early increase in interest rates, which may strengthen USDINR spot. Technically, USDINR spot is inching closer to the 73.75 support level on the daily charts. A strong daily close below this level may open the doors towards 73.50. Should 73.75 prove to be reliable support, a rebound back towards 74.40 and 74.75 could become reality.
– Currency Desk of Emkay Global Financial Services
World Bank retains India’s economic growth forecast at 8.3% for 2021-22
The World Bank has retained India’s economic growth forecast for the current fiscal at 8.3 per cent as the recovery is yet to become broad-based. As per the first advanced estimates of the national income released by the National Statistical Office (NSO) last week, the economy is projected to grow at 9.2 per cent in 2021-22, surpassing pre-COVID level in actual terms, mainly on account of improved performance, especially in farm, mining and manufacturing sectors.
What to expect in Thursday’s session?
— Ajit Mishra, VP – Research, Religare Broking
Infosys Q3 earnings
- PAT at Rs 5,809 crore vs Rs 5,197 crore
- Revenue at Rs 31,867 crore vs Rs 25,927 crore
- Infy raises revenue guidance to 19.5%-20.0%
What moved market today?
— Vinod Nair, Head of Research at Geojit Financial Services
Highlights: Wipro Q3 Results
WIPRO Q3 Results
- Revenue: Rs 20,313.6 crore vs Rs 15,670 crore YoY
- PAT: Rs 2972.3 crore vs Rs 2997.8 crore YoY
- Firm announces interim dividend of Re 1
Top 5 gainers & losers today
Price as on 12 Jan, 2022 03:37 PM, Click on company names for their live prices.
Sector Watch: Barring pharma, all indices close on firm footing
Sensex Heatmap: 24 of 30 stocks end in the green
CLOSING BELL: Sensex jumps 533 pts, rally extends to 4th day; Nifty above 18,200; Voda Idea soars 9%, M&M 5%
Federal Bank gets board approval to raise up to Rs 700 cr through bonds
Price as on 12 Jan, 2022 03:13 PM, Click on company names for their live prices.
India’s palm oil imports fall 29 pc in December 2021: SEA
India’s imports of palm oils declined by 29.15 per cent to 5.44 lakh tonnes in December 2021, but the rise in shipments of RBD palmolein is threatening the survival of domestic refineries, Solvent Extractors Association (SEA) said on Wednesday. India, the world’s leading vegetable oil buyer, had imported 7,68,392 tonnes of palm oils in December 2020. In December last year, palm oil imports fell to 5,44,343 tonnes.
Volatility gauge India VIX eases by 3.15% to 17.20
Gold, silver spot prices
Hotel stocks buzz in trade
Price as on 12 Jan, 2022 02:14 PM, Click on company names for their live prices.
BSE Telecom index jumps nearly 3%; Voda Idea top gainer
JLR commences bookings of new Range Rover in India
Price as on 12 Jan, 2022 02:06 PM, Click on company names for their live prices.
HFCL Limited has chosen CommAgility as its key technology partner and shall use its 5G new radio (NR) software in its 5G indoor small cells
Price as on 12 Jan, 2022 01:51 PM, Click on company names for their live prices.
Stocks that hit 52-week high
Price as on 12 Jan, 2022 01:44 PM, Click on company names for their live prices.
ALERT: HONG KONG’S HANG SENG TECH INDEX EXTENDS GAINS, UP 5%
Kalpataru Power raises Rs 200 crore via NCD issue
Kalpataru Power Transmission Ltd on Wednesday said it has raised Rs 200 crore through the issuance of non-convertible debentures (NCDs). In a regulatory filing, the company said it has raised Rs 200 crore through the allotment of 2,000 NCDs of the face value of Rs 10,00,000 each on private placement basis.
Nokia, Tech Mahindra partner for 5G-based solutions for enterprises
Price as on 12 Jan, 2022 12:52 PM, Click on company names for their live prices.
Binance CEO becomes one of the world’s richest billionaires
A cryptocurrency CEO has become one of the richest people on Earth, CNN reported. Changpeng “CZ” Zhao, who runs the crypto exchange Binance, has joined the ranks of the world’s top billionaires, with an estimated net worth of at least $96.5 billion, according to new calculations from the Bloomberg Billionaires Index.
LIC picks 7.5% stake in Power Grid in Q3
Mahindra & Mahindra Financial Services vertical to offer range of EVs for leasing & subscription
Price as on 12 Jan, 2022 12:23 PM, Click on company names for their live prices.
L&T Hydrocarbon Engineering, a wholly owned subsidiary of Larsen & Toubro, has secured two offshore packages from a prestigious overseas client. The order value is more than Rs 7,000 crore
Price as on 12 Jan, 2022 12:19 PM, Click on company names for their live prices.
Ahead of earnings: TCS, Wipro down; Infy gains
Price as on 12 Jan, 2022 11:49 AM, Click on company names for their live prices.
Easy Trip Planners: Board recommended bonus issue of equity shares in the ratio of 1:1
Price as on 12 Jan, 2022 11:43 AM, Click on company names for their live prices.
Top gainers from the realty space
Price as on 12 Jan, 2022 11:21 AM, Click on company names for their live prices.
In the year 2022, the real estate market’s deal street is projected to be strong even further. The various initiatives by the state & central government are keeping the residential asset class in favour. This has revived the residential sector leading to an uptrend at many levels. Despite the fact that the markets were trembling the realty index held up well in the midweek trading. The realty index is likely to maintain its rising momentum even further.
