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It is highly unlikely that the current rally in crude prices will sustain and hence it will not have any impact on India’s fiscal situation being an oil importer, Chakri Lokapriya of TCG Asset Management Company said.
“The banking NPA resolution is the key thing for recovery of Indian economic recovery. If the same happens, we can see a 10 percent rise in the large-cap index from the current levels,” Lokapriya told BloombergQuint.
The fall in the market is related to the nervousness among investors regarding global war threat, according to Deven Choksey of KRChoksey.
“We do not expect the fall to sustain unless there is a massive disruption seen globally,” Choksey told BloombergQuint in an interaction.
Commenting on crude oil prices, he said that they are highly unlikely to sustain at current high levels as the Iranian crude was already in sanction. “As the situation normalises, which is likely to happen, the panic situation will ease out,” Choksey added.
Force Motors
Indian Overseas Bank
Mindtree
Dishman Carbogen Amcis
Biocon today said in an exchange notification that True North will be investing Rs 536.25 crore in Biocon Biologics for 2.44 percent stake, valuing the company’s subsidiary at Rs 21,450 crore or about $3 billion on a ‘pre-money equity basis’.
Shares of Biocon fell as much as 5.3 percent to Rs 285.05.
Indian Energy Exchange
Tube Investments
Godrej Agrovet
(Source: Bloomberg)
India’s equity benchmark—S&P BSE Sensex—fell nearly 2 percent or 811 points to 40,652.06.
The NSE Nifty 50 fell 1.9 percent to trade below 12,000. The broader markets represented by the NSE Nifty 500 Index fell 2.03 percent.
About 43 lakh shares of Welspun Enterprises changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
The NSE Volatility Index rose as much as 18.9 percent, the most since Sept. 21, 2018, to 15.09.
Stocks declined and gold, oil and Treasuries advanced in the wake of escalating Middle East tensions as Asian financial markets returned to full strength following New Year holidays.
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Source: Bloomberg
Indian stocks extended opening declines to trade at day’s low.
The S&P BSE Sensex fell 1.71 percent or 710 points to 40,753.47 and the NSE Nifty 50 fell 1.77 percent to 12,010.25. The broader markets represented by the NSE Nifty 500 Index fell 1.8 percent.
Shares of Bajaj Finance fell as much as 5 percent to Rs 3,985.50.
About 15 lakh shares of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
The trading volume was three times the 20-day average for this time of the day, Bloomberg data showed.
Earlier today, the company shared its quarterly updates.
Bajaj Finance says:
Source: Bloomberg
NCLAT refused to amend the Tata Sons-Mistry judgement, saying, it does not cast any aspersions against the RoC.
Godrej Consumer comments on India business:
Source: Exchange filing
Shares of Titan rose as much as 2.8 percent to Rs 1,171.40.
The company said it witnessed “reasonable growth in the festive season”, with retail sales picking up at the start of the three-month period owing to the wedding season—between November and January. It indicated a 11 percent growth in jewellery sales in the period, in line with the company’s revised projections for the second half of 2019-20.
The stock traded at 61 times its estimated earnings per share for the coming year, according to Bloomberg data.
Nifty’s 12,200 put option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract, which is set to expire on Jan. 9, rose 253.93 percent to Rs 83.35. Over 2.05 lakh shares were added to the open interest which stood at over 16.33 lakh shares.
The IHS Markit India Services Index rose to 53.3 in December from 52.7 in November. The composite PMI rose to 53.7 from 52.7.
In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.
Shares of Future Consumer swung from a gain of as much as 1.7 percent to fall as much as 3.7 percent, while shares of Future Retail swung from a gain of as much as 1.2 percent to fall as much as 2.5 percent.
Future Retail and Amazon India signed two agreements focusing on grocery on grocery and general merchandise, fashion and footwear, according to stock exchange notification.
Besides, Future Consumer signed long-term agreement with Amazon Retail India for distribution of its portfolio of brands online.
Shares of Adani Ports and Special Economic Zone swung from a gain of as much as 1.4 percent to fall as much as 2 percent.
The company will buy a 75 percent stake in the all-weather deep-water port in Andhra Pradesh at an enterprise value Rs 13,572 crore, according to its filing with stock exchanges. The deal is EPS (earnings per share) accretive from day one with a payback period of four years, the company said, adding that it will be funded by internal accruals and cash. The acquisition fits well with Adani Ports’ strategy to increase its footprint in Andhra Pradesh and nearly double its cargo throughput to 400 million metric tonnes by the financial year 2024-25 via expansion and acquisitions.
Trading volume was almost nine times its 20-day average, Bloomberg data showed. The scrip returned 3 percent in the past five days and 2.9 percent in the past 30 days.
Indian equity benchmarks extended opening declines.
The S&P BSE Sensex fell as much as 1.24 percent or 515 points to 40,949.18 and the NSE Nifty 50 fell as much as 1.3 percent to 12,069.10. The broader markets represented by the NSE Nifty 500 Index fell as much as 1.4 percent.
Shares of Reliance Industries fell as much as 1.5 percent to Rs 1,513.85.
About 21.7 lakh shares of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
The scrip traded at 20 times its estimated earnings per share for the coming year, Bloomberg data showed.
Shares of Dixon Technologies extended gains for the third consecutive trading session. The stock rose as much as 2.1 percent to Rs 4,035.
The company will partner with Samsung to manufacture LED TVs. The LED TV segment contributes about 40 percent of the total revenue, of which, 65 percent is contributed by Xiaomi.
Trading volume was more than four times its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought.
Shares of Bajaj Finance fell as much as 0.8 percent to Rs 4,160.
Bajaj Finance says:
Source: Exchange filing.
Indian equity benchmarks opened lower, extending declines for the second consecutive trading session.
The S&P BSE Sensex fell as much as 0.81 percent or 334.04 points to 41,130.57 and the NSE Nifty 50 fell as much as 0.79 percent to 12,130.10. The broader markets represented by the NSE Nifty 500 Index fell 0.8 percent.
The market breadth was tilted in favour of sellers. About 1,041 stocks declined and 424 shares advanced on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty PSU Bank Index’s 1.4 percent fall. On the flipside, the NSE Nifty IT Index was the only sectoral gainer, up 0.7 percent.
Indian equity benchmarks are set to open lower
The S&P BSE Sensex fell 0.14 percent to 41,405 during the pre-market trade and the NSE Nifty 50 fell 0.5 percent to 12,151.10.
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Source: Bloomberg
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