Stock Market Live Updates: Sensex rises 200 points, Nifty near 18,050; IT stocks trade firm ahead of key earnings tomorrow; Voda Idea drops 17%

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Benchmark indices were volatile in Tuesday’s session as traders weighed the possibility of a strong December quarter earnings season against rising Omicron cases and likely US Fed rate hikes. Analysts, meanwhile, see high volatility and correction going ahead. The most buzzing stock of trade was Vodafone Idea after it said the government will own almost 36 per cent of the third-largest wireless phone operator.

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Xpro India says approved issue, allotment of warants on preferential basis

Price as on 11 Jan, 2022 11:51 AM, Click on company names for their live prices.

Sensex trades firm after initial volatility, up 200 points

Top gainers in IT services pack

Price as on 11 Jan, 2022 11:31 AM, Click on company names for their live prices.

JUST IN

The Heavy Engineering arm of Larsen & Toubro dispatched two large Ethylene Oxide Reactors, weighing 1,200 Tons each from Hazira, Gujarat to a large petrochemical complex overseas. This was a repeat order after four identical Reactors were supplied by L&T to the same client in 2020 amidst Covid-19 pandemic during the first wave.

Price as on 11 Jan, 2022 11:06 AM, Click on company names for their live prices.

JUST IN: Meeting of Board of Directors of Hinduja Global Solutions will be held on January 14, 2022 to consider and explore potential mergers & acquisition opportunities; quantum/ timings of buy-back of equity shares

Price as on 11 Jan, 2022 10:55 AM, Click on company names for their live prices.

Vikas Khemani of Carnelian Capital believes there is a room for further re-rating for IT companies

Rupee gains 13 paise to 73.92 against US dollar in early trade

Mutual Fund SIP contribution in the month of December 2021 touched another all-time high of Rs. 11,305 crore. This is the 9th consecutive month of a new all-time high for monthly SIP contributions. Amongst active equity funds, Multi Cap Funds category saw the highest Gross Inflow of ~11000 crore followed by Sectoral/Thematic Funds category. On the back of the 3 NFO’s the Multi Cap Fund category Average Asset Under Management jumped 16% to Rs. 38,068 crore. Sectoral/Thematic funds continue to attract investor interest on the back of recent performance however that would not be the correct way for investors to increase allocations. Balanced Advantage/Dynamic Asset Allocation funds continue to attract investor interest (Gross inflow Rs. 6,221 crore) given concerns over the high trailing 12 month valuations.

– Akhil Chaturvedi, Chief Business Officer, Motilal Oswal Asset Management Company

Top 10 gainers in morning trade

Price as on 11 Jan, 2022 10:20 AM, Click on company names for their live prices.

See robust tailwinds for IT sector

– Vikas Khemani

Warning Bells!

Blackstone exits Mindspace Business Parks REIT; sells stake for Rs 1,740 crore

Sensex off day’s high, down 50 points

Contrary to expectations of modest returns in 2022 the year has started with 4% appreciation in Nifty so far in January. The surge is led by the justifiable uptrend in Bank Nifty which is up by 8% till 10th Jan. Good Q3 results expected from financials, particularly leading banks, IT, metals, telecom and oil and gas are driving the current momentum in stocks. However, an area of serious concern is the unbridled speculation in low-grade stocks, the cats and dogs. “Flying cats and dogs” is an indication of imminent correction. Chasing cats and dogs has always ended in grief. Therefore, investors have to be careful and stick to quality.

– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Q3 Business Update: JSW Steel

  • Crude Steel Production volume at 5.35 Million tonnes in Q3 FY’22: Growth of 6% QoQ and 28% YoY.
  • Stock down 3%

India to own 35.8% in Vodafone Idea after converting dues; stocks plunges 13%

Price as on 11 Jan, 2022 09:25 AM, Click on company names for their live prices.

Sector Watch

Nifty holds above 18,000

OPENING BELL: Sensex gains 150 points, Nifty stays above 18K; Vodafone Idea plunges 10%

Pre-open session: Sensex sheds 50 points, Nifty below 18,000

SGX Nifty signals a negative start

Nifty futures on the Singapore Exchange traded 69.50 points, 0.39 per cent, lower at 17,978, signaling that Dalal Street was headed for a negative start on Tuesday.

Tech View: Nifty50 hurdle seen at 18,200

Nifty50 on Monday reclaimed the 18,000 mark and formed a bullish candle on the daily chart, after making indecisive candles in the previous two sessions. Analysts said the index has come out of a range and some more upside is possible. They, however, expect Nifty50 to see strong resistance in the 18,200-18,400 range.

Dollar stagnates as traders wait on Powell for policy hints

The US dollar hovered near the middle of its recent range against major peers on Tuesday as traders looked to incumbent Fed Chair Jerome Powell’s nomination hearing later in the day for new clues on the timing and pace of policy normalisation. The dollar index, which measures the currency against six counterparts, hovered around 95.93 early in the Asian session.

Hong Kong shares open lower

Hong Kong stocks started Tuesday with losses following three days of healthy gains and after another drop on Wall Street over growing concerns about inflation and the Fed’s plans to wind back its stimulus. The Hang Seng Index slipped 0.29 percent, or 67.85 points, to 23,678.69. The Shanghai Composite Index eased 0.10 percent, or 3.61 points, to 3,589.90.

Japan stocks drop on US money tightening fears

Tokyo stocks opened lower on Tuesday after Wall Street shares ended mostly down on worries over shifting US monetary policy to address inflation. The benchmark Nikkei 225 index dropped 0.34 percent, or 97.76 points, to 28,380.80 in early trade, while the broader Topix index fell 0.05 percent, or 1.09 points, to 1,994.59.

US stocks settle mostly lower

US stocks fell despite staging a comeback late in the day, as bets that the Fed could raise interest rates as soon as March led investors to pare risky assets. The Dow Jones Industrial Average shed 0.45%, and the S&P 500 lost 0.14%. Technology stocks led the falls early in the day but rallied later in the session to leave the Nasdaq Composite up just 0.05%.

Rupee spurts 29 paise to 74.05 against dollar

Rising for the second straight session, the rupee surged by 29 paise to close at 74.05 against the US dollar on Monday amid robust buying in domestic equities. At the interbank forex market, the local unit opened strong at 74.15 against the greenback and witnessed an intra-day high of 74.03 and a low of 74.21. It finally settled at 74.05, a rise of 29 paise over its previous close.

Sensex, Nifty on Monday

The BSE Sensex shot up over 650 points to surge past the 60,000-level while the NSE Nifty settled above 18,000 on Monday as participants showed keen interest in IT and financial shares ahead of the Q3 earnings season. Rising for the second straight session, the 30-share BSE benchmark hit the day’s high of 60,427.36, before ending at 60,395.63, higher by 650.98 points or 1.09 per cent. Likewise, the broader NSE Nifty climbed 190.60 points or 1.07 per cent to settle at 18,003.30.

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