Share Market Highlights: Sensex jumps 222 points to end at record high, Nifty at 15,173; metal stocks lead

Sensex, Nifty LIVE Updates on February 11: In a volatile trading session, share market indices reversed trend and closed at new record highs on Thursday, amid mixes cues from global equities. Sensex ended 222 points higher at 15,531 and Nifty closed 66 points higher at 15,173. Meanwhile, quarterly earnings announcements by ITC, Coal India, Power Grid Corporation, ACC, Ashok Leyland, Atul Auto, Bayer Cropscience, Bosch among others will also set the tone for the stock market today. Yesterday, Sensex ended 19 points lower at 51,309 and Nifty fell 2 points to close at 15,106.

Here's a look at the LIVE updates of the market action on BSE and NSE today

3. 59 PM: Closing on Thursday

In a volatile trading session, share market indices reversed trend and closed at new record highs on Thursday, amid mixes cues from global equities. Sensex ended 222 points higher at 15,531 and Nifty closed 66 points higher at 15,173.

3. 42 PM: Fitch Ratings outlook on India's budget

Fitch Ratings said that India's budget points to a loosening of fiscal policy to support the country's ongoing economic recovery from the pandemic and will consequently lead to a rise in public debt.

"The debt/GDP trajectory is core to our sovereign rating assessment, meaning higher deficits and a slower consolidation path will make India's medium-term growth outlook take on a more critical role in our analysis," Fitch Ratings said.

"We now expect public debt/GDP to rise above 90% of GDP over the next five years, based on the revised budget targets and with our other previous rating assumptions remaining unchanged. However, recent reforms and policy measures, including those announced in the budget, could also influence our growth expectations and, thus, our debt trajectory forecasts," it added later

3. 37 PM: Metropolis Healthcare

Angel Broking said in its note," We are positive on the company given expected long term growth rates of ~15% CAGR. Stable margins profile and moderating competitive intensity."

3. 20 PM: Nifty Tech View

Rohit Singre, Senior Technical Analyst at LKP Securities said,"Index closed a day on a positive note at 15173 with gains of half a per cent, the index has formed a range and it's trading within the same range last four sessions. The overall range for nifty is coming at 15k on the downside and 15250 on the higher side so unless we see either side breakout final direction will not be clear and index may trade sideways in the same range"

3. 12PM: LIC Housing Finance outlook

LKP Securities said in ite note," High liquidity and decline in interest rates bodes well for cost of funds, enabling LICHF to protect its margin despite heightened pricing pressure in mortgage. We model 19%/16% earnings growth in FY21/22 translating into ROE of 13.6%/13.7% in FY21/22 from 13.2% in FY20. We believe the current valuation factors the stress on the portfolio. Incremental positive data pertaining to credit cost and restructuring would be key triggers for the stock. We have factored 3% restructured book for FY21 and GNPA of 3% in FY21E. Given inexpensive valuation we maintain BUY, with a revised target price of Rs 537 valuing the entity at 1.1x FY22 Adj. book value. "

3.08 PM: Dalmia Bharat outlook-Buy rating

Geojit Financial Services said in its ote today,"We upgrade to Buy rating with a revised Target of Rs.1,650 (earlier Rs.1,000) considering strong performance and positive demand outlook. Q3FY21 revenue grew by 18%YoY mainly aided by improvement in volumes (+14%ToY). EBITDA growth was robust at 51%YoY due to sharp improvement in EBITDA margin by 530bps YoY to 24%. Out of 8MT capacity expansion in East, 1.1MT completed, 2.25MT under trial run and balance would be completed within 12-24 months. Total capacity would be ~37MT post expansion. For Murli Industries (acquisition-3MT), commercial production is expected in Q2FY22, will strengthen DBL's presence in Western region. Debt repayment was strong (Rs.1,379 in 9MFY21) along with ongoing expansion and net Debt to EBITDA stands at comfortable level of 0.56x. DBL also has plans to double its capacity to ~55-60MT. Demand outlook is positive given GoI's strong focus on infra & housing in the Union budget. We value DBL at 10x FY23E EV/EBITDA".

