Stock Market Highlights: Sensex begins 2022 with 929-point jump; Bajaj twins, ICICI Bank, IndusInd gain 3%

view original post

16:35:25 IST

Remain on long side of market as long as Nifty holds 17,200: Manish Shah

Independent technical analyst Manish Shah remains on the long side of the market as long as the nifty holds the 17,200 mark. “We have been targeting a level of 17,650-17,700 for some time and the Nifty has just hit the zone. It has crossed above a falling 50-day moving average in a positive sign for the market. The MACD is bullish and RSI has crossed above 60. The index now has to hold above the resistance barrier of 17,650-17,700. It is at a major resistance level, and either it will breaks above 17,700 and hold above this barrier or have a corrective decline,” he said. 

“If the Nifty breaks above resistance at 17,700, we can see further upside towards 18,150-18,200 with support at 17,200,” he added. 

16:19:28 IST

© Provided by CNBCTV18

Rupee ends higher at 74.26 against US dollar 

The rupee settled at 74.26 against the greenback. On Friday, it had closed at 74.33.

16:06:43 IST

Maruti Suzuki interesting from long-term perspective: Dilip Bhat

Dilip Bhat of Prabhudas Lilladher finds Maruti Suzuki still pretty interesting from a long-term perspective. “The way they (Maruti Suzuki) are going about their EVs, that will sooner than later will come into play in a big way… Mahindra and Mahindra (M&M) looks pretty good from the current levels and Ashok Leyland also pretty good. I think Tata Motors because of its EV is really surging in terms of passenger vehicle numbers, but overall, it has already had a good run. So maybe in this order, this is what looks good,” he said. 

16:05:02 IST

Positive on ICICI Bank, Axis Bank, Kotak Bank, SBI, Bank of India: Prabhudas Lilladher’s Dilip Bhat

Dilip Bhat, Joint MD at Prabhudas Lilladher, said the New Year has begun quite well for the market in general. “I think it has been led from the front by banks,” he said.

“ICICI Bank still appears to be the most preferred bank in the private space. I think Kotak Mahindra Bank will be the other one, and a lot of private banks are competing for leadership. Possibly ICICI Bank seems to be surging ahead in that. So I would still think that ICICI Bank and maybe Axis Bank will be among some of the stocks to look at. Kotak Mahindra Bank will be one of them. Maybe, in public sector banks, SBI and Bank of India, which look pretty interesting,” he said. 

15:50:46 IST

© Provided by CNBCTV18

Market At Close | Coal India, Eicher Motors, Bajaj Finance, Tata Steel top blue-chip gainers

Also among the top gainers were ICICI Bank Bajaj Finserv, Tata Motors and Axis Bank. On the other hand, Cipla, Dr Reddy’s, M&M, Divi’s, Tech Mahindra and Nestle were the only laggards in the Nifty50 pack. 

Here’s how the 30-strong basket fared:

15:49:58 IST

Market At Close | Sensex, Nifty50 welcome New Year with strong gains

Here are some highlights:

–Sharp uptick in ICICI Bank, HDFC Bank lead Nifty Bank above 200-day moving average

–Midcap index starts year with 1.1% gain 

–Federal Bank top midcap gainer after lender reports 12% YoY loan growth in Q3

–Reliance, financial stocks lead rally on Nifty; only 6 Nifty stocks in the red

–Eicher Motors top index gainer after Royal Enfield sales jump in December

–Nalco rises 2%; management says Q3 results to beat Q2 performance

–Ashok Leyland above 200-day moving average; medium, heavy commercial vehicle sales rise 11% in December

–RBL Bank rises 5% after sharp decline last week

–Barring Nifty Pharma, all sectoral indices in the green 

–Market breadth favours bulls; 3 stocks in the green today for one in the red

15:43:02 IST

Closing Bell | Sensex jumps 929 points to 59,183, Nifty50 at 17,626

Headline indices Sensex and Nifty50 finished the first session of the New Year 1.6 percent higher each.  The 30-scrip rose 929.4 points to 59,183.2 and the broader Nifty50 settled at 17,625.7, up 271.7 points from its previous close. 

15:32:36 IST

Market Watch | Hemang Jani Motilal Oswal Financial Services on sectors

As we are entering the Q3 preview results season are what is coming out very clearly is that four sectors are going to contribute almost about 100 percent of the incremental growth, that is BFSI, metals, oil and gas and IT. The rest of the 12 sectors are not going to contribute incrementally in terms of growth. So, the entire focus will shift to these three or four sectors which I have outlined. Within that, if you see BFSI emerges as a sector where you are going to see incremental growth and valuation comfort both. So I think that is what is leading to some sort of action across the banking names are be it HDCF Bank or, ICICI, Kotak, and whole host of tier II tier III banks. So we think that as we get more colour and clarity on what sort of numbers are we really going to see people may want to get into some of these names, which have corrected quite sharply in the last, let us say about two months.

