Sensex, Nifty erase losses; metals, auto stocks drag

05 Jan 2021, 11:14:42 AM IST

HCL Technologies up 0.6%

HCL Technologies on Tuesday completed the acquisition of DWS Ltd, a leading Australian IT, business and management consulting group.

DWS has over 700 employees and offices in Melbourne, Sydney, Adelaide, Brisbane and Canberra. It delivers business and technology innovation to large clients across a spectrum of verticals.

HCL currently employs 1,600 people in major cities including Canberra, Sydney, Melbourne, Brisbane and Perth.

05 Jan 2021, 11:01:57 AM IST

Currency Outlook

“The Indian Rupee closed higher against the US Dollar, Due to broad decline in the dollar index. The minutes of the December Fed meeting due this week could reinforce that dovish stance which could continue to weigh on the greenback. FPI bought $168 million in local equity to help domestic pair to be on the higher side. However rising Covid-19 cases push investors towards safe haven, Technically USDINR Spot took the support of 72.80 and is facing the resistance of 73.20 levels. Closing above 73.20 will indicate that bullish trade will continue towards 73.50 – 73.60 level. Support for the pair is 72.80 levels below it can go 72.50 levels,” said Kshitij Purohit, Lead Currency & Commodities at CapitalVia Global Research.

05 Jan 2021, 10:47:27 AM IST

Rupee update

The rupee depreciated by 13 paise to 73.15 against the US dollar in opening trade on Tuesday tracking the muted opening in domestic equities.

At the interbank forex market, the domestic unit was trading in a narrow range. It opened at 73.02 against the US dollar and fell to 73.15 against the greenback, registering a fall of 13 paise over its previous close.

On Monday, the rupee appreciated by 9 paise to close at a four-month high of 73.02 against the US dollar.

05 Jan 2021, 10:38:43 AM IST

IIFL Securities up over 4%

IIFL Insurance Brokers Limited, a wholly owned subsidiary of IIFL Securities, has received permission from IRDA for undertaking insurance e-commerce activities in lndia through Insurance Self Networking Platform (ISNP).

05 Jan 2021, 10:16:59 AM IST

HDFC up nearly 2%

The individual loan business of the mortgage lender continued to see improvements during the quarter ended 31 December 2020. Disbursement growth over the corresponding quarter of the previous year was 26%, HDFC Ltd said in a statement. For the nine months ended December 31, 2020, individual loan disbursements stood at 86% of the levels in the corresponding period of the previous year, it added.

05 Jan 2021, 09:57:05 AM IST

Market outlook

“We are top heavy at this point in time. 14150 is the current resistance level and if we can get past that 14200-14250 is a possibility. However, it is recommended that we maintain a cautious stance and trade with lighter quantities on the buy side with strict stops. The risk reward is currently skewed and we should wait for dips or corrections and then evaluate the markets. Accumulation of long positions should ideally happen on corrections,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

05 Jan 2021, 09:46:22 AM IST

For Bajaj Finance investors, the next vaccine is growth

Consumer lender Bajaj Finance Ltd looks to be surefooted on its path towards recovery.

In a notification with exchanges on Monday, Bajaj Finance said it added 2.2 million new customers in the December quarter. This is closer to the average number of customers the lender has been adding every quarter before the pandemic. Another encouraging metric is the addition of new loans. The lender managed to add 6 million new loans during the December quarter. In essence, the lender’s key metrics are back to pre-pandemic levels. The recovery is played out as expected by the market. (Full report)

05 Jan 2021, 09:26:40 AM IST

Most sectoral indices in the red

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05 Jan 2021, 09:19:09 AM IST

Market opening

Indian benchmark share indices opened lower on Tuesday tracking weak cues from global peers. Sensex opened at 48,041.71, down 135.09 points or 0.28%, while Nifty dropped 57.75 points or 0.41% at 14,075.15.

Sun Pharma, up nearly 1%, was the top Sensex gainer followed by Power Grid, HDFC and TCS. HUL, ONGC and RIL were among the laggards. Of 30 Sensex shares, 20 opened in the red.

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05 Jan 2021, 09:05:11 AM IST

Market pre-opening

Indian stocks traded lower in the pre-opening session on Tuesday. At 9:02am, Sensex was at 48,072.62, down 104.18 points or 0.22%, while Nifty dropped 17.20 points or 0.12% at 14,115.70.

05 Jan 2021, 08:44:54 AM IST

Stocks to Watch

HDFC, Bajaj Finance, Sun Pharma, IIFL Securities, NBCC and NFL are among the top ten stocks that may be in news on Tuesday. (Full report)

05 Jan 2021, 08:42:33 AM IST

Markets at close on Monday

Rising for the ninth straight session, the BSE Sensex closed above the 48,000-mark for the first time on Monday as investor sentiment got a boost after India approved two coronavirus vaccines over the weekend.

The 30-share BSE Sensex ended 307.82 points or 0.64% higher at 48,176.80. It touched a record intra-day peak of 48,220.47.

Similarly, the broader NSE Nifty jumped 114.40 points or 0.82% to its fresh lifetime high of 14,132.90. It scaled an all-time high of 14,147.95 during the session.

05 Jan 2021, 08:42:33 AM IST

Asia Stocks mixed

Asian stocks were mixed Tuesday amid concern that a surge in global coronavirus cases could crimp the economic recovery, with traders also bracing for key runoff elections in the US.

Japan’s Topix index fell 0.1%.

Australia’s S&P/ASX 200 Index dropped 0.2%.

South Korea’s Kospi index was flat.

Shanghai Composite was little changed.

Hong Kong’s Hang Seng Index fell 0.1%.

Singapore’s SGX Nifty dropped 0.53%.

05 Jan 2021, 08:42:34 AM IST

Wall Street ends lower

Shares on Wall Street closed sharply lower on Monday, sliding from all-time peaks on the first trading day of the year, as risk appetite ebbed amid upcoming runoff elections in Georgia and the persistent surge in coronavirus cases.

The Dow Jones Industrial Average fell 382.59 points, or 1.25%, to 30,223.89, the S&P 500 lost 55.42 points, or 1.48%, to 3,700.65 and the Nasdaq Composite dropped 189.84 points, or 1.47%, to 12,698.45.