Firstsource executes acquisition of 100% stake in American Recovery Service for $53 million
Firstsource Solutions announced it had entered into an agreement to acquire Southern California-headquartered American Recovery Services. Firstsource said the acquisition enhances its leadership inconsumer debt management services by adding legal stage collections capabilities.
Firstsource shares rose as much as 2.3 percent to Rs 186.3 apiece on BSE in the morning.
Buy GM Breweries stock, bull case fair value Rs 962: HDFC Securities
HDFC Securities’ research team suggests buying GM Breweries shares in the range of Rs 811-821 and adding more on dips to Rs 718. It sees a fair value of Rs 895 in the base case scenario, and Rs 962 in the bull case scenario for two quarters.
Good support for Nifty50 at 16,800: Manish Hathiramani
Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments, believes the Nifty is once again attempting to take out the 17,250-17,300 levels. “It is imperative for the index to close above the 17,300-17,350 zone. That would enable it to scale higher to 17,600. On the downside, the market has a good support at 16,800 and until that does not break on a closing basis, shorts should not be attempted,” he said.
RBL Bank shares drop over 6%
RBL Bank shares were down 6.2 percent at Rs 135.3 apiece on BSE, having fallen as much as 6.9 percent to Rs 134.4 apiece earlier in the day.
Q3, Q4 to be good: Blue Dart’s Aneel Gambhir
Aneel Gambhir of Blue Dart said in an interview to CNBC-TV18 that the company expects to see good Q3 and Q4. The impact of the Omicron variant of COVID-19 may not be as severe on its business, he said.
Blue Dart shares were up 2.5 percent at Rs 6,350.4 apiece on BSE, having risen as much as 3.8 percent earlier on Thursday.
Rewind 2021 | A year of BFSI marriages as COVID took a toll on balance sheets
RBL Bank shares are down nearly 20% so far this week
Tata Consumer, Wipro, Tech Mahindra among top blue-chip gainers
On the other hand, Bajaj Finserv, Bajaj Auto, Sun Pharma, Hero MotoCorp and Adani Ports were the worst hit among the 31 laggards in the Nifty50 pack.
Here’s how the Sensex basket fared:
Sensex drops over 200 points, Nifty slips below 17,150
Both indices fell as much as 0.4 percent in early deals after a weak opening. The 30-scrip index dropped 227.5 points to hit 57,579 on the downside and the broader Nifty50 benchmark declined to as low as 17,146.4, down 67.3 points from its previous close.
Buy Dr Lal, Laurus, L&T Tech Services: Chandan Taparia
Here are three trading calls from Chandan Taparia, Derivatives and Technical Analyst at Motilal Oswal Financial Services:
–Buy Dr Lal Pathlabs for a target price of Rs 3,820 with a stop loss at Rs 3,580
–Buy Laurus Labs for a target of Rs 575 with a stop loss at Rs 532
–Buy L&T Technology Services for a target of Rs 5,800 with a stop loss at Rs 5,430
Stock Tips | Cadila, Titan, Eicher Motors among Sudarshan Sukhani, Mitessh Thakkar’s top picks
–Mitessh Thakkar of mitesshthakkar.com recommends buying Cadila Healthcare shares for a target of Rs 480 with a stop loss at Rs 464.
–Sudarshan Sukhani of s2analytics.com suggests buying Titan shares with a stop loss at Rs 2,400. (Check out their other trading calls today)
Pre-Open Market | Sensex down over 50 points, Nifty50 near 17,200
In the pre-opening session, the 30-scrip index was down 51.1 points or 0.1 percent at 57,755.4 and the broader Nifty50 benchmark at 17,201.5, down 12.2 points or 0.1 percent from its previous close.
Critical for Nifty50 to sustain above 17,100-17,200 levels: Hem Securities’ Mohit Nigam
Mohit Nigam, Head-PMS at Hem Securities, believes that technically, it is critical for the Nifty50 to sustain above 17,100-17,200 levels in the coming sessions, which would ultimately lead it higher to 17,500 in near term. “Immediate support and resistance in Nifty50 is expected at 17,000 and 17,400 respectively. The Bank Nifty has immediate support at 34,500 and resistance at 35,500,” he said.
