Indices snap 10-day winning streak; Sensex tanks 264 pts; ITC, RIL drop 3%

Topics MARKET WRAP | Markets | Oil Prices

Bears gained ground in last hour of trade and brought the indices' 10-day gaining streak to a screeching halt on Wednesday as heavyweight stocks such as Reliance Industries, Infosys, ITC, TCS, and HUL witnessed sharp profit booking. That apart, weak global cues heavily weighed on the investor sentiment. 

In the US, prospects of Democrats winning both seats in a US Senate run-off election in Georgia, paving way for President-elect Joe Biden to push through greater corporate regulation and higher taxes in the States, worried investors. Nasdaq 100 Futures tumbled over 200 points or nearly 2 per cent at 3 pm indicating a sombre start on Wall Street later today.

Meanwhile, rising coronavirus concerns in Asia further hit sentiment. Chinese authorities on Wednesday imposed travel restrictions and banned gatherings in the capital city of Hebei province, which surrounds Beijing, to stave off another coronavirus wave. On the other hand, local media reports have suggested that the Japan government is set to declare a month-long emergency, till February 7, in Tokyo and surrounding areas amid record cases of Covid-19.

Back home, the benchmark S&P BSE Sensex tanked 264 points, or 0.54 per cent, to settle the day at 48,174 levels. In the intra-day session, the index had slumped 750 points from fresh record high of 48,616 levels to hit a low of 47,864. ITC and Reliance Industries skid 3 per cent each on the BSE, ending the day as top drags. Other large-caps, down up to 2 per cent, were Bajaj Finance, Axis Bank, HCL Tech, and TCS.

On the upside, Powergrid surged 4 per cent and closed as top gainer on the Sensex. 

The NSE's Nifty50, meanwhile, slipped below the 14,150-mark and ended the session at 14,146, down 53 points or 0.38 per cent. From the new peak of 14,244, the index dropped 200 points to hit a low of 14,040.

Nifty IT and Nifty FMCG indices were the top sectoral losers on the NSE, down over 1 per cent each. On the contrary, Nifty Metal index managed to close 1 per cent higher.

In the broader market, the S&P BSE MidCap index ended the day in the green, up 0.4 per cent at 18,749 level. However, the S&P BSE SmallCap index closed at 18,614 level, down 0.14 per cent.

Global markets

European stocks edged higher on Wednesday, led by economically sensitive sectors such as banks and energy. The pan-European STOXX 600 index was up 0.2 per cent, while UK's FTSE 100 rose 0.7 per cent, and Germany's DAX gained 0.2 per cent.

In Asia, Japan's Nikkei ended 0.4 per cent lower, South Korea's Kospi lost 0.75 per cent, and Australia's S&P/200 index declined 1.1 per cent.

 

LIVE UPDATES

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

Nifty trades around the 14100; midcap stocks have outperformed in the recent past and select stocks continue to remain in momentum. We believe within the structural up-move, interim correction phase is expected to play out. Expect volatility to increase significantly in the near term. There has been a shift in positions/interest from frontline stocks to the midcap space which usually in followed by a correction. FMCG stocks look attractive while Metals and Banking are expected to witness volatility. Traders are advised to keep leverage in control while investors can wait for a meaningful dip to buy aggressively.

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

Index opened a day with gap up but failed to hold the gains and saw profit booking and closed a day on a negative note at 14134 with loss of half a per cent and formed hanging man candle pattern which is bearish reversal candle pattern by nature. Now going ahead 14040 will be good support any break below said levels can show some more cuts in the index and on the higher side 14180-14230 zone will be strong resistance further upside-only possible if index managed to sustain above-said levels
 

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

Market is experiencing volatility due to weak Asian market and profit booking owing to rich valuation. Banking stocks are supportive, led by good loan growth data for Q3FY21, announced by key private banks. In the near-term, trend of the broad market will depend a lot on FII inflows while stock specific actions will be based on Q3 result, which is about to pick up.
 

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

A volatile session of trade today as the situation in EU tempered optimism with pivotal like RIL & ITC giving way. However, improvement in High-Frequency Indicators and the Impending Vaccination has ensured brisk FII flows into India even as other Emerging Markets witnessed outflows

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

The market witnessed some lackluster movement. Nifty 50 Index is still trading below the resistance level of 14,250-14,270. The research suggests breakout above 14,270 is critical to keep the long-term positive trend, intact. The market observed volatility to expand in today’s trading session indicating profit booking and distribution of stocks at a higher market level. The investors to buy on a breakout of 14,270 and look for an exit around 14,680-14,710. Overall, the investor should maintain a stop at 14,040.

