Market Live Updates: Sensex drops 300 points; Nifty below 18,200; HCL Tech Dips

Yes MF is now WhiteOak Capital AMC

The names of YES Mutual Fund schemes have been changed to WhiteOak Capital Scheme as YES AMC is now a WhiteOak Group company.

White Oak Capital Group provides investment management and advisory services to Indian equity investors.

Yes MF has three schemes – Yes Overnight Fund, Yes Liquid Fund and Yes Ultra Short-Term Fund.

Oil demand improves in India, ready for return of Kovid

Indian oil refiner Hindustan Petroleum Corp is cautiously optimistic that the country’s recovery from the pandemic will remain largely intact, despite the recent spike in coronavirus cases.

Infections have risen and fewer vehicles are plying on the streets of India’s capital, but officials have so far refrained from introducing a nationwide lockdown, opting for targeted restrictions such as bar closures. According to Mukesh Kumar Surana, Chairman, Hindustan Petroleum, while people are avoiding unnecessary travel, there has been no significant impact on demand. (bloomberg)

ICICI Securities on market outlook

Nifty started Thursday’s session on a positive note and remained in a range of only 85 points throughout the session. As a result, the daily price action formed a minor bull candle with a smaller lower shadow, indicating a continuation of the positive momentum. Meanwhile, the small cap index is moving away from lifetime highs as it is just 30 points away from its record high

The index continued to move higher after crossing a two-month high of 18200. In the process, multi-sector participation strengthened backed by an improvement in market breadth, indicating a move towards the revised target 18600 for the Nifty by Budget 2022. Point to highlight is that the 1125 point rally over the last 10 sessions put the daily Stochastic in a overbought position (at 96). Therefore, temporary breathing at high levels cannot be ruled out. However, such breath should not be considered negative. Instead dips should be capitalized as a new entry opportunity from a medium term perspective. Our stated target of 18600 is based on the following observations: a) Lifetime High is placed at 18600 b) From June 2020 onwards, increased buying demand at a five-month average on several occasions has taken a path to challenge the Lifetime High in subsequent months paved. In the current scenario, the index has rebounded after gaining support from the five-month average, paving the way for a move towards 18600 in the coming weeks.

today’s call

Intraday – Bata India, Hali

Positional – D-Link, GNFC

HDFC, Axis Bank drag Sensex into red mark

Mindtree slips over 5% as Q3 earnings miss the Street’s expectation

For another quarter, Tier II IT company Mindtree Ltd reported over 5% revenue growth. In the December quarter, its constant currency (CC) revenue grew 5.2% sequentially, aided by a strong broad-based demand environment and a steady ramp-up of previous deal wins. In a post-earnings conference call on Thursday, company management said it remains confident of pursuing industry-leading double-digit revenue growth.

Nevertheless, the stock fell over 5% on the NSE on Friday, the biggest loser among stocks in the F&O segment in early trade. (Read more)

Aurobindo Pharma receives warning letter from USFDA for API facility

The drugmaker on Friday said it has received a warning letter from the US health regulator for its Hyderabad-based Unit I, an API (active pharmaceutical ingredients) manufacturing facility.

The drugmaker said in a regulatory filing that the action follows a recent inspection of the facility by the US Food and Drug Administration (USFDA) in August 2021.

The Indian rupee fell by 19 paise to 74.09 against the US dollar in early trade

L&T at 52-week high

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BSE Smallcap in green

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Reliance Industries is the biggest gainer on the Sensex

The company promised to invest heavily 6 trillion ($80 billion) in Gujarat over 10 to 15 years for its clean energy businesses, as India’s largest fossil-fuel refiner looks to expand its dominance amid a global shift to renewables.

Covid-19: India records over 2.6 lakh cases in last 24 hours

The Ministry of Health and Family Welfare on Friday said that India reported 2,64,202 fresh Covid infections in the last 24 hours.

Today’s fresh cases are about 6.7% higher than yesterday’s figures. On Thursday, the country recorded 2,47,417 new COVID-19 cases.

Active cases have risen to 12,72,073, the highest in 216 days, while the death toll has risen to 4,85,350 with 315 fresh deaths, data updated at 8 am.

Nifty IT slips 1%; HCL Tech, Mindtree Drag

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Mindtree Tanks 5% After Q3 Earnings

IT services company posted consolidated net profit on Thursday 437 crore for the third quarter ended December, up 34% from the year-ago period. The company’s revenue came from operations 2,750 crore, registering a growth of 36% over a year ago.

Nifty slipped below 18,200 in the open

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Most of the Sensex players in red mark

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Markets open at lower levels

BSE Sensex on pre-open

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Market in red color in pre-open

Government weighs in on off-budget plan to deal with impact of Kovid

Two people aware of the development said the government is weighing the need for measures outside the Union budget to deal with any dramatic changes in the pandemic’s impact on the economy and livelihoods.

Discussions on the economic response to the third wave of the pandemic have begun after the budget is presented, while the finance ministry has entered the final phase of budget preparations.

The people, requesting anonymity, said the idea should be chalked out to a strategy should the pandemic cause more disruption to economic activity than expected and affect growth recovery.read more,

gold rises

Gold prices on Friday were set for their best weekly gain since last November, as investors awaited economic data that could provide clarity about the US Federal Reserve’s thinning policy, while a weaker dollar and the Treasury yield backed boolean. Spot gold was flat at $1,820.08 an ounce. US gold futures were down 0.1% at $1,819.50. The safe-haven metal is up 1.4% so far this week.

Actis seeks to buy Welspun road assets for up to ₹10,000 cr

Private equity investor Actis is in advanced talks to buy six street properties of Welspun Enterprises Ltd for an enterprise value of Rs. 8,000 crore- 10,000 crore, two people privy to the development, requested anonymity.

He said the road assets of the BK Goenka-led infrastructure and energy firm, which are for sale, include five hybrid annuity model (HAM) roads and a build-operate-transfer (BOT) project.read more,

Vedanta imposes $12 billion price on BPCL

Vedanta Group is set to spend $12 billion to acquire India’s state-owned refiner Bharat Petroleum Corp., an asset sale that is the country’s biggest and has faced delays in completion.

“We’re not going to bid aggressively, but we’ll keep the right price,” billionaire chairman Anil Agarwal said in an interview to Bloomberg in Riyadh on Wednesday. “The company’s market cap is about $11 billion to $12 billion, so that’s the investment we’re looking at.”

Stocks to watch: Reliance, Mindtree, Tata Motors, HCL Tech

Apart from Reliance, Mindtree, Tata Motors, HCL Tech, the companyTalks in the News Today there are Titan, Vespan Enterprises and GTPL.

Merchandise exports up 39 percent in December

Government data said India’s merchandise exports rose 39% to $37.8 billion in December from $27.22 billion a year ago. Imports also increased by 39 per cent to $59.48 billion.

The government said in a statement on Thursday that India’s total exports (inclusive of goods and services) in December are estimated at $57.87 billion, up 25% from a year ago and the month before the pandemic of December 2019. in 23%.

Asian stocks fall

As Federal Reserve officials indicated they would aggressively combat inflation and the Nasdaq 100 fell to its lowest level since October, Asian stocks fell on Friday. The benchmark Nikkei 225 index dropped 1.48%; Topics dropped 1.4% and Kospi dropped 0.7%

US stocks slip overnight

Panicked global stock markets tumbled on Thursday after keeping alive price pressures and concerns about monetary policy risks following the highest US inflation reading in nearly 40 years.

The S&P 500 lost 0.64%, the Nasdaq Composite lost 1.45%, and the Dow Jones Industrial Average was little changed.