Tag: sensex

JP Morgan: Nifty may test 25,000 if BJP wins in 2024 Lok Sabha elections

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Nifty50 could test levels of 25,000 if Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) wins a third term in the upcoming Lok Sabha elections, global brokerage firm JPMorgan said in a note while suggesting a buy-on-dips strategy.

The brokerage has picked several stocks as its top bets spanning sectors including indigenous defense, waterways, affordable housing, and manufacturing renaissance, among others.

As elections get going, stock markets go through an extended period of elevated volatility, but indices decline sharply after the conclusion of elections, JPMorgan said.

According to the brokerage firm’s bull case scenario estimates, the Nifty50 may inch towards 25,000, driven by further PE (price-to-earnings) rerating led by—

— If the ruling party retains power with an inline or higher-than-expected seat share.

— The RBI starts easing amidst potentially benign US and global macroeconomic outcomes.

The benchmark index Sensex has delivered a 9% return in three months after the general elections since 1991. The broader NSE index, Nifty50 has delivered 8% in six months after the general elections since 1991.

JPMorgan estimates that if the bear case scenario were to pan out, the Nifty50 index may witness a sharp drop and the index could plunge to 16,000. This is a 6,500-points correction from Nifty 50’s current market levels.

The brokerage has listed these reasons behind its bear case estimates—

— Election results are unexpected

— Global recession

— Geopolitical tensions

— Higher oil prices

— Higher domestic unemployment

Here are the stock picks by JPMorgan—

Indigenous Defense — Hindustan Aeronautics, Bharat Electronics, Solar, Mazagon, Bharat Dynamics, Cochin Shipyard, Kaynes tech, Data Patterns, BEML, Mishra Dhatu, MTAR Tech

Savers to Investors — HDFC Asset Management (JPM is Overweight), Kfin Tech (neutral), BSE, Nippon, Motilal, 360 One, Angel One, MCX, Nuvama, CAMS, CDSL, UTI AMC, Aditya Birla Sun life

Waterways — Container Corp (neutral), Adani Ports, Thermax, Mazagon, JSW Infra, SCI, ION Exchange, KNR, ITD, Va Tech, Welspun Ent

Affordable Housing — Pidilite (overweight), Macrotech (Neutral), Prestige (OW), LIC Housing (OW)

Ultratech, Ambuja, Shree Cement, ACC, Dalmia, JK Cement, Brigade, PNB Housing, Piramal Ent, NCC, Can Fin Homes, etc

Manufacturing — L&T, Siemens, ABB, BHEL, Cummins, Tube Investments, Thermax, Rail Vikas, Voltas, AIA Eng, Apar, Grindwell, IRCON, Elgi, Graphite, EIL, Voltamp

Electronics Manf — Havells (Neutral), Polycab, Dixon, Whirlpool, Kaynes, Amber, Bajaj Electricals, Cyient DLM

The general election, which begins on April 19, will be held in seven stages until June 1. The counting of votes will take place on June 4 and results are expected on the same day.

(With inputs from Ekta Batra)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Stock Market Highlights | Sensex, Nifty 50 gains for third straight session, volatility index slides 20%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Stock Market Highlights | Indian benchmark indices Nifty 50 and Sensex continued the upward momentum for the third consecutive session, though closed off intraday highs. The Volatility Index experienced a significant 20% slide, marking its largest single-day fall since May 2019. The Sensex climbed 90 points to 73,738, while the Nifty rose 32 points to 22,368. Nifty Bank gained 46 points to 47,970, and the Midcap Index surged by 518 points to 49,615.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market at Close | Sensex, Nifty rises 1% each, Reliance along with ICICI Bank, Axis Bank lift Nifty

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian stock markets surged ahead on Monday (April 22), extending the gains from the previous session and reaching a one-week high. Frontline indices, Sensex and Nifty, each rose by 1%, fueled by broad-based buying across all sectoral indices.

