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Indian equities recovered after posting their worst single-day decline of the year on Saturday, led by the gains in ICICI Bank Ltd. and Hindustan Unilever Ltd.
The S&P BSE Sensex rose 0.34 percent to close at 39,872.31 and the NSE Nifty 50 rose 0.53 percent to end at 11,724.05.
The broader markets represented by the NSE Nifty 500 Index fell 0.46 percent on Monday. The market breadth was tilted in favour of sellers. About 1,093 stocks declined and 723 shares advanced on National Stock Exchange.
Eight out of 11 sectoral gauges compiled by the NSE ended higher, led by the NSE Nifty Media Index’s 1.7 percent gain. On the flipside, the NSE Nifty PSU Bank Index was the top sectoral loser, down 2.46 percent.
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Shares of IDBI Bank fell as much as 8.5 percent, the most since Aug. 28, 2019, to Rs 34.10. The scrip had advanced 10.2 percent on Saturday.
The proposed to sell the balance stake IDBI Bank to private, retail and institutional investors through the stock exchange, Finance Minister Nirmala Sitharaman said in her Budget speech on Saturday.
Of the shares traded, 51 percent were at the ask price and 43 percent were at the bid, according to Bloomberg data.
Shares of Piramal Enterprises fell for the fourth consecutive trading session. The stock fell as much sa 7.9 percent to Rs 1,336.55, the lowest since Oct. 17, 2019.
The company is scheduled to release its December quarter results tomorrow. The scrip traded at 12.4 times its estimated earnings per share compared to a 17.6 times for the two-year historical average, Bloomberg data showed.
Shares of Rashtriya Chemicals & Fertilizers fell as much as 7.1 percent to Rs 46.25. The stock declined for the fourth consecutive trading session.
Finance Minister Nirmala Sitharaman said that the government shall encourage balanced use of all kinds of fertilisers including the traditional organic and other innovative fertilisers.
“This is a necessary step to change the prevailing incentive regime, which encourages excessive use of chemical fertilisers,” Sitharaman said in her Budget speech on Saturday.
Shares of Just Dial extended declines for the fourth consecutive trading session. The stock fell as much a 8.6 percent, the most since July 22, 2019, to Rs 500.20, the lowest since Nov. 15, 2019.
The stock declined 15 percent in the past five days and fell 9.1 percent in the past 30 days. The scrip traded at 13 times its estimated earnings per share for the coming year, according to Bloomberg data.
The Relative Strength Index was below 70, indicating that the stock may be overbought, Bloomberg data showed.
U.S. equity futures power higher and European stocks were steady as investors took in stride a sell-off in Asia, where Chinese shares plunged as markets there reopened amid the worsening coronavirus outbreak.
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Source: Bloomberg
Nifty’s 11,800 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract, which is set to expire on Feb. 6, fell 42.8 percent to Rs 25.85. About 11.92 lakh shares were added to the open interest which stood at over 26.06 lakh shares.
Shares of Dixon Technologies rose as much as 10.1 percent, the most since Nov. 14, 2019, to hit an all-time high at Rs 4,895. The stock had declined 4.5 percent on Saturday.
Trading volume was more than two times its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought.
Shares of Nestle India extended gains for the second consecutive trading session and rose as much as 6.3 percent, the most since Sept. 20, to hit an all-time high at Rs 16,500.
“Investors funnelled money into shares of the consumer-oriented companies after the Union Budget looked unlikely to spur a quick turnaround in the GDP growth,” according to Bloomberg report.
“There is a tilt towards defensive, predictable stocks that have been consistent performers. Asian Paints have shown double-digit volume growth even in a challenging environment. Hindustan Unilever Ltd. has been able to outperform and deal with the slowdown well,” Bloomberg reported quoting Antique Stock Broking analyst Abhijeet Kundu.
The stock was the best performer on the NSE Nifty 50 Index and NSE Nifty FMCG Index.
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Source: Bloomberg
Shares of TVS Motor Company fluctuated between gains and losses to trade 1.3 percent higher at Rs 470.05 after the company released its January sales data.
The company’s sales fell 16.9 percent to 2,34,920 units last month, the two-and-three-wheeler maker said in a stock exchange filing.
Key Sales Highlights (YoY)
Shares of Godrej Properties rose as much as 8.1 percent to Rs 1,069.90 after the company announced December quarter results.
Key Earnings Highlights (Q3, YoY)
Indian equities were volatile and struggled to gain momentum.
The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 39,704 and 11,658.95. The broader markets represented by the NSE Nifty 500 Index, too, traded flat.
That came as the India NSE Nifty Volatility Index fell as much as 6.7 percent.
