Stock market live updates: Yes Securities gives BUY recommendations to HDFC Bank

Equity benchmarks began the trade on a positive note on Monday amid a firm global market trend and buying in IT counters.

The 30-share BSE benchmark Sensex climbed 325.59 points to 60,586.77 in early trade. The broader NSE Nifty advanced 93.05 points to 18,049.65.

From the Sensex pack, Wipro, HCL Technologies, Bajaj Finance, Bajaj Finserv, UltraTech Cement, Infosys, Tata Consultancy Services, Kotak Mahindra Bank, Tech Mahindra and State Bank of India were among the major winners.

Wipro climbed 1 per cent in early trade after announcing its December quarter earnings post trading hours on Friday.

Wipro on Friday reported a better-than-expected 2.8 per cent rise in consolidated net profit for December 2022 quarter to Rs 3,053 crore and exuded optimism about "strong" bookings for the fourth quarter despite global headwinds.

Mahindra & Mahindra, Tata Steel, NTPC, Maruti and Tata Motors were among the laggards from the Sensex constituents.

Elsewhere in Asia, equity markets in Seoul, Shanghai and Hong Kong were trading in the green, while Tokyo quoted lower.

Markets in the US had ended in the positive territory on Friday.

International oil benchmark Brent crude dipped 0.54 per cent to USD 84.82 per barrel.

The Sensex had gained 303.15 points or 0.51 per cent to settle at 60,261.18 on Friday. The Nifty climbed 98.40 points or 0.55 per cent to end at 17,956.60.

Foreign Institutional Investors (FIIs) offloaded shares worth Rs 2,422.39 crore on Friday, according to exchange data.

Stay with us for live updates on stock market

16 January 2023

16:52 IST

Sensex, Nifty live updates: Markets close in red

Sensex Declines 168.21 Points to End at 60,092.97; Nifty Falls 61.75 Points to 17,894.85 

16:01 IST

SBI signs MoU with WDRA for financing against e-NW

On the signing, Mr. Dinesh Khara, Chairman SBI, said, “We are happy and privileged to contribute to India's agri-economy and support the government's initiatives. Our focus is to uplift ~60% of the Indian population engaged in farming by enabling them through our value added offerings. With this collaboration, we will provide all the necessary aid to the agricultural sector by increasing their financing options."

16:00 IST

SBI signs MoU with WDRA for financing against e-NW

Country's largest lender, the State Bank of India (SBI), has exchanged a Memorandum of Understanding (MoU) with Warehousing Development and Regulatory Authority (WDRA). The MoU will promote loans against electronic Negotiable Warehouse Receipts (e-NWR) issued by WDRA-registered warehouses. 

14:00 IST

Sensex, Nifty live updates: Yes Securities gives NEUTRAL recommendation to Wipro

However, the clients remain cautious regarding the evolving macroeconomic situation especially in the US and Europe and consequently, we expect moderation in growth in near term. We estimate revenue CAGR of 11.7% over FY22‐24E with average EBIT margin of 15.3%. We maintain our NEUTRAL rating on the stock with revised target price of Rs 432/share at 18.0x on FY24E EPS. The stock trades at PER of 18.9x/16.5x on FY23E/FY24E EPS, says Yes Securities 

13:59 IST

Sensex, Nifty live updates: Yes Securities gives NEUTRAL recommendation to Wipro

Wipro(WPRO) reported mixed financial performance for the quarter. The revenue growth was below expectation(cc growth of 0.6% QoQ), EBIT margin came in slightly above estimates. The sequential growth was led by Healthcare & Life Sciences vertical (up 5.5% QoQ) and Energy, Natural Resources & Utilities vertical (up 2.0% QoQ). The INR reported growth was supported by depreciation of INR by 2.9% QoQ vs USD. There was sequential improvement in EBIT margin(up 165bps QoQ) led by falling attrition, improving pyramid and INR depreciation.. The moderation in employee attrition continues as LTM attrition was down 180 bps QoQ to 21.2%

