Saturday, July 31, 2021

Stock Market Live: Sensex trades higher, Nifty above 14,000; financials, IT stocks lead; Small, midcaps outperform

Market Watch: Hemen Kapadia of KRChoksey Securities

Firstly, a buy call on Sun Pharmaceutical at Rs 595 stop loss Rs 585 and target of Rs 615. We remain in a short, medium and possibly a longer term uptrend, the stock is headed for Rs 900 or so in next couple of years.

Secondly, a buy call on Colgate-Palmolive, one can buy at Rs 1,580 stop loss Rs 1,560 target Rs 1,620, above 55 day moving average, indicators supporting the move, consolidating for the last 4 trading sessions.

Lastly a buy call on Reliance Industries, this is a fifth day where Reliance has been doing nothing but consolidating. I feel it is setting the stage for a jump from here. So buy Reliance Industries at Rs 1,990 stop loss Rs 1,975 target Rs 2,020.

Raamdeo Agrawal: ‘Buy Right, Sit Tight’ is way to invest in the market; not investing is the biggest risk

‘Buy Right, Sit Tight’ is the way to invest in the market, said Raamdeo Agrawal, Chairman of Motilal Oswal Financial Services on Friday.

“I always believe that nobody can time the market, so ‘Buy Right, Sit Tight’ – that’s the way to go in the equity market, not only in India but all over the world,” Agarwal told CNBC-TV18.

Agrawal said that earnings growth will come back this year. He added that not participating in the market is the biggest risk right now. Banks will not face COVID and telecom related stress this year, he said.

“We have seen the worst of economic and health disaster and yet we have done 15 percent. So 2021, hopefully, will not repeat the 2020 and we should have at least as good a year as 2020 on the whole.” Watch here.

SEC meeting underway | Subject Expert Committee (SEC) in the Central Drugs Standard Control Organisation (CDSCO) met underway today to consider the Emergency Use Authorisation (EUA) request of Pfizer, Serum Institute of India (SII) and Bharat Biotech Pvt. Ltd. Additional data and information is being presented by Serum Institute India. Pfizer and Bharat Biotech Pvt. Ltd. applications to be reviewed by SEC. The analysis of the additional data and information is going on, sources said.

GST Collections at all-time high | GST Revenue collection for December 2020 recorded all time high since implementation of GST at Rs 1,15,174 crore gross GST revenue collected in December. Revenues for December 2020 are 12 percent higher than the GST revenues in the same month last year.

Buzzing | Shares of Tata Consumer Products rose over 2 percent after the rating agency ICRA upgraded the rating for the long term instruments of Tata Consumer Products to ‘ICRA AAA’ with a stable outlook. The rating was previously ‘ICRA AA+’ with a stable outlook. The size of the instruments is about Rs 350 crore. It has however reaffirmed the short term debt rating at ‘ICRA A1+’.

APL Apollo Tubes | The company registerd sales volume of 4.86 lakh tonne in Q3FY21. The volume improved 1% YoY and QoQ.

Gayatri Projects | The company has been declared lowest bidder for project worth Rs 1,323.52 crore for development of six-lane access-controlled Highway in Uttar Pradesh.

Praj Industries | The company has bagged order worth Rs 226.90 crore from IOCL for execution of Zero Liquid Discharge System – Water Treatment Package and Waste Water Treatment Package of Acrylic/Oxo-Alcohol Project at IOCL Dumad, Gujarat.

Buzzing | Shares of Jindal Steel and Power rose more than 2 percent after Ministry of Coal declared the company as the successful bidder for Gare Palma IV/1 Mine. Jindal Power (JPL) a subsidiary of Jindal Steel & Power Limited (JSPL) has been declared the successful bidder for Gare Palma IV/1 coal mine by the Ministry of Coal, the company said.

Year 2021 for Indian equities: Vaccine, COVID situation, geopolitical trends, Budget to be key drivers, say analysts

The global COVID-19 situation, rollout of vaccines, geopolitical trends, Union Budget and economic recovery would be the major factors driving investor sentiments in 2021 after a tumultuous year which saw both ’the worst of times and the best of times’ for the stock market, said analysts.

What a year 2020 turned out to be! From witnessing gigantic losses to record-shattering gains, investors went on a roller-coaster ride amid the coronavirus pandemic and massive stimulus measures. Read more here.

Rupee Update | The Indian rupee is trading higher at 73.03 per dollar, amid buying in the domestic equity market. The rupee opened flat at 73.09 per dollar against Thursday’s close of 73.07.

