Stock Market Live Updates: Sensex Tanks 773 Points; Nifty plunges 226 Points

Benchmark indices Sensex and Nifty tanked more than 1 per cent on Wednesday due to heavy selling in IT, financial and oil shares amid mixed global trends.

The 30-share BSE barometer plunged by 773.69 points or 1.27 per cent to 60,205.06 as 22 of its scrips declined while eight advanced. The index opened lower and later fell by nearly 900 points during the day to touch a low of 60,081.36.

The broader Nifty of the National Stock Exchange declined sharply by 226.35 points or 1.25 per cent to close below the 18,000 level at 17,891.95.

Among Sensex stocks, SBI, IndusInd Bank, HDFC Bank, Axis Bank, HDFC, Tech Mahindra, ICICI Bank, Ultratech Cement, L&T, Bajaj Finserv, Reliance, HCL Tech, Asian Paints, Wipro and M&M were the major losers.

On the other hand, HUL advanced the most by 1.14 per cent. Maruti, Tata Steel, NTPC and Sun Pharma also posted gains.

Vinod Nair, Head of Research at Geojit Financial Services, said, "Indian equities witnessed a significant sell-off as the market appeared apprehensive ahead of the upcoming Union Budget and Fed meeting next week. Sentiments were dampened by persistent FII selling, where funds are being shifted to other EMs as a result of attractive valuations".

"Furthermore, a weak economic growth outlook that stoked recession fears pulled down global markets."

Asian markets were mixed after US stocks finished little changed. Japan's benchmark Nikkei 225 gained 0.4 per cent and South Korea's Kospi jumped 1.4 per cent while markets in Hong Kong and Shanghai were closed for the Lunar New Year holidays.

European shares were also mixed with stock indices trading lower in Germany and France, while Britain's FTSE 100 rose 0.1 per cent.

Brent crude, the international oil benchmark, declined by 0.31 per cent to USD 85.86 per barrel.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Tuesday as they sold shares worth Rs 760.51 crore, according to exchange data.

25 January 2023

16:03 IST

Sensex tanks 773.69 points to 60,205.06; NSE Nifty plunges 226.35 points to close below 18,000 level.

16:02 IST

Rupee slips 1 paisa to settle at 81.64 (provisional) against US dollar.

14:54 IST

Stock Market Live Updates: Anand Rathi Gives BUY Recommendations to IndiaMart InterMesh

Rating: Buy

Target Price: Rs.5,500

Share Price: Rs.4,698

14:23 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to TVS Motor Co

We believe, it should continue to trade at a premium as we expect EPS CAGR of ~25% over FY23‐25E. We believe sustained market share gains in domestic EV 2Ws led by aggressive product pipeline, scope of external investments in to EV vertical and NBFC TVS credit are additional re‐rating triggers. We re‐ iterate TVS as our preferred pick among 2Ws with ADD and revised TP of Rs1,234 (v/s Rs1,256) and continue to value co at 25x Sep‐24 EPS plus Rs55 value to TVS credit and introduce FY25 estimates.

14:22 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to TVS Motor Co

Reco : BUY

CMP : Rs 986

Target Price : Rs 1,234 

Potential Return : +25.2%

14:21 IST

Stock Market Live Updates: Yes Securities Gives NEUTRAL Recommendation to Tata Communication Ltd

Reco : NEUTRAL

CMP : Rs 1,325

Target Price : Rs 1,360

Potential

Return : 3%

14:21 IST

Stock Market Live Updates: Yes Securities Gives NEUTRAL Recommendation to Tata Communication Ltd

Reco : NEUTRAL

CMP : Rs 1,325

Target Price : Rs 1,360

Potential

Return : 3%

12:57 IST

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to SBI Cards and Payment Services

Our earnings estimates are largely unchanged, notwithstanding underwhelming trends in receivables, NIM, fees and opex, due to reinstatement of assumed regulatory MDR reduction (there has been a prolonged silence from RBI). However, the re-rating of stock (trades at 6x FY24 P/ABV) would be contingent on improvement in RoA/RoE outlook. We maintain ADD rating while lowering 12m PT to Rs940 on trimming the target multiple.

