The Indian stock market witnessed a robust upswing today, breaking free from a three-day losing streak. The Sensex soared by 496 points to reach 71,683, while the Nifty climbed 160 points, closing at 21,622. The market sentiment received a much-needed boost with notable contributions from key players like ICICI, Bharti, and Infosys
"An important trend in the market which has implications for retail investors is the revival of the tug of war between FIIs and DIIs. Investors should remember that in the tug of war between FIIs and DIIs in recent years, DIIs always won in the medium to long-term even though FII selling can cause short-term pain," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Indian stock market finally saw a bullish opening on Friday. Sensex rose as much as an intrady high of 71,844.31, while Nifty crossed its 21,600 level to touch the day's high of 21,657. Broadly, the two benchmarks have risen by a per cent in the early trade. The performance also comes ahead of heavyweights Reliance Industries (RIL) and Hindustan Unilever (HUL) earnings for Q3 of FY24.
Other companies to announce their Q3 earnings today are -- UltraTech Cement, One 97 Communications (Paytm), RBL Bank, Hindustan Zinc, Atul, Central Bank of India, CESC, CreditAccess Grameen, Hatsun Agro Product, HT Media, Sunteck Realty, Tejas Networks, and Websol Energy System.
On Sensex, except IndusInd Bank, all other stocks traded higher. Tech Mahindra, Titan, Axis Bank, ICICI Bank, and Wipro were top gainers.
On Nifty 50, Tech Mahindra, UPL, HCL Tech, Eicher Motors and Coal India were top gainers. And IndusInd Bank here as well was top laggard.
RIL and HUL were marginally up.
India's volatility index has dipped nearly 2%.
Midcaps and smallcaps also saw positive momentum. All sectoral indices were in green with an upside of nearly 1% each, however, most buying was seen in IT and financial stocks.
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Jan 19, 2024, 3:46 pm IST
Market Ends With Healthy Gains, Snaps 3-Day Losing Streak
The Indian stock market witnessed a robust upswing today, breaking free from a three-day losing streak. The Sensex soared by 496 points to reach 71,683, while the Nifty climbed 160 points, closing at 21,622. The market sentiment received a much-needed boost with notable contributions from key players like ICICI, Bharti, and Infosys.
Jan 19, 2024, 2:57 pm IST
JK Cement Faces Rs 175.5 Crore Tax Order For AY22 From Income Tax Department
JK Cement has been issued an assessment order by the Income Tax department. The order entails a demand of Rs 175.47 crore, primarily attributed to transfer pricing adjustments, specifically concerning power and railway infrastructure.
Jan 19, 2024, 2:34 pm IST
Hindustan Zinc Reports Q3 Earnings
In the third quarter of the fiscal year, Hindustan Zinc, a Vedanta group firm, reported a net profit of Rs 2,028 crore, reflecting a 5.9% decrease compared to the same period last year. Despite the dip in profit, the company witnessed a 17% sequential increase in net profit, reaching Rs 1,729 crore.
Jan 19, 2024, 2:24 pm IST
UltraTech Cement Reports Q3 Earnings
UltraTech Cement, the leading player in the Indian cement industry, has reported a healthy performance in the third quarter of FY24, posting a 67% surge in net profit. The company's financials surpassed expectations, buoyed by strong demand for building materials and effective cost management.
Small cap company Rathi Steel & Power Ltd held its meeting of Board of Directors on January 18, 2024 where it considered, approved issue and allotment of upto 3,55,70,522 (Three Crores Fifty Five Lakhs Seventy Thousand Five Hundred and Twenty Two Only) Equity Shares of face value of Rs 10/- each to persons belonging to Non-Promoter Category, on preferential basis, at Rs 32.25 for cash, subject to shareholders’ approval.”
Last trading price of Rathi Steel shares on BSE is Rs 41.07 apiece with intraday gain of 1.99%. Rathi Steel shares also traded its fresh 52-week high today. The scrip also hit upper circuit and 52-week high on January 18, 2024.
Jan 19, 2024, 1:31 pm IST
UltraTech Cement Q3 Results: Net Profit Jumps 68%
UltraTech Cement reported a surge of 68% in its net profit at Rs 1777 crore as compared to Rs 1058 crore for the corresponding quarter of last year. The company announced a surge of 7.9% in its revenue to Rs 16,740 crore as against Rs 15,521 core, YoY. Last trading price of UltraTech Cement shares on BSE is Rs 10,085.00 apiece with intraday gain of 1.94%.
