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Share Market LIVE: Sensex recoups losses, trades flat, Nifty regains 14,550; Infosys, HCL Tech top drags – The Financial Express

Asian peers were largely trading with gains. Hang Seng, Shanghai Composite, TOPIX, Nikkei 225, and KOSPI were all in the green.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity benchmark indices opened flat on Thursday morning, despite positive global cues. S&P BSE Sensex was down nearly 70 points, moving below 49,400 while Nifty 50 gave up 14,550. ONGC, IndusInd Bank, and ITC were the top gainers on Sensex. Infosys, Tech Mahindra, and HCL Technologies were the top drags. Among sectoral indices, Nifty IT and Nifty PSU Bank index were the only ones trading with losses. Information Technology firm Infosys and Wipro on Wednesday reported their quarterly results. Both the IT firm announced strong revenue growth and a jump in profits, beating street estimates. Infosys said its revenue grew 5.5% sequentially to Rs 25,927 crore and net profits increased to Rs 5,197 crore, up 7.3% quarter-on-quarter. On the other hand, Wipro revenues during the October-December period stood at Rs 15,670 crore while net profit was at Rs 2,970 crore. Both the firms are even more optimistic about the future with strong deal pipelines.

L&T finance holdings is one of the leading NBFC in India with a strong presence across various segments including MFI, Housing, two wheeler, tractor and wholesale segment.The rural and the housing segment account for 56.5% of the company’s AUM at the end of Q2FY21 as compared to 51.5% in FY19. We expect disbursements to improve further in 2HFY21 and expect the company to post strong sequential loan growth from Q3FY21

Target price: Rs 133 

~ Angel Broking

The fall in WPI is a good sign however what needs to come down in retail inflation. The recent upward move in Crude prices can be a potential dampener. Also, on the back of banks still recovering from high NPAs, it remains to be seen if the RBI will continue to hold interest rates. Given the weak transmission, we continue to see high liquidity but low credit offtake due to poor consumer demand. Hence, once the pent up demand is exhausted, it will be critical to ensure demand upswing to see the real benefit of moderate inflation: Sanjay Kumar, CEO & MD, Elior India

“The fall in WPI is a good sign however what needs to come down in retail inflation. The recent upward move in Crude prices can be a potential dampener. Also, on the back of banks still recovering from high NPAs, it remains to be seen if the RBI will continue to hold interest rates. Given the weak transmission, we continue to see high liquidity but low credit offtake due to poor consumer demand. Hence, once the pent up demand is exhausted, it will be critical to ensure demand upswing to see the real benefit of moderate inflation,” said Sanjay Kumar, CEO & MD, Elior India.

The Indian economy will suffer lasting damage from the coronavirus crisis and after an initial strong rebound in FY22 (fiscal year ending March 2022) growth will slow to around 6.5 per cent a year over FY23-FY26, Fitch Ratings said on Thursday. “A combination of supply-side scarring and demand-side constraints – such as the weak state of the financial sector – will keep the level of GDP well below its pre-pandemic path,” it said in commentary on the Indian economy.

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Markets have been continuously moving higher over the last few sessions and making new life highs in the process. Buying has emerged on any intraday dips, thereby ensuring the uptrend remains intact. The short term uptrend is however beginning to look stretched. While the Nifty/Sensex could move up further in the very near term, we believe that these main indices could make a short term top soon. Zooming into the intraday charts of the Nifty, we can see that the index may be forming a head and shoulder pattern.

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Steel pricing continues to occupy a centrepiece in the media for the last few weeks. A variety of responses and feedback from end-using sectors, policy planners, industry associations are filling up the pages. It is difficult to take a dispassionate view on the issue from the producers’ or users’ points of view. Let us look at some of the facts.

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Indian share market benchmarks BSE Sensex and Nifty 50 were trading with minor cuts on Thursday, primarily dragged down by sell-off in IT stocks. Index heavyweight Reliance Industries Ltd (RIL) stock was trading over half a per cent higher, capping the losses in the index. While Bharti Airtel shares were trading flat in today’s weak session. Research and brokerage firm CLSA is bullish on RIL and Bharti Airtel stocks with outperform and buy rating, respectively.

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IndusInd Bank, ITC and Larsen & Toubro were the top gainers on Sensex after over an hour of trading. The index was down 150 points.

“There is a clear indication that markets have resisted from the 14600-14650 levels. In the short term, 14300-14400 is good support and if we break that, 14000-14100 could be the next pit stop for the Nifty. On the upside, a close above 14600 could lead us to 14750-14800,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

Shares of SAIL were down 9% on Thursday after the government announced it will trim its stake in the firm through an OFS at a floor price of Rs 64 per share. 

