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Nifty Auto index added 1 percent led by the Ashok Leyland, M&M, Bajaj Auto
Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel One:
On Tuesday, Spot Gold rose over 0.7 percent to close at $1814.6 per ounce. Gold prices scaled higher as a weaker US Dollar and surge in the Omicron variant cases around the globe shifted investors towards the safe haven asset.
However, boost in markets risk appetite, increasing Oil prices and higher bond yields kept the gains for Gold in check.
In 2021, Gold recorded its first annual decline in three years as recovery in global economies and major central banks moving towards a hawkish approach shifted investors away from the safe haven asset.
Gold prices in the international markets have registered a fall of 6 percent while MCX futures have declined by around 4.5 percent in the year gone by.
Increasing bets towards an early rate hike by the US Federal Reserve might over shadow worries over the surge in virus infected cases across borders and pressure Gold in todays session.
Nifty Metal index rose 1 percent supported by the Jindal Steel, JSW Steel, APL Apollo
Angel One Picks 14 Stocks For 2022 For An Upside Up To 81%
Federal Bank, HDFC Bank, AU Small Finance Bank, Ashok Leyland, Sona BLW Precision Forgings, Ramkrishna Forgings, Suprajit Engineering, Carborundum Universal, Stove Kraft, Safari Industries, PI…
Market at 12 PMBenchmark indices were trading at day’s high level with Nifty around 17800 and Sensex around 60000 level.The Sensex was up 138.60 points or 0.23% at 59994.53, and the Nifty was up 41.20 points or 0.23% at 17846.50. About 1603 shares have advanced, 1468 shares declined, and 72 shares are unchanged.
Buzzing:
Shares of Bajaj Finance Ltd rose more than 2 percent on January 5 after the non-banking finance company (NBFC) posted a 26.3 percent jump in the assets under management in the third quarter of FY22 ended December 31.
The assets under management of the company rose to Rs 181,300 crore in Q3FY22 from Rs 143,550 crore in the year-ago period, the NBFC said. The company booked 7.4 million new loans in the December quarter, up from 6 million in the same quarter of the previous year.
Consolidated liquidity surplus stood at approximately Rs 14,300 crore as of December 31, 2021, Bajaj Finance said in the quarterly update.
Amit Pabari, MD at CR Forex Advisors
The strength in the rupee was finally interrupted as the US dollar was lifted by rising US 10-year Treasury yields which rose yesterday up to 1.68% indicating the expectations of Hawkish Fed and stronger economic growth despite the rising Omicron cases.
The prospect of three rate hikes from the Federal Reserve this year is finally creating demand for the dollar while on the flip side, the rupee has strengthened enough in the past few days and is up for a reversal. USDINR is likely to trade between the range of 74.30-74.80 today.
Domestically, there has been growing expectations that RBI will not hike the reverse repo rate in the upcoming policy meet and tighten liquidity measures as the rise of Omicron cases could affect business activity. This could be one of the reasons for the rupee to weaken against the dollar in the near term.
Besides, consistently widening trade deficit and oil prices supported by the OPEC decision will likely keep the rupee under pressure. On the data front, Fed’s December meeting minutes and the release of US non-farm payrolls data will be keenly watched for the momentum in the dollar this week. Overall, we expect that the downside in the USDINR pair might be over near 74.10-30 and the pair will move upside towards 75.20.
Just in: Ramesh Damani has bought 1.26 percent stake in Panama Petro in Q3. The stock was trading at Rs 286.10, up Rs 29.25, or 11.39 percent. It has touched an intraday high of Rs 295.10 and an intraday low of Rs 252.95.
Most active stocks on NSE in terms of volumes
Emkay Global Financial Services on HDFC Bank: The stock has underperformed by its own standards as well as that of the peers after the management change, more so due to the RBI’s embargo on its card/digital initiatives and Covid-induced growth/asset-quality disruption. The risk of fresh Covid wave-induced lockdowns could once again disrupt business/asset-quality normalization. However, we believe that the bank has built reasonable Covid buffers (0.8% of loans) and should be relatively resilient.
After the recent correction, the stock is trading at a reasonable valuation (2.9x FY23/2.5x FY24 ABV). We have a buy rating on HDFC Bank with a target of Rs 2,050, given its proven track record in managing asset quality across cycles, strong franchise/capital profile, and the ability to deliver superior return ratios.
Warren Buffett’s Berkshire Hathaway makes over $120 billion from Apple’s $3 trillion stock stint: Report
Tech stocks averse Warren Buffett’s big bet on Apple has paid off as the iPhone makers’ brief $3 trillion milestone raked in over $120 billion for the Oracle of Omaha.
Berkshire Hathaway’s 5 percent stake in Apple, bought for $36 billion in 2016, is now worth $160 billion after the stock high, CNBC reported. Further, the average annual dividend from Apple is around $775 million, it added.
The 5 percent stake also comprises over 40 percent of Berkshire Hathaway’s equity portfolio, as per InsiderScore.com calculations. Berkshire is now Apple’s largest shareholder besides index and exchange-traded fund providers, it said.
