Market LIVE: Sensex up 700 pts, Nifty above 17.3k; IT, Pharma in green

Share Market LIVE Updates: Benchmark Indian equity indices made a positive start on Friday as the Sensex opened above 57,700, up over 500 points, while Nifty climbed 200 points to trade above 17,200

Indian benchmark indices made a positive start on Friday as Sensex gained 500 points at open to trade above 57,700, while Nifty jumped above 17,200. Mahindra & Mahindra made a solid start with 3.78% gain. L&T, Dr Reddy's Labs, Kotak Mahindra Bank, Britannia Industries, Vedanta, 3i Infotech, Aptus Value Housing Finance, Arvind SmartSpaces, Asahi India Glass, Atul, AU Small Finance Bank, Bajaj Healthcare, Bharat Electronics, Blue Dart Express, CARE Ratings, Central Bank of India, Chambal Fertilisers, Chemplast Sanmar, Crompton Greaves Consumer Electricals, Deepak Fertilisers, Dixon Technologies, Equitas Small Finance Bank, Happiest Minds Technologies, Karnataka Bank, Marico, Max Financial Services, Info Edge, Oberoi Realty, Suzlon Energy, Tata Coffee, United Breweries, UTI Asset Management Company, and Zenotech Laboratories will release their Q3 earnings on January 28.

CAN FIN Homes Limited

Yes Securities: In our view, Can Fin’s Q3 FY22 performance provides clarity on growth and margin trajectory. Our recent branch visits had revealed no material compromise on the quality of new business (in terms of credit score, occupation mix and sourcing mix) notwithstanding co.’s higher HL rates. Return of growth and preservation of strong profitability should re‐rate valuation (stock trades at 1.9x FY24 P/ABV). Current 1‐yr rolling fwd. P/ABV multiple stands well below the 5‐year average.

Budget 2022: Stock market experts seek measures to attract foreign investors

As Union Budget 2022 date is fast approaching, various industry experts are busy forwarding their demands to Finance Minister Nirmala Sitharaman who will present the Budget on February 1. While banking sector is seeking more income tax relaxation on home loans, stock market players are seeking measures from the Modi government to attract more foreign investment.

Rakesh Jhunjhunwala portfolio: LIC trims stake in this Tata group stock in Q3

Rakesh Jhunjhunwala portfolio: During October to December 2021 quarter, Big Bull Rakesh Jhunjhunwala raised his stake in Titan Company but Life Insurance Corporation (LIC) of India thought otherwise. While Big Bull raised his stake in the flagship Tata group company from 3.80 per cent to 4.02 per cent, LIC and Foreign Portfolio Investors (FPIs) cut down their stake in the company. FPIs cut down their stake in Titan Company from 19.06 per cent to 18.55 per cent whereas LIC trimmed its stake in Titan Company from 3.24 per cent to 3.16 per cent in Q2FY22.

Freefall: Paytm, Zomato, Nykaa Shares Drop to Record Low. Is the 'Unicorn' Craze Over?

Are investors starting to lose faith in India's new-generation IT firms?

It certainly appears to be true. The last few days have been the most difficult for all listed start-ups on the bourses.

Shares of well-known brands like Paytm, Zomato, Nykaa, Policybazaar (PB Fintech), CarTrade Tech, and many more were under pressure in the recent stock market meltdown.

In the last six days, the Sensex has lost around 4,000 points whereas the Nifty has crashed around 1,100 points.

The drop is being attributed to waning risk appetite for equities as global central banks prepare to tighten monetary policy in order to combat inflation.

New age company stocks in India are mimicking the pattern on the Nasdaq, where investors have lost their desire for highly valued tech stocks.

Oil heads for sixth weekly gain amid supply concerns

Oil prices rose on Friday, set for their sixth weekly gain, amid concerns of tight supplies as major producers continue their policy of limited output increases amid rising fuel demand.

Brent crude futures climbed 45 cents, or 0.5%, to $89.79 a barrel at 0429 GMT, after falling 62 cents during the previous day. However, prices did reach $91.04 earlier in that session, the highest since October 2014.

U.S. West Texas Intermediate (WTI) crude futures rose 50 cents, or 0.6%, to $87.11 a barrel, having declined 74 cents on Thursday. WTI also reached a seven-year high of $88.54 earlier in the session.

