Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas:
The Nifty, on January 06, had moved down towards the lows seen in the last couple of weeks. It had fallen towards the 20 WMA, daily lower Bollinger Band & the 50% retracement of the Sept-Dec 2022 rally. These parameters were present near the lower end of the short term consolidation range, which is 17800. Thereon the index witnessed a smart bounce on January 09.
It can go on till 18200-18260 on the higher side. The level of 18000 will act as an immediate support. The overall structure for the last few sessions shows that the sharp moves in both the directions are part of the short term consolidation process.
Rupee Close:
Indian rupee closed 36 paise higher at 82.36 per dollar against previous close of 82.72.
Market Close:
Indian benchmark indices ended on positive note on January 9 with Nifty finishing around 18,100.
At Close, the Sensex was up 846.94 points or 1.41% at 60,747.31, and the Nifty was up 241.70 points or 1.35% at 18,101.20. About 1986 shares have advanced, 1542 shares declined, and 155 shares are unchanged.
M&M, TCS, HCL Technologies, Tech Mahindra and IndusInd Bank were among the top gainers on the Nifty. However, losers were Titan Company, Bajaj Finserv, Grasim Industries, Bajaj Auto and HDFC Life.
Among sectors, Information Technology, power, auto, capital goods, oil & gas, metal and PSU bank indices up 1-2 percent.
BSE midcap index up nearly 1 percent and smallcap index up 0.5 percent.
CLSA maintains 'Outperform' rating on Titan Company
-Outperform rating, target at Rs 3,000 per share
-Healthy demand & strong execution sustains growth
-Titan noted strong double-digit growth across all its segments
-Company saw 12% growth in overall revenue versus estimates of 13.4% growth
-Company continued to expand its network with 129 store additions for quarter
-Titan’s total store count now stands at 2,537
JK Cement arm invests Rs 153 crore in Acro Paints
JK Cement's wholly owned subsidiary JK Paints & Coatings initially/at first tranche invested an amount of Rs 153 crore and completed the acquisition of 60 percent equity shares of Acro Paints
JK Cement was quoting at Rs 2,875.40, up Rs 2.70, or 0.09 percent.
CLSA maintains 'Buy' rating on ONGC:
-Buy rating, target at Rs 225 per share
-High confidence in predictability of company’s earnings will be a big positive
-Policy for crude & gas pricing stabilises in 2023 after uncertainties seen in H2
-See potential for 65% base case total stock return versus sub 10% downside risk
-Identify option value equal to 90% of current stock price
-See possibility that conviction the rise over the next 12-18 months
-Reiterate ONGC as top buy in the sector
Oil and Natural Gas Corporation was quoting at Rs 148.05, up Rs 0.65, or 0.44 percent.
Gland Pharma arm to acquire 100% stake in Cenexi
Gland Pharma's Singapore subsidiary, Gland Pharma International PTE. has enters into a share purchase agreement with FPCI Sino French Midcap Fund and others to acquire 100% stake in Cenexi and the Cenexi Holding Entities
Gland Pharma was quoting at Rs 1,560.50, down Rs 4.30, or 0.27 percent.
BSE Capital Goods index rose 1 percent supported by CG Power, Carborundum Universal, L&T
Dhruv Consultancy Services bags contract:
National Highways Authority of India, Navi Mumbai has awarded contract worth Rs 11,17,80,000 to Dhruv Consultancy Services.
Morgan Stanley keeps Equal-weight rating on Macrotech Developers
-Equal-weight rating, target at Rs 1,145 per share
-Key themes for MDL include pre-sales momentum
-Project acquisition via JDA/JV route & de-leveraging
-Cash repatriation from London projects should accelerate
Macrotech Developers was quoting at Rs 1,054.10, down Rs 7.50, or 0.71 percent on the BSE.
Gujarat Heavy Chemicals gets regulatory nod to increase soda ash production capacity
Gujarat Heavy Chemicals has received requisite regulatory consent amendment for increase in its Soda Ash production capacity from 11,00,000 Ton per annum (TPA) to 12,00,000 TPA as per consent condition.
