Stock Market Highlights: Sensex, Nifty close higher in volatile trade as IT, oil shares recover

Benchmark BSE Sensex and Nifty closed higher in a highly volatile trade on Monday, riding on the back of a recovery in IT, oil and financial stocks after a two-day fall.

The 30-share Sensex recovered 169.51 points or 0.29 per cent to settle at 59,500.41. During the day, it rose by 313.34 points or 0.52 per cent to 59,644.24.

The broader NSE Nifty gained 44.60 points or 0.25 per cent to end at 17,648.95 as 29 of its stocks advanced.

From the Sensex pack, Bajaj Finance, UltraTech Cement, Bajaj Finserv, HCL Technologies, NTPC, Asian Paints, Infosys, Wipro, Maruti, Mahindra & Mahindra and Tata Consultancy Services were among the major winners.

Power Grid, IndusInd Bank, Larsen & Toubro, Tata Steel, Hindustan Unilever, Tata Motors, State Bank of India and HDFC were among the laggards.

Elsewhere in Asia, equity markets in Seoul and Hong Kong ended lower, while Tokyo and Shanghai settled in the green.

European markets were trading lower during mid-session deals. Markets in the US had ended higher on Friday.

International oil benchmark Brent crude dipped 0.25 per cent to USD 86.44 per barrel.

Foreign Institutional Investors (FIIs) offloaded shares worth Rs 5,977.86 crore on Friday, according to exchange data.

Meanwhile, most of the Adani Group companies ended lower on Monday, a day after it released a 413-page response to allegations of wrongdoing by US-based short seller Hindenburg Research.

Three of the Adani Group companies closed in the positive territory, while at least seven others were in the red.

30 January 2023

16:44 IST

Stock Market Live Updates: Rupee Gains 9 Paise

The rupee rose by 9 paise to close at 81.50 (provisional) against the US currency in a restricted trade on Monday, supported by a weak greenback in the overseas markets and a decline in crude oil prices.

16:43 IST

Stock Market Live Updates: Rupee Gains 9 Paise

At the interbank foreign exchange market, the local unit opened lower at 81.69 and touched a low of 81.72 against the US dollar in line with losses in the equity markets. Later, it recovered ground and touched a high of 81.49 before settling at 81.50, shoing gains of nine paise over the previous close of 81.59 on Friday. The dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.16 per cent to 101.76

16:43 IST

Stock Market Live Updates: Brent Crude Futures Fell 

Global oil benchmark Brent crude futures fell 0.25 per cent to USD 86.44 per barrel.

16:43 IST

Stock Market Live Updates: BSE Sensex advanced 169 points

On the domestic equity market front, the 30-share BSE Sensex advanced 169.51 points or 0.29 per cent to end at 59,500.41, while the broader NSE Nifty rose 44.60 points or 0.25 per cent to 17,648.95

16:43 IST

Stock Market Live Updates: FIIs Turned Net Sellers

Foreign Institutional Investors (FIIs) turned net sellers in the capital markets on Friday as they offloaded shares worth Rs 5,977.86 crore, according to exchange data amid a slump in Indian equities due to Adani Group-led selloff on Friday

15:17 IST

Stock Market Live Updates: Anand Rathi Gives BUY Rating to Amara Raja Batteries

For Amara Raja, volumes improved across automotive and industrial business on a y/y basis. The aftermarket segment grew, while the OEM segment was weak. Growth in telecoms and UPS aided growth in the industrials segment. Supplies to EV 3W applications have commenced and augurs well for long-term growth. Multi-gigawatt capacity is on track and would be ready in the next 16-18 months. We maintain a Buy at a revised TP of Rs819 (14x FY25e).

15:17 IST

Stock Market Live Updates: Anand Rathi Gives BUY Rating to Torrent Pharmaceuticals

With good growth in its brand-name business (India, Brazil, RoW) but counter-balanced by weak sales in Germany, Torrent’s Q3 revenues grew 18% y/y to Rs24.9bn. Adj. for one-time over-absorption of expenses, the gross margin was steady at 71-72%. Even as the EBITDA margin was a sturdy 29%, higher interest and depreciation costs dragged profits to Rs2.8bn. On the good traction in its brand-name generics through launches, market-share gains and greater MR productivity, we expect 11%, 15% and 21% CAGRs over FY22-25 in respectively revenue, EBITDA and PAT. We retain a Buy rating on the stock, at an unchanged TP of Rs.1,915 (18x FY25e EV/EBITDA)

15:04 IST

 Stock Market Live Updates: Yes Securities Gives NEUTRAL Recommendation to Kajaria Ceramics Ltd

We reckon, company’s tile volumes & revenue to grow by 11% & 16% CAGR over FY22-FY24E owing to better demand from FY24E. Overall Revenue/EBITDA/PAT should grow by 17%/15%/15% respectively over FY22-FY24. At CMP, we continue to value the company at P/E(x) of 35x on FY24E EPS of Rs32 (revised downwards by 13%). Hence, we alter our rating from BUY to NEUTRAL