Jan 19, 2024, 12:58 pm IST
Metro Brands Shares Decline 5% After Dip In Q3 Net
Shares of Metro Brands declined nearly 5% to Rs 1,140 in Friday's trade on BSE after the footwear retail chain announced a 12.6% dip in consolidated net profit to Rs 98.8 crore for the third quarter ended December 2023.
Last trading price of Metro Brands shares on BSE is Rs 1162.00 per share.
Finolex Industries declared a surge of 20% on-year in its consolidated net profit at Rs 95.4 crore for quarter ended December FY24 despite weak topline, supported by healthy operating numbers. Revenue from operations declined 9.3% YoY to Rs 1,019.7 crore for the quarter. Finolex Industries shares declined 0.39% to 231.60 apiece on BSE.
Jan 19, 2024, 12:39 pm IST
Lupin Gets USFDA Nod For Febuxostat Tablets, Shares Hit 52-Week High For 2nd Day
Lupin Ltd shares traded fresh 52-week high on Friday after the global pharma major on January 18 announced of receiving approval from the United States Food and Drug Administration (U.S. FDA) for its Abbreviated New Drug Application for Febuxostat Tablets, 40 mg and 80 mg, to market a generic equivalent of Uloric® Tablets, 40 mg and 80 mg, of Takeda Pharmaceuticals U.S.A., Inc. The product will be manufactured at Lupin’s Pithampur facility in India.
Current market price of Lupin shares on BSE is Rs 1434.00 apiece with intraday gain of 0.62%.
Lupin shares also hit 52-week high on January 18 and witnessed spurt in volume by more than 2.17 times. The company has a market capitalisation of Rs 65,293.83 crore.
Jan 19, 2024, 12:06 pm IST
BSE, NSE To Conduct Special Live Session On Jan 20
The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) will conduct special live trading session in the equity F&O segment on Saturday (January 20, 2024).
The BSE and NSE intend to switch to the DR site via this special live session. The two benchmark indices BSE and NSE will conduct two special live trading sessions on January 20, 2024. The first session will commence at 9:15 AM and end at 10:00 AM, while the second session will start at 11:30 AM and will close at 12:30 PM. All futures contracts will have an operating range of 5% in this special live trading session. In this special session, securities will have upper and lower circuit limits of 5%, including stocks that are traded in the F&O segment. Securities that have a 2% upper and lower circuit limits will continue to have a 2% limit.
Tata Consumer To Raise Rs 6,500 Cr To Fund Twin Acquisition
FMCG major Tata Consumer, which had recently acquired Capital Foods and Organic India, on Friday approved a Rs 6,500-crore fundraising plan to pay for the deals via commercial papers and rights issue. Tata Consumer Products Ltd said on Friday that the Board of Directors of the Company at its meeting held today, i.e., Friday, January 19, 2024, interalia, considered and approved raising of funds through the issuance and allotment of Commercial Papers, for an amount not exceeding Rs. 3,500 crores, to be utilized for bridge funding to facilitate the payment of consideration for proposed acquisition of stakes in Capital Foods Private Limited and Organic India Private Limited.
Jan 19, 2024, 10:52 am IST
RIL Shares Trade Lower Ahead Of Q3 Results
Mukesh Ambani-led company Reliance Industries Ltd (RIL) remained on investors' radar on Friday as the country's largest company in terms of market cap will release its Q3FY24 earnings today. RIL shares were down 0.32% at Rs 2726.20 per share at 10:48 am IST today.
Rahul Kalantri, VP Commodities, Mehta Equities said: “Crude oil prices experienced a significant surge in a tumultuous session on Thursday, driven by escalating tensions in the Middle East, a decrease in U.S. oil stocks, and heightened global oil demand forecasts. Adding to the geopolitical complexities, Pakistan initiated retaliatory airstrikes over Iran, resulting in the loss of at least 9 lives and further escalating tensions in the region. Meanwhile, U.S. crude oil inventories saw a notable decline of approximately 2.5 million barrels, surpassing the anticipated decrease of 0.6 million barrels for the week ending January 12, providing additional support to crude oil prices. The upswing in crude oil prices was reinforced by the International Energy Agency's monthly report, which revised its oil demand projection for 2024. The agency now anticipates a growth of 1.24 million barrels per day, marking an increase of 180,000 barrels per day from its earlier forecast. Anticipating continued volatility, we project that crude oil prices will remain unpredictable in today's session. The support level for crude oil is identified at .10–72.40, with resistance expected at .35-74.90. In terms of INR, crude oil finds support at Rs 6,080-5,980, while resistance is positioned at Rs 6,240-6,310."