Leading the charge were heavyweight stocks like Reliance Industries, ICICI Bank, Axis Bank, and Larsen & Toubro, which lifted the Nifty higher. However, HDFC Bank weighed on the indices, dragging down Nifty, despite posting improved quarterly results.

Extending its previous day’s rebound, the 30-share BSE Sensex climbed 560.29 points or 0.77% to settle at 73,648.62. During the day, it advanced 679.47 points or 0.92% to 73,767.80.

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The NSE Nifty went up by 189.40 points or 0.8% to 22,336.40. The Nifty Bank witnessed a strong uptrend, gaining 351 points to close at 47,925, while the Midcap Index climbed 400 points to reach 49,096, reflecting widespread optimism among investors.

From the Sensex basket, Larsen & Toubro, Bajaj Finance, Axis Bank, State Bank of India, UltraTech Cement, Wipro, ICICI Bank, Infosys, HCL Technologies and Asian Paints were the major gainers. NTPC, JSW Steel and HDFC Bank were the laggards.

The auto sector witnessed significant buying activity ahead of earnings reports, with Eicher Motors and Hero MotoCorp emerging as the top gainers. Additionally, a fall in crude oil prices boosted oil marketing companies and aviation stocks.

HDFC Bank, despite reporting improved Q4 results, saw a 3% decline from its highs. Persistent Systems recorded its biggest fall in five years due to muted margin guidance, while Gujarat State Petroleum Corporation (GSPL) slumped 20% after the Petroleum and Natural Gas Regulatory Board (PNGRB) approved lower tariffs for a crucial pipeline.

Oracle Financial Services continued its downward spiral for the 11th consecutive session, shedding 15% in 11 days. SPARC hit the lower circuit for the seventh straight day, with pending sell orders contributing to the downward pressure.

On a positive note, Tejas Networks surged more than 16% ahead of its Q4 earnings. Overall, market breadth favoured advances, with the advance-decline ratio standing at 3:1.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Stock Market Highlights | Sensex, Nifty 50 rise 1% each, close at one-week high

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Stock Market Highlights | Indian benchmark indices Nifty 50 and Sensex extended gains from Friday, closing at a one-week high today. Both frontline indices, Sensex and Nifty, rose by 1% each, with all sectoral indices ending in the green. Reliance, along with ICICI Bank, Axis Bank, and L&T, lifted Nifty, while HDFC Bank dragged it down. Sensex surged by 560 points to reach 73,649, and Nifty climbed 189 points to settle at 22,336. Nifty Bank gained 351 points to reach 47,925, and the Midcap Index rose by 400 points to 49,096.

Catch highlights here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market at Close | Nifty, Sensex stages smart recovery amid geopolitical tensions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The stock markets staged a recovery on Friday (April 19), breaking free from a four-day losing streak fueled by escalating geopolitical tensions. Financial majors HDFC Bank and ICICI Bank emerged as the champions of this resurgence, propelling the Nifty index by a substantial 85 points.

The benchmark indices, Nifty and Sensex, displayed impressive gains, climbing nearly 2% from their recent lows to conclude the session almost 1% higher. Nifty Bank mirrored this trend, surging over 2% or 1,000 points from its previous lows to end the day 1% in the green.

The Sensex soared by 600 points, closing at 73,088, while the Nifty notched a significant 151-point gain to reach 22,147. Meanwhile, the Nifty Bank surged by 505 points to settle at 47,574, although the Midcap Index experienced a minor setback, slipping by 299 points to reach 48,697.

From the Sensex basket, Bajaj Finance, Mahindra & Mahindra, HDFC Bank, JSW Steel, Maruti, Wipro, Bharti Airtel, Bajaj Finserv, ICICI Bank and ITC were the major gainers. Nestle India, HCL Technologies, Larsen & Toubro, Tata Consultancy Services, Tata Motors and Infosys were among the laggards.

HDFC Bank witnessed a surge in buying activity ahead of its quarterly earnings report, driving its stock price up by 4% from its lows. However, Bajaj Auto experienced profit booking after a robust performance in Q4, closing 3% lower. Nevertheless, 4-wheeler auto manufacturers, especially Maruti Suzuki
and M&M recorded gains of 2-3%.

