Stock Market Live: Sensex off day’s low, Nifty around 14,600; banks drag, auto stocks gain. First time ever Sensex off 50 K Mark this week! Doubles pre-pandemic levels.

 List of Companies releasing Q 3  Results today:    RIL IB, HDFC Life, ….

Petrol now at record high -it’s Rs 92.04/litre

Sensex opens 100 points lower, Nifty below 14,600; banks, IT stocks drag

Indian indices opened lower on Friday mainly dragged by IT and banking stocks. HDFC, Infosys, HDFC Bank, TCS and Axis Bank contributed most to the decline, however, gains in RIL, Asian Paints and Bajaj Auto capped some losses. At 9:18 am, the Sensex was down 123 points at 49,501 while the Nifty fell 27 points to 14,563. Broader markets outperformed the benchmarks with the midcap and smallcap indices up 0.3 percent each. Among sectors, The Nifty Bank and Nifty Fin Services indices fell 0.7 percent each while Nifty IT and Nifty Pharma were down 0.4 percent and 0.6 percent, respectively. However, Nifty Auto gained 1 percent while the FMCG and metal in dices were also in the green.

Stock Market Live: Indian indices were off day’s high on Friday led by auto, and IT stocks however, a decline in banking and pharma stocks kept the benchmarks in the red. The Nifty Auto index rose over 2 percent while the IT index was up half a percent. Among losers, the Nifty Bank and Nifty Pharma indices fell around a percent each.

Home First Finance Company IPO fully subscribed on day 1

The Rs 1,153 crore-initial public offering (IPO) of mortgage lender Home First Finance Company India Limited was subscribed 1.03 times on Thursday, the first day of bidding. The issue has received bids for 1.24 crore equity shares against an offer size of more than 1.56 crore shares, according to data available on the exchanges. The company already raised Rs 346 crore from anchor investors on January 20 and the issue size has been reduced to 1.56 crore shares (or Rs 880 crore) after fund-raising from the anchor book. The portion reserved for retail investors has been subscribed 87.5 percent and that of non-institutional investors 6.9 percent. The portion set aside for qualified institutional buyers was subscribed 1.2 times

RIL, the promoter of Reliance Jio, also controls Network 18, the parent company of CNBCTV18.com. Reliance Q 3 results today.

Reliance Jio Q3 earnings: Revenue growth seen at 3.9% on QoQ basis

Reliance Jio, the telecom business of Reliance Industries Ltd (RIL), will be announcing its Q3FY21 earnings today. Jio is expected to report a 3.9 percent revenue growth on a quarter-on-quarter (QoQ) basis. This revenue growth will be lower compared to what was seen in the last few quarters. The key reason for the lower revenue growth is the muted net subscriber addition.

Reliance Industries (RIL) is set to announce its December-quarter earnings on Friday. A sequential recovery is expected across all segments for the company in Q3. Here are the key expectations: On the revenue front, a 13.5 percent growth is expected at Rs 1.26 lakh crore. The operational performance is also likely to improve, with 16.5 percent growth sequentially at Rs 22,100 crore. A slight improvement is expected in the operating profit margins and the core profitability may see a 15.6 percent growth.

Network 18, which publishes cnbctv18.com, is a part of the Reliance Group

Bitcoin extends slide, sheds 5% in Asia, drops below $30,000

Bitcoin fell to an almost three-week low on Friday as profit-taking and worries about extra regulation drive the cryptocurrency toward a weekly loss of more than 15 percent. Bitcoin fell nearly 5 percent to USD 29,300 early in the Asia session, its lowest since Jan. 4 and some 30 percent below its record high of USD 42,000 hit two weeks ago. The pullback comes amid growing concerns that bitcoin is one of a number of financial market price bubbles.  Fears that US President Joe Biden’s administration could attempt to regulate cryptocurrencies have also weighed on sentiment, traders said. During a Senate hearing on Tuesday Janet Yellen, Biden’s pick to head the US Treasury expressed concerns that cryptocurrencies could be used to finance illegal activities.

Bandhan Bank Q3 profit slips 14%; flags concerns over Assam law on MFIs

Micro loans-focussed Bandhan Bank on Thursday reported 14 per cent decline in December quarter net profit at Rs 632.59 crore as provisions more than trebled. The bank also flagged concerns over the impact of a recent law on MFI loans in poll-bound Assam, which constitutes 8 percent of its overall book, saying the loan collections have suffered in the last fortnight and it will be cautious while extending new loans. The bank’s core net interest income grew 34 percent to Rs 1,541 crore on the back of a widening in net interest margin to 8.3 percent from 7.9 percent and 22.6 percent growth in loan book. The other income grew handsomely to Rs 553.28 crore from Rs 357 crore in the year-ago period.

Indian indices ended in the red on Thursday after hitting record highs in intra-day deals mainly dragged by banking, metals and IT stocks. Heavyweights HDFC Bank, TCS, ITC, Kotak Bank and Bharti Airtel contributed most to the decline. The Sensex ended 167 points lower at 49,624 while the Nifty fell 54 points to settle at 14,590. In intra-day deals, the Sensex hit 50,000 levels for the first time ever. It rose as much as 392 points to its all-time high of 50,184 while the Nifty rose 109 points to its fresh high of 14,753. Broader markets also pared morning gains to end negatively. The Nifty Midcap index lost over 1 percent while the Nifty Small cap index was down 0.6 percent for the day.

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