KEY HIGHLIGHTS
Stock Market Live: Sensex, Nifty End Week With 2% Decline
Indian equities seesawed through gains and losses to close lower for the second consecutive session as financials, pharma and energy stocks weighed. Gains in information technology stocks helped offset wider decline. On a weekly basis, the benchmarks fell after a two-weeks rally.
The NSE Nifty 50 ended 95 points or 0.4% lower at 23,431.5, while BSE Sensex lost 241.3 points or 0.31% to close at 77,378.91. 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.
Tata Consultancy Services Ltd. was the top gainer on the Nifty, rising 5.6%, after the company's third quarter earnings and management commentary impressed analysts and investors. Shriram Finance Ltd. shed 5.31%.
HDFC Bank Ltd., ICICI Bank Ltd., Reliance Industries Ltd. and Axis Bank Ltd. weighed on the Nifty the most in terms of points contribution.
TCS, Infosys Ltd., HCLTech Ltd. and Tech Mahindra Ltd. led the gains in the index.
On BSE, 18 sectors declined, and three advanced out of 21. The BSE Power declined the most, and the BSE Focused IT rose the most.
On the NSE, all but one of the 12 sectoral gauges fell. Nifty IT jumped 3.44%, while Nifty Media dipped over 3%.
Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 2.13% and 2.40% down, respectively.
US Futures Decline Before Jobs Data
As 3:27 p.m., the Dow Jones Industrial Average future was 0.17% down at 42,806.00, and the S&P 500 future was 0.33% down at 5,939.75. The Nasdaq 100 was 0.38% down at 21,279.50.
Stock Market Today At Glance
Indian equities in choppy trade, swings between losses and gains
Intraday, Nifty fell 0.77% and Sensex declined 0.67%.
Nifty closed 95 points or 0.4% lower at 23,431.5
Sensex lost 241.3 points or 0.31% to close at 77,378.91
Broader indices also decline. Nifty Midcap 100 down 2.04%; Nifty Smallcap 250 end 2.44% lower
Most sectoral indices decline, led by Nifty Media
Nifty Bank down 1.55%, Nifty IT up 3.44%
TCS, Tech Mahindra, HCLTech top Nifty gainers
Shriram Finance, IndusInd Bank top Nifty losers
Stock Market: Week At Glance
Nifty IT only gaining sectoral index this week; LTIMindtree, TCS lead gains
Nifty PSU Bank worst performing sector this week; Union Bank of India, Bank of Maharashtra top laggards
Nifty Smallcap 100 records worst week in over two years; KEC International, Inox Wind worst performers
Nifty FMCG snaps two week gaining streak
Nifty Oil & Gas snaps two week gaining streak
Nifty Pharma snaps three week gaining streak
Nifty Auto records longest losing streak in three months
Nifty Financial Services falls second week in a row
Nifty Bank falls second week in a row
Rupee Vs Dollar: Record Low End
Rupee weakened by 11 paise to close at 85.97 against the US Dollar. -Rupee is 3 paise away from hitting the 86 mark. It closed at 85.86 on Thursday.
Source: Bloomberg
Rupee Vs Dollar: Record Low For Indian Currency
Rupee weakened to a record low of 85.95 against the US Dollar. Rupee five paise away from hitting the 86 mark. The currency opened at 85.88 against the greenback. It closed at 85.86 on Thursday.
Source: Bloomberg
Asia Markets Close: China, Japan Indices Fall Most
China's CSI 300 and Japan's Nikkei ended more than 1% lower on Friday. Investors in Japan assessed November pay and household spending out from Japan. Hong Kong's Hang Seng fell 0.9%, South Korea's Kospi ended 0.3% down and Australia's ASX 200 closed 0.4% lower.
CESC Q3 Result (Consolidated, YoY)
Net Profit down 6.3% at Rs 282 crore versus Rs 301 crore
Revenue up 9.8% at Rs 3,561 crore versus Rs 3,244 crore
Ebitda up 76.3% at Rs 610 crore versus Rs 346 crore
Margin at 17.1% versus 10.7%
SpiceJet Shares Major Update
SpiceJet plans to bring 10 additional aircraft into service by mid-April, including four Boeing 737 MAX planes. This expansion will boost its current operational fleet, which presently consists of 28 aircraft, further enhancing its capacity and operations.
Shilpa Medicare Gets Europe Approval For Drug
Shilpa Medicare received approval in Europe for Tadalafil Orodispersible Films, which is used for treatment of erectile dysfunction in adult males.
