indian stock market news tomorrow
  • Save

Sensex Moves Below 47,800 Today, Nifty Holds Above 14,000

On Monday Indian stock markets opened in red. NSE Nifty 50 gave up 14,200 on the opening bell while S&P BSE Sensex was seen slipping below 48,100. Shares of Reliance Industries continued to fall and were seen trading 2% lower once again on Wednesday morning.

These were followed by Dr Reddy’s and Sun Pharma. On the other end, Ultratech Cement was the only stock gaining above 1%, followed by IT stock such as Tech Mahindra and HCL Technologies. India VIX or the volatility gauge was up 3% as it breached 24 levels. All sectoral indices were trading in the red.

Tweets from Elon Musk and Chamath Palihapitiya seem to have propelled NYSE listed video game retailer, GameStop to new highs during Tuesday’s trading session. The stock zoomed, a massive 92.7% during the market hours and if reports are to be believed, the stock went up another 60% after market hours.

The shocking up-move charted by the stock is an addition to its 650% rally since the beginning of this year, which has taken the stock higher to now trade at $147.98 per share. Larsen and Toubro (L&T) share price fell as much as 2 per cent to Rs 1,334 apiece on BSE today, despite a 5 per cent on-year increase in net profit to Rs 2,467 crore in October-December quarter.

However, revenues during the period were slightly lower at Rs 35,596 crore, as Covid-19 restrictions continued to have an impact on project site execution and Hyderabad metro operations. So far in January, Larsen & Toubro shares have gained 3 per cent.

We retain Hold with a TP to Rs2,000, based on 4.1x core P/ABV FY23 and subs valuation of Rs452. We believe that Kotak’s asset quality is manageable. The immediate concern regarding top management change is now behind with the RBI extending MD’s term by 3 years, but the bank needs to deliver on growth and drive higher RoE to sustain its rich valuations, hold Kotak Mahindra Bank ~ Emkay Global.

Sensex Moves Below 47,800 Today, Nifty Holds Above 14,000 via @MasterMindUpdate
  • Save
Scroll to Top
Share via
Copy link