Market stats :: Market breadth remains around 1:1


MARKET INSIGHTS :: Top losers on the BSE at close


MARKET INSIGHTS :: Top gainers on the BSE at close


S&P BSE MidCap index ends in the green


Nifty Metal index outperforms benchmarks, ends 1% higher


Sectoral trends on NSE :: Nifty IT, FMCG indices end as top losers


Sensex Heatmap :: RIL, Tech stocks drag indices


CLOSING BELL

The benchmark S&P BSE Sensex tanked 264 points, or 0.54 per cent, to settle the day at 48,174 levels. In the intra-day session, the index had slumped 750 points from fresh record high of 48,616 levels to hit a low of 47,864. 
 
The NSE's Nifty50, meanwhile, slipped below the 14,150-mark and ended the session at 14,133, down 66 points or 0.47 per cent. From the new peak of 14,244, the index dropped 200 points to hit a low of 14,040.

Power Finance Corp to sell bonds worth $1.4 billion to individual investors

India’s biggest lender to the power sector plans to sell bonds to individual investors as it tries to attract savers dissatisfied with deposit rates at a 16-year low.
 
Power Finance Corp. has filed a draft prospectus for a 100-billion-rupee offering ($1.4 billion), and plans to raise the entire sum this quarter, according to Parminder Chopra, director (finance). READ MORE

BUZZING :: TBZ locked in 20% upper circuit


ITC dips 3% on profit booking as govt drafts law to raise legal smoking age

The central government, through the proposed Cigarettes and Other Tobacco Products (Prohibition of Advertisement and Regulation of Trade and Commerce, Production, Supply and Distribution) Amendment Act, 2020, seeks to raise the minimum age limit for sale of cigarettes and tobacco products from 18 years to 21 years, and restrict their sale within 100 meters of any educational institution. READ MORE

Prime Minister Narendra Modi to interact with leading economists on Friday

Prime Minister Narendra Modi will interact with leading economists and sectoral experts on Friday to deliberate on measures that may be included in the upcoming budget for promoting growth, amid uncertainty on multiple fronts caused by COVID-19. The meeting, being organised by the government think tank Niti Aayog will be held virtually and will also be attended by Niti Aayog Vice Chairman Rajiv Kumar and Niti Aayog CEO Amitabh Kant. (Text Source: PTI)

Tata Motors to re-launch flagship SUV Safari in a new avatar this month

“We are proud and elated to re-introduce our flagship SUV–Safari. The Safari, an iconic brand with a strong following, has been the most sought after SUV on Indian roads for well over two decades. In its new avatar, the Safari will appeal to the socially active, fun loving customers who seek out unique experiences and adventure. Its design, performance, versatility, features, and long lasting build quality, reinforce the SUV lifestyle to provide unending pleasure,” said Shailesh Chandra, president - Passenger Vehicles Business Unit, Tata Motors, in a statement. The launch of the Safari will once again re-energise the market, amplifying its cult status, Chandra added. READ MORE

NEWS ALERT :: 4 workers died, few others fell ill after inhaling a toxic gas leaked from SAIL's Rourkela Plant

>> SAIL says a high level committee has been formed to inquire into the cause of the incident and all emergency protocols have been immediately activated in the plant


BUZZING STOCK:: SRT Finance zooms 6% in an otherwise weak market


NEWS ALERT | Japan to declare COVID-19 emergency in Tokyo area from Saturday: Report

>> Japan will declare a month-long emergency in Tokyo and surrounding areas to tackle a surge in coronavirus cases from Saturday until Feb. 7, broadcaster Asahi TV reported.
 
>> Japan’s capital recorded a record number of daily coronavirus cases on Wednesday, with at least 1,591 new infections.

BUZZING :: PowerGrid rises over 4% in a weak market


Nasdaq futures extend decline, down over 2%

-- Source: Agencies

Sensex slides over 400 points, near day's low


Sensex Heatmap at this hour


Bitcoin's emergence as 'digital gold' could lift price to $146,000: JPMorgan

Digital currency bitcoin has emerged as a rival to gold and could trade as high as $146,000 if it becomes established as a safe-haven asset, investment bank JPMorgan (JPM) said on Tuesday.
 