Source: Exchange filing
Union Bank of India Share Price Update
Union Bank of India share price has hit the 52-week low of Rs 104.3, after falling 3.7%. The stock is the top loser in the Nifty PSU Bank index.
Syrma SGS Wins Deal
Taiwan's Micro-Star International has picked Syrma SGS Technologies to manufacture laptops for Indian market. The company will assemble laptops for MSI at its Chennai facility.
Syrma SGS is a IT hardware PLI approved manufacturer.
Wipro Share Price Gains Over 3% From Day's Low of Rs 294.3
Wipro share price is up 3.4% at Rs 302.2.
AU Small Finance Bank Share Price Update
AU Small Finance Bank goes above 50-day daily moving average of Rs 581.66 and current price is Rs 581.7
Indus Tower Share Price Update: Large Trade In Stock
Indus Towers has seen nearly 10.4 lakh shares change hands in a block trade, according to Bloomberg.
Stock Market Live Updates: Andrew Holland On Selloff
As Indian markets face mounting uncertainty with benchmark index falling back to the so-called 'correction zone', Andrew Holland, the chief executive officer of Avendus Alternate Strategies, believes sitting on cash until the volatility subsides could be a smart strategy.
“There are no big expectations this earnings season, and if anything, downgrades are more likely,” the Chief Executive Officer of Avendus Alternate Strategies told NDTV Profit.
With earnings downgrades on the horizon, he suggested that the market is already pricing in these potential setbacks. “There’s no catalyst for this market given the earnings downgrades that are coming,” he added.
Sensex, Nifty Today: Stock Market Watch 12 PM
Indian equities in choppy trade, swings between losses and gains
Intraday, both Nifty and Sensex declined 0.7%.
Nifty 0.07% or 15 points up at 23,540
Sensex 0.16% or 125 points higher at 77,750
Broader indices also decline. Nifty Midcap 150 down 1%; Nifty Smallcap 250 1.4% lower
Most sectoral indices decline, led by Nifty Media
Nifty Bank down 0.77%, Nifty IT up 3.75%
TCS, Tech Mahindra, Wipro top Nifty gainers
Shriram Finance, IndusInd Bank top Nifty losers
Stock Market Live: Gaming Stocks Surge After Court Ruling
The Supreme Court has stayed proceedings related to all show-cause notices (SCNs) issued to gaming companies until the final disposal of the case. The tax department expressed concerns that some SCNs might become time-barred if a stay was not imposed.
Gaming companies, on the other hand, sought protection from potential coercive actions by the department and requested a stay on proceedings. The Supreme Court has scheduled the case for a final hearing on March 17. Notably, the tax department is seeking to impose a 28% GST on these companies retrospectively, a move that has raised significant industry concerns.
After the news, shares of Delta Corp., OnMobile Ltd., Nazara Technologies Ltd. and Zensar Technology Ltd. went up.
Read story here.
Aditya Birla Fashion Share Price Unchanged
Aditys Birla Fashion and Retail share price was trading flat at Rs 276.45 apiece, after the company notified the board will consider fundraising plans via share sale on Jan. 15.
Lloyds Metals & Energy Share Price: DAM Capital Sees 33% Upside
DAM Capital Advisers are initiating coverage on Lloyds Metals & Energy with a 'buy' rating and a target price of Rs 1,905, a potential 33% upside over the previous close.
LMEL is expecting approval of increasing mining capacity from 10 metric tonne to 55 mt and 25 mt finished ore in March quarter, which would provide a significant improvement in operating income FY26 onwards, the brokerage said.
Stock Market Live Updates: CESC, Justdial Share Price Down
Shares of CESC, Justdial and PCBL are trading lower ahead of their Q3 results.
Nifty Today Live: PSU Banks Under Pressure
Shares of PSU banks declined during early trade on Friday. Indian Overseas Bank was the top loser with 3% fall.
Union Bank of India, Central Bank of India, Punjab and Sind Bank and UCO Bank are the other banks facing decline of over 2%.
JSW Steel Share Price Flat After Q3 Business Update
JSW Steel share price was trading flat at Rs 890 apiece after its third quarter business update.
JSW Steel reported a 3% year-on-year growth in Q3 Indian operations, with crude steel production rising to 6.82 million tonnes (MT) compared to 6.63 MT in the same quarter last year. Consolidated production also increased by 2% year-on-year to 7.03 MT, up from 6.87 MT. The company achieved its highest-ever quarterly consolidated crude steel production of 7.03 MT during Q3, marking a significant milestone.
