Indian market news: Sensex, Nifty hit new high, Bank Nifty closed negative

 

Indian market news: Indian stock market today opened in flat and was trading in a negative zone on the news of high inflation. The market was trading flat to negative in the morning session and later some buying witnessed in the afternoon. Sensex and Nifty hit a fresh record high during the day and closed in positive today.

 

Indian market news

At closed, Nifty gained 32.75 points and at 12362.30 while Sensex was up 92.94 points and at 41952.63. The Bank Nifty closed in a negative today, it fell 106 points and at 32071.65. The IndusInd Bank and Yes Bank dragged down the Bank Nifty today.

The Nifty midcap 100 index gained 124.15 points or 0.71% whereas the smallcap Index gained 49.50 points or 0.81% and closed at 6164.85.

The top gainers in the Nifty50 stocks are Vedanta, Britannia, Hero motor corp, Zee Ent and ITC. The losers in the Nifty50 space are Yes Bank, IndusInd Bank, UPL, Reliance and Kotak Mahindra Bank.

In the midcap space, the gainers are Tata Global Beverages, Godrej Agrovet and the losers are Reliance Infra, Deewan Housing. The gainers in nifty smallcap space are TV18 Broadcast, India Cement and the losers are CG Power, Suzlon Energy.

On Sectoral basis, the gainers are IT & Software, Retail, Media, Industrial Gasses and Fuel, FMCG and Chemical. The sectors that closed in red today are Infrastructure, Insurance, Oil & Gas, Real Estate, and Banks.

The FIIs are DIIs were the buyers yesterday, for today’s position you can check the link here

Yesterday CPI Inflation came at more than five years low. After CPI now WPI inflation rose to 2.59% as against 0.58% on MoM basis. Food inflation grew by 11.05% compared to 9.02% on MoM.

 

Indian market: Stock in news today

Deepak Fertiliser has divested one of its plots of industrial land in Dahej as a part of a strategy to divest non-core assets. The share price of Deepak fertilizer gained 5.15%  and closed at Rs 115.30 per share.

Radhakrishan S Damani has increased his stake in Indian Cement from 1.3% to 3.43% during the Oct-Dec quarter. The share price of Indian Cement gained 7.01% and closed at Rs 86.50 per share.

Nomura is bullish in Lupin, it maintained buy rating on the stock with a target price between Rs840-913 per share. The share price of Lupin gained 0.56%and closed at Rs 752.80 per share.

Delta Corp reported subdued operating performance in the December ended quarter. The share price of Delta Corp declined 3.31% and closed at Rs 199.90 per share.

Rakesh Jhunjhunwala and his wife have increased their stake in Titan Company to 6.69%. The share price of Titan Company gained 0.70% and closed at Rs1167.10 per share

HSBC has downgraded the stock Motherson Sumi and slashed the target price to Rs 120 from Rs 135. The share price of Motherson Sumi fell 2.47% and closed at Rs 142.25 per share.

 

Steel Stocks are in news today

The JSPL 1.80 MTPA DRI (direct reduced Iron) plant based on coal Gasification process has resumed operations in Odisha’s Angul district. The plant was set up to ensure the availability of chemical and thermal energy required to produce DRI at an affordable price to reduce the environmental impact of coal in the long run. The JSPL share price fell 2.27%  and closed at Rs 174 per share.

Supreme Court has allowed Vedanta to participate to bid for NALCO Alumina tender. The share price of Vedanta gained 2.84% and closed at Rs  165 per share.

 

Banking & Financial Stocks are in news today

Edelweiss Financial has received a communication from the Enforcement Directorate (ED) to represent and appear before them on January 15 regarding FEMA case. The share price of Edelweiss Financial fell 2.91%  and closed at Rs 106.90 per share.

The Yes Bank share price was down around 13% in the afternoon as Kotak Institutional Equities maintained sell call on the stock and cut the target price to Rs 40 from Rs55 per share. This is mainly concern about earning volatility and fundraising delay. The share price of Yes Bank closed at Rs 38.55 per share.

The net profit of Bandhan Bank jumps 121% on YoY basis. It has reported a net profit of Rs 731 crore for the December quarter of FY2020 against Rs 331.27 crore in the same quarter last year. Whereas on QoQ the net profit was down 25%, it was reported Rs 971 crore in September end quarter. The share price of Bandhan Bank gained 0.89% and closed at Rs 518.55  per share.

The IndusInd Bank reported a 32% hike in net profit at Rs 1300 crore in December end quarter as compared to Rs 985 crore in the same quarter last year. Its NII was up 34.3% at Rs 3071 crore versus Rs 2288.1 crore on YoY basis. The share price of IndusInd Bank fell 3.77% and closed at Rs 1485.65 per share.

 

Crude and Rupee updates:

The Brent crude is trading marginally higher today it is trading at $64.62 per barrel today at 5 pm IST. It is trading 0.62% higher from yesterday’s close price. The Indian rupee is trading at flat Rs 70.88 against the US dollar.

 

Conclusions:

Indian market closed in positive despite the higher inflation news. Market is trading on sideways positive, both Sensex and Nifty touched a fresh record high today. Investors are expecting an end of 18 months long US-China trade war after signing the agreement tomorrow. This can be a big boost for the market.

Traders are advised to follow the global market and update about the Trade agreement signing news. You can also follow our Nifty and Bank Nifty daily views and weekly views.

 

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Happy Investing!!

Editor’s Desk