Stock Market Live Updates: Sensex and Nifty poised for rebound on positive global cues

Commodities Market Live Today: Gold set for weekly drop on tempered rate-cut view

Gold prices were set on Friday for their worst week in more than a month, as the dollar and Treasury yields strengthened after U.S. central bankers pushed back against expectations of early rate cuts amid signs of resilience in the economy.

FUNDAMENTALS

* Spot gold edged 0.1% higher to $2,023.52 per ounce by 0158 GMT. However, it has fallen 1.2% so far in the week.

* U.S. gold futures rose 0.2% to $2,025.40.

Stock Market Live Today: Recommendations – Grasim Industries: Should you subscribe to the rights issue?

Grasim, the flagship holding company of Aditya Birla Group, has announced a rights issue to raise ₹4,000 crore, which is a 3.4 per cent dilution. The cements-to-finance holding entity has a viscose yarn and chemicals business in the standalone operation and is looking at ambitious paints business expansion, within the standalone entity.

Stock Market Live Today: Passive mutual fund assets swell 31% to ₹8.74-lakh cr in 1 year

Passive mutual fund schemes performed much better than most actively managed schemes such as equity, hybrid, debt and solution-oriented schemes last year, largely due to record-breaking spree of most popular indices.

The assets under management of passively managed mutual fund schemes have rallied 31 per cent to ₹8.74 lakh crore last month against ₹6.65 lakh crore logged in January, largely driven by new fund offers and increased inflows into index funds.

Stock Market Live Today: Dividend Dates

Mas Financial Services Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 970.5

Ex-Dividend 22 January 2024 (Monday)

Last date for Cum-Dividend Today

Stock Market Live Today: Stock Recommendations – BofA increased Vedanta’s Target Price from Rs 235 to Rs270/share and rating remained “Neutral”

Trigger for TP increase:

1. Increase in FY25E target EV multiple for Ali to 6.5x (vs 5.5x) in line with rise in global/domestic peers

2. BofA’s bullish view on aluminium and Vedanta’s focus on backward integration and reduction of energy costs/

Investor focus to remain on:

1. Progress on demerger scheme

2. Timing and nature of refinancing /redemption of parent company’s debt

Stock Market Live Today: Stock Recommendations – PL First Cut – Indusind Bank

Indusind Bank Q3FY24–Core PPoP in-line but NII higher, slight blip on asset quality

◼️NII was ahead at Rs52.96bn (PLe Rs52.03bn) +17.8% YoY while credit growth was 3.7% QoQ/19.9% YoY

◼️NIM was a beat at 4.8% (PLe 4.7%) mainly driven by lower funding cost

◼️Deposit growth was 13.4% YoY and 2.5% QoQ. RTD gree by 5% QoQ while CASA ratio declined by 81bps QoQ to 38.5%

◼️Other income was higher at Rs23.96bn (PLe Rs22.94bn) mainly driven by high treasury income; fees were a slight miss

◼️Opex was a slight miss at Rs36.9bn (PLe 36.2bn) due to tad more staff cost

◼️Core PPoP was largely in-line at Rs37.7bn. PPoP at Rs40.0bn was 3% higher to PLe due to treasury

◼️Asset quality was a drag since GNPA was 1.93%/0.57% led higher net slippages at Rs9.27bn. Provisions were lower at Rs9.34bn (PLe Rs11bn)

◼️PAT was higher at Rs22.98bn while core PAT at Rs21.25bn was 5.7% higher to PLe due to lower provisions

◼️At CMP stock is valued at P/ABV of 1.9x/1.7x on FY25/26E ABV.

— Gaurav Jani – Research Analyst, Prabhudas Lilladher Pvt Ltd

Stock Market Live Today: Stock Recommendations – Ather Energy (E-2W) by Emkay Global 

Strong E-2W player; entering the next growth phase

We interacted with the management of Ather Energy and visited its battery pack assembly and vehicle assembly facilities in Hosur, Tamil Nadu. KTAs:

Expanded distribution (~3.5x by FY25) and new family scooter launch (opens up ~5x addressable market vs. current) are likely to drive the next growth phase; capacity to grow to ~1.4mn/year by FY26 vs. ~430K/year currently.

Subsidy cut has accelerated consolidation in the E-2W industry; Ather is gross margin-positive despite the recent price reduction.