Interest in the world's biggest cryptocurrency has soared this year, with investors viewing bitcoin as a hedge against inflation and an alternative to the depreciating dollar. The rush led to bitcoin prices more than tripling in the past six months to a record peak of $34,800 on Jan. 2. READ MORE

CLSA sees 31% upside in RBL Bank on stable deposits, robust credit card biz

In a report dated January 5, CLSA said the bank is re-aligning its product portfolio and is now focusing on key retail-asset niches. The bank built its credit-card and microfinance (MFI) business over the past three to four years and scaled it further through tie-ups. This, they say, will drive the bank's profitability going forward. READ MORE

MARKET UPDATE:: Sensex at day's low


JBM Auto incorporates subsidiary; stock surges 12%, hits 52-week high

Shares of JBM Auto advanced 12 per cent to Rs 323, also its 52-week high, on the BSE on Wednesday after the company said it has formed a new company, JBM Ecolife Mobility Private Limited, to leverage growth opportunities in the electric vehicles segment. “The Company has incorporated a wholly owned subsidiary company "JBM Ecolife Mobility Private Limited” as approved by Ministry of Corporate Affairs (“MCA”) vide certificate of incorporation dated 06 January, 2021,” JBM Auto said in a regulatory filing. READ MORE


Power Finance Corp to sell bonds worth $1.4 billion to individual investors

India’s biggest lender to the power sector plans to sell bonds to individual investors as it tries to attract savers dissatisfied with deposit rates at a 16-year low. Power Finance Corp. has filed a draft prospectus for a 100-billion-rupee offering ($1.4 billion), and plans to raise the entire sum this quarter, according to Parminder Chopra, director (finance). “We want to explore an alternative source of funds,” Chopra said in a telephone interview. “Fixed deposit rates are quite low, so there could be interest from the public to get a bit better rate.” READ MORE

SBI Mutual Fund widens lead as top asset manager in December quarter

SBI Mutual Fund has retained the top spot with average assets under management (AAUM) of Rs 4.6 trillion, and also widened the lead with HDFC MF, which came in the second position with assets of Rs 3.9 trillion, according to the December quarter data from the Association of Mutual Funds in India. ICICI MF (Rs 3.9 trillion), Aditya Birla Sun Life MF (Rs 2.5 trillion), and Kotak Mutual Fund (Rs 2.2 trillion) make up the remaining three in the top five. READ MORE

Nifty Media lead sectoral gainer on NSE, rises over 1.50%


Vedanta, Hindustan Zinc rally up to 10%, scale 52-week highs

Shares of Vedanta and Hindustan Zinc rallied up to 10 per cent on the BSE on Wednesday in an otherwise subdued market. Hindustan Zinc soared 10 per cent to Rs 278.75, on the back of two-fold jump in trading volumes, while Vedanta share rose 6 per cent to Rs 179 on the BSE. In comparison, the S&P BSE Sensex was down 0.24 per cent at 48,326 points. Vedanta, the promoter, holds 64.92 per cent stake in Hindustan Zinc. READ MORE


 

Reliance Industries at day's low, down 2 per cent


Market Stats

  • Advance-decline ratio at nearly 2:1
  • 435 stocks hit 52-week highs; 29 at 52-week lows
  • 433 stocks scale upper circuits; 131 hit lower circuits 

Budget wishlist: Broking community seeks time limit on Sebi proceedings

The broking community has requested the central government to impose a time limit on markets regulator Securities and Exchange Board of India (Sebi) regarding initiation of proceedings and show-cause notices. The request was part of the Association of National Exchanges Members of India’s (ANMI’s) Union Budget wish list. READ MORE

MARKET CHECK :: Sensex at day's low


Inox Leisure, PVR extends gain as TN state allows 100% capacity in cinemas

Among individual stocks, Inox Leisure rallied 8 per cent to Rs 341, while PVR was up 3 per cent at Rs 1,459 on the BSE. In comparison, the S&P BSE Sensex was up marginally by 0.04 per cent at 48,455 points. These stocks were trading higher for the fifth straight trading day, gaining 21 per cent and 13 per cent, respectively, during the period. READ MORE

ONGC, Asian Paints: Bull sentiment intact in oil-linked stocks, charts show

Bharat Petroleum Corporation Ltd (BPCL): The state-owned oil marketing company needs to decisively conquer the trendline resistance of Rs 400 levels to scale up to Rs 425 and Rs 440 levels, as per the daily chart. The trend looks promising at current levels with the support of Rs 380-mark. The Moving Average Convergence Divergence (MACD) has crossed the zero line, suggesting that the trend in the stock remains positive with momentum staying in the favour of the bulls. READ MORE

