Technically, the USDINR pair has successfully traded below 73.50 crucial resistances for past two weeks. If it breaks the same rupee is likely to move towards 73.70-73.80. Overall, the rupee shall be in range of 73.00-74.00 levels, with 73.00 levels a near term support for rupee, while 73.50 is acting as a strong resistance. It is advisable to sell on upticks close to 73.70-73.80 levels, and for buying near 73.00-73.30 levels for the near term exposures.: Amit Pabari, managing director, CR Forex Advisors
The index faces resistance at the 14250 level. If we can consistently trade above that price point we should target 14350-14400 as the next target. The market has a good support at the 13900-13950 zone.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Bharat Rasayan share price surges over 10 per cent to Rs 10,543.65 apiece on BSE as company informed to consider the proposal of buyback of equity shares on January 12.
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Out of 30 Sensex stocks, three stocks, Titan Company, Housing Development Finance Corporation (HDFC) and Kotak Mahindra Bank, were trading in the red.
Top BSE Sensex gainers were Tech Mahindra, Infosys, Tata Consultancy Services, Powe Grid Corporation of India, HCL technologies, ONGC, Maruti Suzuki, UltraTech Cement among others.
Tata Consultancy Services (TCS) share price jumped 1.48 per cent to 3,077.45 apiece on BSE in morning deals ahead of October-December quarter results.
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The S&P BSE Sensex jumped 342 points or 0.71 per cent to 48,436, while the broader Nifty 50 topped 14,200 levels on Friday on the back of positive global cues.
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The short term trend of Nifty has turned out to be choppy and this range-bound movement is expected to continue for the next session. Immediate resistance is placed at 14300 and short term support for the Nifty is at 14000 levels. A sustainable move above 14300 could open further upside momentum in the market: Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The S&P BSE Sensex surged 500 points or over per cent in the pre-opening session on Friday on the back of positive global cues.
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Formal certification of Biden presidency and Trump promising smooth transition of power have further pushed US markets higher. Even though this might embolden our bulls too, there are some areas of concern. FII inflows are steadily declining and low- grade stocks are touching record highs. Irrational retail investor enthusiasm for ‘cats & dogs’ is an indication for caution. This is not the time for exuberance. Investors can use the present excessive optimism to sell poor quality stocks in the portfolio.: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Nifty futures were trading 32.50 points up at 14,287.50 on Singaporean Exchange, suggesting a gap-up start for BSE Sensex and Nifty 50 on Friday. Asian markets were seen trading mostly higher following an overnight rally on Wall Street.
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On Thursday, foreign institutional investors (FIIs) bought shares worth Rs 382.3 crore, whereas domestic institutional investors (DIIs) sold shares worth Rs 989.5 crore on a net basis in the Indian equity market, according to the provisional data available on the NSE.
Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry has appreciated the Government for pulling the economy from the low growth of (-)23.9% in Q1 FY 2020-21 to the overall growth of (-)7.7% in FY 2020-21 in the extremely difficult time of Pandemic COVID-19. National Statistical Office, GOI has released today the latest estimates of India’s GDP growth at (-)7.7% for FY 2020-21 in its First Advance Estimates of National Income, of which the growth of Agriculture, forestry & fishing is estimated at 3.4%, Mining & quarrying at (-)12.4%, Manufacturing at (-)9.4%, Electricity, gas, water supply & other utility services at 2.7%, Construction at (-)12.6%, Trade, hotels, transport, communication & services related to broadcasting at (-)21.4%, Financial, real estate & professional services at (-)0.8% and Public administration, defence & other services at (-)3.7%.
In overnight trade, US stock market main indices Dow Jones Industrial, S&P 500 and tech-heavy Nasdaq Composite, set new highs. Dow gained 0.69 per cent, S&P500 surged 1.48 per cent and Nasdaq jumped 2.56 per cent.
Tata Consultancy Services (TCS) will announce October-December quarter results later in the day today. Analysts expect robust revenue growth on the back of ramp-up of certain large deals. TCS share price jumped over 32 per cent in the calendar year 2020, while it managed to gain 15 per cent in the third quarter of FY21. In the recently concluded buyback, Tata Sons tendered shares worth Rs 10,000 crore of Tata Consultancy Services. The company’s cash reserves stood at Rs 58,500 crore as of September 2020.