SEBI Chief Says Rs 250 Mutual Fund Schemes Soon
Stressing on the regulator's priority of financial inclusion, SEBI chairperson Madhabi Puri Buch said the launch of Rs 250 mutual fund schemes will be soon.
Stock Market Live Updates: Volatility Up
The volatility index or India VIX is up over 4% in the first hour of trading.
Nifty Today Live: Media Stocks Continue To Decline
Media stocks continued to decline on the NSE. The Nifty Media is the top sectoral loser, shedding over 3% within just an hour of trading.
Dish TV is down 4.4%, Zee Entertainment Enterprises and Saregama by 3.7%.
Nifty Today Live: Tech Versus Rest
All 12 sectoral indices on the NSE is down, except Nifty IT. Nifty Media and Nifty PSU Bank are faring the worst amid correction in the benchmark Nifty 50.
All IT stocks are up. TCS is up 3.9%, followed by LTIMindtree and Tech Mahindra.
Sensex Today Live: Benchmark Sheds Nearly 500 Points
The BSE Sensex has shed nearly 500 points within the first hour of trading. It is trading 0.63% lower at 77,131.
Shriram Finance Share Price Drops On Stock Split Ex-Date
Shares of Shriram Finance Ltd. fell by nearly 2% on Thursday as investors await the company’s upcoming stock split. The ex-date for the 1:5 sub-division of equity shares is scheduled for January 10, meaning investors looking to benefit from the split need to purchase shares before the market closes on Thursday.
IREDA Share Price Gains After Q3 Profit
Indian Renewable Energy Development Agency Ltd.'s share price rose over 3% on Friday, as the company reported a net profit of Rs 425 crore for the quarter ending Dec. 31, 2024, reflecting a 26.7% year-on-year increase. In the same quarter of the previous year, the company had posted a net profit of Rs 336 crore.
Read story here.
Nifty Today Live: Why Are Markets Cracking?
Nifty has entered correction zone, meaning it has declined over 10% from its 52-week high. Factors contributing to the fall include selloff by foreign institutional investors, weaker rupee, poor earnings forecast and India's economic slowdown.
Nifty Today Live: Benchmark Enters Correction Zone
The benchmark Nifty 50 has entered the correction zone for the second time in two months. The index has declined over 10% from its 52-week high of 26,178 in late September. It was trading at 23,480 at 9:45 a.m.
Nifty was in correction territory in late November as well when it dipped below 23,400.
Stock Market Live Updates: Smallcaps, Midcaps Down
The Nifty Smallcap 250 falls nearly 2%, decline third day in a row. The index is down 8.3% in one month.
The Nifty Midcap 250 is down 1.1%. Adani Wilmar is down 8.4% as its offer for sale opens today. Sundaram Finance is the top gainer, followed by Persistant Systems.
Nifty Bank Live: Bank Stocks Down
Bank stocks are trading lower after market open. Nifty Bank index fell 0.4%. IndusInd Bank fell after Goldman Sachs downgraded the stock to 'neutral'.
Stock Market Live Updates: Nifty IT Surges, Nifty Realty Follows
Nifty IT surged over 2.4% after market open as investors shed caution on IT stocks after TCS guided for better results this year. Realty stocks also climbed.
Stock Market Live: Nifty, Sensex Open Higher
Indian equities opened higher on Friday after TCS Q3 results met estimates and management commentary exuded confidence in future guidance.
The Nifty 50 opened 0.11% higher at 23,551.9 while the BSE Sensex gained 60 points of 0.08% to 77.682.59.
Nifty IT, Nifty Bank In Focus
After TCS's Q3 result and management commentary, IT stocks will be in focus. Nifty IT is trading in green during pre-open.
Banks will also draw attention after previous day's decline.
Ceinsys Tech Order Win
Ceinsys Tech received letter of intent for an order worth Rs 381 crore from Vidarbha Irrigation Development, Nagpur for river link project.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.76%. It closed at 6.76% on Thursday.
Source: Bloomberg
Rupee Vs Dollar Today: Indian Currency Opens Lower
Rupee weakened by 2 paise to open at 85.88 against the US Dollar. It closed at 85.86 on Thursday.
Source: Bloomberg
The dollar index is 0.04% higher at 109.21. Brent crude is up 0.3% to $77.15.
Read story here.
Nomura On India Consumer Outlook 2025
Nomura has shared its outlook for the Indian consumer sector for 2025, highlighting that volume growth is expected to remain range-bound and below the long-term average.
