US stocks rose on Wednesday, boosted by Apple, Boeing and General Electric following their quarterly results, though worries about the economic damage of the fast-spreading coronavirus kept gains in check.
Stocks showed little reaction to the Federal Reserve's policy statement. The Fed, as expected, held rates steady while offering no new guidance on its balance sheet or mentioning any economic risks that could come about from the coronavirus outbreak in China.
Federal Reserve kept its benchmark interest rate steady and continued to signal policy would stay on hold for the time being as the U.S. enters a presidential election year. The target range of the federal funds rate of 1.5% to 1.75% is “appropriate to support sustained expansion of economic activity,’’ the Federal Open Market Committee said Wednesday, repeating language from the December statement.
The government should focus on larger PSUs and fasten the process for sale of BPCL and Concor to raise nearly Rs 60,000 crores and Rs 11,000 crores, respectively, in the current financial year and add more PSUs such as MMTC, NDMC and BHEL in the next Budget list. There are a total of 58 listed Central Public Sector Enterprises (CPSEs), which are valued at Rs 12,37,446 crores as on December 31
- Abhishek Bansal, CMD, Abans Group
The previous opening upside gap of January at 12,045 level seems to have offered support to the market on Tuesday. The candle pattern does not indicate any strong upside bounce. But a follow-through move could extend this pre-Budget upside till the weekend
- Nagaraj Shetti, HDFC Securities
Wednesday's surprising strength can be attributed to the events lined up over the next few days, such as F&O expiry and Budget. He expects the index to stay volatile on Thursday and advised traders to remain neutral
- Mazhar Mohammad, Chartviewindia.in
If Nifty crosses and sustains above 12,160, it would head towards the 12,200-12,230 range. However, if it breaks below 12,100, it would see selling towards 11,960-11,920 zone. The index still trades below 20- and 50-day SMAs, which are important short-term moving averages. Buy on dips stays our preferred strategy
- Rajesh Palviya, Axis Securities
Once again, Nifty respected its crucial support at 50 DEMA, and started rebounding, which is a positive sign for the market. The index is trading in a wider range between 12,050 and 12,300 levels for past few sessions, as supports are getting visible at lower level. Nifty is witnessing selling pressure at higher zones. Going forward, as long as Nifty sustains above 12,050 level, we may see an up-move towards the 12,250 – 12,300 zone
The market witnessed marginal recovery after two days of decline and settled with modest gains. We expect volatility swings to continue, thanks to upcoming events. The rollover and unwinding of derivatives positions on Thursday would keep traders busy. Several stocks from Nifty are going to announce their results in the next two days. Traders should prepare for a roller-coaster ride. We advise focusing more on risk management aspects in such a scenario and pick stocks that are trading in tandem with the benchmark
- Ajit Mishra, VP - Research, Religare Broking
Nifty has been consolidating in 12,050-12,250 range since the past few sessions. We believe the index is in a mid-term uptrend, while in the short term consolidation is expected. We suggest buying on dips with a major support at 11,800, while pressure is expected around 12,500. Broader market is outperforming, which is in line with our medium term outlook
- Sahaj Agrawal, Head of Research- Derivatives, Kotak Securities
Recovery in global markets due to drop in epidemic concerns and likely dovish stance from FOMC provided relief to the domestic market. Though the significance of Budget on the market may have reduced during the decade, this time the importance is substantial due to very high expectations. The budget will be a blockbuster even if a decent part of the wish list is fulfilled
- Vinod Nair, Head of Research, Geojit Financial Services
CLOSING BELL: Q3 results, global cues lift Sensex 232 pts; Nifty tops 12,100 ahead of Jan F&O expiry
Prestige Estates Q3 profit jumps over two-fold to Rs 162 cr
Price as on 29 Jan, 2020 03:11 PM, Click on company names for their live prices.
Bank stocks lift European shares
European shares gained slightly on Wednesday, helped by bank stocks following strong results from Santander, but mounting concerns about the fast-spreading coronavirus kept a lid on gains, Reuters reported. By 0809 GMT, the pan-European STOXX 600 rose 0.1%, continuing a recovery from a selloff earlier this week.
ITI rebounds after FPO extended, price band cut
Price as on 29 Jan, 2020 03:04 PM, Click on company names for their live prices.
Cholamandalam Financial Q3 profit up 5% at Rs 430 crore
Cholamandalam Financial Holdings, a Murugappa Group company, Wednesday reported a 5 per cent jump in its consolidated net profit at Rs 430.3 crore for the quarter ended December 31.The company had reported a profit of Rs 408.65 crore in the year-ago period. Total income of the company rose to Rs 3,395.34 crore, from Rs 2,954.13 crore in the same period a year ago, Cholamandalam Financial Holdings said in a statement.