Technically, the USDINR pair is expected to hold strongly above 72.95-73.00 support, while, upside is capped at 73.50 levels. The squeeze down in the volatility suggests impending higher movement. It will be interesting to watch where USDINR pair gives a breakout. Here, importers are advised to move forward and cover until Mid-February exposure to sit safe ahead of Budget. Exporters can participate on upticks close to 73.40 levels and above for their near term exposures: Amit Pabari, managing director, CR Forex Advisors

Sensex and Nifty were trading in the red on Thursday’s opening bell. Broader markets were, however, outperforming the benchmark indices. 

Sensex slipped 58 points while Nifty 50 moved 14 points lower during the pre-open session on Thursday. Nifty was still holding 14,550. 

During the pre-open session on Thursday morning, Sensex moved into the red, falling nearly 10 points while the Nifty 50 index was trading flat to positive. 

The Nifty is expected to trade between 14200 and 14600 amid high volatility. Sell Nifty 14600 Call (January 14 expiry) inthe range of Rs 38-40 Target: Rs 24-14 Stop loss : Rs 54.

Nifty 50 regained 14,600 during Thursday’s pre-open session. Sensex was trading flat with a positive bias.

Nifty futures were trading at 14,592.50 levels, up 20 points or 0.14 per cent up on Sinpaorean Exchange, hinting at a positive opening for BSE Sensex and Nifty 50 on Thursday. In the previous session, Nifty 50 index ended at record high closing level. Investors will continue to track October-December quarter earnings for stock-specific development. Market analysts believe that even though, the market witnessed higher level weakness on Wednesday, still there is no indication of reversal pattern forming at the new highs. Nagaraj Shetti, Technical Research Analyst, HDFC Securities said that there is a possibility of further upmove in the Nifty 50 index amid a range movement in the next one-two sessions.

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For the January series, maximum Call Open Interest (OI) is placed at 15000 strike with 23.13 lakh contracts. This is followed by 15.17 lakh contracts at 14000 strike. 

Maximum Put OI is at 14000 strike with 30.36 lakh contracts, followed by 24.89 lakh contracts at 13000 strike

BSE Sensex and Nifty 50 are poised to open in the green on Thursday, as indicated by the trends in SGX Nifty. Nifty futures were trading 22.50 points or 0.15 per cent up at 14,595 on Singaporean Exchange. Even as Nifty 50 ended flat Wednesday but at a record high, taking the valuation to an all-time high of 39.94. Markets may hit fresh record highs in today’s session on the back of strong corporate earnings.

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“Despite the political rancour that has vexed market sentiment in recent days, US stocks edged higher overnight as investors are willing to look past the political big uglies to sunny days ahead. Expectations are building for additional and perhaps larger fiscal stimulus efforts as pandemic priorities remain the first order of business for the Biden administration,” said Stephen Innes, Chief Global Market Strategist at Axi.

“A long negative candle was formed with lower shadow on the daily chart. Though this pattern indicates high volatility in the market, still there is no formation of any reversal in Nifty at the highs. Hence, one may expect further upmove with range move in the coming sessions. The overall market breadth has turned negative, with Advance: Decline ratio closing at 634:1258 and neutral at 82. Though, the market witnessed higher level weakness on Wednesday, still there is no indication of reversal pattern forming at the new highs. Hence, there is a possibility of further upmove amidst a range movement in the next 1-2 sessions. Upper levels of 14655 is going to be a short term resistance and lower 14450 is expected to be an immediate support for the market,” said Nagaraj Shetti, Technical Research  Analyst, HDFC Securities.

Nifty Futures on Singapore exchange were trading with gains during the early hours of Thursday. SGX Nifty was up 24 points, hinting at a positive start for Nifty, Sensex.

Wipro on Wednesday posted a strong set of numbers for the October-December quarter. The company’s revenues during the period stood at Rs 15,670 crore while net profit was at Rs 2,970 crore. Operating margin expanded sequentially by 243 bps to 21.7%, a significant growth in the last 22 quarters. The company surpassed all market estimations and gave a revenue guidance of 1.5%-3.5% for the January-March quarter.

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Infosys on Wednesday upped revenue guidance for 2020-21, saying it could increase by 4.5-5.5% in constant currency terms, better than the 2-3% projected earlier. The optimism stemmed from a strong Q3FY21 numbers in which revenues rose 5.5% sequentially to Rs 25,927 crore and net profits increased to Rs 5,197 crore, up 7.3% quarter-on-quarter. The IT major’s operating profit margins came in at a robust 25.4%.

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