– Rohit Poddar, Managing Director, Poddar Housing & Development on BSE Realty crossing 4000 mark
‘Govt will likely hold 35.8% stake in Vodafone Idea but does not want to run the company’
#StocksToWatch | Govt will likely hold 35.8% stake in #VodafoneIdea but Govt does not want to run the company… https://t.co/8A7z6YeTa6
— ET NOW (@ETNOWlive) 1641964732000
Sensex jumps 450 points, hits 61,000
Ace investor Rakesh Jhunjhunwala sold a big chunk of his holding in the specialty retail chain The Mandhana Retail Ventures, potentially indicating his exit from the company. According to the latest shareholding data filed by the company, Jhunjhunwala’s name was missing from the key shareholders’ list, signalling either he exited the stock or his holding declined below one per cent.
JUST IN: Bajaj Finance Board will consider raising funds by debt issue/issue of non-convertible debentures; stock up 2%
Price as on 12 Jan, 2022 10:32 AM, Click on company names for their live prices.
RattanIndia Enterprises to invest Rs 350 cr in its arm Cocoblu Retail
Price as on 12 Jan, 2022 10:21 AM, Click on company names for their live prices.
Ridham Desai of Morgan Stanley says market is looking good as we are in a new profit cycle
#Outlook2022 | Ridham Desai of @MorganStanley says market is looking good as we are in a new profit cycle. Check ou… https://t.co/ZliJ6H8oen
— ET NOW (@ETNOWlive) 1641962181000
We feel that the best-case scenario for Vodafone Idea would have been that the company would have got some bailout from the government. So, they can continue their operations for the next 3-4 years, and in the meantime, if they would have been able to raise funds, to the tune of about Rs 20,000-25,000 crore, that would have helped them along with the higher ARPU to be in the game and award any major market share loss and gradually meeting the financial liability that they have.
– Hemang Jani, Equity Strategist & Senior Group VP, MOFSL
Vodafone Idea & 3 other stocks in F&O Ban
Price as on 12 Jan, 2022 09:43 AM, Click on company names for their live prices.
The short-term momentum reflects a market in complete control of the bulls. The expected good results from the three IT majors today is likely to impart resilience to the market. Results from the leading banks starting Saturday also will be good thanks to declining provisioning and rising NIMs. Though Omicron cases are exploding in Europe and US the market message is that it is a manageable risk. It is interesting to note that inspite of the hawkish statement from the Fed chief that they will “use the full suite of policy tools to prevent higher inflation from becoming entrenched,” the US 10-year bond yield fell marginally. This indicates that the market has already discounted three or even four rate hikes in 2022.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
BUZZING STOCK: Tata Teleservices hits 5% lower circuit as it said it will opt for conversion of the interest amount on AGR dues into equity and post conversion, the government’s holding in the company is expected to be around 9.5 per cent.
Price as on 12 Jan, 2022 09:24 AM, Click on company names for their live prices.
Top Sensex contributors in opening deals
Nifty50 nears 18,200
OPENING BELL: Sensex rises 350 points, Nifty50 tops 18,150; Vodafone Idea surges 6%, Adani Power 4%
Pre-open session: Sensex climbs 350 points, Nifty above 18,150
Asia stocks rise in early trade
Asian stocks rose in relief and the dollar hit a six-week low on Wednesday, after Federal Reserve Chair Jerome Powell sounded less hawkish than expected in testimony to Congress, as he charts a path out of pandemic policy settings. MSCI’s broadest index of Asia-Pacific shares outside Japan 1% to a one-month high, led by a 3.5% jump for tech stocks in Hong Kong Japan’s Nikkei rose 1.9%.
TCS, Infosys and Wipro to report Q3 results
Three IT majors TCS, Infosys NSE 0.26 % and Wipro, all Nifty50 constituents, will report their quarterly results on Wednesday. Given the recent outperformance of IT stocks, analysts believe strong earnings would be a prerequisite to sustain high valuations. For now, they are factoring in the same on the back of secular broad-based demand trends, healthy deal wins and active M&A activities.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 112 points, or 0.62 per cent, higher at 18,203, signaling that Dalal Street was headed for a positive start on Wednesday.
Tech View: Nifty50 hurdle intact at 18,200
Nifty50 on Tuesday climbed for the third straight session in what was a volatile day for the market. The index ended up forming a bullish candle on the daily chart. Analysts said the upside hurdle of 18,200 is intact. The index may find support around 17,900-950 level, they said.
Wall Street rallies as Powell outlines plans to fight inflation
Wall Street stocks rallied Tuesday, shrugging off recent weakness following the congressional appearance of Federal Reserve Chair Jerome Powell, while oil prices sprinted higher. The S&P 500 rose 42.78 points to 4,713.07, and the Dow added 183.15 points to 36,252.02. The Nasdaq rose 210.62 points to 15,153.45, while the Russell 2000 picked up 22.85 points to 2,194. The indexes are all in the red so far this month.
Rupee rises for 3rd day, spurts 11 paise against dollar
The rupee surged 11 paise to close at an over three-month high of 73.94 against the US dollar on Tuesday, marking its third straight session of gains amid a weak American currency overseas and a firm trend in domestic equities. At the interbank forex market, the local unit opened strong at 73.94 against the greenback and witnessed an intra-day high of 73.83 and a low of 74.00. It finally settled at 73.94, up 11 paise.
Sensex, Nifty on Tuesday
Continuing its winning run for the third consecutive session, the BSE benchmark Sensex added another 221 points to revisit the 60,500-level on Tuesday, propped up by buying mainly in IT and financial shares. After early hiccups, the 30-share benchmark remained poised throughout the session and went on to hit the day’s high of 60,689.25. It finally ended 221.26 points or 0.37 per cent higher at 60,616.89. Likewise, the NSE Nifty gained 52.45 points or 0.29 per cent to finish at 18,055.75.