KEY HIGHLIGHTS
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Stock Market News: Madhya Pradesh High Court Clears Path For Religare’s AGM
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Rupee Vs Dollar: Indian Currency Hits Another Low
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IPO News: SEBI Might Be Looking At Lapse By SME IPOs' Merchant Bankers — Exclusive
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Nifty IT Down 0.3% Ahead Of TCS Q3 Result
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Stock Market Live Updates: Nifty, Sensex Opens Flat
Markets At Close
Nifty and Sensex end lower for the second day in a row.
Intraday, both the indices lost more than 0.7%.
Nifty ends 0.69% or 162.45 points lower at 23,526.5.
Sensex down 528.28 points or 0.68% to close at 77,620.21
Broader indices also decline. Nifty Midcap 100 ended 0.93% down; Nifty Smallcap 250 closed 1.17% lower.
Most sectoral indices decline, led by Nifty Realty.
Bajaj Auto, Nestle India were top Nifty gainers.
ONGC, Shriram Finance fell the most.
US Futures Decline
As of 3:26 p.m., the Dow Jones Industrial Average future was 0.03% down at 42,867.00, and the S&P Future was 0.13% down at 5,951.50. The Nasdaq future was 0.26% down at 21,306.00.
Rupee Ends At Record Closing Low Against US Dollar
Rupee weakened by 1 paise to close at 85.86 against the US Dollar. -The currency fell as low as 85.94 during the session. It closed at 85.85 on Wednesday.
Source: Bloomberg
Stock Market Live Updates: Nifty, Sensex End Lower
Indian equities ended lower for a second day in a row as investors shed their risk appetite and raised guard before the start of the third quarter earnings season. Information technology, financials and oil and gas stocks declined while
The NSE Nifty 50 ended 162.45 points or 0.69% lower at 23,526.5, while BSE Sensex lost 528.28 points or 0.68% to close at 77,620.21. During the session, the Nifty declined as much as 0.78% to an intraday low of 23,503, while the Sensex fell 0.77% to 77,543.
Nifty is close to the lower end of the 23,500-23,900 range and a further downturn will take it to November lows of 23,275 will come into play, said market expert Kush Bohra.
"If you hold a short position, then not a bad idea with a trailing stoploss. We have seen a rebound from 23,500 level in the last 10-15 session," he said, adding the Put Call Ratio (PCR)--a technical indicator that helps investors and traders gauge the market's sentiment -- is close to oversold territory.
Bank Nifty continues to remain under pressure and a shorting proposition, he said.
Rajesh Palviya, research analyst at Axis Securities, said Bank Nifty, which remained under pressure for the second day, will see further downside from 49,500 to 49,000 level where the most put-based concentration is observed. "Sell on rise is the strategy," he said.
HDFC Bank Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., Trent Ltd. and Apollo Hospitals Enterprise Ltd. weighed on the Nifty the most in terms of points contribution.
Reliance Industries Ltd., ITC Ltd., Tata Consultancy Services Ltd. and ONGC led the gains in the index.
Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.96% and 1.17% down, respectively.
On BSE, 20 sectors advanced and one declined out of 21. The BSE Realty declined the most, while the BSE FMCG only sector was the only sector to log gains.
Market breadth was skewed in favour of sellers. Around 2,728 stocks declined, 1,229 stocks advanced, and 110 stocks remained unchanged on BSE.
IGL Business Update
Domestic Gas Allocations To Company Revised Upwards By 31% Effective Jan. 16.
Share Of Domestic Gas In CNG Segment Increased To 51% From 37%.
Source: Exchange Filing
Stock Market Live: Smallcaps Fare Poorly Than Nifty
The Nifty Smallcap 250 is down 0.9% and Nifty Midcap 150 by 0.5%. This compared to 0.7% decline in the Nifty 50.
Stock Market News: Madhya Pradesh High Court Clears Path For Religare’s AGM
The Madhya Pradesh High Court on Thursday disposed of a case that led to a stay on Religare Enterprises Ltd.'s annual general meeting. The allows the previously halted AGM to proceed.
As a result, Burman family's open offer, which would allow them to acquire a 26% stake in the company, can also go through.
Nifty Realty, Nifty Oil & Gas Down 1.8%
Realty and oil and gas stocks are cracking. Both the Nifty Realty and Nifty Oil & Gas are down 1.8% as of 1:30 p.m.
Sobha, DLF, Macrotech Developers and Godrej Properties are trading over 2% lower amid a sector-wide decline.