CG Power Q3 loss widens to Rs 1,595 crore
CG Power and Industrial Solutions on Wednesday reported widening of its consolidated net loss to Rs 1,595.21 crore in quarter ended in September 2019, from Rs 101.83 crore loss year ago, mainly due to lower income.
Mining stocks mixed; Deccan Gold Mines jumps 6%
Mining stocks were trading on a mixed note in Wednesday's afternoon session.
Deccan Gold Mines (up 5.82 per cent) , KIOCL (up 4.52 per cent) , Kachchh Minerals (up 4.46 per cent) , MOIL (up 3.49 per cent) , Inani Marbles (up 3.45 per cent) , Glittek Granites (up 3.17 per cent) , Aro Granite Industries (up 2.48 per cent) , Sandur Manganese & Iron Ores (up 2.25 per cent) , Ashapura Minechem (up 1.32 per cent) and Coal India (up 0.85 per cent) were among the top gainers.
BSE to shift 30 stocks to restricted trading group, NSE to move 13 scrips
Leading stock exchanges BSE and NSE will shift several scrips to the restricted trading segment from Thursday to ensure safety of investors in the capital markets. BSE will shift as many as 30 stocks, including McDowell Holdings, Emami Realty, United Van Der Horst, Hindustan Everest Tools, Technofab Engineering and Lactose India, to the trade-for-trade segment represented by T or XT groups.
Bajaj Finance Q3 profit jumps 52% to Rs 1,614 crore, beats Street estimates
Bajaj Finance on Wednesday reported a 52 per cent year-on-year rise in consolidated net profit at Rs 1,614 crore for December quarter compared with Rs 1,060 crore in the same quarter last year. Analysts in an ET NOW poll had estimated profit figure at Rs 1,500 crore.
VA Tech Wabag rallies on securing multiple orders worth more than Rs 760 crore
Price as on 29 Jan, 2020 01:33 PM, Click on company names for their live prices.
Tata Motors climbs 5% as Edelweiss ups target price
Price as on 29 Jan, 2020 01:28 PM, Click on company names for their live prices.
Fed likely to keep interest rates on hold, focus on balance sheet
The Federal Reserve will conclude its latest policy meeting on Wednesday with interest rates almost certainly to remain on hold but officials likely to discuss possible changes to how they manage the US central bank's key overnight borrowing rate, Reuters reported.
BHEL jumps as co launches multi-dimensional transformation strategy
Price as on 29 Jan, 2020 01:00 PM, Click on company names for their live prices.
Shares of sugar firms were in the green in Wednesday's trading session.
Mawana Sugars (up 5.63 per cent) , Dwarikesh Sugar Industries (up 5.37 per cent) , Simbhaoli Sugars (up 4.94 per cent) , Sir Shadi Lal Enterprises (up 4.90 per cent) , Rajshree Sugars & Chemicals (up 4.28 per cent) , Dhampur Sugar Mills (up 3.81 per cent) , Shree Renuka Sugars (up 3.77 per cent) , Balrampur Chini Mills (up 3.73 per cent) were the top gainers.
FPIs position themselves in these 20 stocks ahead of Budget 2020
Clearly, Bajaj Finance and Bajaj Finserv both have been the darlings of the market so far. The management commentary has been about slowing markets but generally it has been quite evident that we have been growing. The market would see whether the company is still keeping that pace up and growing at 35-40%, which historically it has been doing and how it has been able to raise capital.
- Devang Mehta, Head, Equity Advisory, Centrum Wealth Management
Most brokerages have raised target prices on Dr Reddy’s Laboratories after the drug maker reported an operationally strong performance in the three months ended December.
The company’s loss stood at Rs 570 crore against a profit of Rs 485 crore a year ago due to impairment costs. Barring that, revenue rose 14 per cent from a year ago level while operating margin rose to 23.2 per cent from 21.8 per cent a year ago. The stock hit a 52-week high of Rs 3,249.50 in Monday’s session before ending flat at Rs 3,188.80.
Private bank shares advance; HDFC Bank up 1%
Shares of private banks were in the green in Wednesday's trade.
Shares of IDFC BANK (up 2.08 per cent), IndusInd Bank (up 1.39 per cent), HDFC Bank (up 1.15 per cent), ICICI Bank (up 0.8 per cent) were the top gainers.
Atul Auto incorporates unit for EV components
Price as on 29 Jan, 2020 11:05 AM, Click on company names for their live prices.
Marico begins production at Sanand for personal care products
Price as on 29 Jan, 2020 10:21 AM, Click on company names for their live prices.
Indiabulls Housing issues offer for pre-mature redemption of its NCDs maturing in February
Price as on 29 Jan, 2020 10:17 AM, Click on company names for their live prices.