2. 58 PM: Glenmark Pharmaceuticals outlook

Yash Gupta - Equity Research Associate, Angel Broking said,"Glenmark Pharmaceuticals Limited (Glenmark) has received final approval by the United States Food & Drug Administration (U.S. FDA) for Clindamycin Phosphate Gel USP, 1%, the generic version of Cleocin T1 Gel, 1, of Pharmacia & Upjohn. According to IQVIATM sales data for the 12 month period ending December 2020, the Cleocin T Gel, 1% market achieved annual sales of approximately $73.8 million. This will be a small approval for glenmark pharma, we don't expect that it will create any big difference for the company."

2. 40 PM: Titan Company share slips 3% post Q3 earnings

Titan share falls over 2% after Q3 net profit falls 11% Share of Titan Company fell over 3% today despite the firm reporting Q3 earnings that met expectations. The Tata group firm reported a 11.81% rise in consolidated net profit to  Rs 530 crore in Q3 led by income growth in the jewellery division.

Titan Company share slips 3% post Q3 earnings; here's what brokerages say

2.32 PM: JK Cement Q3 outlook

Centrum Broking said in its note," We continue to assign an EV/EBITDA multiple of 11.5x on rolled over FY23e earnings. This is to factor in healthy earnings quality and balance sheet improvement (net debt/equity of 0.6x in FY23e). Additionally, capacity expansion in stronger Central India markets and white cement segment will guard earnings. We maintain our ADD rating with a target price of Rs2,221 (earlier Rs1,855/sh) At our TP the stock trades at a replacement cost of Rs12.9bn/mn tonnes FY23e capacities."

2. 21PM: Ashok Leyland Q3 outlook

Angel Broking said in its note," Ashok Leyland Ltd (ALL) is one of the leading player in India CV industry with a 32% market share in the MHCV segment. The company also has a strong presence in the fast growing LCV segment."

2. 10 PM: Market update

The broader market was trading firm, with S&P BSE Mid-Cap index rising 0.55% while the S&P BSE Small-Cap index up 1%. The market breadth was positive on the BSE, with 1,593 shares rising and 1,167 shares falling, and a total of 147 unchanged shares.The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 2.16% to 23.435.

2.01 PM: YES Bank share rises 1.5%

YES Bank share price was trading 1.5% higher on Thursday's session, ranking among the most active banking scrips in terms of volumes on both BSE and NSE. This was after the lender's CEO Prashant Kumar stated that he expects the bank's asset reconstruction company (ARC) business to operationalize within 6 six months and revealed that many foreign firms have shown interest in the bank's ARC business.

"There has been lot of interest from foreign investors for our ARC business. We are likely to put in initial capital of 10 billion rupees while the foreign investor will put in nearly 25 billion rupees," Prashant Kumar, CEO of Yes Bank, told Reuters in an interview late on Tuesday.

Meanwhile, Brickwork Ratings (BWR) has withdrawn the ratings of Tier I Subordinated Perpetual Bonds (Basel II) of Yes Bank Limited (YBL). Brickwork had given a long-term rating at BWR BB+ with a stable outlook on Rs 90 crore instrument.

1. 50 PM: Alembic Pharmaceuticals outlook

Yash Gupta - Equity Research Associate, Angel Broking said,"Alembic Pharmaceuticals limited informed that the United States Food and Drug Administration (USFDA) had an inspection at Alembic Pharmaceuticals New Injectable Facility (F-3) at Karkhadi. USFDA has conducted an inspection at Alembic Pharmaceuticals' New Injectable Facility (F-3) located at Karkhadi from 29th January 2021 to 5th February 2021. It was a scheduled inspection and at the end of the inspection, the USFDA issued a Form 483 with 5 observations. None of the observations are related to data integrity and are procedural in nature as company informed. The Company is preparing the response to the observations, which will be submitted to USFDA shortly. We have concerns for this observation in the new injectable plant, we expect it may take 3-6 months to get this observation clear."