The company would continue to focus on its core business and would not enter cell manufacturing

We believe Ather would benefit from E-2W consolidation; however, i) growth in higher price brackets and ii) response to the upcoming family scooter launch would need to be watched. HMCL has 40% stake in Ather [contributes Rs60 to our Rs4,800 SoTP target (valued at 20% discount to investment value)]; upcoming Ola Electric listing potentially poses upside risk of ~Rs240/share).

Stock Market Live Today: Dhunseri Ventures invests additional USD 1 mn in DYL USA Inc., holding reaches 79.68%

Dhunseri Ventures: Company infused an amount of USD 1 million in DYL USA Inc., amounting to a total investment of USD 3 million till date and resulting in a holding of 79.68% in DYL USA Inc.

Stock Market Live Today: EMS Limited secures L1 position in Rs. 478.93 crore tender for Vikas Nagar, Dehradun

EMS Limited: Company has emerged as the L1 in a tender at Vikas Nagar, Dehradun, Uttarakhand, with an estimated order value of approximately Rs. 478.93 Crores

Stock Market Live Today: Stock Recommendations – Tata Communications: Focus on synergies and scale continues 

Emkay Global

TCom reported broadly in-line revenue and margin beat in Q3, supported by Kaleyra turning EBITDA positive. Switch has seen ~Rs250mn QoQ reduction in its losses. Management commentary on healthy funnel is positive, despite the longer conversion cycle of funnel. The acquisition of Switch and Kaleyra gives the company greater access to US/European markets. Moving Kaleyra, DIGO, and InstaCC in one customer interaction suite and Switch and TCom’s media being led by one business leader can help drive scale and synergies. Management is focusing on scale and synergies that can help improve margin to 23% by FY26 from 20.1% in Q3FY24. Our TP increases to Rs2,000/share (10.5x Dec-25E EBITDA) from Rs1,900 earlier, as we increase our FY24-FY26 margin by 30-70bps on margin beat. We retain our ADD rating on the stock

Stock Market Live Today: Dixon Technologies said that a search by the Directorate of Revenue Intelligence at a subsidiary’s manufacturing facility

Stock Market Live Today: Hindustan Construction: Company unit successfully divests stake in Steiner Construction SA

Stock Market Live Today: Stock Recommendations – INDIAMART: Weak supplier addition to weigh on near-term growth

(INMART IN, Mkt Cap USD1.8b, CMP INR2489, TP INR3000, 21% Upside, Buy)

Motilal Oswal Financial

Underlying fundamentals remain intact; reiterate BUY

– IndiaMART (INMART) delivered a weak 3QFY24 performance, with five-quarter low collection growth of 17% (last four-quarter average of 24%) as its paying supplier addition moderated to only 1.8k QoQ (vs. ~2k in 2Q and quarterly average of 8.5k in FY23). INMART reported in-line 3Q revenue of INR3.05b, up 21% YoY, aided by continued strength in deferred revenue (up 24% YoY to INR12.3b). On the other hand, EBITDA margin expanded by a strong 90bp QoQ to 27.9% and ARPU jumped 11% YoY (vs. 10% in 2Q) to INR55.1k.

– Weak paying supplier addition is a near-term concern for INMART’s business growth as it would hurt collections (and subsequently revenue) over the next few quarters. But we take comfort in the fact that the impact is mainly seen among some Silver customers, which form only 25% of the company’s revenue base. Moreover, the management remains confident that the supplier addition trajectory (impacted by price hikes few quarters ago) should return to over 5k per quarter in the next few quarters, helping INMART return to its long-term collection growth target of 20-25% YoY.

– Moreover, we continue to view INMART as a long-term play on MSMEs transitioning to the online model, and see the low penetration (<3% overall and 4-5% in Tier 1 cities) as a key growth driver. With gross additions now close to last year’s levels – implying that new customers are ready to pay higher pricing, the churn should start moderating in the next 2-3 quarters. We estimate INMART to deliver a 21.5% CAGR in INR revenue over FY23-26.

– With its sales investments behind, INMART has started delivering better profitability and reported 30% EBITDA margin in its core business (ex of Busy). We continue to see an upward trajectory in profitability in the medium term as employee cost management and higher ARPU should aid margins. We estimate consolidated EBITDA margin of 28.2%/30.6% in FY25/ FY26 and a PAT CAGR of 30% (excluding one-time gain) over FY23-26.