13:59 IST

Sensex, Nifty live updates: Yes Securities gives NEUTRAL recommendation to Wipro

Reco : NEUTRAL

CMP : Rs 394

Target Price : Rs 432

Potential Return : +9%

12:56 IST

Stock market live updates: Yes Securities gives BUY recommendations to HDFC Bank

We reiterate BUY rating on HDFCB with a revised price target of Rs 2020: We value the standalone bank at 2.9x FY24 P/BV for an FY23E/24E/25E RoE profile of 14.6/14.7/15.6%. We assign a value of Rs 249 per share to the subsidiaries, on SOTP

12:55 IST

Stock market live updates: Yes Securities gives BUY recommendations to HDFC Bank

Asset quality outcomes remained under control as the bank largely held on contingent provisions as a matter of abundant caution: Slippages for the quarter were Rs 66bn or 42 bps of advances (non-annualised). Covid-19 restructured book amounted to Rs 64bn or 42 bps of advances. Gross annualised credit cost for the quarter amounted to 74 bps. While there was a utilisation of contingent provisions worth Rs 2bn during the quarter, the bank is still monitoring the Covid situation and intends to keep the contingent provisions for now. All provisions taken together provide a 166% coverage on GNPA

12:55 IST

Stock market live updates: Yes Securities gives BUY recommendations to HDFC Bank

Overall loan growth was dragged lower owing to HDFCB not finding wholesale loan pricing inadequate during the quarter: Wholesale loans (excluding IBPC) de-grew -1.1% QoQ since the bank deliberately gave up about Rs 300-400bn worth of wholesale loan business due to unattractive pricing. Management averred that there is no problem with wholesale loan demand, which is coming in from the NBFC, PSU, retail and infra segments and weakness in wholesale loan growth for the bank may be transient

12:53 IST

Stock market live updates: Yes Securities gives BUY recommendations to HDFC Bank

Recommendation : BUY

Current Price : Rs 1601

Target Price : Rs 2020

Potential Return : 26%

12:38 IST

Stock market live updates: Brokerage Anand Rathi gives BUY recommendation for Cyient

Buy, target revised to Rs.1,060 (from Rs.1,030). The stock quotes at 13x FY25e EPS of Rs.67, attractive given our expectation of a 14% revenue CAGR (Services 10.5%) and after factoring in risks due to the company’s acquisitive nature. Reflecting these concerns, we value Cyient at 16x FY25e EPS. DLM (~15% revenue contribution, ~10% EBITDA contribution) value unlocking is going well. Risk: Slow growth in the communication vertical, said Anand Rathi report

12:35 IST

Stock market live updates: Brokerage Anand Rathi gives BUY recommendation for Cyient

Rating: Buy

Target Price: Rs 1,060

Share Price: Rs 876

08:21 IST

Stock market live updates: Oil prices quote higher

Early on Monday, Brent LCOc1 was up 8 cents at $85.36 a barrel, while US crude CLc1 rose 10 cents to $79.96. Oil prices also rallied last week on hopes the speedy reopening of China would boost demand. Data on mobility, traffic, and transport trips in China have shown a sharp revival in movement ahead of the Lunar New Year holidays next week

08:21 IST

Stock market live updates: International currency basket

The dollar is already at its lowest since May at 128.03 yen, having shed 3.2% last week, and threatens to break major support around 126.37. The euro also lost 1.5% on the yen last week but was aided by gains on a broadly softer dollar which saw it stand at $1.0826 on Monday and just off a nine-month peak

08:21 IST

Stock market live updates: S&P 500 futures up

S&P 500 futures ESc1 and Nasdaq futures NQc1 both eased 0.1%, following a Wall Street bounce last week

08:20 IST

Stock market live updates: MSCI edges up

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2%, with hopes for a speedy Chinese reopening giving it a gain of 4.2% last week.

08:20 IST

Stock market live updates: Nikkei slips on BOJ emergency meet

There were even rumours the BOJ might hold an emergency meeting on Monday as it struggles to defend its new yield ceiling in the face of massive selling. That had markets in an anxious mood and Japan's Nikkei slipped 0.9% in early trading.

08:14 IST

Stock market live updates: Asian shares start on cautious note

Asian shares started cautiously on Monday as investors waited nervously to see if the Bank of Japan (BOJ) will defend its super-sized stimulus policy at a pivotal meeting this week, while a holiday in US markets made for thin trading