Benchmark indices were volatile in Tuesday’s session as traders weighed the possibility of a strong December quarter earnings season against rising Omicron cases and likely US Fed rate hikes. Analysts, meanwhile, see high volatility and correction going ahead. The most buzzing stock of trade was Vodafone Idea after it said the government will own almost 36 per cent of the third-largest wireless phone operator.
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Indian economy to see 9.5% growth this fiscal: Arvind Virmani
The Indian economy is likely to register a growth of 9.5 per cent in this financial year, former chief economic adviser Arvind Virmani said on Tuesday. Addressing a virtual event organised by industry body PHDCCI, Virmani said that government expenditure and exports have peaked, but so far private consumption has not recovered due to the COVID-19 pandemic.
Manoj Dalmia, Founder and Director at Proficient Equities on Paytm stock
Paytm Share plunged by 6% and is further down 1.48% making its all-time low. Paytm’s payment business accounts for about 70% of revenue, which will be under threat if there are any regulatory changes. Also, its entry into insurance sectors has been rejected by regulators. The stock is trading at about 17 time FY23 sales which seems overvalued considering higher expenses and risk of attrition of senior executives.
Technical Analysis: Rs 1285 was a key support area, the price has crossed this level. We expect a small retracement till Rs 1336.35 if any buying happens and further downwards Rs724.60
JUST IN: Marksans Pharma gets final approval for Cetirizine Hydrochloride Tablets 5 mg and 10mg from US FDA
Price as on 11 Jan, 2022 12:43 PM, Click on company names for their live prices.
How govt is trying to lure investors towards LIC IPO
From adjusting capital-markets rules to sending phone messages and publishing newspaper advertisements, authorities and executives are leaving no stone unturned in trying to ensure Life Insurance Corp. of India’s record initial public offering is a success. Authorities will review and amend rules on foreign-direct investment to make it easier to lure investors from abroad, an official said this month without specifying a time-frame.
Q3 business updates: Adani Green Energy
- Sale of Energy increases by 97% YoY at 2,504 mn units in Q3 FY22 vs. 1,273 mn units in Q3 FY21
- Solar portfolio CUF at 21.9% with 110 bps improvement YoY backed by ~ 100% plant availability
- Wind portfolio CUF at 18.6% with 10 bps improvement YoY backed by ~ 97% plant availability
YES SECURITIES envisages Nifty hitting 21,000 in 2022; 32,000 in 2025
While global markets impact the Indian outlook, YES SECURITIES team predicts that US Taper Tantrums will not spoil the party. Rise in the cost of capital will be extremely gradual with FED normalizing ultra-cheap monetary policy. Indian trends are expected to follow the global benchmark.
JUST IN: Aurobindo Pharma’s arm CuraTeq and Orion expand licensing deal for marketing & distribution of biosimilar pipeline in Baltic States in Europe
Price as on 11 Jan, 2022 12:00 PM, Click on company names for their live prices.
Xpro India says approved issue, allotment of warants on preferential basis
Price as on 11 Jan, 2022 11:51 AM, Click on company names for their live prices.
Sensex trades firm after initial volatility, up 200 points
Top gainers in IT services pack
Price as on 11 Jan, 2022 11:31 AM, Click on company names for their live prices.
JUST IN
All private offices in Delhi to be closed except those under exempted category in view of rising COVID-19 cases: DDMA
— Press Trust of India (@PTI_News) 1641879812000
The Heavy Engineering arm of Larsen & Toubro dispatched two large Ethylene Oxide Reactors, weighing 1,200 Tons each from Hazira, Gujarat to a large petrochemical complex overseas. This was a repeat order after four identical Reactors were supplied by L&T to the same client in 2020 amidst Covid-19 pandemic during the first wave.
Price as on 11 Jan, 2022 11:06 AM, Click on company names for their live prices.
JUST IN: Meeting of Board of Directors of Hinduja Global Solutions will be held on January 14, 2022 to consider and explore potential mergers & acquisition opportunities; quantum/ timings of buy-back of equity shares
Price as on 11 Jan, 2022 10:55 AM, Click on company names for their live prices.
Vikas Khemani of Carnelian Capital believes there is a room for further re-rating for IT companies
#Outlook2022 | Vikas Khemani of Carnelian Capital believes there is a room for further re-rating for IT companies.… https://t.co/wKzh8Lz6YZ
— ET NOW (@ETNOWlive) 1641878481000
Rupee gains 13 paise to 73.92 against US dollar in early trade
Mutual Fund SIP contribution in the month of December 2021 touched another all-time high of Rs. 11,305 crore. This is the 9th consecutive month of a new all-time high for monthly SIP contributions. Amongst active equity funds, Multi Cap Funds category saw the highest Gross Inflow of ~11000 crore followed by Sectoral/Thematic Funds category. On the back of the 3 NFO’s the Multi Cap Fund category Average Asset Under Management jumped 16% to Rs. 38,068 crore. Sectoral/Thematic funds continue to attract investor interest on the back of recent performance however that would not be the correct way for investors to increase allocations. Balanced Advantage/Dynamic Asset Allocation funds continue to attract investor interest (Gross inflow Rs. 6,221 crore) given concerns over the high trailing 12 month valuations.