Both Brent and WTI are set to rise for a sixth week, the longest weekly streak since October, when Brent prices climbed for seven weeks while WTI gained for nine.

Yes Securities on Nippon Life India AMC

Yes Securities maintains ‘BUY’ rating on Nippon Life India AMC (NAM) with a revised price target of ?435: It values NAM at 28x FY23 P/E for an FY21-24E EPS CAGR of 20%.

Google to invest up to $1bn in Airtel through equity buy, commercial agreement

Internet search giant Google will invest upto $1 billion in Bharti Airtel through an equity purchase of 1.28% and commercial agreement on mutual terms over the next five years.

Google will invest the amount, as part of its Google for India Digitization Fund, in the country's second-largest telecom services provider, making it the only company to have invested in both Reliance Jio and Bharti Airtel.

The investment includes $700 million equity investment in Bharti Airtel at a price per share of ?734 and $300 million towards implementing commercial agreements, which will include investments in scaling Airtel’s offerings that cover a range of devices to consumers via innovative affordability programs as well as other offerings aimed at accelerating access and digital inclusion across India’s digital ecosystem.

Punjab National Bank's profit more than doubles to ?1,127 cr in Dec quarter

Punjab National Bank (PNB) on Thursday reported a two-fold jump in standalone net profit to ?1,126.78 crore for the third quarter ended December, as bad loans marginally declined.

The country's second-largest public sector lender had earned a net profit of ?506.03 crore in the year-ago period.

However, total income during October-December 2021 declined to ?22,026.02 crore as against ?23,298.53 crore a year ago, PNB said in a regulatory filing.

On the asset quality front, the bank witnessed slight improvement by cutting its gross non-performing assets (NPAs) as a percentage of gross advances to 12.88 per cent from 12.99 per cent by the same period a year ago.

Adani Wilmar IPO: What latest GMP, subscription status signals about the issue

Adani Wilmar IPO (Initial Public offering) opened for subscription on 27th January 2022 and it will remain open for bidding till 31st January 2022. The public issue worth ?3,600 crore has been subscribed 0.57 times by day one of bidding whereas its retail portion has been subscribed 0.96 times. After tepid response by bidders on first day of subscription, grey market has also given sideways response to the public issue. According to market observers, shares of Adani Wilmar are available at a premium of ?47 in the grey market today.?

‘Disinvestment target of ?1.75 tn is unlikely’

The strategic disinvestment of Air India Ltd has been a learning curve which posed a series of legal issues and challenges, Tuhin Kanta Pandey, secretary of department of investment and public asset management (Dipam) said. On the day the government concluded the first privatization in more than two decades, Pandey said the divestment target of ?1.75 trillion for this fiscal would not be met as the privatization of Bharat Petroleum Corp. Ltd (BPCL) will be pushed to FY23. He also said Life Insurance Corporation of India’s (LIC’s) embedded value is close to being finalized ahead of its public listing.

Fed rate hike signals spook investors, may spur capital outflow

The retreat from risky assets intensified on Thursday after the US Federal Reserve said it is on track to raise interest rates in March and reaffirmed plans to end bond purchases, signalling the end of an era of abundant liquidity.

Investors are worried other global central banks will follow the hawkish shift by the Fed, resulting in capital outflows from emerging markets such as India.

The US central bank had reduced borrowing costs to near-zero in 2020 to counter the economic jolt of the pandemic.

Indian stocks joined a global selloff on Thursday. The BSE Sensex slipped 581.21 points, or 1%, to 57,276.94. The National Stock Exchange’s Nifty index shed 167.80 points, or 0.97%, to 17,110.15.?

Apple sales and profit top estimates as hit from chip shortages eases

Apple Inc is overcoming the costly global shortage in computer chips, posting record sales over the holiday quarter, beating profit estimates and forecasting that its shortfall is narrowing.

The iPhone maker, which is world's largest company by market capitalization, has handled supply-chain challenges such as factory shutdowns and shipping delays brought on by the pandemic better than any of its top peers, analysts said. Apple shares rose about 5% in after-hours trading, erasing half their losses on the year. The gains came after the company teased its ambitions for augmented reality in the metaverse.

Gold flat; set for biggest weekly dip in 10 after hawkish Fed

Gold was flat on Friday and set for its sharpest weekly decline since November, as markets digested the U.S. Federal Reserve's policy tightening plans that propelled the dollar index to a multi-month peak.

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