Rupee rises 10 paise to 71.21 against US dollar in early trade
The Indian rupee appreciated by 10 paise to 71.21 against the US dollar in early trade on Wednesday tracking gains in domestic equity market. Forex traders said rupee is trading in a narrow range amid amid fast-spreading coronavirus outbreak in China stoking fears about more trouble for the global economy.
Mastek jumps 5% as IT firm sees pick up in orders backlog
Shares of IT firm Mastek jumped 5 per cent in Wednesday's trade after brokerages showed faith in the IT stock following tepid quarterly results. The company posted a 1.9 per cent decline in net profit at Rs 26 crore for December quarter. The management expects a pick-up in order backlog from January. "Healthy deal pipeline and increasing investments in marketing give us confidence that Mastek’s growth trajectory in FY21 would remain strong," Sharekhan said.
Reliance Power tanks 3% as YES Bank offloads shares
Shares of Reliance Power fell 3.2 per cent to Rs 1.82 after YES Bank offloaded shares worth over Rs 5.7 crore in the company through an open market transaction. According to bulk deal data on the National Stock Exchange (NSE), a total of 3,02,59,855 shares, representing 1.07 per cent of the total shares of Reliance Power, were sold by the private lender.
ITI stock fall as company extends FPO after tepid response
Shares of state-owned ITI fell nearly 1 per cent to Rs 82.55 after the company reduced the price band for its ongoing follow-on public offer (FPO) and extended the issue period by three days till January 31. The FPO, which opened on Friday, was initially scheduled to close on Tuesday.
Allcargo Logistics gains on acquiring additional stake in Gati
Shares of Allcargo Logistics gained over 1 per cent in Wednesday's trade after the largest player in the private sector logistics spaceacquired an additional 7.5 per cent stake in Gati, becoming the single largest shareholder in the express logistics company with 20.8 per cent stake. Shares of Gati were trading 1 per cent lower at Rs 68.60 on BSE.
Ahead of Q3 results...
Price as on 29 Jan, 2020 09:50 AM, Click on company names for their live prices.
OPENING BELL: Sensex jumps 200 points, Nifty tops 12,100; Tata Coffee surges 7%, Central Bank 3%
Pre-open session: Sensex gains 100 points Nifty nears 12,150; rupee trades at 71.22 against dollar
Singapore trading sets stage for positive start
Nifty futures on the Singapore Exchange traded 28.50 points, or 0.24 per cent, higher at 12,096.50, indicating a positive for Dalal Street.
Tech view: Nifty below 50-EMA signals weakness
Nifty on Tuesday fell for the second day in a row and formed a bearish candle on the daily chart. The index settled below its 50-day exponential moving average (EMA) of 12,087 and formed higher high and low for yet another day, suggesting that supports shifted lower. Analysts said the ongoing trend looks weak and the index could extend its weakness in the coming days.
Asian stocks rise in early trade
Asian shares rose on Wednesday as better-than-expected Apple Inc earnings drove some regional tech gains although broader confidence was capped by worries about the economic impact of China's virus outbreak. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent, ending four days of losses. Australian shares rose 0.41 per cent, while Japan's Nikkei stock index rose 0.27 per cent.
Apple sparks Wall Street recovery
US stocks rebounded on Tuesday, as the S&P 500 bounced back from its worst day in nearly four months, led by a climb in Apple and other names hit by exposure concerns to the coronavirus outbreak in China that sparked a recent sell-off. The Dow Jones Industrial Average index rose 186.3 points, or 0.65 per cent, to 28,722.1, the S&P500 index gained 32.6 points, or 1.01 per cent, to 3,276.23 and the Nasdaq Composite index added 130.37 points, or 1.43 per cent, to 9,269.68.
Oil prices gain for second day
Oil prices rose for a second day on Wednesday, standing on firmer ground after a five-day fall on talk OPEC could extend oil cuts if a new coronavirus hurts demand, while data showing a decline in US stockpiles helped steady prices. Brent crude rose 33 cents, or 0.6 per cent, to $59.84 a barrel, while U.S. crude was up 31 cents, or 0.6 per cent, at $53.79 a barrel.
Tata Power, Bajaj Finance to report Q3 earnings today
Bajaj Finance, Tata Power, The Ramco Cements, IDFC First Bank, Jubilant Foodworks Aptech, Bajaj Finserv, Escorts and GCPL are some of the companies which will report their December quarter earnings today.
FPIs sell Rs 1,358 crore worth stocks
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,358 crore on Tuesday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 712 crore, data suggests.
Sensex on Tuesday
The Sensex closed 188.26 points lower at 40,966.86 while the Nifty closed at 12,060.25, lower by 58.75 points. All the sectors ended in red except IT and realty. Metals continued to be the biggest loser followed by auto and media.
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