15:24:17 IST

Coal India gains; 3 factors aiding the stock; check details

Coal India surging after a healthy business update from the miner for December and also, higher global prices are an additional tailwind given Indonesia’s ban on coal exports. Link on the link to know on the back of what factors is the stock buzzing. 

15:13:37 IST

India VIX gain over 1%

India VIX, the volatility gauge, was up 1.12 percent during afternoon trade on Monday as headline indices soared higher. The gauge was sitting above 16.4 levels.

15:05:14 IST

Sugar rates up 21% in 2021; ISMA says next couple of years to be good for industry

Sugar prices have surged for the 3rd year amidst tight supplies and growing global demand. In 2021, sugar prices were up by 21 percent. According to S&P Global, demand for sugar globally is likely to grow most in the last 6 years. In an interview with CNBC-TV18, Abinash Verma, Director General of Indian Sugar Mills Association (ISMA) said that he expects the next couple of years to be very good for the Indian sugar industry.

14:55:08 IST

BPCL plans Rs 25,000-crore green power push to be net-zero on emissions by 2040

State run-Bharat Petroleum Corporation Ltd (BPCL) is setting aside Rs 25,000 crore to build a robust renewable energy portfolio by 2040 and is putting in place a team to push the diversification, which will be strategic to the company’s ambition to be “net-zero” on emissions by the year.

14:45:51 IST

RBI approves cross border remittance via the Money Transfer Service Scheme of Fino Payments Bank

Fino Payments Bank has received the RBI approval for commencing the International Remittance business under the Money Transfer Service Scheme (MTSS). The Bank will be undertaking inward cross-border money transfer activities and will be partnering with an Overseas Principal. 

14:36:45 IST

Indigo falls 4%, SpiceJet down 2% on hike in jet fuel prices

Shares of InterGlobe Aviation Ltd, which operates Indigo – India’s largest low-cost carrier – fell almost 4 percent on Monday on the BSE after jet fuel or aviation turbine fuel (ATF) prices were hiked by 2.75 percent on firming international oil prices. Shares of SpiceJet were down 1.4 percent on the bourses.

14:24:46 IST

Market Watch | Buy CCL Products, AB Capital: Jay Thakkar, Marwadi Shares and Finance

– Buy CCL Products with a stop loss of Rs 394 and a target of Rs 500.

– Buy AB Capital with a stop loss of Rs 122 and a target of Rs 145.

14:12:22 IST

Anand Rathi Wealth shares gain nearly 2% ahead of earnings

Shares of Anand Rathi Wealth Ltd gained 1.6 percent on Monday after a strong debut in the secondary market in December 2021. The upward movement in the shares of the company comes just days before it is due to report its earnings for the quarter ended December 31, 2021, on January 6.

Anand Rathi Wealth stock was trading 1.22 percent higher at Rs 596 on the BSE and was up 1.41 percent to Rs 596.80 on the NSE at 12:55 pm. In the past five sessions, the share price has jumped 4.28 percent.

14:02:20 IST

Domestic economy is seeing favourable cycle ahead: Ashwini Agarwal Co-Founder & Partner, Ashmore Investment Managament

2021 was an exceptional year in terms of returns because there was a lot of surprise that came in as the liquidity globally remained quite easy growth prospects improved and everybody started to look beyond the virus to some degree towards the middle of the year after the second wave. That narrative has continued into the start of this year. So to my mind, it’s a tale of two halves as we look forward. We have a very interesting setup for the domestic economy where government finances are in good shape banks are under leverage, there’s a huge incentive for people to invest in production and manufacturing, led by PLI and governments infrastructure, investments revival in real estate. So the domestic economy is obviously seeing a favourable cycle ahead. At the same time, you’ve got a very different global macro backdrop, which is not as favourable as it has been, dare I say, for nearly a decade now, where you had very easy liquidity, supporting valuations, the world over and my sense is that as rates rise, and as that narrative starts to take hold, how the market reacts to it would be very key. Locally, I’m also a little bit worried that our starting point on valuations is not very supportive and at the same time, we’ve got a huge amount of paper flow. So in my stance, the market is actually going to struggle to break out in either direction, with the domestic growth narrative supporting the downside, and the very sobering global narrative as well as a paper supply putting a cap on further upside.

13:54:48 IST

What lies ahead for the market in 2022

CNBC-TV18 conducted a poll to get a sense of what lies ahead for markets in 2022. It received some very interesting responses from almost 40 participants for five questions.

