Sensex ends choppy day 25 pts lower; midcaps skid; M&M up 6%, HDFC down 2%

Stock market updates: Buying in select banking and automobile stocks helped markets pare steep losses, logged earlier today, and flat on Wednesday. Investors turned to profit-booking, after benchmarks scaled fresh lifetime highs in the morning deals, and dragged the benchmark S&P BSE Sensex lower by 731 points from record peak of 49,795 levels. The Nifty50 slipped 217 points from new peak of 14,653.
At close, the S&P BSE Sensex was at 49,492 levels, down 25 points or 0.05 per cent. Individually, M&M jumped nearly 6 per cent on the BSE today and re-entered the Rs 1-trillion m-cap club. At close, its market cap stood at Rs 1.02 trillion on the BSE.

That apart, SBI surged 4.5 per cent, ITC (2.4 per cent) and Bharti Airtel (2 per cent), to end the day as top gainers on the Sensex. Losses in Bajaj Finance (3 per cent), HDFC (2.6 per cent), Reliance Industries (1 per cent), and HDFC Bank (0.5 per cent) put pressure on markets.

On NSE, the Nifty held the 14,550-mark and closed at 14,565 level, up 1.4 points or 0.1 per cent.

Sectorally, Nifty Pharma ended 1 per cent lower. On the upside, Nifty PSU index surged 3.3 per cent and ended as an outperformer for second straight day.

In the broader market, the S&P BSE MidCap ended 0.6 per cent lower at 19,087.59 while the S&P BSE SmallCap index slipped 0.4 per cent at 18,850.66.

Global markets

Asian stocks rose on Wednesday, tracking modest Wall Street gains, as expectations that a vaccine will eventually win the battle against the coronavirus fuelled recovery hopes, while tight supply expectations pushed oil prices to a one-year high.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.61 per cent, while Japan's Nikkei 225 ended 1.04 per cent higher. South Korea's KOSPI gained 0.7 per cent, and Australia's S&P/ASX 200 reversed losses and added 0.11 per cent at close. China's Shanghai Composite, however, ended 0.27 per cent down.

In Europe, stocks were little changed on Wednesday as a profit warning from Danish wind farm developer Orsted hit utilities, while French grocer Carrefour jumped following merger talks. the pan-European STOXX 600 index rose just 0.1 per cent, as utilities were a drag after Orsted slumped 7.5 per cent on warning a return to more normal wind speeds this year would hit operating earnings.

The German DAX remained muted as Health Minister Jens Spahn said the country will not be able to lift all restrictions imposed to curb the spread of the coronavirus at the beginning of February.


TECH VIEW :: Ashis Biswas, Head of Technical Research, CapitalVia Global Research

Today, the market failed to show resilience to stay above the level of 14600 and we saw profit booking in the market. As of now, the short-term technical condition of the market shows that the expected range of the market is likely to be between 14380 and 14680. While it is subject to further price action evolution, our research suggests it is prudent to wait for a decisive breakout above 14680 and technical factors to improve before going long in the market. As such we retain our cautious stance and advise the traders to refrain from building a fresh buying position, until we see further improvement and breakout above 14680.

MARKET CLOSING COMMENT :: S Ranganathan, Head of Research at LKP Securities

A Volatile day indeed with Indices swinging both ways ahead of Earnings today from the two IT biggies. The highlight of the day was the spirited upmove put up by the State-Owned Banks in Afternoon Trade

MARKET CLOSING COMMENT :: Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities

Nifty has achieved a long range target of 14640 and is now expected to witness increased volatility going ahead. For Traders, 15100 can be expected on the higher side with momentum support seen at 14280. Aggressive buying is advisable below the 14000 mark. Banking and Energy stocks are expected to outperform in the near term

BSE Midcap index skids 0.63%

Sector Watch | Barring, financials, pharma and realty, all sectors close higher

Private lenders, RIL, Asian Paints among top drags today

Sensex Heatmap | Top gainers & losers at close

  • 14 of 30 Sensex stocks end higher
  • M&M biggest gainer, rallies over 6%
  • SBI, ITC, NTPC among other top performers
  • Bajaj Finance, HDFC, Bajaj Finserv top losers, down up to 3%