1. 39 PM: Bajaj Consumer Care Q3 outlook

Centrum Broking said in its note," Considering the revenue momentum, we hold our estimates for FY21E/ FY22E and introduce FY23E earnings. We maintain ADD rating with revised DCF-based target Price of Rs243 (implying PE 14.2x FY23E earnings). Risks to our call include over-dependence on ADHO, raw material price inflation and lag between price hikes. "

1. 24 PM: BPCL Q3 outlook

Centrum Broking said in its note," Given the very impressive 9M performance (PAT up 2.3x yoy), we revise our EPS estimates upwards by 46/17% for FY21/22E to factor stronger marketing margins, higher volumes and lower opex which is offset to some extent by lower GRMs and higher capex in FY22E. Our estimates factor in GRMs of US$3.3/bbl in FY21E and US$5.1/bbl for FY22E, marketing volume decline of 12.4% (vs 12.3% decline earlier) in FY21E (growth of 4.5% in FY22E). Given these metrics, valuations of 8x FY22E EPS/ 7x EV/EBITDA and P/BV of 2x remain attractive. Maintain Buy with revised target price at Rs510, upside of 21%."

1. 18 PM: Mid-market outlook

Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited- Investment Advisor said,"Market opened on a slightly negative note at 15073.25 as US market closed slightly lower before the closing yesterday. Nifty continue to trade In the narrow range above the support level of 15000. The Reserve Bank of India (RBI) on February 10 bought bonds worth Rs 20,000 crore through an open market operation (OMO). According to a job report by Monster.com the hiring activities in this quarter has remained stable but has seen a decline of 18% YOY compared to last year, these are good signs for the economic recovery. Hindalco, Gail, Reliance, BajFinance and Power Grid were the top gainers while Titan and Eicher Motor were among the top losers.

12. 59 PM: State Bank of India Q3 outlook

Centrum Broking said in its note,"SBI Q3FY21 results were a positive surprise on all fronts. PPoP and PAT were a beat driven by higher NII (better loan growth) and healthier fee and recovery income. Loan growth was 7.6% YoY (est. 5.5%) led by retail. Driven by better NII/fee income and lower slippages/provisions, FY21E earnings are upgraded by 68%. SBI has positively surprised on asset quality and lower stress formation could continue, as bulk of the stress has been recognised. Rolling forward to core FY23ABV we raise multiple/TP 1.2x (0.8x earlier)/Rs410 (Rs267 previously). Retain BUY. Risks: higher slippages."

12. 47PM: Rupee outlook

Rahul Gupta, Head Of Research-Currency, Emkay Global Financial Services said,"We have seen Rupee to appreciate immediately after the news that India's defence minister stated they reached agreement with China to disengage troops from Pangong TSO lake area on disputed border. USDINR Spot hit a low of 72.70 which is the crucial support zone and if it consistently trades below 72.70 then further downside is expected towards 72.50. However, if the pair respected 72.70 mark then we may see a bounce towards 73.0-73.15."

12. 37 PM: Oil prices tumble after 9-day strong rally

Oil prices fell on Thursday, giving up some of the recent strong gains on profit-taking and speculation that the market's strength could tempt producers like Saudi Arabia to reduce output by less. Brent crude fell 40 cents, or 0.7%, to $61.07 a barrel, as of 0350 GMT, after touching its highest since January 2020 on Wednesday, after a strong run in recent days driven by the Organisation of Petroleum Exporting Countries and its allies, known as OPEC+, agreed output cuts and vaccine rollouts fired up hopes of a recovery in demand.

Oil prices tumble after 9-day strong rally; Brent reaches $61.07 per barrel

12. 22PM: This small-cap share doubled in 9 days

Magma Fincorp share hit upper circuit of 10% in early trade today amid report that Adar Poonawalla-led firm Rising Star Holdings was planning to buy controlling stake in financial services company Magma Fincorp via an open offer.

With today's surge, Magma Fincorp share has risen 107.1% in nine days. On January 29, the small cap stock stood at Rs 45.10 on BSE.

This small-cap share doubled in 9 days, did you miss the rally?

