Indian Stock Market News | BSE/NSE Sensex Updates | Equity Market Highlights

Market Highlights

Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

January 21, 2025

US Dollar was weaker and US Yields were down, US stock futures were higher as Trump started signing a bunch of Executive Orders.
However , when he mentioned that tariffs would be applied on Canada and Mexico on Feb 1st, the markets reversed.
US Dollar index is up.
US Stock Futures are down.
Asian markets that were high are mixed.
The Executive Orders are still going on .
President Donald Trump said that he plans to enact tariffs of as much as 25% on Mexico and Canada by Feb. 1, reiterating his contention that the US’s two immediate neighbors are allowing the flow of migrants and drugs into the country.
On the lack-of-China tariff news today, it’s worth remembering that Trump’s trade team hasn’t yet been officially confirmed so one can imagine they are still ironing out their plans. The president himself touted in his acceptance speech a new “external revenue service” that will collect “massive amounts of money” from tariffs. So, while there is no major movement today, there is every likelihood there will be developments on the trade front soon.
Navigating the Opening Bell with Sbi Securities: 6 Key Technical and Derivative Insights Banking Stocks Shine, Trump sworn in as the 47th US President
1. Global Market:
On Monday, the US equity markets were closed in observance of Martin Luther King Jr. Day. However, futures for the Dow and S&P, which are traded in various global markets, suggest a flat opening compared to Friday's close.
Going ahead, for S&P 500, the zone of 6070-6090 will act as a crucial hurdle for the index. While, on the downside, the zone of 5900-5880 will act as immediate support for the index.
On Monday, #BrentOil ended on a negative note at 79.06 level following its testing of an overhead supply zone established by multiple swing highs from July to October 2024. Going ahead, resistance is placed at the zone of $81-82, while on the downside, support is seen at 77-76.
The U.S. Dollar Index (#DXY) opened with a notable downwards gap of 0.90% but quickly recovered some of its early losses, maintaining its overall bullish trend. The 109.60-109.80 zone is expected to act as a significant resistance going forward.
2. Nifty View:
On Monday, the benchmark Nifty shrugged off its initial weakness and rose steadily throughout the day, supported by banking stocks, ending the day 0.61% higher at 23,345. Despite the positive close, it is trading in the 23,100-23,400 range since the last five trading sessions.
Going ahead, for Nifty, the zone of 23,400-23,450 will act as a crucial hurdle for the index. Any sustainable move above the level of 23,450 will lead to further extension of the pullback rally upto the 23,600 level.
On the downside, a slip below the 23,100-23,050 zone could trigger a resumption of the index's southward journey.
On the #derivatives front, January #futures surged by 0.57 percent, while the combined #OpenInterest for the current, next, and far series also surged by 1.45 percent, indicating long buildup.
Among the constituents of the #Nifty index, 15 stocks have witnessed a long build-up, and 16 of the stocks have witnessed a short covering rally. While, 13 stocks have witnessed a short build-up, and 6 stocks have witnessed a long unwinding.
The 23,400 strike has significant call open interest, followed by the 23,500 strike. On the put side, 23,300 has a substantial open interest, followed by a 23,200 strike.
For the weekly series, OI PCR is at 1.02. For the January monthly series, it is at 0.95.
Bank Nifty opened on a positive note and continued to move up sharply throughout the day, closing 1.67% higher at 49,351. Going ahead, the zone of 49,650-49,700 will act as an immediate hurdle for the index. While, on the downside, the zone of 48,400-48,350 will act as crucial support for the index.
3. Sensex View:
The benchmark index #Sensex formed a doji candle on the daily chart, indicating indecisiveness. It closed 0.59% higher at 77,073. The index is still trading below its key short and long-term moving averages.
Going ahead, the zone of 77,350-77,450 will act as a crucial hurdle for the index. Any sustainable move above the level of 77,450 will lead to an extension of the pullback rally upto the 77,950 level. On the downside, the zone of 76,500-76,450 will act as immediate support for the index.
On the #derivative front, January #futures rose 0.66 percent, and the #OpenInterest of the current series reduced by 26.81 percent, indicating short covering.
The 77,200 strike has significant call open interest, followed by the 77,500 strike. On the put side, 77,000 has a substantial open interest, followed by a 76500 strike.
For the weekly series, OI PCR is at 0.87.
4. Key Market Indicators:
The volatility index, India #VIX, surged for the third consecutive day, ending the day 4.24% higher at 16.42 level. This is also the highest daily close since early November 2024. Going ahead, any sustainable move above the level of 16.90 will lead to an increase in the overall market’s volatility, giving discomfort to the bulls.