Bitcoin tops $35,000, hits fresh record high

Bitcoin jumped to another all-time high on Wednesday, just two days after registering its biggest one-day decline since March. The world’s largest cryptocurrency advanced as much as 6% to $35,842, surpassing the previous high of $34,792 set on Jan. 3. It plunged as much as 17% on Monday. The digital coin quadrupled in 2020. (Source: Bloomberg)

MARKET WATCH | Nifty FMCG worst sectoral performer, falls over 0.50%


SBI Card shares surge 5% on heavy volumes, hit fresh record high

Shares of SBI Cards and Payment Services (SBI Card) rose 5 per cent to hit a new high of Rs 957.45 on the BSE on Wednesday on the back of heavy volumes. The stock surpassed its previous high of Rs 918.60, scaled on October 15, 2020. The trading volumes on the counter jumped 1.5 times. A combined 1.95 million equity shares had changed hands on the NSE and BSE, till 10:34 am. SBI Card shares were trading higher for the 11th straight session. READ MORE

Bajaj Finance: Q3 show suggests strong comeback, company remains cautious

Initial numbers for the December quarter (Q3) posted by Bajaj Finance turned out to be encouraging.
 
New customer addition at 2.2 million, about 80 per cent jump sequentially, and new loan accounts added at 6 million, growth of 84 per cent sequentially, auger well for the country’s largest consumer financier. READ MORE

NEWS ALERT :: Bharti Airtel moves Supreme Court, seeks lowering of AGR dues

>> Bharti Airtel claims that total AGR dues payable on account of license fee is limited to Rs 21,000 cr 

>> Co likely to argue that demand raised by DoT of Rs 43,989 cr includes License Fee dues & Spectrum Usage Charges. 

Alert: DoT has slapped demand of Rs 43,989 cr. Bharti Airtel has paid Rs 18,004 cr as AGR dues

(Source: CNBC TV18)

BUZZING STOCK:: Mphasis surges 5%


NEWS FLASH :: IHS Markit India Dec Services PMI at 52.3 vs 53.7 in Nov

-- IHS Markit India Dec Composite PMI 54.9 vs 56.3 in Nov

NEWS ALERT :: SpiceJet introduces 21 new domestic & international flights

·         First and only airline to operate direct flights between Jharsuguda and key metros of Mumbai & Bengaluru
 
·         Introduces new flights connecting Mumbai with Porbandar, Bengaluru with Belagavi and Kolkata with Kochi
 
·         Launches two daily direct flights between Hyderabad & Vijayawada
 
·         New flights effective 12th Jan, 2021

Avenue Supermarts m-cap crosses Rs 2 trillion; stock zooms 49% in 3 months

Shares of Avenue Supermarts, which runs the D-Mart chain of stores, were trading higher for the sixth straight day, up 3.3 per cent at Rs 3,094.95 on the BSE on Wednesday. The stock was quoting at its all-time high level and has rallied 16 per cent in the past six sessions. Following the rise in stock prices, Avenue Supermarts' market capitalisation crossed the Rs 2 trillion mark in intra-day trade today. READ MORE


Rupee Opening

Rupee opens flat at 73.17 per US dollar vs Tuesday's close of 73.18/$

NEWS ALERT | Tanla Platforms to launch digital CPaaS platform with global scale on Jan 20

-- US Patent & Trademark Office approves three patents
 

NEWS FLASH :: Bitcoin extends rally to exceed all-time high of $34,792

Titan gains 3%, hits new high post December quarter business update

Shares of Titan Company hit a new high of Rs 1,621, up 3 per cent, on the BSE on Wednesday after the company said its jewellery division has crossed the recovery phase to growth phase and other two large divisions have also moved much closer to the full recovery. The company’s jewellery business reported a healthy 15 per cent year on year growth in sales during the October-December quarter (Q3FY21), due to festive season along with pent-up demand for wedding jewellery. READ MORE


BEML rises nearly 2% on order win

>> The firm has received orders from the Ministry of Defence for supply of High Mobility vehicles, at an approximate value of Rs 758 crore. These High Mobility vehicles would play a key role in the logistics management of the Indian Army.