Despite posting a weaker-than-expected Q4 performance, Infosys managed to limit its losses and ended the day 2% off its lows. Conversely, Tata Communications faced a downturn, sliding 5% due to pessimistic commentary, ending at a two-month low.

In other market movements, life insurance stocks reacted variably to monthly updates, with Max Financial witnessing a rise while ICICI Prudential Life Insurance slipped. Hindustan Aeronautics Ltd experienced a 2% uptick in reports of securing a significant order. Despite the recovery, market breadth favoured declines, with the advance-decline ratio maintaining a delicate balance at 1:1.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong settled in the negative territory. European markets were trading in the red. Wall Street ended mostly lower on Thursday. Global oil benchmark Brent crude climbed 0.55% to $87.62 a barrel.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Stock Market Highlights | Sensex, Nifty 50 stage smart recovery, snaps 4-day losing streak

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Stock Market Highlights | Indian benchmark indices Nifty 50 and Sensex displayed resilience despite geopolitical tensions and staged a smart recovery. The indices broke a four-day losing streak. Financial majors like HDFC Bank and ICICI Bank led the charge, lifting the Nifty by 85 points. The Nifty and Sensex managed to gain nearly 2% from their lows, closing almost 1% higher for the session. The Nifty Bank also saw a robust recovery, gaining over 2% or 1,000 points from its lows, ending the day 1% in the green. The Sensex surged by 600 points to reach 73,088, while the Nifty climbed 151 points to close at 22,147.

Catch highlights here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Stock Market Higlights | Nifty 50 ends at the lowest level in a month led by HDFC Bank, ICICI Bank

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Stock Market Highlights | Indian benchmark indices Nifty 50 and Sensex’s opening gains were short-lived today, as the second half witnessed a sharp downturn. The Nifty fell below the crucial 22,000 mark, concluding at its lowest level in a month. While 38 of the 50 Nifty constituents managed to end on a positive note, financials traded under pressure. Heavyweights like HDFC Bank, ICICI, Axis, and ITC Bank led the Nifty’s downward spiral. The Sensex plummeted by 455 points to 72,489, while the Nifty lost 152 points to close at 21,996. Bajaj Auto and Infosys were among the few stocks that ended positively ahead of their quarterly results.

Catch highlights here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market at Close | Market end lower for third consecutive day, Sensex drops 456 points

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The equity benchmark indices Sensex and Nifty continued to slump on Tuesday (April 16) dragged down by heavy selling in IT stocks amid weak global trends and fears of escalating tensions in the Middle East. The outflow of foreign funds also dented investors’ sentiment.

Continuing its downtrend for the third day running, the 30-share BSE Sensex tanked 456.10 points or 0.62% to settle at 72,943.68. During the day, it slumped 714.75 points or 0.97% to 72,685.03. The NSE Nifty declined 124.60 points or 0.56% to finish at 22,147.90. The Nifty Bank Index mirrored the downward trend, shedding 288 points to end at 47,485.

From the Sensex basket, Infosys, IndusInd Bank, Bajaj Finserv, Wipro, HCL Technologies, Bajaj Finance, Tech Mahindra, Tata Consultancy Services, and Larsen & Toubro were the major laggards. Titan Company, Hindustan Unilever, HDFC Bank, Maruti, ITC, Power Grid and Reliance Industries were the gainers.

The IT sector bore the brunt of the selloff, with the Nifty IT Index plummeting nearly 3%, dragged down by all its constituents. Infosys emerged as the top Nifty loser, sliding 4% ahead of its earnings announcement. Eicher Motors bucked the trend, rallying more than 3% in a weak market session. ONGC also defied the downward pressure, gaining 3% despite the imposition of a windfall tax increase.

However, not all stocks were immune to the market downturn. Oracle Financial Services extended its losses, hitting a one-month low with a 4% decline over two days. Gujarat Gas also faced selling pressure, dropping over 3% due to a sharp increase in spot LNG prices.