CLOSING BELL: Nifty ekes out 1 point gain, ends at 14,564.85

CLOSING BELL: Sensex ends volatile session 25 points down, snaps 3-day winning run

Dec Quarter Result :: GTPL Hathway Q3's PAT up 37% at Rs 45.2 cr Vs Rs 33 cr (YoY)

>> Revenue down 5.1% at Rs 647.2 cr Vs Rs 682 cr (YoY)

Most active stocks on BSE in volume terms

Sensex off day's low, trades flat

Coal India increases capex by 30% for current fiscal year to Rs 13,000 crore

Country’s national miner Coal India Limited (CIL) has decided to scale up its capital expenditure by an additional Rs 3,000 crore. This is the first time in its history that the mining giant has revised its capex upwards. The capex for this fiscal would stand at Rs 13,000 crore. The company said capex revision is in line with the Centre’s directive to public sector utilities (PSUs) to increase their capital expenditure in order to “stimulate economic activity.” CIL’s revised capex during the current financial year would make it one of the top spenders among the Indian PSUs, said a statement by the company. READ MORE

RBI may not cut rates despite drop in retail inflation: Motilal Oswal

The Reserve Bank of India (RBI) is unlikely to further ease the interest rates in the next meeting of its Monetary Policy Committee even though retail inflation declined in December 2020, a report by Motilal Oswal Institutional Equities said. The 'Ecoscope' report noted that the central bank is likely to continue with its calibrated approach towards the management of domestic liquidity. READ MORE

India VIX spikes over 3.5% to 23.66

-- India VIX is a volatility indicator

NEWS FLASH :: M&M cuts over half of North America's workforce, says report

Indian automaker Mahindra & Mahindra Ltd has cut more than half of the workforce at its North American unit, two sources familiar with the matter told Reuters, due to the COVID-19 pandemic and an ongoing legal tussle. The sources did not give a figure for the number of jobs lost at the business, which had over 500 employees in early 2020, according to its website. (Report by Reuters)

Nifty Pharma worst sectoral performer, down over 1%

BUZZING STOCK :: Hudco defies market mood, hits 52-week high

Banking on Budget: Keeping an eye out for growth focus, PSU reforms

The Indian stock market is hitting an all-time high and if one were to look fundamentally, on an earnings basis, it is trading close to one of its highest valuations ever. India is trading at one of the highest premium when compared with global as well as emerging market indices. This implies market participants’ very positive view on the Indian economy. We have already seen forecasts of more than 20 per cent compound annual growth rate (CAGR) for Nifty 50 companies. READ MORE

Auto stocks outperforming in a weak market

Mrs. Bectors Food stock hits lowest level since listing amid profit booking

Shares of Mrs. Bectors Food Specialities were down 1 per cent to Rs 430.50, its lowest level since listing on the BSE in the intra-day trade on Wednesday.
Mrs. Bectors Food Specialities made a strong stock market debut on December 24, with stock of the biscuit and bread manufacturer listing at Rs 501, a 74 per cent premium against its issue price of Rs 288 per share on the BSE on Thursday. Post listing, it zoomed 119 per cent against its issue price in the next couple of days. READ MORE

MARKET UPDATE:: Sensex at day's low

IRFC IPO to open on January 18; firm looks to raise Rs 4,600 crore

The initial public offering (IPO) of Indian Railway Finance Corporation (IRFC) worth about Rs 4,600 crore will hit the market on January 18, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said on Wednesday. "IRFC coming up for listing with a Rs 4600 cr+ issue in a price band of Rs 25-26 per share. Anchor book on Jan 15 and the main book from Jan 18-20," he tweeted. READ MORE

