Sensex ends at day's low, down 746 pts ; Bajaj Auto jumps 11%; RIL down 2%

Topics MARKET WRAP | Markets | NSE

Market updates: Investors took some profit off the table on Friday after markets scaled historic levels a day before, when the S&P BSE Sensex surpassed the 50,000-mark for the first time. That said, investors rewarded stocks of the firms that delivered strong Q3FY21 results.

In the intra-day trade, the benchmark S&P BSE Sensex plunged 790 points and hit a low of 48,835 levels. The index settled around day's low level of 48,878 levels, down 746 points or 1.5 per cent. Financial bore the maximum brunt with Axis Bank declining 4.4 per cent on the Sensex, followed by SBI (3.5 per cent), ICICI Bank (3.7 per cent), and IndusInd Bank (3.5 per cent).

On the flipside, Bajaj Auto, HUL, TCS, Ultratech Cement, and Bajaj Finserv were the only gainers on the Sensex.

On the NSE, the Nifty50 settled at 14,372 levels, down 218 points or 1.5 per cent.

The broader markets, however, fared slightly better. The S&P BSE MidCap index ended 1.1 per cent lower at 18,777.46 levels while the S&P BSE SmallCap index closed at 18,442 levels, down 0.93 per cent. 

Sectorally, most of the key indices settled lower. The Nifty Metal index underperformed the benchmark and closed 4 per cent lower. Among individual stocks, SAIL fell 14 per cent, JSPL slipped 8 per cent, and Hindustan Copper declined over 4 per cenrt. READ MORE

That apart, Nifty Bank index tanked over 1,000 points, or 3.25 per cent, to close at 31,176 levels. 

BUZZING STOCKS 

Shares of SBI Cards settled Friday's session 5 per cent higher after the SBI-arm reported impovement in asset quality in the December quarter. READ MORE

That apart, investors bought shares of Bajaj Auto, that hit a record high of Rs 4,130 and ended 11 per cent higher on the Sensex, after the company reported an expansion in operating Ebitda margin to 19.8 per cent from 18.4 per cent in the year-ago quarter. READ MORE

On the downside, shares of Biocon plunged 13 per cent in the intra-day trade and ended 11 per cent lower on lower-than-expected Q3 results, with consolidated net profit down 17 per cent year on year (YoY) at Rs 169 crore. READ MORE

Shares of Reliance Industries ended 2.4 per cent lower on Friday ahead of the announcement of its December quarter results. The shares have surged around 6 per cent during the week.

GLOBAL CUES

Asian shares slipped off record highs on Friday as investors took profits after a recent rally that was driven by hopes of US economic stimulus by newly inaugurated President Joe Biden.

MSCI's broadest index of Asia Pacific stocks outside of Japan extended losses in afternoon trading to be last off 0.6 per cent at 720.17 points following three straight sessions of gains. Australia's benchmark index eased 0.3 per cent while Japan's Nikkei fell 0.4 per cent.

In Europe, stocks fell on Friday, hit by tighter travel restrictions in the euro zone and weak UK retail sales numbers. The pan-European STOXX 600 index fell 0.4 per cent.


LIVE UPDATES

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Research, HDFC Securities

Indian benchmark equity indices ended lower for the second straight day on Jan 22, correcting further after making a record high on Thursday. This was the biggest single-day drop for the benchmarks in a month. Friday's correction marked the end of an 11-week gaining streak for the frontline indices, which was the longest since 2009. At close the NSE Nifty 50 index fell 1.1% to end at 14,371.
 
Volumes on the NSE were large on a negative day. Among sectors, Nifty Bank, PSU bank, Metals and Realty fell the most while Auto index gained. Broad market indices fell less than the Nifty.
 
The Nifty seems to have begun the pre-Budget correction. Though the week on week loss is just 0.43%, the sentiments are dented severely going by the sharply adverse advance decline ratio. 14049-14098 is the support band for the Nifty.

MARKET CLOSING COMMENT :: Sumeet Bagadia, Executive Director, Choice Broking.