– We adjust our FY24/FY25/FY26 earnings estimates by +3.3%/-2.5%/+4.7% as we bake in longer recovery time for margins and higher other income. We value INMART on a DCF basis to arrive at a TP of INR3,000, assuming 12.5% WACC and a 6.5% terminal growth rate. We retain our BUY rating on the stock.

Stock Market Live Today: Stock Recommendations – IIFL FINANCE: Healthy profitability aided by NIM expansion

Motilal Oswal FInancial

(IIFL IN, Mkt Cap USD2.9b, CMP INR639, TP INR800, 25% Upside, Buy)

– IIFL’s 3QFY24 PAT (post-NCI) grew 30% YoY/3% QoQ to ~INR4.9b, while its 9MFY24 PAT increased by ~28% YoY to INR13.9b. 3QFY24 RoA/RoE stood at 3.8%/19.7%.

– NII grew 45% YoY to ~INR15.7b. Non-interest income stood at INR1.1b (down ~40% QoQ/~55% YoY) due to lower assignment and fee income. PPoP stood at INR9.6b, up ~25% YoY.

– Credit costs declined to ~2.1% (PQ and PY: 2.4%), which included ~INR400m provisions on investments in AIF. IIFL has also taken a charge of ~INR1.6b (impact of the RBI AIF circular) on the capital of its HFC subsidiary.

Stock Recommendations: POONAWALLA FINCORP: Earnings in line despite NIM compression

Motilal Oswal Financial

(POONAWAL IN, Mkt Cap USD4.5b, CMP INR490, TP INR580, 18% Upside, Buy)

– Poonawalla Fincorp (PFL)’s 3QFY24 NII grew 63% YoY to INR4.9b (6% miss), while PPOP jumped 125% YoY to INR3.5b (in line). 3Q PAT surged 76% YoY to ~INR2.65b (in line), while 9MFY24 normalized PAT grew 72% YoY to ~INR6.95b. 

– Opex declined 2% YoY to ~INR2b (~6% lower than estimate), while the C/I ratio remained broadly stable QoQ at ~36% (PY: ~57%). Provision write-backs stood at INR65m (vs. estimated credit costs of ~INR300m)

– PFL is dedicated to enhancing productivity, aided by digitization. It is gearing up for expansion with new products such as co-branded credit card, EMI cards, and dropline flexi products.

– PFL has laid down a robust foundation for sustainable profitability through initiatives that will lead to lower operating costs (as a % of AUM), higher business volumes, and robust asset quality. We model a CAGR of ~42%/51% for AUM/PAT over FY23-FY26 and expect PFL to deliver an RoA/RoE of ~5.0%/~20% in FY26. Reiterate BUY with a TP of INR580 (premised on 4x FY26E BVPS).

Stock Recommendations: TATA COMMUNICATIONS: Integration of Kaleyra drives EBITDA

MOTILAL OSWAL FINANCIAL

(TCOM IN, Mkt Cap USD6.1b, CMP INR1770, TP INR1750, 1% Downside, Neutral)

– Tata Communications (TCOM) reported 16% QoQ growth in revenue (in line) and 12% QoQ growth in EBITDA (9% beat). Cost synergies after the integration of the Kaleyra acquisition led to a beat in EBITDA. Adjusting for the acquisitions, revenue/EBITDA were flat QoQ.

– The management’s endeavor to drive growth has diluted margins, including the loss-making acquisitions. However, the company has reiterated its long-term focus on margin-accretive growth. We have raised our estimates to factor in a higher EBITDA run rate from the acquisition and now expect revenue/EBITDA CAGRs of 15%/16% over FY24-26. At P/E of 23x and EV/EBITDA of 8.5x on FY26E EPS, we see limited upside. We reiterate our Neutral rating on the stock.

Stock Recommendations: ICICI PRUDENTIAL LIFE INSURANCE: VNB margin hit due to adverse product mix

MOTILAL OSWAL FINANCIAL

(IPRU IN, Mkt Cap USD8.4b, CMP INR485, TP INR580, 20% Upside, Buy)

Guides for a double-digit growth in 4QFY24

– ICICI Prudential Life Insurance (IPRU) reported a 4.7% YoY growth in APE (9.5% higher than estimated) to INR19.1b in 3QFY24. In 3QFY24, protection/ULIP segments rose 5.3%/8.9% YoY but the group segment declined 15.5% YoY.