Pharma, healthcare growing, but they face challenges beyond Covid-19

The Indian pharmaceuticals industry and the healthcare sector are gearing up for a second year of extreme stress. Apart from dealing with Covid-19, and perhaps a new threat of bird flu, pharmaceutical and healthcare face several other challenges. First, there is the task of inoculating a vast population for Covid-19. READ MORE

Falling reliance on China: Optimism grows for India's best-performing stock

In just about two weeks, at least four brokerages have raised their price targets on the shares of Divi’s Laboratories Ltd. -- one of the top producers of active pharmaceutical ingredients -- with Jefferies India Pvt.’s estimate of an almost 20% gain over the next 12 months being the most bullish in data compiled by Bloomberg. READ MORE

IRFC IPO to raise Rs 4,600 crore; issue opens on Jan 18

The initial public offering (IPO) of Indian Railway Finance Corporation (IRFC) worth about Rs 4,600 crore will hit the market on January 18, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said on Wednesday. "IRFC coming up for listing with a Rs 4600 cr+ issue in a price band of Rs 25-26 per share. Anchor book on Jan 15 and the main book from Jan 18-20," he tweeted. (Source: PTI)

Low price denomination stocks dominate investor interest

Thirty-nine, including Subex, McLeod Russel, Jet Airways, Jain Irrigation Systems, and Sintex Plastics Technology, have surged more than 5x during this period.
Coming at a time when economic activity was disrupted due to the Covid-19 pandemic, the rally in these stocks has left market players baffled. According to analysts, a new crop of retail investors entering the market could be drawn towards low-denomination stocks. READ MORE

Tata Chemicals zooms 10% on report firm in talks to buy Archean's unit

Shares of Tata Chemicals hit a fresh record high of Rs 552 after rising 5 per cent on the BSE in intra-day trade on Wednesday. The stock has surged 10 per cent in the past two trading days, on report that the Tata Group commodity chemicals company is in advanced talks for Archean's industrial salt unit. At 12:14 pm, Tata Chemicals was trading 4 per cent higher at Rs 543, as compared to 0.12 per cent decline in the S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined around 12 million equity shares changing hands on the NSE and BSE, till the time of writing this report. READ MORE

NEWS ALERT :: Unichem Lab gets USFDA nod for Celecoxib Capsules

>> Celecoxib Capsules is indicated for treatment of Osteoarthritis, Rheumatoid Arthritis, Ankylosing Spondylitis, Acute Pain & Primary Dysmenorrhea.

>> The product will be commercialized from Unichem’s Goa Plant.

Granules gets USFDA nod for diabetes management drug

Drug firm Granules India on Wednesday said it has received the US health regulator's approval for Metformin Hydrochloride extended-release (ER) tablets, used in the management of type-2 diabetes. The approved product is the generic equivalent of Glumetza ER tablets, 500 mg and 1000 mg, of Bausch Health US LLC. (Text Source: PTI)

Private banks Q3 preview: Debt restructuring nos eyed; PAT may grow 20% YoY

Pick-up in the economic activity and buoyant loan growth during the festive season is expected to boost earnings of private banks for the December quarter of financial year 2020-21 (Q3FY21). Among the pack, mighty banks such as HDFC Bank and ICICI Bank, however, are expected to outperform their peers, analysts say. READ MORE

L&T receives multiple orders in domestic, overseas market

Infrastructure company Larsen & Toubro (L&T) on Wednesday said it has received multiple orders across business segments in the domestic and international market. The company did not provide the value of the contracts but said the orders fall under the "significant" category, which ranges between Rs 1,000 crore and Rs 2,500 crore according to the classification of contracts. (Text Source: PTI)

YONO, earnings recovery key triggers for SBI: Goldman Sachs, Macquarie

Foreign brokerage Goldman Sachs has added the stock to its 'Conviction List' and has revised its target upwards from Rs 367 to Rs 383, which translates to 31 per cent upside from Tuesday's closing price.
"As the outlook on Indian macro improves, SBI remains one of the most attractive names within our coverage. Despite nearly 40 per cent increase in share prices in the last five months, investors are still pricing in around 60 per cent hit to its FY21E book value, which seems excessive. We believe not only does the bank have strong balance sheet protection, but there are other drivers that the market is yet to fully appreciate," it said in its latest report. READ MORE

