Stock Market Live: Sensex gains 400 points, Nifty reclaims14,400;

all sectors in the green

Indian indices opened higher on Tuesday, snapping two consecutive sessions of losses, tracking gains in the Asian peers. Back home, all sectors witnessed massive buying in the early deals. Nifty Auto, Nifty Pharma and Nifty IT rose over 1 percent each while the banking and fin services indices were up 0.7 percent each

Here’s the list of companies announcing earnings today

Opening Bell: Sensex opens over 350 points higher, Nifty nears 14,400; all sectors in the green

Indian indices opened higher on Tuesday, snapping two consecutive sessions of losses, tracking gains in the Asian peers. Asian shares rose as investors awaited US Treasury secretary nominee, Janet Yellen’s comments on fiscal stimulus and the dollar trajectory going forward. At 9:18 am, the Sensex was up 383 points at 48,948 while the Nifty rose 103 points to 14,384. Broader markets were also in-line with the benchmarks with the midcap and smallcap indices up around a percent each. All sectors witnessed massive buying in the early deals. Nifty Auto, Nifty Pharma and Nifty IT rose over 1 percent each while the banking and fin services indices were up 0.7 percent each. On the Nifty50 index, Tata Motors, GAIL, ONGC, SBI and IndusInd Bank were the top gainers while UPL and Tata Steel were the only stocks in the red.

HDFC Bank gives short and medium long term plan to RBI, hopes to eradicate technical glitches

HDFC Bank has given short and medium long term plan to the Reserve Bank of India (RBI), sources close to the lender informed. These plans relate to eradicate technical glitches being faced by the lender, the sources said. This development came after RBI disallowed HDFC Bank to issue fresh credit cards due to repeated tech glitches. The central bank is expected to allow card issuance after the bank satisfies it of remedial steps. The tech strengthening plans will take 3 months. Bank will then await RBI’s assessment, sources added.

Auto sector Q3 preview: Volume recovery to boost earnings

The volume recovery for Indian automobile manufacturers continued in the third quarter of FY21. Strong momentum was witnessed in retail sales of tractors and passenger vehicles (PV), whereas the same for two-wheelers was marginally lower than last year. The December quarter witnessed a rise in commodity prices and experts suggest that the impact of base commodity prices would reflect in the P&L from Q3FY21 onward. Base commodity price inflation is likely to have a 350-400 bps gross impact over the next two-three quarters. However, the impact of inflation is seen to be offset through a number of measures taken by OEMs including price increases, lower discounts, cost-cutting and operating leverage.

Yes Bank board meet on Friday, to consider fund raising plan

Yes Bank’s board will meet on Friday to consider a proposal for further fundraising through various means, according to the private sector lender. The bank had floated follow-on public offer (FPO) of Rs 15,000 crore in July 2020 to shore up its buffers that have fallen below the regulatory thresholds. However, it was subscribed 95 per cent on the final day so it raised Rs 14,267 crore through its FPO. Yes Bank in a regulatory filing on Monday said the board at its meeting — scheduled on January 22, 2021, for approving third-quarter results — will also discuss and consider raising of funds by issue of equity shares, debentures, warrants any other equity-linked securities, through permissible modes subject to necessary shareholders or regulatory approvals

First up, here is quick catchup of what happened in the markets on Monday

The Indian benchmark equity indices, Senex and Nifty ended lower on Monday dragged by heavy selling across the board. The Sensex ended 0.96 percent, or 470.40 points lower at 48,564.27, while Nifty closed at 14,281.30, down 1.06 percent, or 152.40 points. Broader indices under performed the benchmarks with Nifty Midcap100 and Nifty Smallcap100 declining more than 2 percent each.  All the sectoral indices ended in the red with the Nifty Metal index losing over 4 percent followed by Nifty Pharma, Nifty PSU Bank, Nifty Auto and Nifty Realty falling over 2 percent each.

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