Jan 19, 2024, 9:41 am IST
All Indices Rally!
Midcaps and smallcaps also saw positive momentum. All sectoral indices were in green with an upside of nearly 1% each, however, most buying was seen in IT and financial stocks.
Jan 19, 2024, 9:41 am IST
Nifty Gainers And Losers
On Nifty 50, Tech Mahindra, UPL, HCL Tech, Eicher Motors and Coal India were top gainers. And IndusInd Bank here as well was top laggard.
Jan 19, 2024, 9:40 am IST
Sensex Gainers And Losers
3.
On Sensex, except IndusInd Bank, all other stocks traded higher. Tech Mahindra, Titan, Axis Bank, ICICI Bank, and Wipro were top gainers. RIL and HUL were marginally up ahead of Q3.
Jan 19, 2024, 9:40 am IST
Nifty Price In Opening Bell:
Nifty traded at 21,651.60, higher by 189.35 points or 0.88%. The index opened at 21,615.20, and touched the day's high of 21,663.
Jan 19, 2024, 9:39 am IST
Sensex Price In Opening Bell
Sensex traded at 71,805.07, up by 618.21 points or 0.87% currently, The benchmark opened at 71,786.74, and touched an intraday high of 71,871.86.
Jan 19, 2024, 9:21 am IST
Gold Prices Today
Rahul Kalantri, VP Commodities, Mehta Equities said, anticipating continued volatility in today's trading session, gold is expected to find support in the range of 08-1998, with resistance at 34-2048. Silver's support is projected at .58-22.40, while resistance stands at .92-23.08. In INR, gold is expected to find support at Rs 61,550-61,380, with resistance at Rs 62,050 and Rs 62,240. Meanwhile, silver is likely to have support at Rs 70,940-70,380, and resistance at Rs 72,250 and Rs 72,780.
Jan 19, 2024, 9:20 am IST
FIIs, DIIs Trend In Stock Market
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: An important trend in the market which has implications for retail investors is the revival of the tug of war between FIIs and DIIs. FPIs have sold equity massively for Rs 20480 crores during the last two days. This is partly in response to the rising bond yields in the US where the 10-year yield has risen to 4.16% and partly due to the high valuation in the Indian stock market. Since the largest chunk of FII AUM is in banks, they have been selling in banks, mainly HDFC bank. Investors should remember that in the tug of war between FIIs and DIIs in recent years, DIIs always won in the medium to long-term even though FII selling can cause short-term pain. FII selling due to external factors has always been opportunities to buy. This time is no different. Mid and small cap segments are strong despite excessive valuations because there is sustained buying and no selling pressure from FIIs. This anomaly will be corrected in due course.
Jan 19, 2024, 9:19 am IST
Rupee Vs Dollar Today
Anand James, Chief Market Strategist, Geojit Financial Services said, sideways trades have dominated again, calling for extended consolidation inside 83.17 – 83. Slippage past the 83 could bring back negativity, but a directional fall or rise is less expected.
Jan 19, 2024, 9:19 am IST
Derivative Market Outlook Today
Anand James, Chief Market Strategist, Geojit Financial Services said: Nifty weekly contract has highest open interest at 21500 for Calls and 21450 for Puts while monthly contracts have highest open interest at 22000 for Calls and 21000 for Puts. Highest new OI addition was seen at 21500 for Calls and 21450 for Puts in weekly and at 22500 for Calls and 21400 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 5.55%, increased future index shorts by 15.89% and in index options by 22.22% decrease in Call longs, 13.10% decrease in Call short, 26.53% decrease in Put longs and 25.22% decrease in Put shorts.
Jan 19, 2024, 9:19 am IST
No Dramatic Shortcovering Seen In Nifty
Anand James, Chief Market Strategist, Geojit Financial Services: The pull back above 21490 did succeed to bring in positivity, but as expected, no dramatic shortcovering was seen. We will begin the day on a positive note, but would require consistent trades above 21440 to maintain that, or a direct push above 21520 to pursue a recovery move to 21800. As maintained yesterday, a vertical rise beyond the same is less expected. Alternatively, slippage past 21400 will push the trend back onto the 21200-20850 trajectory, but a collapse is less expected today.
Jan 19, 2024, 9:14 am IST
Rupee Appreciates Slightly Against US Dollar
The rupee records slight appreciation against the US dollar. The local currency stood at 83.15 per dollar, cooling from the previous print of 83.16. However, the performance was restricted due to sharp selling in domestic equities and volatile global cues. The rupee will be in focus on Friday after better-than-expected US jobless claims data lifted bond yields amidst Fed official's comment for a cautious approach to rate cuts in 2024.