12. 13 PM: Gold and silver outlook

Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited said," Gold Spot trading below $1840 levels, it took the minor resistance near the 1858. It looks like caped in upside below this level and may see profit booking towards $1825. Downside strong support is $1820 -$1790 levels, Resistance is at $1840 - $1860 levels. MCX Gold February closed with negative momentum below 48000, US dollar gains after the dovish comments on inflation data, Downside support for the metal is 46200 - 45800. Resistance for the metal is 48400. St

On silver he added," MCX Silver is trading below 69000 and closed below 9 days SMA placed near 69200, Downside support shift for the metal is 68400 - 67500. Resistance for the metal is 70500 - 71200."

12.00 PM: Brookfield India REIT IPO: Allotment of shares today

The finalization of basis of allotment for Rs 3,800-crore Brookfield India   (REIT) initial public offer (IPO) will be announced today, on February 11, 2021.

The allotted shares will be credited in the applicant's Demat account by February 12, 2021. The shares are proposed to be listed on BSE, NSE on February 17, 2021.

Brookfield India REIT IPO: Allotment of shares today, here's how to check status

11. 48 AM: Burger King - Q3 FY21 Result outlook

YES Securities said," Weak 3Q but strong pick-up in January. Sales recovered to 72% led by better recovery in West and South, mall recovery continued to lag, January has seen a recovery to 86% led by recovery in North and malls with delivery ADS up 6% and dine-in recovered to 76%, GMs reach 65% in December, overall EBITDA positive with restaurant level margins at 8.5%, despite -35% SSG led by cost savings and GM improvement, added 10 restaurants in 3Q, invested in new marketing campaign and menu upliftment for Whopper, launched new omnichannel app."

11. 35 AM: RailTel IPO opens on February 16, price band fixed at Rs 93-94

RailTel IPO, that opens between Feb 16, 2021-Feb 18, 2021, will be priced at Rs 93 to Rs 94 per equity share. The minimum market lot size for the IPO is 155 shares, where an individual investor can apply for up to 13 lots (2015 shares or Rs 189,410).

RailTel Corporation of India's Rs 819.24 crore initial public offer is a complete offer for sale of 8,71,53,369 equity shares by the government.

RailTel IPO to open on February 16, price band fixed at Rs 93-94

11.24AM: Century Plyboards (India) Ltd - Q3 FY21 Result Update

YES Securities said,"Century Ply delivered robust performance during Q3FY21 driven by (1) sturdy growth in plywood segment (volumes +12% y/y) - pent-up demand and market share gains, (2) sharp increase in operating margins of laminates (+538 bps y/y to 19.2%) - price hike of 3% y/y and absorption of low cost inventory and (3) sustained growth trajectory of MDF segment (volumes +18% y/y) - OEM driven demand combined with pick-up of premium MDF segment. Further, company has turned debt free during the quarter with net cash of Rs 106 Mn. Based on sublime performance during Q3FY21 and announcement of brownfield expansion in MDF, we upgrade our EPS estimates for FY21E/FY22E/FY23E by 18%/18%/32% respectively. Assigning DCF derived P/E multiple of 23.5x on FY23E EPS of Rs 15, we arrive at TP of Rs 356 (22% potential upside) and we maintain our BUY rating on the stock."

11. 09 AM: Indices bounce back

In the broader market, the S&P BSE Mid-Cap index rose 0.47%, while the S&P BSE Small-Cap index gained 0.92% intraday. The market breadth was strong on the BSE, with 1585 shares rising, 860 shares falling, and a total of 149 unchanged shares.

10. 55 AM: Raymond Q3 outlook

LKP Securities said," The overall business of Raymond has seen a recovery over the last two quarters led by gradual unlocking and pent up demand. The company has taken several measures over the course of this pandemic to maintain profitability and liquidity position. In this quarter, the company has turned PAT positive with all the businesses turning EBIDTA positive. The margin expansion in all businesses was due to stringent cost optimization measures taken by the company which saved around Rs 743 crores in 9MFY21 in the form of lower opex. On the working capital front as well, the company has been showing improvement with continous reduction in the net working capital resulting in reduction in net debt. Revenue for the company is gradually recovering to the pre-covid levels and further recovery will lead to higher margins owing to operational leverage. We expect the company to improve the overall financial health aided by recovery in sales and margins. We maintain our BUY recommendation with a target price of Rs 485."