The #Advance/Decline ratio was largely tilted in favor of advancers.
5. Key Sectors:
Technically, Nifty Defense, PSU Bank, CPSE, Energy, and Infra can outperform in the short term. On the other hand, Nifty Media, Realty, Pharma, Oil & Gas, IT, Auto, and FMCG space are likely to underperform in the short term.
6. FII/DII Data:
#FIIs sold to the tune of 4336.54 cr. while DIIs bought to the tune of 4321.96 cr.
FIIs' Long short ratio for index futures is at 17.08 as on a net basis, they sold 6301 index futures
On the stock futures front, FIIs have bought to the tune of 421 contracts, while on the Options Front, FIIs bought 53263 call contracts and bought 12289 Put Option contracts.
India Daybook – Stocks in News
Venus Remedies: Company renews its European Good Manufacturing Practices certification from Infarmed (Positive)
MCX: Q3FY24-25 Operating Revenue: Rs. 301.38 Cr, PAT: Rs. 160.04 Cr, Total Revenue: Rs. 324.36 Cr, EBITDA: Rs. 216.10 Cr. (Positive)
Oberoi Realty: Net profit at Rs 618.4 cr vs Rs 360.2 cr, Revenue at Rs. 1411 cr vs Rs 1053.7 cr.(YoY) (Positive)
AGI Greenpac: Net profit at Rs 91 cr vs Rs 67 cr, Revenue at Rs. 658 cr vs Rs 622 cr.(YoY) (Positive)
Tata Consultancy Services: Company opens new delivery centre in france to drive ai-powered transformation for the aerospace and defence industries (Positive)
Waaree Energies Ltd: Company secure 180MWp solar module solar module supply order. (Positive)
Dixon Technology: Net profit at Rs 216.2 cr vs Rs 97 cr , Revenue at Rs. 10535 cr vs Rs 4817.3 cr.(YoY) (Positive)
Sunteck Realty: Net profit at Rs 42.52 cr vs Rs -9.7 cr, Revenue at Rs. 162 cr vs Rs 42.4 cr.(YoY) (Positive)
Landmark: Company receives LoI from JSW-MG Motor India to open new MG Select dealerships in Ahmedabad & Kolkata (Positive)
Sharika Ent: Company secured a contract from Powergrid Energy Services Ltd. valued at Rs. 5.74 Crores. (Positive)
Easy Trip Planners: Company and Penang Convention & Exhibition bureau join hands to promote tourism. (Neutral)
Delta Autocorp Ltd: Company unveiled its electric motorcycle prototype, Superion, boasting a top speed of 90-100 km/h and a 120 km range. The bike features an ergonomic design, HTGS trellis chassis, and exceptional acceleration. (Neutral)
Pritika Engineering Components Ltd: Company announced a record date of February 14, 2025, for a stock split. Each Rs.10 share will be subdivided into two Rs.5 shares. (Neutral)
Kiran Vyapar Ltd: Company completed a US$1,145,000 investment in Peepul Tree CapitalPte.Ltd. (Neutral)
Ltimindtree Ltd: Company announcement centers on the resignation of Mr. Sudhir Chaturvedi, Wholetime Director & President Markets, effective January 27, 2025 (Neutral)
Sagar Systech Ltd: Company announced the resignation of its Company Secretary and Compliance Officer, Ms. Tejal Chheda, effective January 20, 2025 (Neutral)
Raghav Productivity Enhancers: Net profit at Rs 10 cr vs Rs 6 cr, Revenue at Rs. 63 cr vs Rs 35 cr.(YoY) (Neutral)
Vodafone Idea: Company issues clarification on news article Govt weighs over 1 TRLN rupees AGR dues waiver company says did not get any communication from Govt. (Negative)
L&T Fin: Net Profit down, ₹626.4 Cr Vs ₹640 Cr (YoY), Gross NPA Ratio at 3.23% vs 3.19% (QoQ) (Negative)
Cipla: US FDA Issues Form 483 With 1 Observation For Manufacturing Facility Of Medispray Laboratories, Goa (Negative)
UBS on Zomato
Maintain Buy with TP of Rs 320
Q3: Strong growth in quick commerce offsets slight moderation in food delivery
While slowdown in food delivery surprised, margin expansion was a positive
Blinkit growth surprised on the higher side, the marginal margin decline was also expected due to the increased competition in the space
BofA on Zomato
Maintain Buy with TP of Rs 375
Front loading growth at expense of higher near-term losses
Blinkit’s growth focus leads to EBITDA/profitability miss