Jan 19, 2024, 9:06 am IST
Pre-Market Guide
Prashanth Tapse, Senior VP (Research), Mehta Equities said, Nifty has seen a three-day decline, impacted by FIIs selling and HDFC Bank's disappointing performance, resulting in an 11% drop. Hawkish comments from Federal Reserve Governor Christopher Waller have added to market concerns. Despite this, optimism prevails for a potential rebound, attributed to overbought technical conditions and anticipation of a positive earnings season. Notable companies, including Reliance Industries and Hindustan Unilever, report Q3 results today. Market attention also focuses on various other companies. Positive pre-market activity, despite challenges like rising oil prices and FIIs selling, contributes to ongoing market optimism. The preferred trade includes buying Nifty and Bank Nifty, with specific targets and stop levels provided. Bullish perspectives are highlighted for certain stocks, including Indian Bank, with recommended buying levels and targets. Overall, the market outlook suggests a potential turnaround, driven by short covering and bargain hunting, with a cautious yet optimistic approach.
Jan 19, 2024, 9:04 am IST
Vaishali Parekh Take On Bank Nifty For Today
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, "Bank Nifty witnessed another session of selling pressure with HDFC Bank witnessing further slide to end near the 1480 zone and the index recovering to some extent from 45450 zone to end near 45700 levels. The index needs to breach above 46900 levels for the bias to improve and establish some conviction for further rise. Banknifty would have a daily range of 45300–46000 levels.
Jan 19, 2024, 9:02 am IST
Vaishali Parekh On Nifty Outlook Today
Vaishali Parekh, Vice President - Technical Research, Prabhudas said: Nifty witnessed a second day of heavy profit booking halting the slide near 21300 zone and with a pullback witnessed managed to close near 21450 levels with bias remaining cautious and with the index precariously placed, one need to wait and watch for further confirmation and conviction to be established. The index would have the crucial and important support zone of 21000 levels while on the upside would need a decisive breach above 21800 levels to improve the bias overall. The support for the day is seen at 21300 while the resistance is seen at 21800 levels.
Jan 19, 2024, 8:59 am IST
Trade Guiding Tips For Today
Aditya Gaggar, Director of Progressive Shares said: With extreme swings on both the sides, the Index ended the weekly expiry day lower at 21,462.25. The Index has formed a Spinning Top candlestick pattern which indicates reversal of trend and to confirm the same, the Index needs to breach the hurdle of 21,530 while the immediate support is placed at low of 21,285. As per the Head & Shoulder breakdown, BankNifty met its downside target of 45,500 which will act as immediate support while the upside seems to be capped at 46,260. Barring HDFC Bank, all other banks are pointing towards a reversal. From the Auto segment, stocks like BharatForge and M&M have shown signs of a reversal by forming an advanced harmonic cypher pattern with a hidden bullish divergence in RSI. Tyre stocks have also shown a strong momentum, one can hold their positions. We continue to remain bullish on OMCs from the Energy sector. Tech Mahindra from IT sector has given a classic breakout from a Cup and Handle formation and completed its pullback move as well which suggests a resumption of an uptrend.
Jan 19, 2024, 8:30 am IST
Stocks To Buy Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher recommended buying three stocks on Janaury 19: 1) BUY FACT cmp 810 Stop Loss 895 Target 865; 2) BUY AMARA RAJA ENERGY cmp 811 Stop Loss 795 Target 855; and 3) BUY SUVEN LIFE cmp 113.80 Stop Loss 110 Target 120.
Jan 19, 2024, 8:30 am IST
Nifty, Bank Nifty Support Level Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Nifty to have support at 21,300 and resistance at 21,600. While Bank Nifty is expected to have support around 45,300 level and resistance is seen around 46,000.
Jan 19, 2024, 8:27 am IST
Adani Stocks Latest Trend
Way before Sensex and Nifty faced their extremely bearish tone this week, all Adani Group-backed shares were under pressure. The majority of Adani shares are either down by four to six consecutive days, or nosediving by up to 8%. However, billionaire Gautam Adani's conglomerate has signed huge investment deals to the tune of Rs 62,400 crore which is likely to bring back bulls in the stocks. Further, the expert believes the Hindenburg effect has broadly subsided.
Jan 19, 2024, 8:26 am IST
Market Previous Session
Sensex ended at 71,186.86, down by 313.90 points or 0.44% on January 18. While Nifty shed 109.70 points or 0.51% to end at 21,462.25. Banking, financials, IT, FMCG and metal stocks were top laggards.
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