10. 40 AM: Titan Q3 outlook

YES Securities said," While the stock is quite expensive at 59x FY23E earnings, we believe the momentum can sustain in the near term with January seeing a further pick-up in jewelry growth rate to 28% led by increase in number of buyers in addition to higher ticket size, indicating continued market share gains. Expected margin improvement in watches and eyewear businesses in FY22 coupled with full recovery from 4Q onwards would also be taken positively. Another positive has been the reduced focus on non-core businesses like Mont Blanc and Favre Leuba. Strong 3Q growth performance with growth picking up further in January. 12% revenue and 16% jewellery revenue growth (ex-bullion sales) with watches and eyewear also moving closer to full recovery; focus remains on reducing wastages, optimizing inventory and generating cash flows, Rs 51cr ineffective hedging loss, Rs 137cr impairment hit taken on Favre Leuba, divesting stake in Mont Blanc, 77% recovery in other businesses, 33% recovery in Caratlane."

10. 33 AM: Rupee outlook

Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research Limited said," The rupee opened on flat at 72.84 against the US dollar in opening trade on Wednesday morning, Strengthened to 72.80 earlier in the session due to news for more U.S Fiscal stimulus. FII bought 1786 CR into domestic equity market helped local currency to be strong. The U.S. Dollar Index is at 90.43 against currency basket and traded higher due to dovish comments by Fed chairman on weak inflation data."

He added," Technically, USDINR Feb Future closed at 72.92. it is expected to trade with bearish momentum for the day, RBI defending 72.80 so once it break with sustain volume then further bearishness come towards 72.62, For spot pair 73.00 will the crucial as market is not giving sustain closed above this levels. Breakout above this level with good volume take dollar further upside towards 73.20 levels. It is expected to open near 72.85, Weak Dollar index and FPI data will help local currency to trade strong."

10. 24 PM: Global markets mixed today

Overseas, Asian stocks are trading lower on Thursday as multiple major markets in the region are closed for holidays. Markets in China, Japan, South Korea and Taiwan are closed for holidays.

In US, the S&P 500 and the Nasdaq edged slightly lower on Wednesday as big tech stocks slid amid an ongoing rotation of portfolio holdings that gave a boost to energy shares and kept the overall market near record highs.

10. 16 AM: Nifty Outlook

Geojit Financial said:"Nifty bounced off 14977 yesterday, the support we ear marked as strong on Tuesday. This move in the closing hour has formed a reversal pattern, that encourages us to set sights on +16000 again. However, expect 15160 to ask questions today, and should 15070 give away in the early hour, we might have to position for a plunge towards 14618-520, which while less expected, is still within the probable range."

10.04 AM: Market turns green

In a volatile trading session, share market indices reversed trend and traded higher on Thursday, amid mixes cues from global equities. Sensex was trading 155 points higher at 15,460 and Nifty traded 44 points higher at 15,155.RIL, Bajaj twins, Airtel were among the top gainers while, Nestle, TCS, Axis Bank, L&T traded as the top losers

9. 51 AM: Global markets today

Asian markets lacked cues as markets in China and Japan are closed for holidays. Australian markets remain little changed. US markets closed in red but off lows of the day. Comments from Powell that US remains 'very far' from a strong labor market and that policy will need to stay "patiently accommodative" affected. European markets closed lower as traders gave importance to corporate earnings from Twitter, Lyft, Cisco, Mattel, Yelp and reacted accordingly.

Oil price gained for the ninth straight day backed by supply cuts assured by producers and hopes better demand as vaccine rollout continues.

