Buy HCL Tech, Tata Chemicals, Indian Hotels: Chandan Taparia
Here are three trading calls from Chandan Taparia, Derivative and Technical Analyst at Motilal Oswal Financial Services:
–Buy Indian Hotels Company for a target towards Rs 210 with a stop loss at Rs 192
–Buy HCL Technologies for a target of Rs 1,395 with a stop loss at Rs 1,305
–Buy Tata Chemicals for a target of Rs 1,025 with a stop loss at Rs 950
IT stocks in long upcycle, to beat previous highs: Sandip Agarwal
Sandip Agarwal of Edelweiss Securities told CNBC-TV18 he believes IT stocks to be in a long upcycle and set to beat their previous highs. He expects IT stocks to double in the next three years.
Agarwal does not expect any disappointment from IT companies He expects some positive surprise from TCS and Infosys. Edelweiss Securities estimates three percent sequential growth for Infosys in Q3, and believes the IT company has the advantage of large deals in the recent past, he said.
TCS is focussing strategically on improving in the long-term, and Wipro is returning to a growth trajectory.
Paytm shares drop 3%, below Rs 1,100
At 9:30 am, the stock of Paytm parent One97 Communications was down 2.8 percent at Rs 1,088 apiece on BSE, having dropped to a record low of Rs 1,084.6 apiece earlier in the day.
At the fresh low, Paytm shares were available at a discount of 49.6 percent to the issue price of Rs 2,150.
Consumer discretionary companies to bounce back on low base: Manishi Raychaudhuri
Manishi Raychaudhuri of BNP Paribas told CNBC-TV18 he expects lower taxes to proide tailwinds to consumer discretionary companies, which will bounce back on a low base.
He expects global market demand to remain strong going forward.
Speaking on his expectations from the upcoming Union Budget, he said a continued focus on healthcare and some tinkering around on the standard tax deduction rate front are likely.
Hindalco, Tata Steel, UltraTech, Indian Oil top blue-chip gainers
ONGC, NTPC, JSW Steel, Kotak Mahindra Bank and BPCL were also among the top gainers. On the other hand, Cipla, TCS, UPL, Tata Consumer and Hindustan Unilever were the worst hit among the 10 laggards in the Nifty50 pack.
Here’s how the 30-scrip basket fared:
Sensex jumps over 400 points, Nifty firm above 18,150
Both headline indices jumped as much as 0.7 percent in early deals following a positive opening. The 30-scrip index rose as much as 428 points to touch 61,044.9 and the broader Nifty50 benchmark climbed to as high as 18,184.6, up 128.9 points from its previous close.
Bond Market Deals | PNB, Shriram Transport Finance, HPCL in focus today
–Punjab National Bank will raise at least Rs 500 crore through perpetual bonds.
–Shriram Transport Finance has raised $475 million through three-year and six-month dollar-denominated bonds at a 4.15 percent semi-annual coupon.
–HPCL will raise funds through over one-month commercial papers at a 3.54 percent coupon. (Catch other key bond deals today)
Stock Tips | HCL Tech, Navin Fluorine, Cummins among Sudarshan Sukhani, Mitessh Thakkar’s top picks today
–Mitessh Thakkar of mitesshthakkar.com recommends buying Cummins India shares for a target of Rs 1,005 with a stop loss at Rs 960.
–Sudarshan Sukhani of s2analytics.com suggests going long on Navin Fluorine with a stop loss at Rs 4,000. (Check out their other stock recommendations today)
World Bank projects India’s FY22 GDP growth at 8.3%
The World Bank has projected India’s GDP growth at 8.3 percent for the financial year ending March 2022, and 8.7 percent for the next financial year. The forecast is unchanged from the June 2021 outlook, when the World Bank had slashed the growth projection from the 10.1 percent predicted in April due to the devastating effects of the second wave of the pandemic in the country. (Read more on World Bank’s GDP estimates for India)
Global Cues | Crude oil rises, Brent above $83/barrel
Stocks To Watch | TCS, Infosys, Wipro, Bharat Forge, SBI Cards in the spotlight
–IT majors TCS, Infosys and Wipro will report their Q3 numbers today.