Gujarat Heavy Chemicals was quoting at Rs 524.15, down Rs 3.00, or 0.57 percent on the BSE.
Market at 3 PM
The Sensex was up 806.60 points or 1.35% at 60706.97, and the Nifty was up 227.70 points or 1.27% at 18087.20. About 1889 shares have advanced, 1467 shares declined, and 152 shares are unchanged.
Macquarie maintains 'Outperform' rating on Titan Company
-Outperform rating, target raised to Rs 3,250 per share
-See healthy growth in jewellery, watches
-Weaker-than-expected pace of store additions key takeaways
-Raise FY23/24/25e EPS by 2% each to factor sales strength across segments
-Pre-Q3 update reaffirms resilience of Titan’s consumer demand
Titan Company was quoting at Rs 2,480.10, down Rs 56.85, or 2.24 percent on the BSE.
Morgan Stanley keeps equal-weight rating on Tata Steel
-Equal-weight rating, target at Rs 95 per share
-Tata Steel India's Q3 adjusted sales volume decline 5% QoQ
-Partly offset by some improvement in exports
-Sequential moderation in European production, but sales improved
-Tata Steel Long subsidiary NINL began operations during this quarter
Nifty PSU Bank index up 1 percent led by Bank of India, Indian Bank, Canara Bank
Prateek Agrawal, Executive Director, Business & Investment Strategy, Motilal Oswal AMC
On taxation, I believe it would be broadly a continuity. Do not expect any reduction anywhere given the revenue focus. In the past, we have seen capital gains taxation for unlisted equity and for bonds being converged with equity and more should continue to be expected in this budget (improvement in terms for others to equity terms). Moreover, once converged, setting off of gains and losses could become more seamless.
Overall, the budget is expected to continue to whet the animal spirits of India Inc as we as a country strive to achieve the goal of a USD 5 trillion economy over the next few years and claim our rightful place in the galaxy of nations.
Rallis India signs MoU with Garuda Aerospace
European Markets Updates:
Power Grid large trade | 2.72 crore shares (0.4% equity) worth Rs 560 crore change hands at an average of Rs 207 per share
Naveen Kulkarni, Chief Investment Officer, Axis Securities on Indian market
Indian markets have opened in the green today on the back of a rally in the global equity markets due to various factors. This includes softer-than-expected wage growth in the US and commentary by Fed’s Evans on Friday, where he expects a slower rate increase by the US Fed, including a possibly 25 bps increase in the upcoming policy meeting. Additionally, further opening by both Hong Kong and China from the remaining Covid-related border controls, and kick-off in Q3 corporate earnings, where TCS is all set to announce their results today, are some of the other reasons for a green opening.
From a medium-term perspective, we believe the market will continue to remain volatile. The market direction will be determined by the upcoming result season, where we could see the first signs of earnings momentum weakening and the announcement of the Union Budget, scheduled on February 1, 2023.
Chambal Fertilisers large trade | 4.74 lakh shares (0.11% equity) worth Rs 14.91 crore change hands at Rs 314.5 per share
Market update at 2 PM
Sensex is up 660.45 points or 1.10% at 60560.82, and the Nifty jumped 185.40 points or 1.04% at 18044.90.
More than 100 stocks have touched their 52-week highs during the day; Click to View More
National Fertilizers clocks 27% growth in fertilizer sale during Apr-Dec 2022
National Fertilizers clocked a growth of 27% in total fertilizer sale during April- December 2022 as compared to corresponding period last year (CPLY).
The company reported total fertilizer sale of 49.71 lakh MT compared to CPLY of 39.25 lakh MT which is best ever in its history.
National Fertilizers was quoting at Rs 73.50, up Rs 0.40, or 0.55 percent on the BSE.