Fundamental
 
Indian equities opened flat today on the back of weakness in the American markets and mixed performances across Asia. Profit booking seen throughout the day pulled the benchmark index below the 49,000 mark, and ended the day around 1.5% down. Auto and IT sectors were the top gainers in the index today, while Metal, Banking and Realty sectors were the biggest losers. Broader markets were also in the red but relatively outperformed the benchmarks, the Midcap and Smallcap indices ended today’s session around 1.2% and 0.6% lower. In stock specific performance, Bajaj Auto, Hero Motocorp and Eicher Motors were the top gainers in the index today, while Axis Bank, Asian Paints and JSW Steel were the top laggards. Going ahead investors will keenly watch the earnings announcement of key companies like HUL, L&T and Ultratech Cement.
 
Technical
 
Nifty continued its downside rally for a consecutive second day and closed the week at 14371.90 level with a loss of 218 points, while Bank Nifty showed more weakness compared to Nifty and closed the session at 31167.25 level with a loss of 1019 points. On the sectoral front, Nifty Auto and IT managed to trade in the green zone while Metal, Banking and Financial Services showed profit booking and closed into negative territory with a loss more than 2.5% each. Technically, on a daily chart, the benchmark index has confirmed the Dark Cloud Cover candlestick pattern which suggests downside movement in upcoming sessions. Nifty has given a closing below 21 Hourly Moving Average which points out that the short term trend is weak. Momentum Indicator RSI also bounced from the overbought Zone and closed 58.65 with a negative crossover which signifies weakness in the index. Now, the Nifty has resistance at 14650 Levels while downside support comes at 14200 Levels.

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Indian indices tumbled on afternoon trade dragged by weak global markets and selling seen in Metal and Banking indices. Positive outlook for Auto and IT stocks helped them to retain their momentum even during today’s correction. European markets fell today on weak UK retail sales numbers and increasing restrictions in the Eurozone, while Asian markets followed its European peers. The decisions taken in the upcoming Union Budget along with the policies of the new US Government are expected to define momentum in the near term

TECH VIEW :: Rohit Singre, senior technical analyst at LKP Securities

Nifty closed a week at 14371 with loss of 60 points and formed a Doji sort of candle pattern for second consecutive week hinting uncertainty in the markets. Going forward immediate support for nifty is coming near 14300-14200 zone any break below 14200 zone may see some more pressure towards 14k mark, good hurdle is created near 14500 zone any rise near 14500 zone will be again position trimming zone above 14500 we may see some relief in Nifty

MARKET CLOSING COMMENT :: Rusmik Oza, Executive Vice President, Head of Fundamental Research, Kotak Securities

The incessant rally in BSE-30 Index paused this week with both BSE Sensex and Nifty-50 ending nearly flat. We are seeing some kind of profit booking at higher levels as the Sensex touched the psychological mark of 50,000 this week. The persisting rise in cases has intensified restrictions in parts of Europe, UK and Hong Kong which is impacting global markets. 

FII flows have been decent at ~Rs.6,900 cr in the first four days of this week while DII selling has seem some moderation with selling of Rs.2145 in the same period. We can expect volatility to remain high next week also as there will be the monthly expiry and it will be the last week before the Union Budget.

Market stats :: Market breadth favours bears


S&P BSE SmallCap slips 1%


S&P BSE MidCap index ends 1% down


SECTOR OF THE DAY :: Two-wheeler stocks lead the auto pack


SECTOR IN FOCUS :: Nifty Bank tanks 1,000 pts


STOCK OF THE DAY :: Biocon plunges 11%


STOCK OF THE DAY :: Bajaj Auto ends over 10% higher


Sectoral trends on NSE


Sensex Heatmap :: Only 6 constituents end the day in the green


CLOSING BELL


CLOSING BELL


Adani Total Gas, Torrent Gas invest in IGX, acquire 5% stake each

Adani Total Gas and Torrent Gas have become the first strategic investors in IGX (Indian Gas Exchange) by acquiring five per cent stake each, according to the Indian Energy Exchange (IEX).
 