Demand and execution remains strong at Blinkit
Buy on favorable risk-reward as first mover advantage matters in quick-com business
Nomura on Zomato
Maintain Buy; Cut TP to Rs 290 from Rs 320
Competition heats up in Quick Commerce
But well positioned to be among top 2 players
Food delivery business slows but surprises on profitability improvement
Q-commerce – advancing store opening targets by a year
Strong execution and balance sheet are key positives in favour of Blinkit
Bernstein On Zomato
Outperform Call, Target At Rs310/Sh
Zomato Doubled Down On Quick Commerce Guiding Growth
Management Laid Out An Aggressive Dark Store Plan
Land Grab Has Led To Trade Off Between Growth & Margin
Quick Commerce Saw Margin Pressures
Food Delivery Beat Estimates With Margin To Stabilize At 5% Adjusted EBITDA
Remain Positive & See Any Correction In Response To Competition Concerns
Jefferies On Zomato
Hold Call, Target Cut To Rs255/Sh From Rs275/Sh
Mixed Q3 With, As Expected, Modest Growth In Food Delivery But Much Better Margin
Quick Comm Reported Strong Growth But Slipped Into Losses Due To Invst & High Competition
Mgmt Aims To Double Store Count To 2,000 By Dec’25, One Year Earlier Than Past Guidance
Blinkit Has A Strong Execution Track Record
Aggressive Expansion May Force Competition To Follow Suit
Macquarie on Zomato
Maintain Underperform, TP Rs130
Competitive intensity impacts profitability
Prolonged period of negative margins expected for Blinkit
See limited margin of safety
Food delivery-mild downside 20% GOV (Gross order Value) CAGR for FY26-28
Citi On Paytm
Buy Call, Target At Rs900/Sh
Co Reported A Solid Beat Vs Expectations On Q3 Adjusted EBITDA
Beat Q3 Was Primarily Driven By Lower Corporate Overheads
Net Payment Margin Was Slightly Below Estimates
Paytm’s Merchant Biz (Devices, DLG-Loans) Continues To See Robust Stickiness & Sustained Growth
Co Looks Securely On Course To Achieve Adjusted EBITDA Break-Even Excluding UPI Incentives In Q4
Macquarie on Paytm
Maintain Underperform, TP Rs730
Strong beat on all fronts
Larger than expected decline in losses driven by higher revenue and lower ESOP cost
Strong GMV increase, operating leverage continues to improve
Upside risk to distribution revenue given higher take rates
Jefferies on Paytm
Hold, TP Rs 850
Paytm is nearing break-even with adj. EBITDA losses down to Rs0.4bn (-80% QoQ) in 3Q
As cost base stabilizes, earnings recovery will depend on ramp-up in lending segment
Val (3.8x FY27E EV/Sales) capture near-term optimism
Jefferies On Can Fin Homes
Buy Call, Target At Rs915/Sh
Q3 Profit Was 3% Below Estimates Due To Tad Higher Provision
Normalisation Can Take Time
See Muted Loan Growth Near Term, But Expect Improvement In FY26
NIM Should Be Steady
Gross NPA Should Ease In Q4
MS On Can Fin Homes
Overweight Call, Target Cut To Rs885/Sh From Rs1,030/Sh
Persistent Loan Growth Pressures Drives Cut In Long-term Loan Growth & ROE Assumptions
RoE Of >15% Is Still Attractive For A Relatively Defensive Business & So Is Valuation
Still See Upside Though It Is Likely To Be Delayed
Jefferies On Dixon Tech
Underperform Call, Target At Rs12,600/Sh
Q3 Was A Beat To Estimates
Share Of Mobile & EMS Segment Notably Rose To 89% Of Sales Mix Now Vs 67% In Q3FY24
Segmental Sales Grew By 3x YoY, With New Customer Adds, Order Ramp-Ups, With OPM At 3.5%
Consumer Electronics Sales Were Down 32% YoY
Est Sales/PAT CAGR of 45%/49% over FY24-27
Co is non-branded B2B EMS player but trades higher than branded B2C companies
Operating margin estimated to remain stable at 4%
Target PE at 53x-inline with stock's historical averages
Risk-Reward Seems Stretched At 107x FY26 PE
Nuvama on Dixon
Maintain Hold, TP Rs18,790
Revenue rose 117% YoY, largely led by Mobile & EMS segment
Revising FY25–27 estimates by -3%–7% because of Ismartu consolidation, Vivo JV and muted demand scenario in consumer appliances.