Shares of Bharti Infratel extended declines for the second consecutive trading session. The stock fell as much as 8 percent, the most since Jan. 17, to Rs 227.30.
The scrip declined 22 percent in the past 12 months compared to a 9.1 pecent gain in the Sensex. Bharti Infratel traded at 14 times its estimated earnings per share for the coming year, Bloomberg data showed.
Indian indices gained momentum after fluctuating between gains and losses in the opening trade.
The S&P BSE Sensex rose 0.59 percent to 39,969 and the NSE Nifty 50 rose 0.67 percent to 11,739. The broader markets represented by the NSE Nifty 500 Index rose 0.72 percent.
The mid- and the small-cap index represented by the NSE Nifty MidCap 100 and the NSE Nifty SmallCap 100 rose 1.1 percent and 0.43 percent respectively.
Given the absence of sharp growth revival, we expect the market to stay narrow. Select sectors with better earnings visibility will continue enjoying valuation premium over the broader markets, Motilal Oswal said.
Shares of Ashok Leyland fell as much s 3.1 percent to Rs 74.80 after the company released its January sales data.
The company’s sales fell 40 percent year-on-year to 11,850 units last month, according to its stock exchange filing.
Key Sales Highlights (YoY)
Sales Including Exports (YoY)
Nifty’s 11,700call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract, which is set to expire on Feb. 6, rose 3.9 percent to Rs 78.45. About 5.31 lakh shares were added to the open interest which stood at over 14.76 lakh shares.
The Markit India Manufacturing Purchasing Managers’ Index rose to 55.3 in December from 52.7 in November, according to a statement.
This was the 30th straight month when India’s manufacturing PMI remained above the 50-point mark. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.
Indian equities were volatile, after fluctuating between gains and losses in the opening trade.
The S&P BSE Sensex rose 0.45 percent to 39,917 and the NSE Nifty 50 rose 0.48 percent to 11,714. The broader markets represented by the NSE Nifty 500 Index fell 0.55 percent.
That came as the India NSE nifty Volatility Index fell as much as 6.7 percent.
The markets were disappointed as the expectations were very high, IIFL Co-Founder and Chairman Nirmal Jain said, adding that there were a of incentives for the foreign investors in the Budget.
“Dividend Distribution Tax has been abolished and therefore obviously foreign investors will benefit but then it becomes fully taxable in the hands of shareholders which is not the right way of doing it because shareholders are also owners and as owners of the company they pay tax on profits and it gets taxed again,” Jain said in a mailed statement.
“This might change the dividend culture of many companies, it will impact the private sector investment which has been very sluggish for the last 2 to 3 years at least,” he added.
Sobha (Q3, YoY)
Garden Reach Shipbuilders & Engineers (Q3, YoY)
Relaxo Footwears (Q3, YoY)
Mahindra Holidays & Resorts (Q3, YoY)
Thyrocare Technologies (Q3, YoY)
Tata Motors (YoY)
Hero MotoCorp (YoY)
Eicher Motors (YoY)
SML Isuzu (YoY)
Shares of Shakti Pumps (India) fell as much as 5.9 percent to Rs 273.30. The scrip had advanced nearly 20 percent to a four-month high at Rs 292.70 on Saturday.
The government plans to promote 15 lakh farmers to set up solar-powered pumps, Sitharaman said in her Budget speech on Saturday. “The government will help 15 lakh farmers to solarise grid-connected farm. Farmers can convert barren land into solar farms,” she said.
Trading volume was more than 14 times its 20-day average, Bloomberg data showed. Shakti Pumps advanced 21 percent in the past five days and rallied 41 percent in the past 30 days.
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Indian equities fluctuated between gains and losses in the opening trade.
The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 39,704 and 11,658.95. The broader markets represented by the NSE Nifty 500 Index, too, traded flat.
The market breadth was tilted in favour of sellers. About 792 stocks declined and 549 shares advanced on National Stock Exchange.
Six out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Media Index’s 0.6 percent gain. On the flipside, the NSE Nifty FMCG Index was the top sectoral loser, down 0.6 percent.
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Indian equities are set to open lower.
The S&P BSE Sensex fell 0.3 percent to 39,641 and the NSE Nifty 50 fell 0.13 percent to 11,649.
Tata Motors
Hero MotoCorp
Eicher Motors
SML Isuzu
Sobha (Q3, YoY)
Garden Reach Shipbuilders & Engineers (Q3, YoY)
Relaxo Footwears (Q3, YoY)
Mahindra Holidays & Resorts (Q3, YoY)
Thyrocare Technologies (Q3, YoY)
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