Oil India, Aegis Logistics, Gail India and ONGC are the top losers in the oil and gas segment.
Nifty IT Down 1%, TCS Share Price Drops 1.67%
Information technology stocks remained under pressure past noon on Thursday. TCS share price declined 1.7% ahead of Q3 results.
Quadrant Future Tek IPO: Institutional Oversubscribed
The IPO has been subscribed 88.71 times as of 1:10 p.m. on Thursday.
Qualified institutional buyers: 13.38 times.
Non-institutional investors: 169.87 times.
Retail investors: 192.97 times.
The grey market premium for Quadrant Future Tek IPO stood at Rs 210 per share as of 10:58 a.m., indicating a premium of 72.41%. With the upper price band at Rs 290, the estimated listing price stands at Rs 500.
Notably, GMP is not an official price quote and is based on speculation.
AMC Stocks Plunge After Mutual Fund Outflows In December
Shares of asset management companies fell after mutual funds saw net outflows in December. UTI Asset Management Co. fell over 3%.
Inflows into actively managed equity schemes, excluding NFOs, falls 10% sequentially.
Read more here.
Mutual Fund Data - December 2024
MF Industry Net Outflow: Rs 80,355 crore, compared to a net inflow of Rs 60,295 crore (MoM).
Net AUM of MF Industry: Rs 66.93 lakh crore, down from Rs 68.08 lakh crore (MoM).
Active Equity Funds: Net inflow of Rs 41,156 crore, up from Rs 35,943 crore (MoM).
Mid-Cap Funds: Net inflow of Rs 5,093 crore, up from Rs 4,883 crore (MoM).
Small-Cap Funds: Net inflow of Rs 4,668 crore, up from Rs 4,112 crore (MoM).
Large-Cap Funds: Net inflow of Rs 2,011 crore, down from Rs 2,548 crore (MoM).
Flexi-Cap Funds: Net inflow of Rs 4,731 crore, down from Rs 5,084 crore (MoM).
Sectoral/Thematic Funds: Inflow of Rs 15,331 crore, up from Rs 7,658 crore (MoM).
NFO Inflows: Rs 13,643 crore, up from Rs 4,052 crore (MoM).
Debt Funds: Net outflow of Rs 1.27 lakh crore.
Nifty Bank Down 1%; Financial Stocks Under Pressure
The Nifty Bank is down 1% as of noon to around 49,300.
The open interest in financial stocks stands at Rs 3.91 lakh crore. The highest OI is in HDFC Bank at nearly Rs 21,400 crore, followed by Rs 10,500 crore in ICICI Bank and Rs 9,150 crore in State Bank of India.
HDFC Bank's OI has risen by Rs 124 crore and SBI by Rs 3.7 crore from previous day. ICICI Bank has declined by Rs 8 crore.
TCS Share Price Swings
TCS share price swung between gains and losses on Thursday ahead of Q3 results. The stock was down 0.7% at Rs 4,080 apiece around noon.
Keystone Realtors Q3 Business Update
Keystone Realtors, which operates under the brand Rustomjee, has reported strong performance for Q3, with a 40% increase in pre-sales, reaching Rs 863 crore compared to Rs 616 crore in the same quarter last year.
The company also saw a 20% growth in collections, amounting to Rs 542 crore, up from Rs 452 crore. Additionally, the area sold in Q3 increased by 10%, totaling 4.1 lakh square feet, compared to 3.7 lakh square feet in the previous year.
Shares were trading 0.2% higher at 11:20 am. It rose as much as 3% intraday.
Stock Market Live Updates: Nifty, Sensex Drop 0.6%
Indian benchmark indices are trading lower.
The Nifty 50 and BSE Sensex was down 0.6% at 23,547 and 77,707, respectively.
Only two of the 12 sectoral indices on the NSE traded in green. Nifty FMCG surged while Nifty Oil and Gas dipped.
Borosil Renewables Share Price Locked In Upper Circuit
Borosil Renewables share price was locked in the upper circuit of 5% after it announced 50% capacity expansion in manufacturing of solar glass. The stock was at Rs 603.10 apiece.
Rupee Vs Dollar: Indian Currency Hits Another Low
Rupee weakened by 9 paise to a record low of 85.94 against the US Dollar. It closed at 85.85 on Wednesday.
The pressure comes amid foreign capital outflows, oil prices edging higher and globally resurgent dollar.
IPO News: SEBI Might Be Looking At Lapse By SME IPOs' Merchant Bankers — Exclusive
Recently the regulator received an anonymous complaint against SME IPO merchant bankers
The complaint dated Dec 4 was sent via mail to SEBI employees.