Tech view: Bharti Airtel may rally another 15% once it scales all-time high

From a technical viewpoint, this counter is headed towards the all-time high of Rs 612 levels on the NSE. Once this mark is surpassed, the upside may open doors for the uncharted territory of Rs 670 and Rs 710 levels, from a medium-term scale. The closing basis support stays at 585 levels. The Relative Strength Index (RSI) has started showing upside bias with momentum staying in favour of bulls, in its overbought category.  READ MORE

Market Stats: Advance-decline ratio at 3:4 on BSE

M&M reclaims Rs 1-trn m-cap mark as stock surges 5%, hits over 2-yr high

Mahindra & Mahindra on Wednesday regained the market-capitalisation (market-cap) of Rs 1-trillion after the firm's stock hit an over two-year high of Rs 817, surging 5 per cent on the BSE. At 11:39 am, the company had a market-capitalisation of Rs 1.01-trillion, BSE data shows. The stock of car and utility vehicles company was trading at its highest level since October, 2018. It hit a record high level of Rs 992 on August 30, 2018. READ MORE

Top Sensex drags: HDFC, TCS, HDFC Bank

NEWS FLASH :: Paytm Money launches F&O, derivatives trading

Wipro hits fresh record high ahead of December quarter results

Shares of Wipro hit a fresh record high of Rs 467, up 2 per cent, on the BSE on Wednesday ahead of the October-December quarter (Q3FY21) results. The information technology (IT) consulting & software company will announce its results after market hours today. In the past one month, Wipro has outperformed the market by surging 32 per cent as compared to an 8 per cent rise in the S&P BSE Sensex. However, in the past three months, post the July-September quarter (Q2FY21) results, the stock has moved in line with Sensex and gained 23 per cent as against a 22 per cent gain in the benchmark index. READ MORE

Result today :: Large deals, acquisitions to drive Infosys' PAT by up to 16% YoY

Lead by the ramp-up of Vanguard deal, incremental revenue contribution from acquisitions and strong growth momentum in key verticals, IT bellwether Infosys may post a 9-10 per cent year-on-year (YoY) growth in its revenue (in rupee terms) for the quarter ended December 2020 (Q3FY21). The revenue could rise between 2.5-3.5 per cent quarter-on-quarter (QoQ) in constant currency (cc) terms and 3-4 per cent in dollar revenue terms. READ MORE

Top Sensex gainers and losers at this hour

Market Update :: Sensex off record high levels, up nearly 100 points

Infosys trades marginally higher ahead of Q3 results

Bajaj Electricals rallies 17% on stable outlook, up 37% so far in January

Shares of Bajaj Electricals hit a fresh record high of Rs 834 after rallying 17 per cent on the BSE in intra-day trade on Wednesday on expectations of a healthy revenue growth in the consumer products segment in near-term. The stock of the household appliances company was trading higher for the ninth straight day. It has zoomed 37 per cent thus far in the month of January 2021. READ MORE

Nifty achieves another milestone as valuation hits all-time high of 40x

The benchmark Nifty50 index on Tuesday reached another milestone in its journey to scale fresh peaks. The index price-to-earnings (P/E) multiple reached an all-time high of 40x on Tuesday when it made an intra-day high of 14,590.65. The index closed the day with a P/E multiple of 39.9 and earnings per share (EPS, or earnings per unit of the index) of Rs 364.6. READ MORE

Rupee Opening

Rupee opens higher at 73.17 per US dollar vs Tuesday's close of 73.26/$

BUZZING STOCK :: GAIL hits fresh 52-week high of Rs 143.90

Tata Elxsi soars 11%, hits new high on strong December quarter results

Tata Elxsi share price soared 11 per cent to hit a new high of Rs 2,299 on the BSE on Wednesday after the company reported strong December quarter results (Q3FY21) with double digit quarter on quarter (QoQ) revenue growth and industry leading operating margins. Tata Elxsi’s revenues increased 10.9 per cent QoQ at Rs 477 crore. In constant currency terms revenues grew 10 per cent QoQ mainly led by growth in transportation, broadcast & communication and healthcare segment. READ MORE