15:04 IST

Stock Market Live Updates: Yes Securities Gives NEUTRAL Recommendation to Kajaria Ceramics Ltd

Recommendation:NEUTRAL

CMP: Rs 1,097

Target Price: Rs 1,097

Potential Return: +2%

15:03 IST

Stock Market Live Updates: Yes Securities Gives NEUTRAL Recommendation to DCB Bank

(1) While NII and fee income have grown 26% YoY and 23% YoY, respectively, in the 9M period, total opex has grown 32% YoY in the same period. (2) Growth performance has been improved in recent quarters compared with recent years. (3) Margin has touched the 4% mark after a long time but, as of now, management has stuck to prior guidance of 365-375 bps. (4) Gross slippages continued to look elevated due to gold loan slippages and the ‘Out of Order’ Circular. (5) We maintain ‘Neutral’ on DCB with a revised price target of Rs 125.

15:03 IST

 Stock Market Live Updates: Yes Securities Gives NEUTRAL Recommendation to DCB Bank

Recommendation: NEUTRAL

CMP: Rs 114

Target Price: Rs 125

Potential Return: +10%

14:36 IST

Stock Market Live Updates: Yes Securities Gives ADD Recommendation to Aditya Birla Sun Life AMC

Recommendation: ADD

CMP: Rs 427

Target Price: Rs 470

Potential Return: +10%

14:35 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Apollo Pipes Ltd

We continue to remain positive on APOLP and expect company’s Volume/Revenue/EBITDA/PAT to grow by 20%/22%/19%/30% respectively over FY22-FY24E. Moreover, with worst of PVC impact behind & higher contribution from value-added products, we expect EBITDA/ Kg to come in at Rs17 by FY24E. Hence, we continue to value the company at P/E(x) of 28x on FY24E EPS of Rs21.4 & maintain our BUY rating on the stock with a target price of Rs600.

14:35 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Apollo Pipes Ltd

Recommendation: BUY

CMP: Rs 500

Target Price: Rs 600

Potential Return: +20%

14:35 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Sterlite Technologies

Sterlite Technologies (SOTL) reported inline operating performance for the quarter. Both, the sequential revenue growth and EBITDA margin were as per expectation. It reported revenue growth of 11.8% QoQ, led by 12% QoQ increase in Global networking segment; the Global Services segment declined by 8% QoQ as it continues to realign its Services segment with higher focus on profitability. There was sequential decline in EBITDA margin (down 81 bps QoQ) led by lower logistics cost and better realization. Order book grew 4.5% QoQ to Rs 121bn. We maintain our BUY rating on the stock with target price of Rs 217/share based on EV/EBITDA of 8x on FY24E.

14:35 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Sterlite Technologies

Recommendation: BUY

CMP: Rs 175

Target Price: Rs 217

Potential Return: +24%

12:57 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Indraprastha Gas Ltd

The 3QFY23 reported Ebitda at Rs 4.3bn (-9% YoY; -19% QoQ), stood marginally lower than our estimates, primarily on above estimated gas costs at Rs 38.3/scm (+95% YoY; +9% QoQ) and lower than estimated CNG sales. The gas sales stood at 8.12mmscmd (+6% YoY; 0.4% QoQ) driven by 7% YoY higher but 0.3% QoQ lower CNG sales at 6.07mmscmd, and 13.5% YoY and 10.8% QoQ higher PNGD-D sales at 0.5mmscmd. The operating margins at Rs 5.74/scm, declined 14%YoY & 19% QoQ, as increase in domestic gas price to USD 8.57/mmbt (from USD 6.1/mmbtu) was not fully passed on. With LNG prices on a decline and impending implementation of Dr. Kirit Parikh committee recommendations, the gas costs for IGL are likely to get tamed, enabling company to command either better margins or higher pricing headroom with respect to alternate fuels, or both. Maintain BUY rating on IGL, with a Mar’24 TP of Rs 535/sh

12:56 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Indraprastha Gas Ltd

Recommendation: BUY

CMP: Rs 414

Target Price: Rs 535

Potential Return: +29%

12:27 IST

 Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Bajaj Finance Ltd

We have marginally lowered earnings estimates for FY23/24 on trimming AUM growth. Profitability metrics is expected to remain robust supported by sustained NIM resilience, as mortgage & commercial portfolios are on floating rate and there has been significant rate transmission on fixed rate products. Opex/NII ratio could likely witness further improvement in FY24/25 with operating efficiencies coming through with increasing business volumes from App/Web consumer platforms. Post recent significant price correction, the stock valuation has come down to historical seven-year average of 5.6x on 1-yr rolling fwd. P/ABV. The absence of any significant earnings cuts and a better clarity on long-term franchise outcomes (after disclosure of long run strategy) underscore our BUY rating on the stock. From current levels, we see significant upside and have a 12m PT of Rs7620