To foray into display fab manufacturing based on incentive
Citi on Hindalco
Resume Coverage-Buy, TP Rs725
Top pick in metals space
Most concerns (including Bay Minetta capex) priced in
Underperformed domestic non-ferrous, global aluminum producers and LME for last 6 months
Tailwinds-LME upside in H2FY25 and Novelis' efforts to diversify scrap units
India business costs should fall due to alumina epansion/captive coal
Novelis should be able to contain Net Debt /EBIDTA below 3x despite aggressive capex
Macquarie on Mankind Pharma
Downgrade to Underperform from Neutral; Cut TP to Rs 2150 from Rs 2300
BSV acquisition: Positives baked in, but not execution risk
BSV (Bharat serum and vaccine) acquisition adds to top-line growth but would drag down bottom-line growth
Core domestic formulations business remains weak
Exports business might be topping out
Lower FY25/26/27E earnings by 17%/24%/17% primarily due to earnings dilution from the BSV acquisition
MS On MCX
Underweight Call, Target At Rs3,715/Sh
Q3 Core EBITDA In-line, Miss On Profit
There Has Been Stagnation/Moderation In Average Daily Revenue (ADR) In Recent Months
Stagnation In Average Daily Rev May Lead To Downgrades To Both Consensus Revenue & Earnings
Find Current Valuation Stretched Given Low Conviction On Sustainability Of Revenues
MS On L&T Fin
Underweight Call, Target At Rs112/Sh
Q3 Profit Came In Above Estimates
Retail Slippages Improved QoQ But Were Elevated
Co Guides For Further Rs300-350 Cr Provision Utilisation In Q4FY25
MFI Business Collections Stayed Tepid In Q3 – December Improved But Stayed Elevated
Q3 Retail AUM Growth Moderated To 23% YoY; Expect 20% YoY In FY25
MS On Oberoi Realty
Equal-Weight Call, Target At Rs2,060/Sh
Strong Growth, But Misses Expectation In Q3
Pre-Sales For Q3 Shows Strong Momentum, Yet 24% Less Than Expectations
Q3 Collection Was Also Strong But Operating Cash Flow Was Weak Amidst High Capex
Macquarie on Cement
Expect demand recovery and price hikes to drive margin expansion from H2CY24 lows
Capacity consolidation and cost focus bode well for industry's medium term earnings
Industry capacity utilization to remain steady
Reduce EBIDTA estimates by 5-14% for FY26
Ultratech Cement remains top pick
Ultratech Cement-Maintain Outperform from Neutral, TP Rs11,868
Ambuja- Maintain Outperform from Neutral, TP Rs618
ACC- Maintain Outperform from Neutral, TP Rs2,425
Ramco Cement-Maintain Underperform from Neutral, TP Rs785
HSBC on Indian IT Services
3QFY25 was another volatile result season
Almost all companies commented positively on FY26 demand.
Growth in constant currency unlikely to accelerate to double digits
Weak INR may drive EPS growth to low teens in FY26.
Weak Europe, competition from GCCs and GenAI uncertainty are key headwinds.
Prefer Infosys, LTIMindtree, and LTTS.
CLSA on Indian IT (ISG- Q4CY24 Update)
Cautiously optimistic for Indian IT industry
2025 could see a BFSI led recovery
EU Automotive will be key headwind
2025 guidance-4.5% YoY growth in managed services but recovery to be gradual
Deal activity improves in both mega and small deal recovering in H2FY24
Cloud at scale with SaaS
Rise of Global Capability Centres
Citi on Aavas Financiers
Maintain Buy, TP 2170
Open 90-day positive catalyst watch
Relative preference for secured financiers in Q3
Estimate strong sequential growth AUM at 5% in Q3
Anticipate higher CLSS subsidy in upcoming budget
Normalization of disbursements expected
Jefferies Quant India Strategy
Avoid Q3 Result Risk
Stocks have been under pressure since the start of the Q2FY25 results, when only 40% beat expectations
Revision trends suggest that Q3FY25 season is unlikely to see a big turnaround
It's been an ominous start with a lot more companies missing so far
If the trend continues, we see two key takeaways:-
Stocks (especially large caps) are likely to Underperform both before and on the result day
Stocks that Underperform a lot before results could Outperform on the result day
Domestic long-only funds are most Overweight on banks, auto and pharma
Domestic long-only funds are most Underweight on materials, financial services and FMCG
Biggest change has been the shift from Overweight to Underweight in the cap goods sector, indicating a shift away from cyclical

106