– Akhil Chaturvedi, Chief Business Officer, Motilal Oswal Asset Management Company
Top 10 gainers in morning trade
Price as on 11 Jan, 2022 10:20 AM, Click on company names for their live prices.
See robust tailwinds for IT sector
– Vikas Khemani
Warning Bells!
US Markets continue to crash as rates harden. However Indian Punters believe we are in a different world More marke… https://t.co/5w8W3eSdHC
— sandip sabharwal (@sandipsabharwal) 1641826348000
Blackstone exits Mindspace Business Parks REIT; sells stake for Rs 1,740 crore
Sensex off day’s high, down 50 points
Contrary to expectations of modest returns in 2022 the year has started with 4% appreciation in Nifty so far in January. The surge is led by the justifiable uptrend in Bank Nifty which is up by 8% till 10th Jan. Good Q3 results expected from financials, particularly leading banks, IT, metals, telecom and oil and gas are driving the current momentum in stocks. However, an area of serious concern is the unbridled speculation in low-grade stocks, the cats and dogs. “Flying cats and dogs” is an indication of imminent correction. Chasing cats and dogs has always ended in grief. Therefore, investors have to be careful and stick to quality.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Q3 Business Update: JSW Steel
- Crude Steel Production volume at 5.35 Million tonnes in Q3 FY’22: Growth of 6% QoQ and 28% YoY.
- Stock down 3%
India to own 35.8% in Vodafone Idea after converting dues; stocks plunges 13%
Price as on 11 Jan, 2022 09:25 AM, Click on company names for their live prices.
Sector Watch
Nifty holds above 18,000
OPENING BELL: Sensex gains 150 points, Nifty stays above 18K; Vodafone Idea plunges 10%
Pre-open session: Sensex sheds 50 points, Nifty below 18,000
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 69.50 points, 0.39 per cent, lower at 17,978, signaling that Dalal Street was headed for a negative start on Tuesday.
Tech View: Nifty50 hurdle seen at 18,200
Nifty50 on Monday reclaimed the 18,000 mark and formed a bullish candle on the daily chart, after making indecisive candles in the previous two sessions. Analysts said the index has come out of a range and some more upside is possible. They, however, expect Nifty50 to see strong resistance in the 18,200-18,400 range.
Dollar stagnates as traders wait on Powell for policy hints
The US dollar hovered near the middle of its recent range against major peers on Tuesday as traders looked to incumbent Fed Chair Jerome Powell’s nomination hearing later in the day for new clues on the timing and pace of policy normalisation. The dollar index, which measures the currency against six counterparts, hovered around 95.93 early in the Asian session.
Hong Kong shares open lower
Hong Kong stocks started Tuesday with losses following three days of healthy gains and after another drop on Wall Street over growing concerns about inflation and the Fed’s plans to wind back its stimulus. The Hang Seng Index slipped 0.29 percent, or 67.85 points, to 23,678.69. The Shanghai Composite Index eased 0.10 percent, or 3.61 points, to 3,589.90.
Japan stocks drop on US money tightening fears
Tokyo stocks opened lower on Tuesday after Wall Street shares ended mostly down on worries over shifting US monetary policy to address inflation. The benchmark Nikkei 225 index dropped 0.34 percent, or 97.76 points, to 28,380.80 in early trade, while the broader Topix index fell 0.05 percent, or 1.09 points, to 1,994.59.
US stocks settle mostly lower
US stocks fell despite staging a comeback late in the day, as bets that the Fed could raise interest rates as soon as March led investors to pare risky assets. The Dow Jones Industrial Average shed 0.45%, and the S&P 500 lost 0.14%. Technology stocks led the falls early in the day but rallied later in the session to leave the Nasdaq Composite up just 0.05%.
Rupee spurts 29 paise to 74.05 against dollar
Rising for the second straight session, the rupee surged by 29 paise to close at 74.05 against the US dollar on Monday amid robust buying in domestic equities. At the interbank forex market, the local unit opened strong at 74.15 against the greenback and witnessed an intra-day high of 74.03 and a low of 74.21. It finally…
Read More: Sensex Today: Stock Market Live Updates: Sensex rises 200 points, Nifty near 18,050; IT