Bharti Airtel surges 6% on DoT nod for 100% FDI in downstream investments

Shares of Bharti Airtel surged 6 per cent to Rs 600 on the BSE in Wednesday's early morning trade after the company said it has received required regulatory approvals for 100 per cent foreign direct investment (FDI) in its downstream companies. The company said it is initiating the process to revise its foreign investment limit to 100 per cent, with immediate effect. The telecom services company has rallied 10 per cent in the past two trading days. It was trading close to its 52-week high level of Rs 612 touched on May 20, 2020. READ MORE

OMCs rally; BPCL, IOC jump up to 4%

Bharat Electronics up 2%

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

The decline in CPI inflation to 4.59% is a big positive for markets. But the steady rise in crude is an area of concern. Looks like Sensex is headed for 50000. But there are bumps ahead. The market is likely to turn highly volatile during the budget. Since valuations are high and investors are sitting on good profits, partial profit booking can be considered at every rise. It is impossible to time the market.


ICICI Bank hits fresh 52-week high

SBI hits Rs 300-mark

PSU Banks lift Nifty Bank index to record highs

Sterlite Tech gains as LIC increases stake in Q3

>> LIC increased stake in the company to 2.97 percent in December quarter, from 1.22 percent in September quarter.

ONGC advances 3% as crude oil prices continue to rally

Nifty PSU Bank index adds another 2% after Tuesday's 6% rally

Bharat Rasayan rises 2% on nod to buyback proposal

>> The board approved the proposal of buyback of 2.2 per cent shares at Rs 11,500 per share.

PFC trades in the green on fund-raising plan

>> Power Finance Corporation will raise Rs 10,000 crore through bonds in two tranches. The first tranche of Rs 5,000 crore will open for subscription on January 15 and close on January 29.

SECTOR WATCH :: Nifty Bank index zooms past 32,500-mark, nears record high

SJVN gains over 0.5% on fund-raising plan

>> The firm said its board has approved a proposal to raise up to Rs 2,000 crore via bonds or debentures.

Tech Mahindra gains 1%

>> The company will acquire Payments Technology Services for $9 million. The acquisition will give Tech Mahindra access to IPs and licenses for two products - Open Payment Framework (OPF) and Multi-Bank System (MBS).

Tata Motors extends gains for 9th straight day

>> The firm reported a 1 per cent rise in global wholesales, including Jaguar Land Rover, to 2,78,915 units in the third quarter of the current fiscal

Tata Elxsi zooms 7%, hits 52-week high post Q3 nos

>> Tata Elxsi's net profit increased 39.5 per cent year-on-year (YoY) to Rs 105.2 crore for the December 2020 quarter.Its revenue from operations rose 12.7 per cent YoY to Rs 477.1 crore for the quarter.

FDI boost :: Bharti Airtel marches towards Rs 600-mark

Sectoral trends on NSE at Open

Sensex Heatmap at Open

First Trade

First Trade

Top gainers and losers on S&P BSE Sensex at Pre-open

Markets at Pre-open

Markets at Pre-open

'Auto, PSU stocks to outperform in the short-term'

Nifty is in continuation of an uptrend. Every dip is getting absorbed by market and momentum has been in the favour of bulls. Support for the Nifty has shifted to 14,450 odd levels and unless that breaches, traders should remain bullish. Auto and PSE good sectors are likely to perform well for the short-term. Immediate resistance for the Nifty is seen at 14,890. Stoploss in longs should be kept on trailing basis. READ MORE

