Sensex cracks 1,407 pts as Covid-19 fears resurface; Nifty holds 13,300

InterGlobe Aviation and SpiceJet sunk up to 10 per cent on the BSE after India suspended flights from the UK till December 31

11:34 AM

Stock Idea by Geojit Financial: Jyothy Labs

The company is witnessing gradual improvement in demand across brands with more relaxations in restrictions. For Q2FY21, revenue grew by 6% YoY amidst challenges, mainly supported by volume growth in General Trade (GT) and E-Com channels. EBITDA margin improved by 70 bps YoY to 17.3% aided by 130 bps improvement in gross margin. We factor revenue/earnings to grow at ~10%/21% CAGR over FY20-22E and value JLL at 25x FY22 P/E. Likely pick up in rural demand, aided by good monsoon and GoI’s rural initiatives along with JLL’s focus on essential hygiene products will support volume growth. We maintain Accumulate rating with a revised target price of Rs 163.

11:32 AM

NEWS FLASH :: L&T management asked NSDL to correct FPI holding back to 49%

11:21 AM

NEWS ALERT :: Future Retail Resolution approving the transaction with Reliance is valid, observes Delhi HC

>> All findings prima facie in nature, says HC

11:20 AM

NEWS ALERT :: Delhi High Court refuses to restrain Amazon from writing to statutory authorities

>> Court says statutory authorities free to form their own as per law. 

>> Delhi HC observes Suit is maintainable, Emergency Award holds good. 

11:09 AM

Valiant Organics surges 4% ahead of turning ex-date for 1:1 bonus issue

The Company has fixed December 28, 2020 as the 'Record Date' to determine the eligible shareholders entitled to receive the bonus shares. The board of directors of the company on November 13, 2020 had recommended the issue of bonus shares in the ratio of 1:1 i.e. 1 bonus equity share for 1 equity share held in the company as on record date. READ MORE

10:54 AM

BS Podcast :: What should be your investment strategy with the markets at all-time high?

Massive liquidity following central banks' actions, impressive retail participation, green shoots in the economy, foreign capital inflow and the developments on vaccine front -- all have come to the aid of the market bulls. LISTEN HERE

10:40 AM

Nifty Pharma index hits new record high

Shares of pharmaceutical companies were in focus on Monday with Nifty Pharma index hitting a fresh record high of 12,836 on the National Stock Exchange (NSE) in an otherwise subdued market.

 

Cipla, Cadila Healthcare, Lupin, Sun Pharmaceutical Industries and Aurobindo Pharma from the Nifty Pharma index were up in the range of 1 per cent to 2 per cent on the NSE. READ MORE

10:31 AM

ALERT :: Sensex hits record high of 47,030.97 in intra-day deals

>> Infosys, RIL, L&T top contributors at this hour

10:26 AM

MARKET OUTLOOK 2021 :: Ambareesh Baliga

The earnings in the last two quarters have surprised most analysts with better-than-expected numbers. The fund raised by Reliance Industries Limited (RIL) during the Covid-19 pandemic from marquee global investors was another unexpected surprise. The macro numbers have been improving month-on-month with goods and services tax (GST) collection, consumption data, PMI as well as some of the core sectors such as cement, power, coal, fertilizers witnessing growth. READ MORE

10:15 AM

Anthony Waste IPO kicks off: Should you subscribe?

Betting on a gush of liquidity and heightened risk appetite, Antony Waste Handling is making a second attempt to go public. The three-day initial public offer (IPO) of the company will open today at a price band of Rs 313-315 per share. 

 

As the sector remains in a nascent stage, analysts see the firm offering decent returns only in the long-term. Analysts remain cautious on the issue as concerns over economic slowdown and Covid-19 pandemic continue to persist’ government’s lower allocation towards waste management projects; high revenue concentration risk; and project renewal risk. READ MORE

10:09 AM

MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

A new and faster-transmitting strain of the virus in the UK is an area of concern. This has led to further restrictions on travel and economic activity. Acceleration in the number of cases in the US and poor economic data are other dampeners. However, the US Congress agreement on $ 900 billion of fiscal stimulus is likely to support markets. High valuation continues to be a concern in India. But the power of FII-driven liquidity is overwhelming all negative news. Investors should exercise caution.

10:03 AM

Rupee Opening

Rupee opens weaker at 73.75 per US dollar vs Friday's close of 73.56/$

10:01 AM

Shipping Corp up 7% on report govt may invite EoIs for divestment this week

Shares of Shipping Corporation of India (SCI) rose 7 per cent and hit a 52-week high of Rs 92.70 on the BSE on Monday on report that the government may invite expressions of interest (EoI) for the company this week. The stock of the state-owned shipping company surpassed its previous high of Rs 89.95, touched on December 11, 2020. According to a PTI report, the government is likely to invite bids this week for the privatisation of the SCI, with buyers getting time till mid-February to submit their EoIs. READ MORE

9:57 AM

Two stock ideas by Vaishali Parekh of Prabhudas Lilladher

Ambuja Cement

We suggest to buy and accumulate this stock for an upside target of Rs 270-280, keeping the stop loss of Rs 240.

 

Escorts

We suggest to buy and accumulate the stock for upside target of Rs 1,450-1,480, keeping the stop loss of Rs 1,280.

READ IN DETAIL HERE

9:53 AM

Nifty trading in highly overbought zone: Sameet Chavan

Nifty is trading near all-time high and although there's no limit on the upside, reciprocal retracements usually indicates where the markets could resist in such a trend. If we observe positional charts and take retracements of the previous corrections, then 127 per cent retracement of the previous correction from 12,430 to 7,511 comes around 13,770 and that is where Nifty is placed right now. On the other hand, the RSI-smoothened oscillator is trading at level above 95 on the daily chart which is a highly overbought zone. READ MORE