Market Watch: Manish Hathiramani of Deen Dayal Investments

First is a buy on Axis Bank for a target of Rs 640 and a stop loss of Rs 605. There has been a mild correction on this stock and it has a very good medium term support between Rs 605 to 610, keeping that has a stop one can go long for a higher target of Rs 640.

The second buy call is on Bajaj Finance for a target of Rs 5,550 with a stop loss of Rs 5,240. The stock did correct briefly and came closer to the support levels of Rs 5,250. Keeping that as a base the stock can now go towards the target of Rs 5,550.

Buzzing | Escorts December tractor sales jump 88% YoY to 7,733 units; shares rally

Shares of Escorts Ltd gained over 3 percent in the early trade on Friday after the company reported a strong growth of 88% in December sales.

Escorts Ltd Agri Machinery Segment (EAM) in December 2020 sold 7,733 tractors, its highest ever December sales and registering a growth of 88 percent against 4,114 tractors sold in December 2019.

Domestic tractor sales in December 2020 was at 7,230 tractors registering a growth of 90 percent against 3,806 tractors in December 2019, the company said.

Export tractor sales in December 2020 was at 503 tractors against 308 tractors sold in December 2019, registering a growth of 63.3 percent.

NCC Ltd| The company has received 15 new orders totaling to Rs 8,980 crore (exclusive of GST) in the month of December, 2020. These orders are received from Central/State Government agencies and do not include any internal orders, the company said.

New ListingAntony Waste Handling Cell lists at Rs 436.10 apiece on NSE, a premium of over 38%

The shares of Antony Waste Handling Cell got listed at Rs 436.10 apiece on the NSE, a premium of 38.4 percent over the issue price of Rs 315 per share. The stock got listed at Rs 430 on the BSE. The IPO of the company had received 15 times subscription during December 21-23. Read more here.

Market Watch: Chandan Taparia, Derivative & Technical Analyst, Motilal Oswal Financial Services

Buy Infosys with a stop loss of Rs 1,225 and expecting a move towards Rs 1,300-1,325.

Buy Motherson Sumi with a stop loss at Rs 160 and expecting a rally towards Rs 175.

Buy Jubilant Foodworks with a stop loss of Rs 2,730 and expecting it to hit to previous lifetime high of Rs 2,924 levels.

Bitcoin touches record above $29,000, extending 2020 rally

The price of Bitcoin topped $29,000 on Thursday for the first time, with the digital currency almost quadrupling in value this year amid heightened interest from investors big and small alike. The world’s most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on Dec 16. Bitcoin’s potential for quick gains, as well as expectations it could become a mainstream payment method, has attracted demand from larger U.S. investors, as well as from traders who normally stick to equities, Reuters reported.

US jobless claims | The number of Americans seeking unemployment benefits fell by 19,000 but remain elevated at 787,000 as a resurgent coronavirus grips the US economy. While at the lowest level in four weeks, the new figures released Thursday by the Labor Department are nearly four times higher than a year ago before the coronavirus struck. Employers continue to cut jobs as rising coronavirus infections keep many people at home while state and local governments re-impose restrictions.

Reliance Infrastructure Ltd | The company has announced the completion of the sale of its 100 percent stake in DA Toll Road to Cube Highways and Infrastructure III Pte Ltd for an enterprise value over Rs.3,600 crore.

Escorts | Total sales in December rose to at 7,733 units as against CNBC-TV18 poll of 5,000 units. Total sales rose 88 percent, YoY, while domestic sales increased by 90 percent to 7,230 units, YoY.

Opening Bell | Indian equity benchmark indices opened higher on Friday led by across the board buying

At 9:15 am, the Sensex opened 0.07 percent, or 33.95 points, higher at 47,785.28, while the Nifty50 index opened at 13,996.10, up 14.35 points, or 0.10 percent.

Broader markets outperformed the benchmarks with Nifty Smallcap100 and Nifty Midcap100 indices up 0.5 percent each.

Among sectoral indices, the Nifty PSU Bank rallied the most over 1 percent followed by Nifty Auto, Nifty IT and Nifty Media.

Trump extends visa ban, health coverage policy advances

Pesident Donald Trump on Thursday extended pandemic-related bans on green cards and work visas to large groups of applicants through March 31, while a federal appeals court sided with him on a rule that requires new immigrants to have their own health insurance.

The twin developments on the final day of 2020 encapsulated how Trump has made US immigration policy more restrictive without support from Congress. President-elect Joe Biden has promised to undo many of Trump’s actions but it is unclear how quickly and even to what extent. Read more here.

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