BROKERAGE VIEW :: ICICI Securities on Shalby

CMP: Rs 118 | TP: Rs 130 | Reco: Hold

Q3 results were better than expectations on all fronts. With better patient footfalls, Q3 topline is back on growth trajectory with occupancies improving to 45% vs. 38% in Q3FY20 (and 17% in Q1FY21). While arthroplasty continues to be impacted (17% of topline vs. ~42% pre-Covid) by the pandemic, higher Covid patient contribution (35% of occupied beds) and greater traction in electives has led to a continued strong sequential recovery. In the long-term, the management has put an inspirational target to achieve 2.5x sales in the next three to five years on the back of introduction of franchise model, better occupancies and new service offerings (home care & Shalby Care cards). Leverage free b/s, strong margins and free cash flow generation are some strongholds. However, skewed margins and weak return ratios still remain major deflators. We maintain HOLD and arrive at a target price of Rs 130 (vs. Rs 100 earlier) based on SOTP by valuing hospitals (above six years) at 12x FY23E EV/EBITDA and hospitals (below six years) at 1x FY23E EV/sales.

BROKERAGE VIEW :: Edelweiss Securities on Nestle

TP: Rs 21,796 | Reco: Buy

>> Rural accounts for ~25% of Nestle’s total sales--one of the lowest. With rural growth outpacing urban by 2x, headroom for the company to deepen penetration in the former is significant. To this end, the company has doubled its reach from 45,000 villages to 90,000 in the past 18 months. Moreover, of Nestle Global’s 35bn brands, only nine are present in India, implying potential for introduction of new brands and products. Nestle has also innovated to capture new opportunities due to the pandemic. In the past two years, the company has launched 60 new products with 70% success rate (innovating 3x versus earlier).

>> We believe focus on innovation, market share and premiumisation will boost volume-led growth. Nestle is in a better position to fend off local competition as it
has remapped India into 15 clusters, apart from decentralisation by moving a lot of decision-making to factories and sales locations. We retain ‘BUY/SO’ with TP of INR21,796. At CMP, the stock is trading at ~66x CY21E EPS.

BROKERAGE VIEW :: Axis Securities on Lupin

TP: Rs 1225 | Reco: Buy

We initiating coverage on Lupin with BUY rating and a target price of Rs 1,225 (P/E of 26x for FY23E earnings) which implies an upside of 14% from the current levels. Lupin’s specialty product portfolio includes (Albuterol, Solosec & Levothyroxine) in US, strong chronic portfolio in India and biosimilars & geographical expansion in emerging and growth markets could drive topline. Gross margins expansion with the launch of value added products, digital promotion in marketing of Solosec, cost rationalization in R&D and employee segment could improve EBITDA margins by 590 basis points while better capital allocation could result into improvement of RoCE by 560 bps over the period FY20-FY23E.

BROKERAGE VIEW :: Kotak Institutional Equities on Vedanta/Hindustan Zinc

CMP: Rs 181 / 291 | TP: Rs 190 / 335 | Reco: Reduce / Buy

>> Strong commodity prices and promoters’ renewed attempt to raise stake have fueled VEDL’s recent rally. However, parent’s debt burden and its high marginal refinancing cost are uncomforting. Promoters’ recent voluntary open offer should limit downside, but funding constraints limit their ability to bid higher
for minority stake. Buoyant commodity prices should keep cash flows and dividends firm, but we see interest of minority shareholders at odds with that of promoters and risk-reward unfavorable post the recent rally. Downgrade to REDUCE.

>> Our Fair Value increases to Rs190 (from Rs145) due to higher earnings and roll-forward to September 2022E. The stock trades at inexpensive 4.1X EV/EBITDA but given high promoter debt, risk of ICDs and irregular dividends, it is unlikely to trade in line with metal peers. Here, corporate actions would have a significant influence on stock prices in the next 12 months and we prefer to play zinc and silver through HZ (revised FV of Rs335/share).