COVID-19 | Third wave has already begun in Mumbai, says Maharashtra task force member
Maharashtra COVID-19 task force member Dr Shashank Joshi said that the third wave has already started in Mumbai. (Read more on COVID-19)
Bond Market Deals | Manappuram Finance, Citicorp Finance, CanFin Homes in focus today
–Manappuram Finance has accepted bids worth Rs 250 crore on three-year bonds at a 6.95 percent coupon.
–Citicorp Finance has accepted bids worth Rs 450 crore on two-year bonds at a 5.64 percent coupon.
–CanFin Homes will raise funds through a six-month commercial paper at a 4.80 percent coupon. (Catch other key bond deals today)
Stocks To Watch | IndiGo, IRB Infra, RBL Bank on the list today
–IndiGo is scheduled to conduct an EGM later in the day to seek shareholders’ nod for amending the Articles of Association.
–IRB Infra has raised Rs 5,347 crore through the issuance of equity at Rs 211 apiece. Its promoter holding has come down to 34 percent.
–LIC has acquired two percent in BPCL through open market transactions from June to December. (Check out the complete list of stocks to track today)
Explained | Crucial GST changes coming in from January 1
From January 1, some of the popular e-commerce services are likely to become dearer. Food orders delivered via Swiggy, Zomato or other aggregators, and two- and three-wheeler rides booked via Ola and Uber are likely to pinch your pockets. (Read more)
Brokerage Views | BSE, banking stocks in the spotlight
–Investec has downgraded BSE to ‘sell’ from ‘hold’ with a target of Rs 1,720 apiece. The exchange is cyclically at peak earnings and valuations, investec said. It also said BSE’s current valuations are untenable as the bourse is trading at a significant premium to global peers.
–Macquarie expects healthy asset quality performances from banks in Q3 with improvement in collections. The threat of Omicron can prove to be difficult for banks in Q4 if supply chains start to get affected, the brokerage added. (Check out all brokerage views today)
IndiGo EGM | InterGlobe Aviation shares in focus today
IndiGo will hold a crucial extraordinary meeting on Thursday. Shareholders are likely to take a decision on amending the company’s Articles of Association, a key point of friction between its Founders Rahul Bhatia and Rakesh Gangwal. The EGM has been called to make several changes to the AOA. (Read more on IndiGo EGM)
Marketbuzz Podcast with Reema Tendulkar
Catch the big themes, vital news and key events you should know before the opening bell. MarketBuzz is your daily morning briefing by CNBC-TV18 research analysts and anchors to kickstart your day. (Tune in)
Global Cues | S&P 500 futures flat; Brent futures hover around $79/barrel
Due date to file GSTR 9, 9C forms extended
The CBIC said the due date to file GSTR 9 and 9C forms for FY20-21 is now February 28, 2022, instead of December 31, 2021.
Trade Setup | Will Nifty50 cross key hurdles anytime soon?
The expiry of monthly F&O contracts on Thursday is likely to keep volatility high, said Ajit Mishra of Religare Broking. (Check out market before today’s session)
Asian shares largely up; investors cautious amid Omicron concerns
Equities in other Asian markets were largely higher on Thursday as the Omicron variant of COVID-19 clouded the last trading day of the year for many exchanges around the globe. MSCI’s broadest index of Asia Pacific shares outside Japan was up 0.3 percent at the last count. Japan’s Nikkei 225 was down 0.2 percent, China’s Shanghai Composite was up 0.5 percent and Hong Kong’s Hang Seng up 0.5 percent.
South Korea’s KOSPI and Singapore’s Straits Times were down 0.1 percent each.
S&P 500 futures were flat in Asia.
S&P 500, Dow Jones scale record highs
Wall Street ended a volatile session on a mixed note on Wednesday, with the S&P 500 and the Dow Jones gaining 0.1 percent and 0.3 percent respectively to record highs. The technology stocks-heavy Nasdaq Composite declined 0.1 percent.
Sensex fell 91 points on Wednesday, Nifty50 slid to 17,214
Indian equity benchmarks ended a choppy session mildly lower on Wednesday, as gains in pharma and auto stocks were offset by financial and IT counters.
The 30-scrip index fell 91 points or 0.2 percent to settle at 57,806.5, and the broader Nifty50 benchmark finished the day at 17,213.6, down 19.7 points or 0.1 percent from its previous close. (Read more on the December 29 session)
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