Nifty, Sensex likely to open weak tracking global peers

KS Badri Narayanan | Updated on January 12, 2021

Indian stock markets are expected to open weak on Tuesday as the US market slipped overnight. The SGX Nifty futures is currently ruling at 14,477, down almost 20 points against the Nifty futures Monday's close of 14,493.50.

On Monday, the BSE Sensex closed above the psychological level of 49,000, rising 486.81 points or 1 per cent to 49,269.32 on January 11 while the Nifty50 climbed 137.50 points to 14,484.80.

US Markets

Wall Street’s main indexes closed lower on Monday as investors took some profits after last weeks’ records while they waited for earnings season to begin and eyed events in Washington with trepidation. The Dow Jones Industrial Average fell 89.28 points, or 0.29 per cent, to 31,008.69, the S&P 500 lost 25.07 points, or 0.66 per cent, to 3,799.61 and the Nasdaq Composite dropped 165.54 points, or 1.25 per cent, to 13,036.43.

Asian Markets

After opening wea, most Asian stocks were returned to positive. Japan’s Nikkei gained 0.17 per cent , South Korea’s Kospi fell 0.70 per cent, Hong Kong’s Hang Seng index futures up 0.44 per cent and Chinese Shanghai moved up 0.42 per cent. Australia’s S&P/ASX 200 also rose 0.24 per cent

Stocks to Watch

Dr Reddy's Laboratories: Independent Data Safety and Monitoring Board has reviewed the safety data from the Phase 2 clinical trial of the Sputnik V vaccine and recommended the phase 3 recruitment and to continue to the trial without any modifications. The DSMB concluded that no safety concerns were identified and that the study has met primary endpoints of safety. The data has been submitted to the DCGI for review and approval to continue phase 3 clinical trials.

Tata Motors: Jaguar Land Rover reported a second successive quarter-on-quarter recovery in retail sales in 2020. The retail sales rose 13.1 per cent to 1.28 lakh units from 1.13 lakh units in the preceding quarter and declined 9 per cent y-o-y during the October-December period. China sales rose 19.1 per cent y-o-y and 20.2 per cent on the prior quarter. Retail sales in North America rose 31.7 per cent and 20.5 per cent in Europe in the preceding quarter. However, the luxury carmaker said that sales in America, Overseas and Europe are yet to recover to pre-Covid levels.

Thyrocare Technologies: It Saw significant business revival in Q3 after business activities resumed across all states. The non-Covid business in particular is showing growth after the end of the festive season. Marketing campaigns launched to promote preventive healthcare packages are showing promising results. Q3 in general is observed to be the least contributing quarter to the annual topline historically, though this year, revival of business coupled with aggressive marketing has enabled us to achieve about 34% YoY growth in the quarter. Covid RTPCR tests continue to contribute in terms of volume of tests performed in Q3.

Tata Communications: Jhunjhunwala family has increased a stake in the company. According to a disclosure to the stock exchanges, Rekha Rakesh Jhunjhunwala acquires 1.12 per cent stake in the company during the October-December period.

Dishman Carbogen Amcis: The stake sale by Adimans Technologies, its promoters, through offer for sale route plans to sell up to 60.71 lakh shares. The shares to be sold, for non-retail investors to open on January 12 and for Retail Investors on January 13, represent 3.87 per cent of the total issued and paid-up equity share capital of the company. The company will also retain an oversubscription option of 32.14 lakh shares of face value of Rs 2 each or 2.05 per cent of the total equity. The floor price has been fixed as Rs 140 a share.

Union Bank of India: Has allotted unsecured fully paid-up Basel-Ill compliant debt instruments in the nature of Debentures eligible for inclusion in Additional Tier-1 Capital Series XXVlll aggregating to Rs 1,000 crore on January 11.

Greenlam Industries: A company under the name Greenlam Poland LLC has been incorporated on January 8 in Republic of Poland, to carry out the business of marketing and distribution of decorative laminates and other paper and wood based products. Greenlam Asia Pacific, a wholly-owned subsidiary of the company, holds 99 per cent shares in Greenlam Poland LLC, and balance 1 per cent share is held by Greenlam Industries.

Laurus Labs: The wholly-owned subsidiary of the company, Laurus Synthesis, has incorporated a wholly-owned subsidiary under name of Laurus Ingredients with effect from January 9, for undertaking Ingredients Business and also for setting up Greenfield projects for the new Synthesis Business.

Result Calendar: Tata Elxsi, Karnataka Bank, Filatex India, Steel Strips Wheels, Hathway, Ind Bank Housing, IndBank Merchant Banking, Vikas Multicorp and HPL Electric & Power Ltd.

Published on January 12, 2021

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