BROKERAGE VIEW :: Antique Broking on Sharda Cropchem

CMP: Rs 276 | TP: Rs 420 | Reco: Buy

We re-iterate our positive view on Sharda Cropchem (SHCR) given its improved earnings visibility in 2HFY21 led by better geographical mix. SHCR is poised to perform well in near term led by (1) European season started on positive note, likely to support 2H growth; (2) NAFTA to remain flat on a YoY basis; (3) RM prices have started to inch up, however not likely to impact margins in 2HFY21 as SHCR is sitting well on RM inventory; (4) Gross margins likely to be in the range of 32-33% in FY21 as against 30% in FY20; (5) SHCR wrote off intangible asset of INR30mn in 1HFY21, expected to be insignificant in 2HFY21; (6) guided for 5-10% YoY (v/s our est of 9% YoY) revenue growth in FY21; (7) raised capex guidance to INR2.25-2.5bn in FY21 from INR2.0bn earlier on account of increase in registration and other cost.

We believe that SHCR's performance has suffered on account of multiple factors like adverse climatic condition, inferior geographical mix, sharp uptick in RM cost and higher capitalization. However, we believe that the concerns are largely overdone and the situation has started to improve. We maintain our 'BUY' rating on the stock with TP of INR420 based on 15xFY23E EPS.


CMP: Rs 238 | TP: Rs 252 (+6%) | Reco: Buy

>> Wholesale sales: Jaguar Land Rover (JLR)’s 3QFY21 wholesale volumes (incl. Chery Jaguar Land Rover) declined ~17.7% YoY to ~119.7k units – Jaguar wholesales declined ~37.4% and LR retails ~11.2%. JLR sales posted significant improvement sequentially (+31% QoQ)

>> Retail: JLR’s 3QFY21 retail volumes (incl. Chery Jaguar Land Rover) declined ~9% YoY to ~128.5k units – Jaguar retails declined ~20.8% and LR retails ~5.1%. JLR sales reported significant improvement sequentially (+13.1% QoQ).

>> Valuation: The stock trades at 15.9x FY22E consol. EPS and 1.4x P/B. Maintain Buy, with Target Price of INR252 (Dec’22 SOTP-based).

Stocks to watch: Infosys, Wipro, Airtel, TechM, Tata Motors, Tata Elxsi

Q3 earnings: Infosys, Wipro, 5paisa Capital, Amtek Auto, Asian Tea & Exports, CESC, Capital Trade Links, GTPL Hathway, Mideast (India) and Rajoo Engineers will announce their quarterly earnings on January 13.
Bharti Airtel: The company, on Tuesday, said it is initiating the process to revise its foreign investment limit to 100 per cent with immediate effect.
Tata Elxsi: Tata Elxsi's net profit increased 39.5 per cent year-on-year (YoY) to Rs 105.2 crore for the December 2020 quarter.Its revenue from operations rose 12.7 per cent YoY to Rs 477.1 crore for the quarter. READ MORE

Bulk deals on the BSE as on Tuesday

Bulk deals on the NSE as on Tuesday

FII/FPI & DII trading activity on NSE, BSE and MSEI

Rupee check

Source: Bloomberg

Oil prices extend gains after US inventory drop

>> Oil prices rose on Wednesday, with US crude gaining for a seventh day, after an industry report showed a further drop in inventories and investors shrugged off worsening developments in the pandemic.
>> US West Texas Intermediate (WTI) was up 40 cents, or 0.8%, at $53.61 a barrel after gaining nearly 2% on Tuesday. Brent crude was up 47 cents, or 0.8%, at $57.05, having risen 1.7% in the previous session.

(Source: Reuters)

SGX Nifty Update

>> At 8:25 am, the index was 14,626.20 levels, up 37.45 points or 0.26 per cent

Wall Street on Tuesday

Wall Street fluctuated not far from its record highs. The Dow rose 0.19%, the S&P 500 gained 0.04% and the Nasdaq Composite added 0.28%.

Asian shares trade flat

Asian shares opened mostly higher as investors bet on economic recovery. Japan’s Nikkei 225 rose 0.11%, Australia’s S&P/ASX 200 shed 0.1% and South Korea’s KOSPI jumped 0.64%.

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