In contrast, battery makers experienced robust buying interest, with Exide Industries and Amara Raja surging over 10% each. Positive brokerage notes provided some support to select stocks such as Bharti Hexacom and HDFC Asset Management Company.

Defence-related stocks found favour among investors, with HAL, Bharat Dynamics, and Cochin Shipyard emerging as the top gainers. Meanwhile, Tata Communications slipped while ICICI Lombard General Insurance Co rose ahead of their earnings announcements.

Market breadth favoured advances, with the advance-decline ratio standing at 2:1. However, the Indian rupee continued its downward trajectory, ending at a record low of 83.54 against the US dollar, in line with global peers.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong settled lower. European markets were quoting in the red. Wall Street ended in negative territory on Monday. Global oil benchmark Brent crude dipped 0.26% to $89.87 a barrel.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Stock Market Highlights | IT heavyweights drag Sensex, Nifty 50 lower, rupee ends at record low

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Stock Market Highlights | Indian benchmark indices Nifty 50 and Sensex witnessed a downward trend for the third consecutive session, for the first time in three months. The Sensex retreated by 456 points to 72,944, while the Nifty dropped by 125 points to 22,148. The Nifty Bank slipped by 288 points to 47,485, and the Midcap Index fell by 44 points to 49,237. The IT sector experienced significant pressure, with Nifty IT falling nearly 3%, dragging down all its constituents. Infosys emerged as the top Nifty loser, plummeting by 4% just ahead of its earnings report. LTIMindtree continued to witness top-level resignations, leading to a 3% decline in its stock. The rupee ended at a record low of 83.54 against the dollar.

Catch highlights here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market at Close | Correction in Nifty, Midcaps leaves investors poorer by over ₹5 lakh crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian stock markets took a beating on Monday (April 15) with benchmark Sensex and Nifty tumbling over 1% as the escalating conflict in the Middle East and weak trends from global markets unnerved investors.

Despite initial attempts at recovery during the trading session, the markets failed to sustain momentum and ultimately closed at the day’s lowest levels. Most sectoral indices slipped, contributing to a rise in the Volatility Index by 8%.

The market capitalisation of BSE-listed companies took a hit, erasing more than ₹5 lakh crore on Monday alone. The Sensex plummeted by 845 points to 73,400, while the Nifty dropped by 242 points to 22,278. Nifty Bank and the Midcap Index also witnessed significant declines, slipping by 791 points and 787 points, respectively.

From the Sensex basket, Wipro, ICICI Bank, Bajaj Finserv, Bajaj Finance, Tata Motors, Larsen & Toubro, Tech Mahindra and HDFC Bank were the major laggards. Nestle, Maruti and Bharti Airtel were the gainers.

In this volatile market environment, ONGC emerged as a rare gainer, closing 5% higher following a positive brokerage note. Meanwhile, select metal stocks saw buying interest due to rising prices, with Hindalco Industries registering a 2% increase.

Maruti Suzuki India managed to recover some losses from the previous session, closing with a gain of 2%. However, the financial sector remained under pressure, with all Nifty Bank constituents in the red. Notably, ICICI Bank emerged as a major drag on both the Nifty and Nifty Bank.

Among individual stocks, CONCOR witnessed a 4% decline from its intraday high after missing FY24 volume guidance. IT stocks continued to face pressure following TCS earnings, with several stocks experiencing declines ranging from 3% to 5%.

On a positive note, Exide Industries gained 3% as Morgan Stanley raised its target for the stock to ₹485. Additionally, city gas companies saw buying interest after the BJP’s manifesto mentioned ‘Piped Gas for All’. The market breadth heavily favoured declines, with the advance-decline ratio standing at 1:5.

In Asian markets, Seoul, Tokyo and Hong Kong settled lower while Shanghai ended in the positive territory. European markets were trading on a mixed note. Global oil benchmark Brent crude dipped 1.04% to $89.51 a barrel.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow