Stock Market Today: Nifty, Sensex End With Mild Gain Ahead Of Key US Data; RIL, Hero, Bajaj Auto Rise
Your one-stop destination for all live updates about Indian stock market on Jan 11.
KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends Lower
The yield on the 10-year bond closed 2 bps lower at 7.16% on Thursday.
Source: Bloomberg
Rupee Flat Against The U.S. Dollar
The local currency closed at 83.03 against the U.S dollar on Thursday.
Source: Bloomberg
Nifty, Sensex End With Mild Gain: Market Wrap
Indian stock market ended higher on Thursday after a range bound session ahead of the release of the crucial U.S. CPI data later today, which will provide fresh cues about Federal Reserve's monetary policy moving ahead.
Reliance Industries Ltd, Axis Bank Ltd, Bajaj Auto Ltd, Hero MotoCorp Ltd led gains in benchmark indices.
The benchmark NSE Nifty 50 ended 0.13% or 28.50 points higher at 21,647.20, while the S&P BSE Sensex ended 0.089% or 63.47 points higher at 71,721.18.
"In anticipation of inflation data from the US, the Indian market exhibited range-bound trade. Though investors anticipate US inflation to ease, global markets, expecting a CY24 interest rate cut, have already priced in optimism. Profit booking occurred amid moderating Q3 corporate earnings and concerns about premium valuations. Selling pressure on IT stocks stemmed from weak earnings estimates," said Vinod Nair, head of research, Geojit Financial Services.
The U.S. CPI is expected to remain unchanged at 3.2% on year in December, according to a Bloomberg survey.
The Bank Nifty index witnessed ongoing struggles between bulls and bears, leading to a volatile trading session. A significant hurdle for the index is identified at 48000, marked by substantial call writing. A decisive breakthrough above this level is anticipated to trigger a sharp short-covering rally. On the downside, the lower-end support remains intact at 46900. A close below this support level may intensify selling pressure in the market," said Kunal Shah, senior technical and derivative analyst at LKP Securities.
Reliance Industries Ltd, Axis Bank Ltd, Bajaj Auto Ltd, Hero MotoCorp Ltd, and Tata Consultancy Services Ltd. added positively to the indices.
Infosys Ltd, HDFC Bank Ltd, Larsen & Toubro Ltd, Hindustan Unilever Ltd, ICICI Bank Ltd weighed on indices.
On NSE, Six out of 12 sectors gained, and six declined. Nifty Oil & Gas sector rose 1.48% and was the top performer among sectoral indices, while Nifty Media fell 0.35% to become the top loser among sectoral indices.
The broader markets outperformed benchmark indices. The S&P BSE Midcap index rose 0.66% and BSE Smallcap rose 0.79%. Around 13 sectors out of 20 sectors, compiled by BSE advanced, while seven declined. S&P BSE Energy rose 1.57% to become the top gainer among sectoral indices, while S&P BSE Capital Goods fell 1.20% to become the top loser among sectoral indices.
Market breadth was skewed in favour of buyers. Around 2362 stocks rose, 1468 stocks declined, and 107 stocks remained unchanged on BSE.
Hero MotoCorp Rises 6% To Life High On Confirmation Of Hero Maverick Launch Date
HDFC Asset Management Q3FY24 (YoY)
Standalone net profit at Rs 489.7 crore vs Bloomberg estimate of Rs 451.7 crore
Standalone total income at Rs 813.75 crore vs Rs 662.9 crore, up 22.75%
Standalone net profit at Rs 489.7 crore vs Rs 369.4 crore, up 32.56%
Standalone revenue at Rs 671.3 crore vs Rs 559.6 crore, up 19.96%
AUM as of Dec 31 at Rs 5.75 lakh crore up 28%
Equity AUM as of Dec 31 at Rs 3.47 lakh crore up 50%
Scrips of HDFC Asset Management Company Ltd rose 3.62% to Rs 3,542.50, the highest level since Dec 27, 2019.
It has risen 17.77% in 12 months. Total traded volume so far in the day stood at 1.5 times its 30-day average. The relative strength index was at 83.49, which implied the stock is overbought.
Out of 23 analysts tracking the company, 10 maintain a 'buy' rating, 11 recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an downside of 11.6%.