Asked about the view on equities for the next one year, nearly 90 percent respondents see returns in excess of around 5-10 percent on the cards, and nearly 50 percent believe they could exceed 10 percent. (Read more on what to expect on Dalal Street in 2022)

13:49:22 IST

Business Update | M&M Financial disbursals up 26% in December quarter 

The company’s disbursals in the October-December period stood at Rs 7,900 crore, up 26 percent on a year-on-year basis and 22 percent sequentially.

Month Collection efficiency Disbursals (in crore rupees)
December 100% 2,750
November 94% 2,500
October 91% 2,650
September 100% 1,900

13:45:32 IST

Karur Vysya Bank Q3 Biz Update

– Total deposits up 7.7% (YoY); loan growth at 7.1% (YoY)

13:35:47 IST

Mark Mobius says Indian consumer getting richer, companies like Metropolis Healthcare to do well

Market guru Mark Mobius believes the Indian consumer is getting richer and is buying more. In an exclusive interview to CNBC-TV18, Mobius, Founder of Mobius Capital Partners, believes the index may be affected but one needs to look at individual companies. (Read more on what the veteran investor said)

13:21:01 IST

© Provided by CNBCTV18

We are veering towards endemic situation, Omicron not last variant: Biocon’s Kiran Mazumdar Shaw

Biocon’s Kiran Mazumdar Shaw said in an interview to CNBC-TV18 that Omicron is not the last of coronavirus variants. “We need to brace ourselves for many variants,” she said.

Even the Delta variant shouldn’t be a such a huge worry “as we know how to deal with it now”, she added.

13:19:21 IST

Buy BEL, Dalmia Bharat: Hemen Kapadia

Here are two trading calls from Hemen Kapadia of KRChoksey Securities:

–Buy BEL for a target of Rs 226 with a stop loss at Rs 202 

–Buy Dalmia Bharat for a target of Rs 1,960 with a stop loss at Rs 1,850 

13:17:52 IST

Buy L&T Tech, Muthoot Finance: Himanshu Gupta

Here are two trading calls from Himanshu Gupta, VP Research at Globe Capital: 

–Buy L&T Technology Services for a target of Rs 5,850-5,940 with a stop loss at Rs 5,630 

–Buy Muthoot Finance for a target of Rs 1,545-1,560 with a stop loss at Rs 1,514 

13:10:37 IST

Mark Mobius says markets will be very different in 2022, suggests ‘going back to basics’

“The markets will be very different in 2022.” That is the message from market guru Mark Mobius. In an exclusive interaction with CNBC-TV18, the Founder of Mobius Capital Partners said “going back to basics will work in 2022”. (Read more on what veteran investor Mark Mobius said)

13:10:05 IST

Zomato receives record 2.5 million orders on New Year’s Eve

Zomato shares rose on Monday after the company revealed its bookings on New Year’s Eve.

CEO Deepinder Goyal said the company crossed 2.5 million orders on a single day on December 31 — the highest it has ever done. (Read more on Zomato’s New Year’s Eve bookings)

13:04:40 IST

William O’Neil’s Dean Kim bats for Navin Fluorine, Fine Organic 

Dean Kim, Head-Global Research Product at William O’Neil & Company, is positive on Navin Fluorine and Fine Organic in India. In the healthcare and pharma space, he likes Sun Pharma, Max Health and Fortis Health. (Read more)

13:03:16 IST

Helios Capital sees 10-15% returns in market in 2022, overweight on financials

Samir Arora, Founder and Fund Manager at Helios Capital, sees returns to the tune of 10-15 percent in the Indian market in 2022, which would be in line with the normal longer-term average. Heavily overweight on financials, Arora also likes the quick service restaurant (QSR) space. 

He continues to own Westlife Development and Jubilant FoodWorks. (Read more on what Helios Capital thinks of the market now)

12:36:54 IST

Maruti Suzuki shares up 2%

Maruti Suzuki shares were up 1.6 percent at Rs 7,548.2 apiece on BSE, having risen as much as 2.3 percent earlier on Monday. 

On Saturday, the company reported total sales of 1,53,149 units in December, with sales in the domestic market at 1,26,031 units. The company saw its highest ever monthly exports in December, at 22,280 units. 

The shortage of electronic components had a minor impact on vehicle production. 

12:34:08 IST

CNBC-TV18 Exclusive | Maruti Suzuki’s Shashank Srivastava says price hikes so far not sufficient to cover raw material inflation

Maruti Suzuki’s Shashank Srivastava told CNBC-TV18 the company’s market share in SUVs is low. The real problem for Maruti Suzuki is in the mid SUV segment, he said. 

Speaking on electric vehicles, he said the company will introduce its first vehicle in the segment in 2025. India will see a lot of introductions in the hybrid space over the next three years, he said.