Stock Market Live Updates: Sensex rises 350 points, Nifty50 tops 18,150; Vodafone Idea surges 6%, Adani Power 4%

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Watch this space as we bring you LIVE updates of the day’s proceedings from Dalal Street.

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Vodafone Idea & 3 other stocks in F&O Ban

Price as on 12 Jan, 2022 09:43 AM, Click on company names for their live prices.

The short-term momentum reflects a market in complete control of the bulls. The expected good results from the three IT majors today is likely to impart resilience to the market. Results from the leading banks starting Saturday also will be good thanks to declining provisioning and rising NIMs. Though Omicron cases are exploding in Europe and US the market message is that it is a manageable risk. It is interesting to note that inspite of the hawkish statement from the Fed chief that they will “use the full suite of policy tools to prevent higher inflation from becoming entrenched,” the US 10-year bond yield fell marginally. This indicates that the market has already discounted three or even four rate hikes in 2022.

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

BUZZING STOCK: Tata Teleservices hits 5% lower circuit as it said it will opt for conversion of the interest amount on AGR dues into equity and post conversion, the government’s holding in the company is expected to be around 9.5 per cent.

Price as on 12 Jan, 2022 09:24 AM, Click on company names for their live prices.

Sector Watch

Top Sensex contributors in opening deals

Nifty50 nears 18,200

OPENING BELL: Sensex rises 350 points, Nifty50 tops 18,150; Vodafone Idea surges 6%, Adani Power 4%

Pre-open session: Sensex climbs 350 points, Nifty above 18,150

Asia stocks rise in early trade

Asian stocks rose in relief and the dollar hit a six-week low on Wednesday, after Federal Reserve Chair Jerome Powell sounded less hawkish than expected in testimony to Congress, as he charts a path out of pandemic policy settings. MSCI’s broadest index of Asia-Pacific shares outside Japan 1% to a one-month high, led by a 3.5% jump for tech stocks in Hong Kong Japan’s Nikkei rose 1.9%.

TCS, Infosys and Wipro to report Q3 results

Three IT majors TCS, Infosys NSE 0.26 % and Wipro, all Nifty50 constituents, will report their quarterly results on Wednesday. Given the recent outperformance of IT stocks, analysts believe strong earnings would be a prerequisite to sustain high valuations. For now, they are factoring in the same on the back of secular broad-based demand trends, healthy deal wins and active M&A activities.

SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 112 points, or 0.62 per cent, higher at 18,203, signaling that Dalal Street was headed for a positive start on Wednesday.

Tech View: Nifty50 hurdle intact at 18,200

Nifty50 on Tuesday climbed for the third straight session in what was a volatile day for the market. The index ended up forming a bullish candle on the daily chart. Analysts said the upside hurdle of 18,200 is intact. The index may find support around 17,900-950 level, they said.

Wall Street rallies as Powell outlines plans to fight inflation

Wall Street stocks rallied Tuesday, shrugging off recent weakness following the congressional appearance of Federal Reserve Chair Jerome Powell, while oil prices sprinted higher. The S&P 500 rose 42.78 points to 4,713.07, and the Dow added 183.15 points to 36,252.02. The Nasdaq rose 210.62 points to 15,153.45, while the Russell 2000 picked up 22.85 points to 2,194. The indexes are all in the red so far this month.

Rupee rises for 3rd day, spurts 11 paise against dollar

The rupee surged 11 paise to close at an over three-month high of 73.94 against the US dollar on Tuesday, marking its third straight session of gains amid a weak American currency overseas and a firm trend in domestic equities. At the interbank forex market, the local unit opened strong at 73.94 against the greenback and witnessed an intra-day high of 73.83 and a low of 74.00. It finally settled at 73.94, up 11 paise.

Sensex, Nifty on Tuesday

Continuing its winning run for the third consecutive session, the BSE benchmark Sensex added another 221 points to revisit the 60,500-level on Tuesday, propped up by buying mainly in IT and financial shares. After early hiccups, the 30-share benchmark remained poised throughout the session and went on to hit the day’s high of 60,689.25. It finally ended 221.26 points or 0.37 per cent higher at 60,616.89. Likewise, the NSE Nifty gained 52.45 points or 0.29 per cent to finish at 18,055.75.

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