– VNB declined 29% YoY to INR5.4b (15% miss), due to a moderation in margins. VNB margin for the quarter stood at 22.9% (-510bp QoQ) vs. our estimate of 29.5%. For 9MFY24, APE stood at INR54.3b and VNB was at INR14.5b, with a VNB margin of 26.7%.

– Considering the 3QFY24 performance, we have cut our APE/VNB margin for FY24E and FY25E. We expect IPRU to deliver a 6% CAGR in VNB over FY23-26. Going forward, premium growth and expansion of VNB margin will be the key drivers for the re-rating of the stock. We note that the 1-year forward P/EV for IPRU has declined to 1.5x currently from 1.8x in Jun’23. We reiterate our BUY rating with a TP of INR580 (based on 1.5x Sep’25E EV

Stock Recommendations: INDUSIND BANK: Earnings in line; growth outlook remains healthy

MOTILAL OSWAL FINANCIAL

(IIB IN, Mkt Cap USD15.1b, CMP INR1615, TP INR1900, 18% Upside, Buy)

Contingency buffer moderates; slippages set to improve

– IndusInd Bank (IIB) reported an in-line 3QFY24 performance with PAT growing 17% YoY at INR23b (in line), aided by healthy revenue growth and lower provisions (aided by drawdown of INR2.2b of contingent provisions).

– Loan growth was healthy at 20% YoY to INR3.3t, with healthy traction in both Corporate and Consumer Finance books. Deposits grew 13.4% YoY to INR3.7t, led by term deposits. CASA ratio moderated 92bp QoQ to 38.5%.

– Fresh slippages rose ~20.5% QoQ to INR17.7b, primarily driven by a rise in slippages in the corporate book to INR3.12b (INR1.4b pertaining to one large account) and elevated slippages from the Vehicle Finance book of INR6b.

GNPA/NNPA ratios remained stable at 1.92%/0.57%, aided by ARC sale of INR3.1b. Restructured book declined 6bp QoQ to 0.48%.

– We estimate IIB to deliver a ~21% earnings CAGR over FY24-26, leading to RoA/RoE of 2.0%/16.2% by FY25. We reiterate our BUY rating on the stock with a TP of INR1,900

Stock Market Live Today: HDFCBank’s ADR recovered after two days of selling, up 1.67 per cent on Thursday

Stock Recommendations: Home First Finance Ltd. – S | CMP Rs. 982 | M Cap Rs. 8676 Cr | 52 W H/L 1058/655

(Nirmal Bang Retail Research)

Result is in line with expectation

NII came at Rs. 134.4 Cr vs YoY Rs. 110.6 Cr, QoQ Rs. 132.1 Cr

NIM came at 5.7% vs QoQ 6.0%

PBP came at Rs. 109.7 Cr vs expectation of Rs. 109 Cr, YoY Rs. 81.7 Cr, QoQ Rs. 104.4 Cr

Provision came at Rs. 7 Cr vs expectation of Rs. 9 Cr, YoY Rs. 6 Cr, QoQ Rs. 8 Cr

PAT came at Rs. 78.8 Cr vs expectation of Rs. 76.8 Cr, YoY Rs. 58.7 Cr, QoQ Rs. 74.3 Cr

AUM came at Rs. 9013.7 Cr vs YoY Rs. 6751.2 Cr, QoQ Rs. 8365.4 Cr

Disbursements came at Rs. 1007.2 Cr vs YoY Rs. 780.4 Cr, QoQ Rs. 959.1 Cr

Gross NPA (%) came at 1.7% vs QoQ 1.7%

Net NPA (%) came at 1.2% vs QoQ 1.2%

1+ DPD came at 4.5% vs QoQ 4.5%

30+ DPD came at 3.0% vs QoQ 2.9%

Bounce rates came at 15.1% vs QoQ 14.2%

Quarter EPS is Rs. 8.9

Stock is trading at 4.3x trailing P/BV

Stock Recommendations: Poonawalla Fincorp Ltd. -SA | CMP Rs. 496 | M Cap Rs. 38130 Cr | 52 W H/L 477/274

(Nirmal Bang Retail Research)

Result is in-line with expectations

NII came at Rs. 538.9 Cr vs expectation of Rs. 541.5 Cr, YoY Rs. 342.1 Cr, QoQ Rs. 522.6 Cr

