Stock market morning update 11 january 2021

 

Indices at 9:30 am

Nifty50 14,447 ▲ 99 (+0.7%)

Sensex 49,189 ▲ 406 (+0.8%)

Nifty Bank 32,163 ▲ 78 (+0.2%)

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MORNING UPDATE

In the news

TCS Q3 earnings beat expectations

        For Q3, TCS reported 4.1% QoQ revenue growth on constant currency terms, slightly more than market expectation of nearly 4.0%. Spends on digital services by clients and deal wins helped to drive the performance. The stock is up 2.2% today. 

The management believes that the phase of extreme volatility has passed. It expects double-digit growth for FY22 on the back of optimism built by the strong order book and deal pipeline. The stock had risen over 50% in 2020.

 

Avenue Supermarts posts solid growth

         Avenue Supermarts reported 11% YoY rise in revenues to ₹7,542 crore and 16% YoY rise in net profit to ₹447 crore. On both the counts, it fared better than street estimates. 

 Festival related shopping during Q3 helped the sales recovery. The management has cited that rising raw material prices could affect the availability of certain categories, impacting sales mix and margins in the near term. Meanwhile, the stock has risen nearly 25% in Q3 and gained 2.6% today morning.

 

Tata Steel sales volumes drop

         In its Q3 volume update, Tata Steel mentioned that its India sales volumes stood at 4.66 MT, down 4% YoY due to lower opening inventory after a strong Q2 sales.

      However, given the price hikes seen in Q3, the sales momentum (value-wise) was strong. The stock ceded 2.1% early today. It has seen a strong run in Q3, having risen close to 80%.

 

TN withdraws 100% cinema occupancy order

       Movie theatres in Tamil Nadu will have to run at 50% capacity as the state government has revoked its decision to allow 100% occupancy.

      Shares of multiplex majors PVR (+1.4%) and Inox (+2.3%) were largely unaffected and continued to rise.

 

Vedanta plans to delist 10% shares

      The promoters of Vedanta Ltd aim to acquire 10% of the company's shares at ₹160/share. Its previous bid to delist its shares at ₹87.5 failed in October last year as it did not get the minimum required shares at the offer price. 

      The current offer aims to acquire 37.1 crore equity shares and will require the company to shell out ₹5,948 crore. The stock was 0.7% down this morning.

 

Events in this week

          Tuesday: CPI Inflation, IIP (India)

       Wednesday: Crude oil inventories (US)

       Thursday: WPI Inflation (India), Initial jobless claims (US)

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Sectoral indices

 

Top gainers	Top losers
Nifty FMCG ▲ 1.5%	Nifty Metal ▼ 0.7%
Nifty IT ▲ 1.4%	Nifty PSU Bank ▼ 0.4%

 

Global markets	Today's movement
Nikkei 225 (Japan)	▲ 2.3%
Hang Seng (Hong Kong)	▲ 0.8%
SSE Composite (China)	▼ 0.2%
Dow Jones (US)	▲ 0.1%

Fact of the day

When we breathe through our nose, we always inhale more air from one nostril than with the other one. This pattern changes every 15 minutes.

Source: MedicalDiscoveryNews.com

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Disclosures and Disclaimer 

Investment in securities markets are subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.

 

Upstox Team

Authorised Partner