The IGX is an arm of IEX and first authorised gas exchange in the country. The IGX partnership with the two leading gas players will go a long way in developing India's gas markets, an IEX statement said. READ MORE

S&P BSE MidCap trades 1% lower


MARKET UPDATE :: Sensex plunges 765 points, at day's low


Ahead of Results :: Reliance Industries slips 2%


IPO Update :: Indigo Paints subscribed 42 times so far on Day 3

- Issue closes today

Nifty Metal index slips 4%; SAIL, Jindal Steel tumble up to 14%

Shares of metal companies were under pressure at the bourses on Friday, with the Nifty Metal index falling 4 per cent, after share prices of Steel Authority of India (SAIL) and Jindal Steel and Power (JSPL) declined by up to 14 per cent on account of profit booking by investors. At 02:01 pm, Nifty Metal index, the top loser among sectoral indices, was down 4.3 per cent, as compared to 1.4 per cent decline in the Nifty50 index. Welspun Corp, Hindalco Industries, Hindustan Copper and JSW Steel were down 5 per cent in intra-day trade on the National Stock Exchange (NSE). READ MORE


IL&FS board addresses 57% of targeted recovery value of over Rs 56,000 cr

The board of Infrastructure Leasing and Financial Services (IL&FS) on Friday said it had addressed nearly 57 per cent of the overall targeted recovery value and nearly 32 per cent of the overall debt by the end of December quarter (Q3FY21). At the end of Q3, approximately Rs 32,000 crore worth of debt had been addressed by the new board of IL&FS and the management of the company. The bioard also maintained its target of addressing a little over Rs 56,000 crore worth of debt of the company by FY22. IL&FS had a debt of Rs 99,000 crore as of October, 2018. READ MORE

IPO Update :: Home First Finance issue subscribed 1.5x till 2:15 PM on Day 2


Dec Quarter Result :: SBI Life reports PAT worth Rs 230 crore vs Rs 390 crore YoY


50,000 done, now what? Five factors that could help market after scaling 50K

The rally has been aided by benign global liquidity, robust FPI flows, faster than anticipated recovery in economic activity, and expectations of a big-bang Budget. Business Standard looks at five key factors that market players believe could have a bearing on the market movement in the near term: READ MORE

Sensex Heatmap :: Sensex tumbles 700 pts


Alembic Pharma gets USFDA nod for low blood pressure treatment drug

Drug firm Alembic Pharmaceuticals on Friday said it has received approval from the US health regulator for Midodrine Hydrochloride tablets, which are used to treat orthostatic hypotension. The approved product is therapeutically equivalent to the reference listed drug product ProAmatine tablets of Takeda Pharmaceuticals USA, Inc. (Text Source: PTI)

SECTOR WATCH :: Nifty Auto index jumps 3% in a weak market


MARKET STATS :: Advance-decline ratio at nearly 2:5 on the BSE


SBI, ITC, Titan: Over 50% of Sensex constituents look weak on charts

As per the weekly and daily charts, the index is set to rise towards 54,000 levels in the next six months. Moreover, the index is witnessing aggressive buying momentum in the overbought territory of Relative Strength Index (RSI), suggesting the up move is confident of absorbing all the selling pressure emerging in the uncharted territory. That said, there are few stocks on the index that are not exhibiting the expected momentum. READ ABOUT THEM HERE!

SBI Cards gains 5%, hits new high on assets quality improvement in Q3

Shares of SBI Cards and Payment Services (SBI Cards) rallied 5 per cent to Rs 1,026 on the BSE in the intra-day trade on Froday after a sharp improvement in asset quality during October-December quarter (Q3FY21). The stock was trading at the highest level since its listing on March 16, 2020. At 12:11 pm, SBI Cards was trading 4 per cent higher at Rs 1,020, as compared to a 0.73 per cent decline in the S&P BSE Sensex. The trading volumes on the counter more-than-doubled with a combined 3.5 million equity shares having changed hands on the NSE and BSE till the time of writing of this report. READ MORE

RIL, private lenders among top Sensex drags today


ALERT :: Sensex tumbles over 550 pts


Adani Total Gas, Torrent Gas acquire 5 pc stake each in IGX

Adani Total Gas and Torrent Gas have become the first strategic investors in IGX (Indian Gas Exchange) by acquiring five per cent stake each, according to the Indian Energy Exchange (IEX). The IGX is an arm of IEX and first authorised gas exchange in the country.  The IGX partnership with the two leading gas players will go a long way in developing India's gas markets, an IEX statement said.  The IEX had on Friday announced the first strategic divestment of shares in the IGX. (Text Source: PTI)

Top losers on BSE at this hour

Company PRICE(rs) CHG(%) VOLUME
Biocon 403.65 -8.67 784733
S A I L 60.05 -7.54 5185472
SRF 5410.00 -6.31 19548
CESC 668.00 -5.85 39673
South Ind.Bank 8.56 -5.62 5900540
» More on Top Losers

Bandhan Bank sinks 11% in 2 days on disappointing December quarter results

However, operating performance remains strong, led by higher net interest income (NII) as margin improved 30 basis points (bps) sequentially, while assets under management (AUMs) grew at 23 per cent YoY. NII for the quarter grew by 34.5 per cent to Rs 2,072 crore as against Rs 1,540 crore in the corresponding quarter of the previous year. READ MORE

NEWS ALERT :: Caplin Point gets US FDA nod for Argatroban Injection


Budget 20201 :: From Covid-19 cess to higher spending, here's what brokerages expect

While most experts suggest the government loosen its purse strings and not worry about the fiscal deficit in a pandemic impacted year, it will be a tightrope walk for the government to increase spending without going overboard. Growth and not fiscal prudence, experts say, should be the priority for the government now. READ MORE

Bitcoin heads for worst weekly loss in months

Bitcoin wavered on Friday and was heading toward its sharpest weekly drop since September, as worries over regulation and its frothy rally drove a pullback from recent record highs. The world’s most popular cryptocurrency fell more than 5% to an almost three-week low of $28,800 early in the Asia session, before steadying near $32,000. It has lost 11% so far this week, the biggest drop since a 12% fall in September. (Source: Reuters)

Bajaj Finance has enough headroom to withstand moderate downside risks: S&P

BFL's performance is expected to remain better than the industry average. The company's non-performing loan ratio stood at 2.9 per cent as of December 31, 2020, compared to 1.6 per cent a year earlier. This level is in the absence of a Supreme Court ruling barring banks and finance companies from classifying any borrower as a nonperforming asset. Restructured loans formed about 1.4 per cent of BFL's gross loans. READ MORE

Cyient soars 15% on expectation of margin improvement in March quarter

Cyient shares soared 15 per cent to Rs 584 on the BSE on Friday in intra-day trade on the back of heavy volumes after the company's management said it expects sequential improvement in margins in the January-March quarter (Q4FY21), driven by the increase in volume and improvement in operational efficiencies. The stock of the information technology (IT) & software company was quoting at its fresh 52-week high level. READ MORE

NTPC declares 150 MW unit of Kameng Hydro-Electric Project commercially operational

State-run power producer NTPC on Friday said 150 mega watt (MW) unit of Kameng Hydro-Electric Project of its subsidiary North Eastern Electric Power Corporation is commercially operational. "Consequent upon successful commissioning, unit-3 of 150 MW of Kameng Hydro-Electric Project (4x150 MW) of North Eastern Electric Power Corporation Ltd (a wholly owned subsidiary company of NTPC Ltd) has been declared on commercial operation with effect from 00:00 hours of January 22, this year," NTPC said in a regulatory filing. (Text Source: PTI)

Auto stocks in top gear; Bajaj Auto surges 9% on strong performance in Q3

Shares of automobile and auto ancillary companies were in top gear on Friday, with Nifty Auto and the S&P BSE Auto indices surging nearly 4 per cent at the bourses, hitting their respective 52-week highs, following a strong performance during the quarter ended December 2020 (Q3FY21). READ MORE


BUZZING STOCK :: Hero Moto stock jumps 4% as firm crosses 100-million milestone

Hero MotoCorp, the country's largest two-wheeler maker, on Thursday said it has crossed the 100 million (10 crore) cumulative production milestone since its inception in 1984, and announced to introduce over 10 products annually in the next five years to keep its growth momentum. The company rolled out the 100 millionth unit, Xtreme 160R model, from its manufacturing facility in Haridwar.

ALERT :: Selling pressure intensifies on Sensex


NEWS ALERT :: Alembic Pharma gets US FDA approval for Midodrine Hydrochloride Tablets

>> It is used for treatment of symptomatic orthostatic hypotension


1 million new investors entering the market on a monthly basis, shows data

Mansi Majithia has just begun the process of signing up to invest in the stock market. She’d invested earlier, but the amounts were small. This will be her first serious foray into equities.
 