PBP came at Rs. 350.2 Cr vs YoY Rs. 155.8 Cr, QoQ Rs. 335.6 Cr

Provision came at Rs. -6.5 Cr vs expectation of Rs. 37 Cr, YoY Rs. -45.2 Cr, QoQ Rs. 28.1 Cr

PAT (After MI) came at Rs. 265.1 Cr vs expectation of Rs. 268.5 Cr, YoY Rs. 150.4 Cr, QoQ Rs. 1258.9 Cr

Loan disbursed came at Rs. 8730 Cr vs YoY Rs. 3369 Cr, QoQ Rs. 7807 Cr

O/s Loan Book came at Rs. 21850 Cr vs YoY Rs. 13929 Cr, QoQ Rs. 20215 Cr

Gross NPA (%) came at 1.33% vs QoQ 1.36%

Net NPA (%) came at 0.7% vs QoQ 0.72%

Quarter EPS is Rs. 3.4

Stock is trading at P/E of 28.2x FY25E EPS & 4.7x trailing P/BV

Stock Recommendations: Polycab India Ltd. | CMP Rs. 4500 | M Cap Rs. 67575 Cr | 52 W H/L 5723/2716

(Nirmal Bang Retail Research)

Result is marginally below expectations

Revenue from Operations came at Rs. 4340.5 Cr (2.9% QoQ, 16.8% YoY) vs expectation of Rs. 4393.6 Cr, QoQ Rs. 4217.7 Cr, YoY Rs. 3715.2 Cr

EBIDTA came at Rs. 569.5 Cr (-6.5% QoQ, 13% YoY) vs expectation of Rs. 608.9 Cr, QoQ Rs. 608.9 Cr, YoY Rs. 503.8 Cr

EBITDA Margin came at 13.1% vs expectation of 13.9%, QoQ 14.4%, YoY 13.6%

Adj. PAT came at Rs. 412.9 Cr vs expectation of Rs. 419.9 Cr, QoQ Rs. 425.6 Cr, YoY Rs. 357.6 Cr

Quarter EPS is Rs. 27.5

Stock is trading at P/E of 33.9x FY25E EPS

Stock Market Live Today: NSE Remains World’s Largest Derivatives Exchange For Fifth Straight Year

The National Stock Exchange of India Ltd. has emerged as the world’s largest derivatives exchange in 2023—retaining the position for the fifth consecutive year—in terms of the number of contracts traded, according to the Futures Industry Association.

Additionally, the exchange is ranked third in the world in the equity segment by number of trades (electronic order book) in 2023, according to the statistics maintained by the World Federation of Exchanges.

In Numbers

The number of unique registered investors on the exchange surpassed 8.5 crore at the end of the calendar year 2023, the bourse said in a statement. In 2023, the bourse also witnessed record-high turnover on a single day in the equity segment of Rs 1,67,942.47 crore on Nov. 30, 2023, and of Rs 3,81,623 crore on Dec. 2, 2023, in the equity derivatives segment.

The equity derivatives-to-cash market turnover ratio marginally declined this year from 2.86 in calendar year 2022 to 2.64 in the said period. This happened in a year, which also witnessed the Nifty 50 surpassing the 20,000-index levels for the first time. The equity segment also completed its transition for settlement of all securities on a T+1 basis.

In the commodity derivatives segment, the exchange launched 21 new commodity derivatives contracts, including commodity options on futures contracts on underlying assets such as WTI crude oil, natural gas, gold, silver, and base metals.

It also commenced its full-scale operations of the NSE IX-SGX GIFT Connect on July 3, 2023, at the GIFT IFSC. The GIFT Nifty contracts are available for trading for almost 21 hours, which overlaps Asia, Europe, and the U.S. trading hours.

The exchange has sought approval from the Securities and Exchange Board of India for 6 p.m. to 9 p.m. trading sessions in the equity derivatives segment, for which the market regulator is seeking feedback from consultants before allowing the extension of trading hours.