CLSA maintains 'Buy' rating on Bharti Airtel:
-Buy rating, target raised to Rs 1,040 per share
-Best play on India mobile; hefty operating cashflows & rising ROCE
-Forecast Bharti to record 16%/22% India mobile revenue/EBITDA CAGR by FY25
-Expect Bharti to offer 5G upside to mobile & company’s enterprise offerings
-Despite 5G capex, expect hefty cashflows of USD 28 billion to drive deleveraging to 1x EBITDA
-Cashflows to drive pre-tax ROCE to 18% by FY25CL
Phoenix Mills' consumption up 122% YoY at Rs 9,265 million
Phoenix Mills' consumption in December 2022 at Rs 9,265 million, 122% of December 2019, while retail collection in December 2022 stood at Rs 1,920 million
Phoenix Mills was quoting at Rs 1,429.45, up Rs 10.20, or 0.72 percent.
PVR opens multiplexes in Jaipur, Bengaluru and Gurugram
PVR informed about the opening of 3 new multiplexes in Jaipur, Bengaluru and Gurugram with a total count of 19 screens.
PVR announces the launch of its 8-screen multiplex, the largest in Rajasthan, 7-screen multiplex at Bhartiya Mall of Bengaluru at Bhartiya City and 4-screen multiplex in Haryana with Elan Town Centre.
With this launch, PVR now operates the largest multiplex network with 903 screens at 181 properties in 78 cities (India and Sri Lanka).
2.91 lakh shares (0.5% Equity) worth Rs 48 crore change hands at an average o Rs 1,662.85 per share.
BSE Oil & Gas index rose 1 percent led by Adani Total Gas, Reliance Industries, ONGC
Market at 1 PM
The Sensex was up 778.35 points or 1.30% at 60678.72, and the Nifty was up 218.30 points or 1.22% at 18077.80. About 2096 shares have advanced, 1196 shares declined, and 165 shares are unchanged.
Lupin gets USFDA approval for Toviaz Generic
Lupin has received approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA), Fesoterodine Fumarate Extended-Release Tablets, 4 mg and 8 mg, to market a generic equivalent of Toviaz Extended-Release Tablets, 4 mg and 8 mg, of Pfizer Inc.
The product will be manufactured at Lupin’s facility in Goa, India.
Lupin was quoting at Rs 747, up Rs 8.55, or 1.16 percent on the BSE.
BSE Smallcap index rose 0.7 percent supported by BCL Industries, Sterling Tools, Transformers And Rectifiers
Aditya Birla Fashion & Retail to raise Rs 500 crore via NCDs
Aditya Birla Fashion & Retail proposes to raise funds by issuing 5,000 listed, unsecured, rated, redeemable non-convertible debentures of face value of Rs 10,00,000 each issued at par aggregating to Rs 5,00,00,00,000 on private placement basis, on or after January 13
Aditya Birla Fashion & Retail was quoting at Rs 275.70, down Rs 2.00, or 0.72 percent on the BSE.
Morgan Stanley View On Titan Company
-Overweight rating, target at Rs 3,000 per share
-Initial Q3 trends were slightly weaker than expected
-11% YoY growth in jewellery division & 12% at company level, on a high base
-Growth was slower in the second half of the year vs first half of the quarter
Titan Company was quoting at Rs 2,490.65, down Rs 46.30, or 1.83 percent.
BSE Power index up 1 percent supported by CG Power, Adani Green, Adani Transmission
TCS trades near day's high ahead of Q3 numbers
Tata Consultancy Services to announce its December quarter (Q3FY23) earnings on January 9
IL&FS completes interim distribution payout of Rs 1,273 crore for RMGSL
IL&FS has completed Interim Distribution pay-out for Rapid MetroRail Gurgaon South Limited (RMGSL), an IL&FS Group company.
The Group has paid a total of Rs 1,273 crore, of which Rs 1,252 crore has been paid to the secured financial creditors, for RMGSL.
ILandFS Transportation Networks was quoting at Rs 4.50, up Rs 0.01, or 0.22 percent.
IDFC First Bank hikes lending rates by 15-20 bps across tenures, reported CNBC-TV18.
