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Market LIVE Updates: Nifty above 17,800, Sensex reclaims 60K led by oil & gas, realty, banks –

January 07, 2022 / 07:37 AM IST

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

January 07, 2022 / 10:01 AM IST

Market at 10 AMBenchmark indices extended the early gains with Nifty above 17800 and Sensex above 60000.The Sensex was up 480.03 points or 0.81% at 60081.87, and the Nifty was up 138.90 points or 0.78% at 17884.80. About 2226 shares have advanced, 680 shares declined, and 85 shares are unchanged.

January 07, 2022 / 09:53 AM IST

Rakesh Jhunjhunwala raises stake in Escorts to 5.22%:

Rakesh Jhunjhunwala has increased his stake in Escorts from 4.75 percent in September 2021 to 5.22 percent in the quarter ended December 2021, as per the BSE shareholding pattern of December 2021.

Escorts was quoting at Rs 1,882.50, down Rs 1.25, or 0.07 percent on the BSE.

January 07, 2022 / 09:47 AM IST

India likely to trim fiscal deficit target as Omicron cases rise: Report

India is aiming for a fiscal deficit of 6.3 percent to 6.5 percent of gross domestic product for the next financial year, a less ambitious target than previously planned as COVID-19 infections threaten the economic recovery, three government officials said.

Finance Minister Nirmala Sitharaman is due to unveil the 2022/2023 federal budget on February 1 and officials said the thinking was that sharp cuts in government expenditure could hurt growth prospects.

The plan now is to target a 30-50 basis point cut in the fiscal deficit for the next financial year, the officials involved in the discussions said. They declined to be named as they were not authorised to speak to media.

January 07, 2022 / 09:43 AM IST

BSE Oil & Gas index rose 1 percent led by the ONGC, HPCL, BPCL

BSE Oil & Gas index rose 1 percent led by the ONGC, HPCL, BPCL

January 07, 2022 / 09:40 AM IST

Titan Company business update:

The company witnessed strong demand across its consumer businesses and clocked 36% growth over the festive quarter last year, company said in its press release.

In the Q3FY22 (October-December) the company’s Jewellery business revenue rose 37 percent, while Watches & Wearables revenue saw a growth of 28%, YoY.

Its Eye Wear segment revenue jumped by 27 percent, however other businesses revenue rose 44 percent, YoY.

The company has added 89 new stores across the segments in October-December quarter, with total stores stood at 1,935.

Titan Company touched a 52-week high of Rs 2,687.30 and was quoting at Rs 2,675.45, up Rs 78.70, or 3.03 percent on the BSE.

January 07, 2022 / 09:34 AM IST

Reliance New Energy acquires stake in Sterling and Wilson Renewable Energy

Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of the Reliance Industries has acquired, by way of off-market purchase, 1,84,00,000 equity shares of face value of Re 1 each at a price of Rs 375 per equity share aggregating Rs 690,00,00,000 from Shapoorji Pallonji and Company Private Limited, one of the promoters of Sterling and Wilson Renewable Energy Limited (SWREL). 

Consequent to such acquisition, RNESL holds 25.16% of the total paid-up equity share capital of SWREL.

Reliance Industries was quoting at Rs 2,440.70, up Rs 24.10, or 1 percent on the BSE.

January 07, 2022 / 09:33 AM IST

Lupin launches Molnupiravir in India as ‘Molnulup’ for COVID treatment

Lupin announced the launch of Molnupiravir in India under the brand name Molnulup. This drug has been given emergency use authorization by the Drug Controller General of India (DCGI) for treatment of adult patients with Covid19, with SpO2 > 93%, and the ones who have a high risk of progression of the disease including hospitalization, company said in its release.

Lupin was quoting at Rs 923.55, up Rs 0.05, or 0.01 percent on the BSE.

January 07, 2022 / 09:27 AM IST

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

The spike in the volatility Index India Vix by 4.35%, renewed big FII selling (Rs 1927 crore) after 4 days of consecutive buying and the US 10-year bond yield spiking to 1.71% indicate imminent volatility and uncertainty regarding short-term trends. 

While the tightening global monetary backdrop is a concern for equity markets, the improving corporate earnings scenario and the resilience of retail investors and DIIs are positive.

An important trend in the market is the resilience of the mid and small-cap segments where there is no FII selling and the weakness in banks and IT where FIIs have been selling. The takeaway is that the moment FII selling stops, IT and banks will bounce back.

Short-term trend is highly uncertain. Long-term investors can use corrections to buy large-cap IT and leading banks.

January 07, 2022 / 09:22 AM IST

Gainers and Losers on the BSE Sensex in the early trade:

Gainers and Losers on the BSE Sensex in the early trade:

January 07, 2022 / 09:18 AM IST

Market Opens: Indian indices opened on positive note on January 7 with Nifty above 17800 amid mixed global cues.

At 09:17 IST, the Sensex was up 301.60 points or 0.51% at 59903.44, and the Nifty was up 95.10 points or 0.54% at 17841. About 1813 shares have advanced, 407 shares declined, and 152 shares are unchanged.

Titan Company, ICICI Bank, ONGC, HDFC Bank and Tata Motors were among major gainers on the Nifty, while losers were HDFC, Dr Reddy’s Labs, Cipla, Maruti Suzuki and Infosys.

January 07, 2022 / 09:18 AM IST

Hot Stocks | Here’s Why You Should Bet On Asian Paints, Pidilite Industries, HDFC Bank In Short Term

Hot Stocks | Here's Why You Should Bet On Asian Paints, Pidilite Industries, HDFC Bank In Short Term

Vidnyan Sawant of GEPL Capital believes the Nifty will face strong resistance at 18,210 and 18,604 mark. On the flip side, the support levels would be placed at 17,380 and 16,830 levels.