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Market LIVE Updates: Indices near day’s high, Nifty around 17,950; Maruti Suzuki, UPL, Infosys top gainers – Moneycontrol.com

January 10, 2022 / 07:42 AM IST

Follow our LIVE blog for the latest updates on the new Omicron variant of COVID-19 and its impact

January 10, 2022 / 10:51 AM IST

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:

The record high inflation of 5% in the Euro zone, following the inflation trends in the US, is emerging as a major challenge to central banks globally. There is now a clear possibility of 3 rate hikes by the Fed in 2022 with ECB and other leading central banks, including in emerging markets, shifting to tightening mode. The appreciation in US 10-year yield to 1.76% and strengthening US dollar are indicative of the headwinds to equity markets.

The relevant question in India is: To what extent the tail winds from higher growth and earnings visibility reflected in Q3 results can counter the headwinds from rising interest rates.

The Q3 results starting this week from the IT majors and HDFC Bank are likely to set the trend for the crucial IT and banking segments.

January 10, 2022 / 10:44 AM IST

Buzzing:

GTPL Hathway share price jumps 7 percent to Rs 289.50 on January 10 after company announced an investment in innovative technology in partnership with Aprecomm.

“GTPL Hathway today announced an investment in innovative technology to remotely optimise its residential Wi‐Fi connections through a partnership with Aprecomm,” company said in its release.

The unique A.I. technology will help GTPL bring down the customer issue resolution time and enhance the customer experience on its network of more than 700K connected broadband households.  

Aprecomm’s A.I. Engine allows GTPL to convert its Household connections to A.I. enabled Smart WiFi access points. Additionally, the technology offers proactive monitoring and measuring of the Wireless Experience of the connected devices and provides real‐time insights to improve the reliability and performance of the network, it added.

January 10, 2022 / 10:33 AM IST

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

17950 is a stiff resistance for the Nifty and if we can close above this level, the index can go up to 18500. 

The overall market trend is positive and intraday corrections can be utilized to accumulate long positions. 17700 is the revised support for this week.

January 10, 2022 / 10:23 AM IST

SBI Cards falls after Goldman Sachs says ‘Sell’
 
Shares of SBI Cards and Payment Services fell more than 2% after CNBC-TV18 reported that brokerage firm Goldman Sachs has initiated coverage on the scrip with a ‘Sell’ rating and a price target of Rs. 654, implying downside of 29%.
 
The brokerage is among the first institutional brokers to initiate a ‘Sell’ call on the stock and believes rich valuations of the company have made risk-reward ratio unfavourable. 

While Goldman Sachs acknowledged that the company has managed the COVID-19 situation well, it also said that there are several headwinds for the credit card company going ahead.

SBI Cards & Payment Services was quoting at Rs 906.10, down Rs 22.10, or 2.38 percent.

January 10, 2022 / 10:16 AM IST

Nifty Auto index added 1 percent supported by the Maruti Suzuki, Hero MotoCorp, Ashok Leyland

Nifty Auto index added 1 percent supported by the Maruti Suzuki, Hero MotoCorp, Ashok Leyland

January 10, 2022 / 10:08 AM IST

Ucal Fuel Systems to close completely the manufacturing activity at Puducherry unit

Ucal Fuel Systems has decided to close completely the manufacturing activities at its Plant II situated at A-98-A100-A107, PIPDIC Industrial Estate, Mettupalayam, Puducherry – 605 009 due to restriction on emission norms imposed by the Government, technological change, and transition of Bharat Stage IV to Bharat Stage VI, and ultimately to Electric Vehicles has resulted in rendering our products completely out-dated and fall into disuse.

At 09:52 hrs Ucal Fuel Systems was quoting at Rs 164.50, up Rs 5.00, or 3.13 percent.

January 10, 2022 / 10:01 AM IST

Market at 10 AMBenchmark indices extended the early gains and trading higher with Nifty around 17950.The Sensex was up 481.93 points or 0.81% at 60226.58, and the Nifty was up 142.50 points or 0.80% at 17955.20. About 2440 shares have advanced, 713 shares declined, and 125 shares are unchanged.

Market at 10 AM Benchmark indices extended the early gains and trading higher with Nifty around 17950. The Sensex was up 481.93 points or 0.81% at 60226.58, and the Nifty was up 142.50 points or 0.80% at 17955.20. About 2440 shares have advanced, 713 shares declined, and 125 shares are unchanged.

January 10, 2022 / 09:54 AM IST

CreditAccess Grameen’s gross loan portfolio up by 18.4% YoY to Rs 14,587 crore

CreditAccess Grameen December 2021 business update:

CreditAccess Grameen’s consolidated gross loan portfolio (GLP) grew by 18.4% YoY to Rs 14,587 crore in Decembe 21

Its consolidated disbursements stood at Rs 1,845 crore and consolidated branch network grew by 14.7% YoY to 1,593 branches in Dec-21.

CreditAccess Grameen was quoting at Rs 574.05, up Rs 4.10, or 0.72 percent.

January 10, 2022 / 09:42 AM IST

India’s forex reserves down by $1.466 billion to $633.614 billion

The country’s foreign exchange reserves declined by $1.466 billion to $633.614 billion in the week ended December 31, RBI data showed. In the previous week ended December 24, the reserves dipped by $587 million to $635.08 billion. It touched a life-time high of $642.453 billion in the week ended September 3, 2021.

During the reporting week ended December 31, the decline in foreign exchange reserves was on account of a fall in foreign currency assets (FCA), a major component of the overall reserves, Reserve Bank of India’s (RBI) weekly data released on Friday showed.

January 10, 2022 / 09:40 AM IST

BSE Realty index added 2 percent supported by the Oberoi Realty, Brigade Enterprises, Sobha

BSE Realty index added 2 percent supported by the Oberoi Realty, Brigade Enterprises, Sobha

January 10, 2022 / 09:27 AM IST

RBL Bank announces a strategic collaboration with Google

RBL Bank and Google today announced a strategic collaboration to fuel the Bank’s customer experience strategy and expand its value proposition to serve its rapidly growing customer base through its digital platform, Abacus 2.0, company said in its release. 

This collaboration will enable better customer data management, and analytics, enabling effective cross-selling within the Bank’s large customer base and subsequently reducing the cost of customer acquisition, significantly, it added.

RBL Bank was quoting at Rs 136.25, up Rs 1.00, or 0.74 percent on the BSE.