Sunday, December 22, 2024 | 07:51 PM ISTEN Hindi

MARKET WRAP: Sensex gains 230 pts, ends above 39K level; auto stocks rally

All that happened in the markets today

SI Reporter New Delhi

Stock brokers react to the movement share prices on BSE Sensex in Mumbai on January 23. Photo: Kamlesh Pednekar

Stock brokers react to the movement share prices on BSE Sensex in Mumbai. Photo: Kamlesh Pednekar

8:51 AM

Covid-19 impact: Moody's lowers SBI's baseline credit assessment to 'ba2'

Rating agency Moody’s has downgraded State Bank of India’s (SBI’s) baseline credit assessment (BCA) from “ba1” to “ba2” as economic shock from the Covid-19 pandemic may aggravate the weakening borrowers’ credit profiles. It would hurt asset quality of India banks. The agency affirmed SBI’s Baa3 deposit ratings. The downgrading reflects that bank’s asset quality and profitability will deteriorate. The resultant weakening in internal capital generation will reverse improvements in its financial metrics achieved over the past two years. READ MORE

8:46 AM

Top stocks to watch out for today

SBI: Rating agency Moody’s has downgraded State Bank of India’s (SBI’s) baseline credit assessment (BCA) from “ba1” to “ba2” as the economic shock from the Covid-19 pandemic may aggravate the weakening borrowers’ credit profiles. It would hurt asset quality of India banks. The agency affirmed SBI’s Baa3 deposit ratings.

TCS: S&P Global Ratings on Tuesday said Tata Consultancy Services (TCS) is likely to face slower growth in revenue and profitability over the next 12-18 months, given subdued global information technology (IT) spending.

Financial stocks may remain volatile as the Supreme Court is expected to hear the interest waiver case later today. READ MORE

8:36 AM

Charts indicate continuation of up-trend in Nifty: HDFC Securities

Hold Nifty longs with 11,290 Stop-loss

Nifty, on Tuesday, closed at the highest point of the rally which started from March 2020. Nifty has broken out from the rising wedge pattern on the daily chart, indicating the continuation of an uptrend. There is an intermediate resistance placed at 11,536 levels, which happens to be the partially-filled gap formed on February, 28, 2020. Above 11,536, Nifty would again find momentum. It would be advisable to hold on to the longs in Nifty with trailing on a stoploss basis. At present stop loss in longs should be at 11,290. READ MORE

8:35 AM

Stock picks by Ajit Mishra of Religare Broking

Britannia Industries

Recommendation: Buy

Target: Rs 4,200

Britannia has been among the top-performing FMCG counters for the last several years. After a sharp dip in March 2020, it recovered almost vertically and made a new record high at Rs 4,010 in July 2020. It’s currently hovering in a range while holding firmly above the support zone of short term moving average (20 EMA) around its record high. READ MORE

8:31 AM

Bulk deals on BSE as on Tuesday

Click here for complete list

8:30 AM

Bulk deals on NSE as on Tuesday

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8:29 AM

FII/FPI & DII trading activity on NSE, BSE and MSEI

8:27 AM

Rupee check

Source: Bloomberg

8:26 AM

Brent rises on US output cuts ahead of biggest storm threat in 15 years

>> The price of Brent crude oil edged higher on Wednesday, lifted by US producers shutting most of their offshore output in the Gulf of Mexico ahead of Hurricane Laura and optimism over China-U.S. trade talks.

>> But gains were capped amid renewed concern over the coronavirus pandemic, which has squeezed fuel demand, after reports from Europe and Asia of patients being re-infected with Covid-19, raising concerns about future immunity.

>> Brent crude oil futures added 8 cents, or 0.2%, to $45.94 a barrel, while US West Texas Intermediate crude was down 2 cents, or 0.1%, at $43.33 a barrel. Both benchmarks settled at a five-month high on Tuesday.

(Source: Reuters)

8:23 AM