Trends on SGX Nifty indicate a positive opening for India, with a 68 points, or 0.56 percent, gain
Indian market witnessed profit taking for the second consecutive session in a row on January 21, and could consolidate further on January 22. The Nifty50 slipped below its crucial support at 12,200 levels, but the broader market continues to outperform.
Trends on SGX Nifty indicate a positive opening for the index in India, with a 68 points, or 0.56 percent, gain. The Nifty futures were trading around 12,116-level on the Singaporean Exchange.
Let’s take a look at the final figures on Dalal Street for January 21 - Sensex closed with a loss of 205 points, or 0.49 percent, at 41,323.81, while Nifty finished 55 points, or 0.45 percent, down at 12,169.85.
BSE Midcap index ended the session with a loss of 0.21 percent but the Smallcap index ended flat.
The Indian rupee logged its fourth straight loss on January 21, dropping another 10 paise to settle at 71.21 against the US dollar amid concerns over IMF revising downwards India's growth forecast and weak quarterly earnings.
On the institutional front, FPIs were net sellers in Indian market for Rs 50 cr while the DIIs were also net sellers to the tune of Rs 307 cr, provisional data showed.
As many as 35 companies are scheduled to report their results for December quarter which include names like Alembic Pharma, Asian Paints, Axis Bank, CEAT, CreditAccess Grameen, IIFL Wealth, L&T, Motilal Oswal Financial Services, Raymond, RBL Bank, and Ujjivan Small Finance Bank.
Alembic Pharma: PAT likely to grow by 11% YoY
Axis Bank: PAT likely to grow by 3% YoY
L&T: PAT likely to grow by 27% YoY
(All the estimates are from Motilal Oswal)
Stocks in the news:
Zee Entertainment Enterprises' third quarter (October-December) consolidated net profit fell sharply by 37.9 percent year-on-year due to lower revenue and operating income.
HDFC Asset Management Company on January 21 reported a 45 per cent jump in profit after tax (PAT) at Rs 352.5 crore for the three months ended December 31, 2019.
The Department of Telecommunication (DoT) has approved Bharti Airtel's application to increase the limit of foreign investment up to 100 percent of the paid-up share capital of the company.
We spoke to SMC Global Securities and here’s what they have to recommend:
Royal Orchid Hotels | Buy | LTP: Rs 86.15 | Target: Rs 98 | Stop loss: Rs 78 | Upside: 14%
PNB Housing Finance | Buy | LTP: Rs 554.25 | Target: 621 | Stop loss: Rs 490 | Upside: 12%
Mahindra & Mahindra Financial Services | Buy | LTP: Rs 352.50 | Target: Rs 380 | Stop loss: Rs 325 | Upside: 8%Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Subscribe to Moneycontrol Pro's Annual plan for Rs 399/- for the first year. Use coupon PRO2020 (Available on Web & Android only).