And, it comes even as the market has touched an all-time high. She is not alone in putting her money in the stock market. There are around one million new investors entering the market on a monthly basis, shows regulatory data READ MORE

BUZZING STOCK:: Bajaj Auto extends gain


YES Bank slips ahead of Q3 numbers later today


Biocon tanks 10% on lower-than-expected December quarter results

Shares of Biocon plunged 10 per cent to Rs 400 on the BSE in the morning deals on Friday after the company posted below par December quarter (Q3FY21) results, with consolidated net profit down 17 per cent year on year (YoY) at Rs 169 crore. Ebitda (earnings before interest, taxes, depreciation, and amortization) declined 10.1 per cent YoY to Rs 400 crore, while Ebitda margins contracted 383 basis points YoY to 21.6 per cent mainly due to higher employee, R&D and other expenditure. READ MORE

Kajaria Ceramics extends rally to 4th day, rises 5%

In Q3FY21, Kajaria Ceramics reported 93 per cent year on year (YoY) jump in its consolidated net profit at Rs 118.94 crore as against a Rs 61.54-crore profit in Q3FY20. The company’s Ebitda (earnings before interest, taxes, depreciation, and amortization) margins expanded to 21.68 per cent from 15.02 per cent in the year-ago quarter.

SECTOR WATCH:: Auto stocks in focus

Company LATEST(rs) CHG(%)
Tata Motors 304.25 4.75
Ashok Leyland 124.40 4.06
Tata Motors-DVR 115.90 5.32
Bajaj Auto 3933.00 6.11
Eicher Motors 3012.80 2.93
» More

Rupee Opening

Rupee opens lower at 73.03 per US dollar vs Thursday's close of 72.99/$

JK Tyre zooms 51% in 4 days, hits fresh 52-week high on robust Q3 results

Shares of JK Tyre & Industries hit a fresh 52-week high of Rs 132, soaring 14 per cent on the BSE in the early morning trade on Friday, after the company reported highest-ever quarterly sales and net profit for the quarter ended December 2020 (Q3FY21). The stock of tyre & rubber products maker zoomed 51 per cent in past four trading days. READ MORE

 

Most active stocks by volume

Company PRICE(rs) CHG(%) VOLUME
Vodafone Idea 12.90 0.16 8253306
Future Consumer 8.95 4.56 3938316
Tata Motors 305.15 5.06 3214036
South Ind.Bank 8.46 -6.73 2408899
Bharat Electron 134.75 0.75 1385290
» More on Most Active Volume

MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

This has been a 'Buy on Dips'  market for months now. Sustained FII buying has been the main catalyst behind this strategy. Of late, better than expected corporate results have been supporting this strategy. Nothing warrants a change in this strategy now. But the market is likely to move into a consolidation phase for the short-term since the big news regarding the US presidency is behind us and the milestone of 50000 Sensex was reached. A positive surprise is the continuous flow of excellent corporate results. This will take away some concerns regarding valuations. Sustained FII inflows (Rs 1615 cr yesterday) can deter the bears from going short.

Result impact :: Biocon plunges over 8%

>> Biopharmaceutical major Biocon posted a nearly 19 per cent dip on YoY basis in its consolidated net profit at Rs 186.6 crore for the third quarter of financial year 2020-21, owing to its generics business taking a hit along with headwinds across operational, regulatory and commercial functions.


Bajaj Auto fuels rally in other 2-wheeler stocks


ALERT :: Sensex at day's low


Cyient rallies 5% in a weak market

>> IT firm Cyient, on Thursday, reported a 11.9 per cent decline in net profit at Rs 95.4 crore for the December 2020 quarter. Its revenue decreased 5.6 per cent to Rs 1,044.3 crore for the period under review.


Bandhan Bank slides over 5% after a 4% cut on Thursday


Result Reaction :: Zensar Tech advances over 2.5%

>> Zensar Technologies' net profit more than doubled to Rs 98.7 crore for the December 2020 quarter vs Rs 38.3 crore in the year-ago period. Its revenue, however, declined 7.7 per cent YoY to Rs 906.5 crore in the quarter. The firm has also declared interim dividend of Rs 1.20 per share of Rs 2 each.