The regulator may be tightening grip on merchant bankers dealing with SME IPOs
There are instances of lapses related to merchant bankers in SME IPOs, as per regulatory sources
SEBI has received tips and acted promptly previously in such instances with Trafiksol's IPO
Rosmerta Digital Services' IPO was also postponed due to such complaints.
Sources told NDTV Profit and review of the complaint mail.
Bajaj Auto Share Price Up
Bajaj Auto share price came out of its four-day losing streak and rose on Thursday, after getting a rating upgrade from CLSA. The brokerage has an 'outperform' rating as the stock saw steep correction in the near past. It previously had an 'underperform' rating.
The share has fallen consecutively for four consecutive months (including January till date). From its September close, it is trading 29% down.
The stock rose as much as 2.96% to Rs 8,898 per share.
Read story here.
Shriram Finance Share Price Down Before Stock Split Ex-Date
Shriram Finance share price swung between gains and losses during early trade on Thursday. The stock is down 0.7% at Rs 2,878.8 apiece as of 10:05 a.m.
The change comes a day before the scrip trades at ex-date for stock split from Rs 10 per share of face value to Rs 2. Today is the last day to buy shares to be eligible for the stock split.
Nifty IT Down 0.3% Ahead Of TCS Q3 Result
Information technology stocks are down ahead of TCS Q3 results. While largecaps like Infosys and TCS are trading higher, counters of Wipro, Tech Mahindra and LTIMindtree are down.
Also Read: TCS Share Price Down Ahead Of Q3 Results
SRF, Navin Fluorine Share Prices Up
The share price of SRF and Navin Fluorine are up over 11% in early trade on reports of that US gas distributors will raise prices for refrigerant gases. This can benefit earnings.
NMDC Share Price Down
NMDC share price fell nearly 1% in early trade on Thursday after tge company cut iron ore lumps and fines prices by 5.5%-6.4%. The price cuts come after company hiked prices in late October 2024. The price cuts could be seen as efforts to increase volumes.
Nifty 50 Today Live: Benchmark Down 0.3%
The benchmark Nifty 50 is trading 0.3% or nearly 80 points lower at 23,600.
The index will witness high volatility as Thursday is the weekly contract expiry.
Swiggy Share Price Jumps After Bernstein
Swiggy share price jumped as much as 6.3% in early trade on Thursday after it received an 'outperform' rating from Bernstein Research which initiated coverage on the stock. The platform will be among the winners in India's rapidly booming quick commerce space, it said.
The Bengaluru-headquartered aggregator will benefit from the structural shift to super-fast delivery models, according to a Bernstein note.
The brokerage has a target price of Rs 635 per share, implying an upside of 25% from the previous close.
Read more here.
TCS Share Price Lower Ahead Of Q3 Result
Tata Consultancy Services Ltd.'s share price fell 0.2% on market open on Thursday, ahead of its third quarter financial results. The scrip was trading at Rs 4,109 apiece as of 9:24 a.m. and the relative strength index was 42.
The information technology giant is likely to clock a net profit of Rs 12,540 crore, a 5.3% sequential rise, and revenue of Rs 64,754 crore, a 0.8% growth, for the quarter ending in December, according to a survey of analysts' estimates done by Bloomberg.
Read more here.
Stock Market Live Updates: Nifty, Sensex Opens Flat
Indian benchmark indices opened flat on Thursday after a marginally lower close in the previous session.
The Nifty 50 started 0.06% lower at 23,674.75.
The BSE Sensex opened 0.07% higher at 78,206.21.
Only four of the 12 sectoral indices on the NSE traded in green. Nifty Auto surged while Nifty PSU Bank dipped.
Bajaj Auto Share Price Target: CLSA Sees 10% Upside
CLSA has upgraded Bajaj Auto from "Underperform" to "Outperform," setting a price target of Rs 9,493, offering a 10% upside. The upgrade follows a steep 32% correction in the stock over the past four months and the improving prospects of its electric two-wheeler (e-2W) business.
Bajaj Auto's market share in e-2Ws surpassed 25% in December, driven by the launch of a more affordable Chetak variant. CLSA believes the company deserves a 10-20% premium multiple over its long-term average. The firm expects a 6% compound annual growth rate for motorcycle volumes in FY24-27, compared to an 8% CAGR for the industry.