Stock Market Live Today: Stocks that will see action today: January 19, 2024

Buzzing Stocks: Wipro, HUL, NHPC, REC, Lupin, Bandhan Bank, Shalby, Choice International, Central Bank of India, CESC, CreditAccess Grameen, Hindustan Zinc, Paytm, RBL Bank, Reliance Industries, Sunteck Realty, UltraTech Cement 

Stock Recommendations: YES Securities – CE Info Systems (Buy)

CE Info Systems (MapMyIndia) reported inline financial performance for the quarter. Both, the sequential revenue growth and EBITDA margin were as per expectation. It reported sequential revenue growth of one per cent q-o-q (up 36 per cent y-o-y) led by C&E Market Segment which was up 8.8 per cent q-o-q (up 70.9 per cent y-o-y) and A&M Market Segment which was down 5.8 per cent q-o-q (up 12.5 per cent y-o-y).

Stock Recommendations: Keynote Capitals – Federal Bank (Buy)

Federal Bank Ltd’s (FBL) loan book stood at about ₹2.1 lakh crore, which grew by 21 per cent on y-o-y and sixper cent on a q-o-q basis during the quarter, with the retail loan book growing ahead of the overall loan book at 24 per cent on a y-o-y and sixper cent on a q-o-q basis. The wholesale segment grew by 17 per cent on a y-o-y and sixper cent on a q-o-q basis.

Stock Market Live Today: Fund Flow Activity:  18 January 2024   

Turnover : (NSE + BSE) 

Cash Volume : 127190.81 + 10003.67 Total : 137194.48

F&O Volume : 57924644.41 + 1567767.48 Total : 59492411.89

Provisional Cash Rs. In Crs. 

FII/FPI: NET SELL: -9901.56 

(14934.98 – 24836.54)

DII: NET BUY: +5977.12

(15637.89 – 9660.77)

Stock Market Live Today: Poonawalla Fincorp 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/d12113e3-264c-4744-970a-a042eb765ac3.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/fd9b1ba5-ab18-4585-b7c6-c342826aed87.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/239439b8-76b5-4c15-ab17-064dce040186.pdf 

Stock Market Updates: Closing Bell as of 18.1.24

• Sensex: 71186.86(-313.90) 

• Nifty 50: 21462.30( -109.70) 

• Nifty Bank: 45713.60(-350.80) 

Nifty top 5 Gainers: 

• Sunpharma: 1,335.75(+36.75) 

• Cipla: 1,322.95 (+28.95) 

• Tech Mahindra: 1,355.15 (+28.40) 

• Tata Motors: 819.05 (+13.50) 

• Axis Bank: 1,097.50(+15.20) 

Nifty top 5 losers:

• LTI mindtree: 5,603.00(-672.60) 

• HDFC Bank: 1,486.15 (-51.35 ) 

• NTPC: 299.30 (-10.00 ) 

• Titan Company: 3,734.70 (-95.35 ) 

• Asian Paints: 3,163.85 (-78.45)

Stock Market Live Today: Economic Calendar – 19.01.2024

12.30 U.K. Retail Sales m/m (Expected: -0.5% versus Previous: 1.3%)

15.30 ECB President Lagarde Speaks

20.30 U.S. Prelim UoM Consumer Sentiment (Expected: 69.3 versus Previous: 69.7)

20.30 U.S. Existing Home sales (Expected: 3.83M versus Previous: 3.82M)

Stock Market Live Today: Securities in F&O Ban For Trade Date 19-Jan-2024

• ABFRL

• ASHOKLEY

• BALRAMCHIN

• BANDHANBNK

• DELTACORP

• HINDCOPPER

• IEX

• METROPOLIS

• NATIONALUM

• POLYCAB

• PVRINOX

• SAIL

• ZEEL

Stock Market Live Today: Updated bond issuances

–SBI sets 8.34% coupon on Tier-I bonds, 10yr call option, raises 50 bln rupees

–NABARD raises 44.90 bln rupees via Mar 2027 bond reissue at 7.77% yield

— Toyota Fincl Svcs raises 4.75 bln rupees through two bonds of different maturities

–Bajaj Finance plans to raise up to 30 bln rupees via five-year bonds; seeks bids on Fri

–ONGC Petro additions plans to raise up to 9 bln rupees via three-year bonds; seeks bids on Fri

–Kotak Mahindra Bank to mull issuing NCDs on Sat

–Bank of Baroda plans to raise up to 50 bln rupees via 10-year infrastructure bonds; seeks bids on Mon

Stock Market Live Today: bl Today’s Pick: Stock To Buy or Sell 19 January 2024

Stock Market Live Today: Trading guide for January 19, 2024: Intraday supports, resistances for Nifty50 stocks

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI

Stock Market Live Today: Stock to buy today: Century Plyboards (I) (₹800) – BUY

The short-term outlook is bullish for Century Plyboards (I). The stock has risen 1.7 per cent on Thursday marks the end of the sideways consolidation that was in place since the last week of December. It also indicates that a fresh leg of upmove has begun. 