Vedanta trades higher on increased production

>> Mining giant Vedanta said production of mined zinc in India rose 4 per cent to 2,44,000 tonnes in the third quarter of the ongoing fiscal.


HDFC Bank slips 0.8% on Rs 1-crore penalty by Sebi

>> Sebi imposed a penalty of Rs 1 crore on HDFC Bank for invoking securities pledged by stockbroker BRH Wealth Kreators in violation of the regulator's interim directions.



Result reaction :: SBI Cards gains 3%

>> SBI Cards and Payment Services reported nearly 52 per cent dip in its net profit to Rs 210 crore in the third quarter ended December 2020, on higher provisioning.


JK Tyre zooms 12% on stellar December quarter results

>> JK Tyre & Industries reported a multi-fold jump in consolidated net profit at Rs 230.46 crore in the third quarter ended December 31, 2020 riding on robust sales and aided by favourable foreign exchange fluctuations.


Reliance Industries trades over half a per cent higher ahead of Q3 results


Sectoral trends on NSE :: Financials, pharma, IT exhibit weakness


Sensex Heatmap :: HDFC slips 1%, Bajaj Auto up 2%


Opening Bell :: Nifty holds 14,550


Opening Bell :: Sensex declines over 100 pts


NEWS ALERT :: HDFC Bank clarifies in BRH Wealth Kreators case

>> Says, the Bank has been directed to transfer an amount of Rs 158.68  crore along with interest from October 14, 2019 till date, calculated at the rate of 7% p.a. to  an interest bearing Escrow Account in any nationalized bank

>> The Bank is reviewing the Order for considering future course of action

COMMODITY CHECK


Sensex Heatmap | Top gainers & losers in pre-open trade


Nifty gains 17 points in pre-open session


Pre-open Session :: Sensex slips marginally


Bull Spread strategy on Britannia by Nandish Shah of HDFC Securities

Buy Britannia Jan 3650 Call at Rs 54 and simultaneously sell Jan 3800 Call at Rs 15
  • Lot Size: 200
  • Cost of the strategy: Rs 39 (Rs 7,800 per strategy)
  • Maximum profit: Rs 22,200 if Britannia closes at or above 3,800 till 28 Jan expiry.
  • Breakeven Point: Rs 3,689 | READ IN DETAIL

Stocks to watch: RIL, YES Bank, Vedanta, HDFC Bank, SBI Card, Biocon

Q3 earnings: Reliance Industries, Yes Bank, Gland Pharma, JSW Steel, Oberoi Realty and V-Mart Retail are among 41 companies set to announce their quarterly earnings later today.
 
SBI Card: SBI Cards and Payment Services reported nearly 52 per cent dip in its net profit to Rs 210 crore in the third quarter ended December 2020, on higher provisioning.
 
HDFC Bank: Sebi imposed a penalty of Rs 1 crore on HDFC Bank for invoking securities pledged by stockbroker BRH Wealth Kreators in violation of the regulator's interim directions. READ MORE

 

Oil drops as new COVID cases in China trigger clampdowns

-- Oil prices fell in early trade on Friday, retreating further from 11-month highs hit last week, on worries new pandemic restrictions in China will curb fuel demand in the world’s biggest oil importer.
 
-- U.S. West Texas Intermediate (WTI) crude futures dropped 47 cents, or 0.9%, to $52.66 a barrel at 0148 GMT, after slipping 18 cents on Thursday. Brent crude futures fell 45 cents, or 0.8%, to $55.65 a barrel, erasing a 2 cent gain on Thursday. (Source: Reuters)


FIIs net buyers to the tune of Rs 1,600 cr; DIIs sell stocks worth Rs 1,000 cr


BSE bulk deal data for Thursday

Bulk deal on NSE on Thursday

SGX Nifty update

 At 8:40 am, the index was at 14,582 levels, down 61 points

Asian markets check

(Source: Reuters)


US Markets check

On Wall Street, both the S&P 500 and Nasdaq closed at record highs, up 0.03 per cent 0.55 per cent, respectively, on Thursday, pushed upward by continued optimism about economic stimulus to counteract the Covid-19 pandemic promised by newly inaugurated US President Joe Biden. The Dow Jones, meanwhile, fell 0.04 per cent.

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