12:27 IST

Stock Market Live Updates: Yes Securities Gives BUY Recommendation to Bajaj Finance Ltd

Recommendation: BUY

CMP: Rs 5,761

Target Price: Rs 7,620

Potential Return: +32.3%

11:28 IST

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

Emudhra (EMUDHRA) reported mixed financial performance for the quarter. The sequential revenue growth for the quarter was slightly below estimates; while EBITDA margin was slightly below expectation. It reported sequential revenue growth of 4.7% QoQ, led by Trust Services (up 0.7% QoQ) and Enterprise solutions (up 7.1% QoQ). EBITDA margin declined by 252 bps QoQ to 34.7% for the quarter on account of higher operational expenses. It has expanded its sales team in North America, Middle East and Africa to drive its Enterprise business. We maintain our BUY rating on the stock with unchanged target price of Rs 399/share at 33x on FY24E EPS.

10:50 IST

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

Recommendation: BUY

CMP: Rs 281

Target Price: Rs 399

Potential Return: +42%

10:50 IST

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

DLF achieved strong presales of 1.55msf translating in sales value of Rs25.1bn in Q3FY23 backed by ‘The Grove’ (Rs15.7bn), DLF Valley Garden (Rs5.4bn) and steady sales for ’The Camellias’ (Rs1.8bn); confident to achieve/surpass Rs80bn guidance for FY23E (Rs66bn for 9MFY23). DLF collected Rs14bn. Office assets are recovering with physical occupancies increasing MoM and currently stood over 60% at portfolio level. We valued residential business at Rs.152.6bn and believe DCCDL, with its 39.6msf operational portfolio and ~5.3msf under-construction projects, is on track to achieve Rs55bn NOI by FY25 hence valued DCCDL at Rs290.6bn (DLF’s share & net of debt). Maintain BUY with TP of Rs568/share (WACC 11.5%, Office Cap Rate 8.5%, Retail Cap rate 7.25%)

10:49 IST

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

Recommendation: BUY

CMP: Rs 356

Target Price: Rs 568

Potential Return: +59.6%

10:39 IST

Stock Market Live Updates: FIIs Turn Net Sellers 

Foreign Institutional Investors (FIIs) turned net sellers in the capital markets on Friday as they offloaded shares worth Rs 5,977.86 crore, according to exchange data amid a slump in Indian equities due to Adani Group-led selloff on Friday

10:39 IST

Stock Market Live Updates: Markets Trading Flat

In the domestic equity market, the 30-share BSE Sensex was trading 30.72 points or 0.05 per cent higher at 59,361.62. The broader NSE Nifty advanced 17.55 points or 0.1 per cent to 17,621.90

10:39 IST

Stock Market Live Updates: Forex Reserves Increase 

On the domestic macroeconomic front, India's forex reserves increased by USD 1.727 billion to USD 573.727 billion in the week ended January 20, the RBI said on Friday. This is the second consecutive week of rise in the kitty

10:39 IST

Stock Market Live Updates: Rupee Depreciates

The rupee depreciated 10 paise to 81.69 against the US dollar in early trade on Monday, weighed down by significant foreign fund outflows. At the interbank foreign exchange, the domestic unit opened weak at 81.69 against the dollar, registering a decline of 10 paise over its last close

10:09 IST

Stock Market Live Updates: Rupee Falls Against USD

Rupee falls 6 paise to 81.65 against US dollar in early trade

09:03 IST

Stock Market Live Updates: Brent Higher

Early Monday, Brent was up 79 cents at $87.45 a barrel, while U.S. crude rose 66 cents to $80.34.

09:02 IST

Stock Market Live Updates: Currency Basket Updates

The euro is up 1.4% for January at $1.0870 and just off a nine-month top. The dollar has even lost 1% on the yen to 129.92 despite the Bank of Japan’s dogged defence of its uber-easy policies. The drop in the dollar and yields has been a boon for gold, which is up 5.6% for the month so far at $1,928 an ounce

09:01 IST

Stock Market Live Updates: S&P 500, Nasdaq Futures Ease

S&P 500 futures and Nasdaq futures both eased 0.1%. Investors are confident the Federal Reserve will raise rates by 25 basis points on Wednesday, followed the day after by half-point hikes from the Bank of England and European Central Bank, and any deviation from that script would be a real shock

09:00 IST

Stock Market Live Updates: Asia Shares Brace for Rate Hikes, Earnings Rush

Asia has been no slouch either as China’s swift reopening bolsters the economic outlook, with MSCI’s broadest index of Asia-Pacific shares outside Japan up 11% in January at a nine-month high. Early Monday, the index was up 0.1% as investors looked forward to China’s market resuming after the Lunar New Year holidays, while Japan’s Nikkei added 0.2%

09:00 IST

Stock Market Live Updates: Asia Shares Brace for Rate Hikes, Earnings Rush

Asian shares started cautiously on Monday in a week that is certain to see interest rates rise in Europe and the United States, along with U.S. jobs and wage data that may influence how much further they still have to go