12:57 IST

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to SBI Cards and Payment Services

Reco. : ADD

CMP : Rs 745

Target Price : Rs 940

Potential Return : 26.1%

12:01 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Triveni Turbine Ltd

Reco : BUY

CMP : Rs 276

Target Price : Rs 362

Potential Return : +31%

12:01 IST

Stock Market Live Updates: Yes Securities Gives NEUTRAL Recommendation to Supreme Industries Ltd

Reco : NEUTRAL

CMP : Rs 2,398

Target Price : Rs 2,566

Potential Upside : +7%

12:01 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Sona BLW Precision Forgings Ltd

Reco : BUY

CMP : Rs 432

Target Price : Rs 575

Potential Return : +33.1%

12:00 IST

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Maruti Suzuki

We believe going forward i) strong demand, improving supplies, ii) moderating commodity inflation and iii)moderate discounts, EBITDA margins to recover 11.9% in FY25E (v/s 8.8% in 9MFY23 but lower than 15.4% in FY18). We build in healthy revenue/EBITDA/PAT CAGR of 20%/47%/54% over FY22‐25E. We maintain ADD rating on the stock with revised TP of Rs10,766 (v/s Rs10,175) valuing the stock at 25x Sep‐24 EPS (v/s 10yr LPA of 29x). We upgrade FY24E/25E EPS by ~6% each to factorin for higher margins and other income.

11:37 IST

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Maruti Suzuki

Reco : ADD

CMP : Rs 8,698

Target Price : Rs 10,766

Potential Return : +24%

11:37 IST

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Container Corporation of India

We are positive on CCRI’s prospects and believe that it is best positioned to capitalize on favorable infrastructure‐related tailwinds. We remain positive on the structural growth story considering 1) continual market share gains in domestic segment 2) strong volume growth and 3) new strategic initiatives. With continued pressure on EXIM on account of geopolitical issues we have trimmed our FY24E / FY25E EXIM volume growth estimates from 12% to 8%. At CMP, the stock trades at a P/E of 28.8x/25.3x FY23E/FY24E earnings and at an EV of 17.5x/15.5x FY23E/FY24E EBITDA. We have an ADD rating with a revised TP of Rs806 (earlier Rs850) valuing the company at a PE multiple of 27x of FY25E EPS which is implying an upside of 18%

11:22 IST

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Container Corporation of India

Reco : ADD

CMP : Rs 680

Target Price : Rs 806

Potential Return : +18%

11:21 IST

Stock Market Live Updates: Yes Securities Gives NEUTRAL Recommendation to HDFC Asset Management

We maintain ‘NEUTRAL’ rating on HDFCAMC with a revised price target of Rs 2150: We value HDFCAMC at 29x FY24 P/E.

11:21 IST

Stock Market Live Updates: Yes Securities Gives NEUTRAL Recommendation to HDFC Asset Management

Recommendation : NEUTRAL

Current price : Rs 1,970

Target price : Rs 2,150

Potential return : 9%

11:20 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Amber Enterprises Ltd

We believe AMBER’s focus on enhancing its capabilities on components augurs well for the future with multiple brands setting up own manufacturing. Further, entry into newer segments of wearables, hearables, telecom products and exports will give further boost to the revenues. We have trimmed our margin estimated considering lower profitability and now estimate Amber’s Revenue/EBITDA/PAT to grow at 26%/32%/45% CAGR over FY22‐25E. We continue with our positive stance on stock; and maintain BUY on the stock with revised PT of Rs2,564 as we roll forward our valuation multiple and now value stock at 30x vs 32x earlier on lower return ratios.

11:20 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Amber Enterprises Ltd

Reco : BUY

CMP : Rs 2,012

Target Price : Rs 2,564

Potential Return : +27.4%

10:32 IST

Share Market Live Updates: Gold Prices Steady

Gold prices held steady at $1,938 per ounce, hovering near a nine-month peak touched in the previous session.

10:32 IST

Share Market Live Updates: Australian Equity Markets Slip

Australian equity markets slipped 0.2% on Wednesday after a shock surge in inflation to a 33-year high last quarter added to the case for the Reserve Bank of Australia to keep raising interest rates.

09:11 IST

Stock Market Live Updates: Asian Equities Extended Winning Run 

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.4% to a seven-month high, with South Korean shares gaining 1.3% as trading resumed after the Lunar New Year holidays

09:11 IST

Stock Market Live Updates: Asian Equities Extended Winning Run 

Asian equities extended their winning run to scale their highest levels in seven months on Wednesday, with South Korean stocks leading the way, and the Australian dollar hit multi-month highs as surging inflation made higher interest rates more likely