Real Estate Stocks In Focus: Jefferies On India Property
Jefferies remains positive on the Indian property market as it enters the fifth year of the current property upcycle. Residential demand remains strong, and the firm expects volume growth to pick up, driving a 15-20% increase in value sales in 2025. Potential rate cuts by the Reserve Bank of India are expected to further boost demand, particularly in the mid-income segments.
The office markets are also expected to continue recovering, supported by strong demand from global capability centres and Indian corporations. Additionally, strong balance sheets among property developers are seen as a key factor supporting valuations in the sector.
Preferred Picks: DLF, Godrej Properties and Lodha
Maintain Buy on DLF, target price Rs 1,000 (+23.3%)
Maintain Buy on Macrotech Developers, revised target price Rs 1,615 (+20.4%)
Maintain Buy on Godrej Properties, target price Rs 3,750 (+41.4%)
Other Key Rating Changes:
Maintain Hold on Oberoi Realty, revised target price Rs 2,050 (-9.7%)
Maintain Underperform on Prestige Estates, revised target price Rs 1,420 (-10.3%)
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.78%. It closed at 6.77% on Wednesday.
Source: Bloomberg
Rupee Versus Dollar: INR Opens At Record Low
Rupee weakened by 4 paise to open at 85.89 against the US Dollar. It closed at 85.85 on Wednesday.
Source: Bloomberg
Aditya Birla Real Estate Share Price To Be In Focus
Aditya Birla Real Estate clarification on Adverse Supreme Court Verdict
Worker’s colony land parcel of 10 acres owned by ABREL.
Piece of land under ABREL’s control was in litigation with BMC.
As per deed, land was to be handed over to ABREL post expiry of lease (28 years).
Land wasn’t conveyed to ABREL and went into litigation.
In 2022, the Bombay HC directed BMC to handover a 6.31 acre leasehold land in Lower Parel to company.
On Jan 7, the SC overturned this Bombay HC ruling.
Company says that there is no immediate material impact of SC ruling.
What brokerages say?
Antique Broking on Aditya Birla Real Estate
Maintain 'Buy', revised target price Rs 3,448 vs Rs 3,804 earlier. It implies 54.6% upside to previous close.
SC verdict on the 10-acre Worli land a minor setback.
Supreme Court reversed order, asked co to handover land to BMC.
Earlier the High Court ruled in favor of ABREL.
Estimate around 10% NAV impact, reduce EV/embedded EBIDTA to 11.75 times from 13 times.
Impact negligible as strong project addition expected to continue.
Nomura on Aditya Birla Real Estate
Maintain 'Buy', revised target price Rs 3,100 vs Rs 3,700 (+39.1% upside)
Shares have corrected by ~17% over the past 3 months due to:
Delayed 3QFY25 launches despite festive season.
Adverse ruling by the Supreme Court reversing High Court decision
Volatility in Indian equity markets
Continue to Reiterate Buy, given:
Management maintains Rs 7,000 cr presale guidance for FY25.
Impact from dverse SC decision to be limited to around 5% of residential GDV.
Ruling does not impact the near/medium term plans for projects in Worli.
Cut target price to Rs 3,100 (from Rs 3,700) to account for the SC ruling.
Stock Market Live Updates: HSBC Cuts India To 'Neutral'
HSBC has downgraded its outlook on India to "Neutral" while upgrading Hong Kong to "Overweight." The bank cites a recovery in Mainland China as a key factor, while India's growth is showing signs of slowing.
Despite an impressive 25% annualized growth, India's profits have softened, and valuations are considered elevated at 23x.
Key economic indicators, such as PMI numbers, goods and services tax collections, and auto sales, have disappointed, leading HSBC to forecast limited market returns. While India remains the strongest growth story among emerging markets, investors are likely to re-evaluate their positions, putting downward pressure on the market.
Reliance Industries Share Price: Goldman Sachs Lowers Target
View On Share Price
Share pricing in overly pessimistic scenario.
Sell-off in RIL's share is overdone.
Stock price at brokerage's bear case scenario.
What Is Goldman Optimistic About?
Brokerage still sees return expansion for RIL in FY26.
Jio's return already inflecting.
Expect FY26 Ebitda to grow 24% year on year.
Cash return on cap invested (CROCI) to expand in FY26 and 27.
Positive on refining margin improvement, telecom tariff hike in FY26, new energy starting operations.
What's Not Working For RIL?
RIL's return inflection thesis taking longer than expected
Retail segment taking longer to inflect returns, paid to persist through Q4.
Q3 crore Ebitda to remain largely flat.