BSE Telecom best sectoral performer, jumps nearly 2%


Jubilant FoodWorks advances over 2%

>> As per reports, foreign brokerage JP Morgan has raised target price on the stock to Rs 3,030


Godrej Consumer Products dips 1%


BUZZING :: NRB Bearing hits 52-week high


CSB Bank up over 1%

>> Private sector lender CSB Bank on Tuesday said SBI Mutual Fund has increased its stake in the bank to over 5 per cent. According to a regulatory filing by CSB Bank, the stake of the fund house rose from 4.96 per cent to 5.01 per cent following the acquisition of an additional 86,993 shares.


IndiGo gains in trade as DGCI approves P&W engines

>> IndiGo will now be able to operate longer overseas routes with its 29 Airbus A320/A321neos, powered by modified P&W engines, getting extended diversion time operations (EDTO) approval from aviation regulator DGCA, according to a report by PTI.


Q3 Biz Update :: Titan reports 15% growth in jewellery segment

Jewellery
>> The growth trend was visible even after the festive season ended and the division has recorded close to 15% growth

>> The studded mix in 03 improved though still lower than levels seen in the previous year.

Watches and wearables
>> The division had a recovery rate of around 88% in Q3, compared to the revenue of the same quarter in last year. The E-commerce channel is leading the recovery with very strong absolute growth of over 30%. 



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

Banks, which underperformed the Nifty in 2020, are staging a comeback. Data regarding deposit growth and loan growth for Q3 for HDFC Bank is very positive. This trend is likely to be repeated for other top private sector banks too. The high volume of delivery based buying in these stocks is an important indicator. While macroeconomic news continues to be positive, the rising crude is a dampener. Higher crude means higher cost-push inflation, which, in turn, might  force the RBI to depart from the accommodative policy stance.

BPCL adds 1% in early deals


ONGC jumps 4% as oil prices climb


Bajaj Finance gains around a per cent


HDFC Bank up 0.4% post Q3 biz update

>>  HDFC Bank witnessed a loan growth of 19 per cent to Rs 10,82,000 crore during the third quarter ended December 2020. The bank had an outstanding loan of Rs 9,36,000 crore as of December 31, 2019, and a growth of around 4 per cent.


HDFC Bank up 0.4% post Q3 biz update

>>  HDFC Bank witnessed a loan growth of 19 per cent to Rs 10,82,000 crore during the third quarter ended December 2020. The bank had an outstanding loan of Rs 9,36,000 crore as of December 31, 2019, and a growth of around 4 per cent.


Sectoral trends on NSE :: IT stocks slip on profit booking


Sensex Heatmap at Open


Opening Bell


Opening Bell :: Sensex hits record high of 48,616.6


Commodity Heatmap :: Silver slips around 1%


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


Markets at Pre-open


Markets at Pre-open


BROKERAGE VIEW :: MOFSL on Cement sector

>> Our channel checks indicate the seasonal uptick in demand is playing out as expected, with volumes bouncing back in the last few weeks from the weakness seen in November (due to festive holidays). While prices weakened in December (falling 3% MoM), we expect recovery in the next few weeks as peak season demand sets in. Cost inflation from higher fossil fuel prices (petcoke, coal, and diesel) should be offset, in our view, by price hikes, keeping margins in 4QFY21 at elevated levels.

>> We remain constructive on the sector and expect our Coverage Universe EBITDA to grow 37% YoY in 2HFY21 – as demand and margins remain above consensus estimates.

>> While we are structurally positive on the industry outlook, we prefer North and Central as these markets have a higher clinker utilization of over 80%.

>> We adopt a bottom-up stock-picking approach and prefer companies that: a) are moving down the cost curve, b) have the potential to gain market share, and c)
provide valuation comfort.

>> UltraTech is our top large-cap pick, while Dalmia Bharat is the top mid-cap pick. We also like ACC as a value pick, but do not see much upside in Shree, Ramco, and Ambuja, whose potential market share gains are already priced in.

BROKERAGE VIEW :: MOFSL on Automobiles

>> Volume recovery seen in 2Q continued in 3QFY21. Strong momentum was witnessed in retail sales of Tractors and PVs (YoY growth in retails), whereas the same for 2Ws was marginally lower than last year.

>> On a wholesale basis, we estimate volumes to grow strongly for Tractors (+22% YoY), PVs (+15% YoY) and 2Ws (+19% on a low base of last year). Among CVs, LCVs saw a good recovery (+1.5% YoY), while the decline is getting smaller for M&HCVs (-8% YoY). 3Ws are witnessing a QoQ recovery in volumes.