Stock Market Live Today: Major U.S. listed stocks result calendar 19.01.2024 

Schlumberger N.V. (Pre market) (Sector- Energy)

The Travelers Companies, Inc. (Pre market) (Sector- Financial)

State Street Corporation (Pre market) (Sector- Financial)

Fifth Third Bancorp (Pre market) (Sector- Financial)

Regions Financial Corporation (Pre market) (Sector- Financial)

Discover Financial Services (Pre market) (Sector- Financial)

Stock Market Live Today: Economic Calendar – 19.01.2024

12.30 U.K. Retail Sales m/m (Expected: -0.5% versus Previous: 1.3%)

15.30 ECB President Lagarde Speaks

20.30 U.S. Prelim UoM Consumer Sentiment (Expected: 69.3 versus Previous: 69.7)

20.30 U.S. Existing Home sales (Expected: 3.83M versus Previous: 3.82M)

Stock Market Live Today: Asian stocks gain momentum amidst Wall Street tech rally

Stocks in Asia saw an increase on Friday as investors drew inspiration from a Wall Street rally driven by tech firms. 

In Japan, shares rose at the opening, with the Nikkei 225 index rallying 1.56%, or 552.18 points, reaching 36,018.35, while the broader TOPIX gained 0.66%, or 16.52 points, reaching 2,508.61. South Korea’s KOSPI traded firmer by 1.14%, or 27.92 points, reaching 2,467.96. Australia’s S&P/ASX 200 index gained 0.9%, or 66.10 points, closing at 7,412.60.

On the preceding Thursday, U.S. stocks concluded with significant gains, as the S&P 500 approached record highs driven by AI optimism, resulting in increased gains for Nvidia and other chipmakers. The S&P 500 climbed by 0.88%, closing the session at 4,780.94 points. The Nasdaq saw a gain of 1.35%, reaching 15,055.65 points, while the Dow Jones Industrial Average rose by 0.54% to 37,468.61 points.

Stock Market Live Today: S&P 500 ends near record high as AI optimism lifts chipmakers

U.S. stocks ended sharply up on Thursday, with the S&P 500 approaching record highs as AI optimism drove gains in Nvidia and other chipmakers.

U.S.-listed shares of Taiwan Semiconductor Manufacturing (TSMC) soared nearly 10% after the world’s largest contract semiconductor maker projected 2024 revenue growth of more than 20% on booming demand for high-end chips used in artificial-intelligence applications. 

Heavyweight chipmaker Nvidia rose 1.9% to a record high, and it was the most-traded company on Wall Street, with almost $28 billion worth of shares exchanged. Rival Advanced Micro Devices rose 1.6% and also notched a record high. 

Broadcom, Qualcomm and Marvell Technology gained more than 3% each. The Philadelphia SE semiconductor index rallied 3.4% and approached its December 2023 record high. 

“AI has caused this industry to have a ‘rip your face off’ rally, and I don’t think it’s stopping anytime soon,” said Jake Dollarhide, CEO of Longbow Asset Management. 

Apple jumped 3.3% after BofA Global Research upgraded the iPhone maker’s stock to “buy” from “neutral.” That helped the S&P 500 information technology index rise 2% and hit a record high. 

The S&P 500 climbed 0.88% to end the session at 4,780.94 points. The benchmark is down just 0.3% from its record-high close in January 2022. 

The Nasdaq gained 1.35% to 15,055.65 points, while the Dow Jones Industrial Average rose 0.54% to 37,468.61 points. 

Data showed the number of Americans filing new claims for unemployment benefits fell last week to a late-2022 low, suggesting solid job growth in January. 

Wall Street has wavered in recent sessions as investors became less sure the Federal Reserve will begin cutting interest rates in March. 

The S&P 500 lost ground on Tuesday and Wednesday following strong December retail sales data and after policymakers talked down expectations for an early start to rate cuts. 

Traders now see a 56% chance for a 25-basis-point rate cut in March, compared with a chance above 80% a month ago, according to the CME Group’s FedWatch Tool. — Reuters