–CLSA downgraded Bharat Forge to ‘sell’ from ‘buy’ and reduced its target price for the stock to Rs 690 from Rs 900, citing the risk of disruption as the world moves to cleaner fuel and vehicles. The brokerage said the company’s valuations are overly high, and at a premium of eight percent to historical multiples. CLSA also said that 44 percent of the company’s revenue is linked to the diesel truck and oil & gas segments, which could be hindered by a shift to EVs and renewables (Check out other key stocks to track today)
Federal Bank plans FedFina IPO
Federal Bank holds a 74 percent stake in FedFina, which is into gold loans, home loans, loans against property and business l. oans
Here are some highlights of FedFina’s financials in the first half of FY22:
–Revenue: Rs 209.2 crore
–PAT: Rs 40.3 crore
–AUM: more than Rs 5,000 crore
–CRAR: around 25.7%
Technical Picks | IRCTC, Concor, Can Fin Homes, Apollo Hospitals and other stocks analysts suggest buying now
Are there any short-term opportunities for traders out there now? Analysts have handpicked eight stocks to make the most of the current juncture on Dalal Street. (Check out the complete list of analysts’ short-term recommendations)
Brokerage Calls | Bharat Forge, SBI Cards, DLF in focus today
–CLSA downgraded Bharat Forge to ‘sell’ from ‘buy’ and reduced its target price for the stock to Rs 690 from Rs 900.
–Macquarie maintained its ‘outperform’ rating for SBI Cards with a target price of Rs 1,230.
–JPMorgan has retained its ‘overweight’ rating for DLF with a target price of Rs 445. (Check out the complete list of brokerage views today)
Trade Setup | Is Nifty50 about to cross a crucial hurdle?
Lots of opportunities are likely on the buy side as long as the 50-scrip index stays above 17,721, said Prashanth Tapse, Vice President (Research) at Mehta Equities. “An immediate goalpost for the Nifty is seen at 18,307, followed by aggressive targets at its all-time high of 18,605 (October 19),” he added. (Check out key market cues before the opening bell)
TCS, Infosys, Wipro to kick off earnings season today
India Inc will kick off the corporate earnings season on Wednesday as IT majors Tata Consultancy Services (TCS), Infosys and Wipro report their finanical results for the October-December period.
Analysts expect Tata Consultancy Services’ dollar revenue to increase more than two percent sequentially. (Here’s what to expect from TCS, Infosys, Wipro Q3 earnings)
Wall Street surges after Jerome Powell remarks
The three main Wall Street indices — the S&P 500, the Dow Jones and the Nasdaq Composite closed 0.5-1.4 percent higher.
S&P 500 futures were flat in Asia.
Fed Chair Jerome Powell pledges to fight inflation in 2nd term
Federal Reserve Chairman Jerome Powell, in a congressional hearing that pointed to his likely confirmation for a second term, said the US central bank was determined to ensure high inflation did not become “entrenched”.
He, however, said that rather than diminishing jobs growth, the Federal Reserve’s plans for tightening policy were necessary to maintain economic expansion.
Asian shares jump as no big surprise in Jerome Powell’s testimony
Equities in other Asian markets jumped tracking overnight gains on Wall Street, after Federal Reserve Chair Jerome Powell’s testimony to Congress did not bring any major surprises for investors globally.
MSCI’s broadest index of Asia Pacific shares outside Japan was up 0.9 percent at the last count.
Japan’s Nikkei 225 was up 1.8 percent, China’s Shanghai Composite 0.2 percent and Hong Kong’s Hang Seng 1.6 percent. South Korea’s KOSPI was up 1.3 percent and Singapore’s Straits Times 0.1 percent.
Sensex rose 221 points to 60,617 on Tuesday, Nifty50 reclaimed 18,050
Indian equity benchmarks extended gains to a third straight session on Tuesday. Gains in IT, financial and oil & gas shares pushed the headline indices higher, though losses in metal stocks limited the upside.
The 30-scrip index ended 221.3 points or 0.4 percent higher at 60,616.9 and the broader Nifty50 benchmark settled at 18,055.8, up 52.5 points or 0.3 percent from its previous close. (Read more on the January 11 session)
Welcome to CNBC-TV18’s Live Market Blog
Good morning, readers! Welcome to CNBC-TV18’s market blog, where we provide rolling live news coverage of the latest events in the stock market, business and the economy. We also get you instant reactions from our stellar lineup of TV guests, in-house editors, researchers and reporters.
Have a great day ahead. Good luck!