9. 43 AM: Outlook on RBI buying Rs 20,000 crore in Government bonds

Expressing views on RBI buying Rs 20,000 crore in Government bonds as part of an open market operation, Anshu Kapoor, Head, Investment Management, Edelweiss Wealth Management said,"RBI governor has described the yield curve as a public good. The monetary policy is accommodative and the central bank is using all its tools to manage govt borrowing and interest rates. The current OMO auction is in line and more could follow to provide relief to the term spread that is soaring at 200 bps now."

9. 30 AM: Stocks to watch today on February 11

Aurobindo Pharma, Titan, Crompton Greaves, Bank of India, Bharat Petroleum among others are the top stocks to watch out for in Thursday's trading session

Stocks in news: Aurobindo Pharma, Titan, Crompton Greaves, Bank of India, Bharat Petroleum

9. 21 AM: Opening session

Share market indices opened tad lower for the third session on Thursday, amid mixes cues from global equities. Sensex was falling 18 points to 15,290 and Nifty traded 40 points lower at 15,065

9. 09 AM: Earnings Today

ITC, Coal India, Power Grid Corporation, ACC, Ashok Leyland, Ashapura Minechem, Atul Auto, Bajaj Hindusthan Sugar, Bayer Cropscience, Bosch, Capacite Infraprojects, CRISIL, General Insurance Corporation of India, Gujarat Pipavav Port, Graphite India, HUDCO, Infibeam Avenues, ITDC, ITD Cementation, Jaypee Infratech, KNR Constructions, MRF, Natco Pharma, NCC, NHPC, Oil India, Petronet LNG, Power Finance Corporation, Prestige Estates Projects, Spencers Retail, VA Tech Wabag and Zee Media Corporation among others will announce their quarterly earnings today.

9.00 AM: Nifty technical view for today

Reliance Research said in its note today," NSE-NIFTY once again ended the session on a flat to negative note amidst mix global cues. Overall market breadth was neutral and major sectors remained mix. Major technical indicators on the near-term timeframe chart were negatively poised post sell signal. As per the current set-up, we continue to believe that near-term decline or consolidation cannot be ruled out before the index resumes its northward journey. In case of decline, the index will find support at around 14,850-level initially and 14,700-level subsequently. However a stable move above 15,250-level will strengthen the index for its next leg og up-move, which could take the index towards 16,000-level.

As for the day, support is placed at around 15,000 and then at 14,983 levels, while resistance is observed at 15,191 and then at 15,275 levels."

8. 56 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 1,786.97 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,075.68 crore in the Indian equity market on 10 February, provisional data showed.

8. 50 AM: Rupee closing and view

On the currency front, Indian rupee gained by 3 paise to settle at 72.84 per US dollar on Wednesday, in a restricted trade amid a muted trend in the domestic equity market.

Expressing views on the rupee, Ajit Mishra, VP - Research, Religare Broking said in a note," The USDINR pair traded in a narrow range down by 0.11% in the previous week, marking its fourth week of decline. On four hourly charts, prices are consolidating in a triangle pattern. On the higher side, 73.40 remains the crucial hurdle for the pair, while immediate support emerges at 72.93. The pair is trading in a narrow range for almost two weeks; breach on either side may lead to a strong move in the pair. As a strategy, short positions are advised below 72.90 for downside targets of 72.50 keep-ing stops above 73.20."

8. 45 AM: Nifty outlook

Ajit Mishra, VP - Research, Religare Broking said in a note, "We're seeing a healthy pause after the budget up move and it's more of a time-wise consolidation so far. We suggest keeping a close watch on the banking index for cues on the further directional move in Nifty. Also, earnings announcements from some of the prominent companies like ACC, Ashok Leyland and ITC will be in focus on Thursday. Amid all, we reiterate our bullish bias and advise continuing with the "buy on dips" approach."

8. 40 AM: Closing on Wednesday

After a volatile trading session, share market indices closed flat for the second consecutive session on Wednesday, amid mixed cues from global equities. Sensex ended 19 points lower at 51,309 and Nifty fell 2 points to close at 15,106.

Sensex, Nifty end lower for second straight session; M&M, Tata Motors, TCS, SBI top losers