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Stock Market Live: Sensex down 200 points, Nifty around 14,500; IT stocks drag

Stock Market Live: Indian indices opened in the red on Thursday mainly dragged by IT stocks despite better than expected December quarter results. Infosys, HCL Tech, TCS and Tech Mahindra contributed the most to the losses.

Opening Bell: Sensex opens lower, Nifty around 14,500; IT stocks drag, Infosys down 4%

Indian indices opened in the red on Thursday mainly dragged by IT stocks despite better than expected December quarter results. Infosys, HCL Tech, TCS and Tech Mahindra contributed the most to the losses. At 9:17 am, the Sensex was down 90 points at 49,402 while the Nifty fell 34 points to 14,530. Broader markets, however, outperformed benchmarks with the midcap and smallcap index up 0.3 percent each. Among scetors, the Nifty IT fell 1.5 percent while, bank, auto, FMCG sectors remained in the green. On the Nifty50 index, ONGC, IndusInd Bank, IOC, ITC and BPCL were the top gainers hwile Wipro, Infosys, HCL Tech, Tech Mahindra and Bajaj Finance led the losses.

SAIL OFS starts today; government to divest up to 10%

The Central government has decided to divest 5 percent equity in Steel Authority of India Limited (SAIL) while keeping the greenshoe option of 5 percent. The offer for sale (OFS) will open on Thursday (January 14) for non-retail investors and for retail investors on January 15. The floor price of the offer will be Rs 64 per equity share, according to a regulatory filing. The government holds 75 percent stake in SAIL. It had last sold 5 percent stake in the steel CPSE in December 2014. The total OFS size has been calculated at 20.6 crore shares of the face value of Rs 10 each (base offer size), with an option to additionally sell up to 20.6 crore equity shares. With this, the total OFS goes up to 41.3 crore shares and the government is expected to mobilise Rs 2,664 crore.

Infosys shares decline 5% despite robust Q3 results, bullish brokerage views

Shares of Infosys fell 5 percent in early deals on Thursday even after the IT major reported better than expected earnings for the December quarter. It posted a 16.6 percent year-on-year (YoY) rise in consolidated net profit to Rs 5,197 crore in Q3 as against Rs 4,466 crore in the year-ago quarter. The stock lost as much as 5 percent to its day’s low of Rs 1,318 per share on BSE. Most brokerages have a ‘buy’ call on the stock post the earnings and raised their target price. Global brokerage house CLSA raised its target to Rs 1,620 per share from Rs 1,480 earlier. Meanwhile, Edelweiss increased its target price to Rs 2,124 per share, Credit Suisse to Rs 1,810 and Morgan Stanley to Rs 1,700.

Wipro Q3 result: Net profit rises to Rs 2,900 crore, revenue at Rs 15,670 crore

Wipro delivered a stellar performance in the third quarter and announced a rise of 21 per cent in the consolidated net profit to Rs 2,968 crore year-on-year (YoY) for the period ending on December 31, 2020. It was ₹2,456 crore in the year-ago period. The tech giant said on Wednesday that consolidated revenue for the same period was Rs 15,670 crore. Wipro expects revenue from its IT Services business to be in the range of $2,102-$2,143 million, which translates to a sequential growth of 1.5% to 3.5%. Thierry Delaporte, Chief Executive Officer and Managing Director at Wipro, said, “We witnessed unprecedented times. With improved vaccine prospect, we are filled with optimism for 2021. We have gone live with a new organisational structure as of January 1, 2021. We have had a second consecutive quarter of strong performance.”

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Asia shares make cautious gains after Wall Street rises as U.S. yields fall

Asian equities made early trading gains on Thursday after a mixed session Wall Street buoyed by expectations of a U.S. stimulus package even as political events in Washington culminated in the impeachment of President Donald Trump. The benchmark S&P 500 had closed slightly higher driven by rate-sensitive defensive sectors such as utilities and real estate, while economically sensitive cyclical sectors lagged. Australian S&P/ASX 200 futures rose 0.21 percent in early trading, while Hong Kong’s Hang Seng index futures rose 0.23 percent.

First up, here is quick catch up of what happened in the markets on Wednesday.

Indian indices ended flat on Wednesday, snapping three sessions of record close, mainly dragged by financials and pharma sectors. The Sensex ended 25 points lower at 49,492 while the Nifty was up 1 point to settle at 14,565. Meanwhile, the broader markets underperformed benchmarks with the midcap index down 0.7 percent. Among sectors, Nifty Fin Services and Nifty Pharma led the losses while the banking, auto, FMCG and IT indices were in the green for the day. M&M was the top gainer in the Sensex pack, rallying around 6 percent, followed by SBI, ITC, NTPC, Bharti Airtel and ONGC. On the other hand, Bajaj Finance, HDFC, Bajaj Finserv, Titan, Sun Pharma and Dr Reddy’s were among the laggards.

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