Lower FY25-27 Ebitda estimates by up to 4%.
Rupee Vs Dollar: Currency Level To Watch
The rupee weakened 13 paise against the US dollar to 85.85 on Wednesday. It opened weak and traded a 85.81-85.87 range intraday.
Today, rupee is likely to open around 85.92 and trade a 85.85-86.10 range intraday with weakening bias.
The three-month At-the-Money-Forward option or ATMF implied volatility rose 13 basis points to 3.13%. One year forward yield rose 10 basis points to 2.69%.
The dollar index is down 0.1% to 108.99.
Stocks In News: ONGC Share Price Target From Citi
Citi has maintained a "neutral" rating on ONGC with a target price of Rs 280, offering a potential upside of 6%.
The recent contract award to BP is expected to lead to production upside at the Mumbai High field, as ONGC plans to hire BP Exploration to address the 7-8% year-on-year natural decline rate. The collaboration aims to boost cumulative production by up to 60% over the next decade.
If successful, this initiative could generate a net present value (NPV) accretion of $3 billion. However, much depends on the execution of the contract and the associated costs involved, Citi said.
Stock Market Live: Major Stocks In News
Tata Motors: JLR shipped more cars, but fewer were registered in October-December 2024, even as supply disruptions eased. Wholesales of the luxury unit of India’s Tata Motors Ltd. rose 3% over the year-ago period to 104,427 units in the third quarter of the fiscal ending March 2025. Sequentially, dispatches were up 20%. Registrations of JLR cars fell 3% year-on-year to 106,334 units in October-December 2024.
BHEL: The company has successfully commissioned two units of a hydroelectric project in Bhutan.
Poonawalla Fincorp: The company has approved raising up to Rs 190 crore through bonds.
NMDC Share Price To Be In Focus
NMDC cuts iron ore lumps and fines prices by 5.5%-6.4%.
Price cuts come after company hiked prices in late October 2024.
Potential reason for price cuts: lower iron ore prices, weaker volumes.
Iron ore future prices down 9% in past month, 10% since October.
NMDC's December sales volume were 6.6% YoY lower.
Informist sources suggest that NMDC could miss FY25 sales volume target by 8-10%.
Price cuts could be seen as efforts to increase volumes.
Tata Motors Share Price: Emkay Hikes Target
Emkay has maintained its "Buy" rating on Tata Motors, with a revised target price of Rs 950, down from Rs 1,000, offering a potential upside of 19.5%. The company is expected to benefit from normalized production levels and a strong product mix, which should drive a sharp quarter-on-quarter margin improvement.
Emkay has lowered its earnings per share (EPS) estimates for India PV by approximately 4.5% for FY26E and 2.5% for FY27E. However, Jaguar Land Rover remains on track to deliver £1 billion in free cash flow this year, supported by a net-cash balance sheet.
Nifty Pullback Likely To Continue Above 23,500
The NSE Nifty 50 can continue its pullback and information-technology stocks are expected to be in focus as the earnings season for the third quarter of the current financial year begins, according to analysts.
If the Nifty is trading above 23,500, the pullback formation is likely to continue, according to Shrikant Chouhan, head equity research at Kotak Securities. "On the upside, it could bounce back to around 23,800."
The gains can continue, potentially driving the index towards the 200-day simple moving average, which is around the 23,925 level, Chouhan said. "The sentiments could change if Nifty 50 falls below 23,500 levels and traders may prefer to exit out from the trading long positions."
Read more here.
Stock Market News Live: F&O Cues For Nifty
The Nifty January futures were down by 0.08% to 23,776.35 at a premium of 87 points, with the open interest up by 2.19%.
The open interest distribution for the Nifty 50 Jan. 9 expiry series indicated most activity at 24,000 call strikes, with the 23,000 put strikes having maximum open interest.
Stock Market News Live: GIFT Nifty Above 23,700
The GIFT Nifty was trading above 23,700 early Wednesday. The futures contract based on the benchmark Nifty 50 was down 0.02% or 4 points lower at 23,719.5 as of 7:19 a.m.
Indian equities sailed through a volatile session on Wednesday to end flat as the benchmark Nifty found vital support. A reversal of declines in information-technology stocks helped offset losses in pharma and financials.
The NSE Nifty 50 ended 18.95 points or 0.08% lower at 23,688.95, while BSE Sensex lost 50.62 points or 0.06% to close at 78,148.49. During the session, the Nifty declined as much as 0.89% to an intraday low of 23,496, while the Sensex fell 0.91% to 77,486.
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