IDFC First Bank was quoting at Rs 59.80, up Rs 0.30, or 0.50 percent on the BSE.
Market at 12 PM
Benchmark indices extended the gain with Nifty trading above 18100.
The Sensex was up 932.90 points or 1.56% at 60833.27, and the Nifty was up 263.90 points or 1.48% at 18123.40. About 2215 shares have advanced, 1046 shares declined, and 154 shares are unchanged.
HDFC Bank hikes lending rates by 20-25 bps
HDFC Bank hiked lending rates by 20-25 bps across loan tenures, reported CNBC-TV18.
HDFC Bank was quoting at Rs 1,610.20, up Rs 15.85, or 0.99 percent.
Mahindra introduces a new range of the Thar starting at Rs 9.99 Lakh
Mahindra & Mahindra today introduced an all-new range on the Thar. The all-new range includes Rear Wheel Drive (RWD) variants in two engine options and enhanced capability in the Four Wheel Drive (4WD) variants.
The Diesel variants of the RWD range come powered by an all-new D117 CRDe engine producing 117 BHP and 300 Nm torque (87.2 kW@3500 rpm) with manual transmission.
Powering the Gasoline variant of the RWD range is the mStallion 150 TGDi engine producing 150 BHP and 320 Nm torque (112 kW@5000 rpm) with automatic transmission.
Mahindra and Mahindra was quoting at Rs 1,310.05, up Rs 45.10, or 3.57 percent on the BSE.
December Life Insurance Data:
HDFC Life - Premium Up 2%, Retail APE up 23% YoY
ICICI Prudential - Premium Up 5%, Retail APE down 7% YoY
Max Life - Premium Up 2%, Retail APE down 10% YoY
SBI Life - Premium Up 30%, Retail APE up 31% YoY
LIC - Premium Up 4%, Retail APE up 3% YoY
Krishna Institute of Medical Sciences makes further investment in subsidiary
Krishna Institute of Medical Sciences makes further investment by acquiring an additional equity stake of 5.53% in Sarvejana Healthcare Private Limited, subsidiary Company. Consequently, the company now holds 56.61% of the total paid-up equity share capital of Sarvejana Healthcare.
Krishna Institute of Medical Sciences was quoting at Rs 1,515.45, up Rs 17.70, or 1.18 percent on the BSE.
Ajmera Realty Q3 update
-Sales value up 19% YoY and down 23% QoQat Rs 128 cr
-Collections up 40% YoY and up 14% QoQat Rs 116 cr
F&O Manual: Despite market rally, setup still negative, say traders; IT stocks shine
Traders are unimpressed with the bounce in the market and believe the setup is still negative for the Nifty... Read More
ICICI Prudential Life Insurance Dec Update
-Annualised Premium Equivalent up 24.9% at Rs 722 cr vs Rs 578 cr MoM
-New Business Premium up 15% at Rs 1,455 cr vs Rs 1,265 cr MoM
-Annualised Premium Equivalent down 2.6% YoY & new business premium up 5.4% YoY
Reliance Jio launches 5G services in Jaipur, Jodhpur & Udaipur
Reliance Industries shares gained 2 percent after Honourable Chief Minister of Rajasthan, Shri. Ashok Gehlot launched Jio True 5G services in Jaipur, Jodhpur and Udaipur at an event at State Data Centre, Jaipur.
In the next couple of months, Jio True 5G services will be available in Kota, Ajmer and Bikaner as well. By the end of 2023, every town, taluka and tehsil of Rajasthan will have Jio True 5G coverage, said Reliance Jio Infocomm.
Reliance Industries was quoting at Rs 2,593.70, up Rs 56.45, or 2.22 percent on the BSE.
Hi-Tech Pipes signs MoU with Government of Uttar Pradesh
Hi-Tech Pipes has signed a Memorandum of Understanding (MOU) with the Government of Uttar Pradesh for setting up of a Mega manufacturing facility of Steel tubes & Pipes and Flat Steel Processing