The brokerage believes that companies will continue to implement gradual product price hikes. Organized players are likely to recover market share from regional and unorganized brands. However, margin expansion in 2025 is expected to be limited as companies prioritize volume growth. Despite these challenges, Nomura views risk-weighted sector valuations as reasonable.
Picks:
Maintain Buy on Marico, target price of Rs 760 (19% upside)
Maintain Buy on HUL, target price Rs 3,100 (29.1% upside)
Maintain Buy on ITC, target price Rs 575 (27.9% upside)
IndusInd Bank Share Price Target: Goldman Sachs Downgrade To Neutral
Goldman Sachs has downgraded IndusInd Bank to "Neutral" with a target price of Rs 1,090, implying an upside of 11%. The firm has cut its EPS estimates by 5%, 16%, and 18% for the coming years due to several factors, including a slowdown in revenue growth over the last two quarters and concerns about rising delinquencies in the commercial retail portfolio.
Slower loan growth is also expected to weigh on profitability, with an average return on assets (ROA) of 1.3% projected for FY25-27. While EPS growth is estimated to have a CAGR of 1% for FY24-27 and 16% for FY25-27, valuations appear fair, and the risk-reward profile is viewed as balanced.
Nifty Today: Check Today's Projected Range
Nifty is likely to trade between 23,250 to 23,800 with a slight weakening bias. Bank Nifty is also likely to trade in a lower range between 48,800 to 49,900, according to IFA Global.
"India VIX is higher by 1.3% as we enter the corporate earnings season and market participants become more cautious. 23,500 is a key support for Nifty and if that is breached then we may see a fall towards 23,260 and the overall structure could become sell on rise in the near term," the note said.
Rupee Vs Dollar: Check Today's Trading Range
The Indian Rupee ended flat at 85.86 on Thursday, after trading within a narrow intraday range of 85.85 to 85.93.
The currency is expected to open around 85.88 and is likely to trade in a range of 85.80 to 85.93 with a sideways price action anticipated during the session, according to India Forex And Asset Management Pvt.
Meanwhile, the 1-year forward yield remained unchanged at 2.70%. On the other hand, the 3-month at-the-money-forward (ATMF) implied volatility rose by 15 basis points, closing at 3.28%.
TCS Q3 Results Review: What Brokerages Say
Information technology bellwether, Tata Consultancy Services Ltd.'s third-quarter earnings "ticked all boxes", with the management commentary being the most positive over the last two years, according to analysts.
The management commentary showed early signs of revival in discretionary spending leading to a bright outlook, Nuvama Institutional Equities said. The tech giant expects calendar year 2025 growth to be higher than the previous year, implying high single-digit growth in developed markets, it said.
Good deal wins is an early sign of discretionary spend pick-up and reduced deal cycles, according to HSBC. "Though, commentary provides some confidence," it said, acknowledging TCS’ leadership in scale, operational efficiency and market positioning in emerging technologies, going into 2025.
Read story here.
Nifty Today: What F&O Cues Indicate
Nifty January futures down by 0.46% to 23,671 at a premium of 145 points.
Nifty January futures open interest up by 5.52%.
Nifty Options Jan. 16 Expiry: Maximum call open interest at 25,150 and maximum put open interest at 24,550.
Securities in ban period: Bandhan bank, Hindustan Copper, Manappuram Finance, RBL Bank, LTF.
Dollar Check
The US Dollar index is up 0.02% at 109.19.
Euro up 0.02% at 1.0299
Pund down 0.02% at 1.2303
Yen up 0.13% at 158.26
Stock Market News Live: Global Check
The US markets were closed on Thursday to mourn the death of former President Jimmy Carter. Brent crude was trading 1.30% higher at $77.2 a barrel as of 6:30 a.m. Gold spot was flat at $2,670.56 an ounce.
In Asia, Japan's benchmark Nikkei dropped 0.9%, while Australia's S&P/ASX 200 was down 0.5%. South Korea's Kospi index was down 0.15%.
Stock Market News Live: GIFT Nifty Below 23,600
The GIFT Nifty was trading below 23,600 early Friday. The futures contract based on the benchmark Nifty 50 was 0.03% or 8 points lower at 23,583 as of 7:32 a.m.
The Indian equities ended lower for the second day in a row on Thursday, as investors shed their risk appetite and raised guard before the start of the third-quarter earnings season.
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 23,503.05, while the Sensex fell 0.77% to 77,542.92.
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