>> We expect the recovery in EBITDA margins to continue for the second straight quarter despite the initial impact of commodity cost inflation. The same for our OEM (ex-JLR) universe is likely to expand 190bp YoY to 12.2% (+40bp QoQ), led by price hikes (in 2Ws and Tractors), lower discounts, cost cutting, and operating leverage benefits.

>> We are revising our FY22E EPS estimates to factor in volume upgrades as well as substantial commodity cost inflation. We upgrade TTMT (+28%), AL (+11%), BHFC (+11%), MSS (+14.5%) and ESC (+6%), whereas downgrade HMCL/MM (-8%).
 

BROKERAGE VIEW :: MOFSL on L&T InfoTech

CMP: Rs 4,150 | TP: Rs 3,910 (-6%) | Reco: Downgrade to Neutral

>> LTI is up ~130% since its inclusion in our model portfolio (in 3QFY20) and is currently the most expensive (28x FY23 EPS) IT company within our Coverage Universe. While we continue to deem it among the best-in-class IT services companies on execution and management quality, we believe the stock more than factors in the potential

>> LTI currently trades at 28.0x our FY23 EPS estimates v/s the sector average of 24x and at a peak relative to its history.

>> While we remain confident of the company’s execution capabilities, we downgrade the stock to Neutral, led by the recent rally in stock price (130% in one year). We value the stock at 26.5x FY23 EPS (+2 ST Dev median P/E). We revise our TP to INR3,910, implying a 6% downside.

Top stocks to watch today

HDFC Bank: The bank has witnessed a loan growth of 19 per cent to Rs 10,82,000 crore during the third quarter ended December 2020. The bank had an outstanding loan of Rs 9,36,000 crore as of December 31, 2019, and a growth of around 4 per cent.

IndiGo: The airline will now be able to operate longer overseas routes with its 29 Airbus A320/A321neos, powered by modified P&W engines, getting extended diversion time operations (EDTO) approval from aviation regulator DGCA, according to a report by PTI. READ MORE

'Immediate target for Nifty is at 14,310'

Remain Bullish with 13,900 Stoploss in Nifty; Target 14,310
 
Nifty is expected to remain in an uptrend. Every dip is getting absorbed by the market and momentum has been in the favour of the bulls. Support for the index has shifted to 13,950 levels; and unless that breaches, traders should remain bullish. Insurance and Capital good sectors are likely to perform well for the short term. Immediate resistance for the Nifty is seen at 14,310. Stoploss in longs should be kept on trailing basis. READ MORE

Trading calls by Ajit Mishra of Religare Broking

Axis Bank Limited
 
Recommendation: Buy
 
Target: 640
 
Stop loss:710
 
We're seeing noticeable participation from the banking pack in the recent rally. Among the private banking majors, Axis Bank has witnessed a fresh breakout on January 5, after spending nearly one and a half months in the consolidation range. The exponential surge in volumes further adding to the confirmation. We advise using any intraday dip to accumulate in the given range. 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


Brent oil rises to highest since February

>> Brent oil prices rose on Wednesday to the highest since February after Saudi Arabia agreed to make bigger cuts in output than expected during a meeting with allied producers, while industry data showed US crude stockpiles fell last week.

>> Brent crude rose as much as 0.6% to $53.94 a barrel, the highest since Feb. 26, 2020. It was at $53.79 a barrel and gained 4.9% on Tuesday.
 
>> US West Texas Intermediate (WTI) futures gained 13 cents, or 0.26%, to $50.06 a barrel. The contract on Tuesday closed up 4.6% at $49.93, its highest since Feb. 24, 2020.

(Source: Reuters)

SGX Nifty Update

>> At 8:22 am, the index was at 14,216.5 levels, down 10 points.

Wall Street on Tuesday :: Indices end higher; focus on Georgia election outcome

>> Shares on Wall Street ended higher on Tuesday in choppy trading

>> The Dow Jones Industrial Average closed up 167.71 points, or 0.55%, to 30,391.6, the S&P 500 gained 26.21 points, or 0.71%, to 3,726.86 and the Nasdaq Composite added 120.51 points, or 0.95%, to 12,818.96.

(Source: Reuters)

Global stocks fall, bond yields rise as investors brace for possible Democrat triumph in Georgia

>> Global stock prices slipped and U.S. bond yields rose on Wednesday as investors braced for the prospect that Democrats could win both races in a US Senate run-off election in Georgia, handing them control of the crucial chamber.

>> Japan’s Nikkei fell 0.4% while MSCI’s index of Asian-Pacific excluding Japan erased earlier gains to stand almost flat.

(Source: Reuters)

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