Stock Market LIVE Updates: Sensex up 300 pts, Nifty tests 17,700; banks advance

Share market LIVE updates: Indian equity indices extended gains on Monday amid positive global cues. Globally, equities were stronger following a series of all-time highs in December as markets continue to bet that the latest surge in Covid-19 cases won’t derail economic growth

Markets are anticipating an uptick in volatility. Investors are navigating headwinds from the Omicron variant, supply-chain disruptions and more central banks winding back pandemic stimulus that propelled a third year of double-digit returns for equities

HDFC Bank Q3 update: BSE filing 

HDFC Bank’s advances aggregated to approximately ₹ 12,600 billion as of 31 December 2021, a growth of around 16.4% over ₹ 10,823 billion in the year-ago period, and a growth of around 5.1% over ₹ 11,988 billion as of 30 September 2021.

As per the Bank’s internal business classification, retail loans grew around 13.5% year-on-year and around 4.5% sequentially; commercial & rural banking loans grew 29.5% over December 31, 2020 and around 6.0% over September 30, 2021; and corporate & other wholesale loans grew by around 7.5% over December 31, 2020 and around 4.5% over September 30, 2021.

The Bank’s deposits aggregated to approximately ₹ 14,460 billion as of December 31, 2021, a growth of around 13.8% over ₹ 12,711 billion as of December 31, 2020 and a growth of around 2.8% over ₹ 14,063 billion as of September 30, 2021.

Retail deposits grew by around 17.0% over December 31, 2020 and around 4.0% over September 30, 2021; wholesale deposits grew by around 1.0% over December 31, 2020 and were lower by around 1.5% over September 30, 2021.

The Bank’s CASA deposits aggregated to approximately ₹ 6,810 billion as of December 31, 2021, a growth of around 24.6% over ₹ 5,467 billion as of December 31, 2020 and a growth of around 3.5% over ₹ 6,582 billion as of September 30, 2021. The Bank’s CASA ratio stood at around 47% as of December 31, 2021, as compared to 43.0% as of December 31, 2020 and 46.8% as of September 30, 2021.

Oil prices steady ahead of OPEC+ output policy meeting

Oil prices were flat on Tuesday ahead of a meeting where major producers are expected to stick to plans to add supply in February, as soaring COVID-19 cases have yet to spark lockdowns in the biggest fuel-consuming countries.

Brent crude futures gained 1 cent to $78.99 a barrel at 0239 GMT, while U.S. West Texas Intermediate (WTI) crude futures slipped 2 cents to $76.06 a barrel.

The two benchmark contracts both climbed more than 1% on Monday.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and allies – together called OPEC+ – are due to meet on Tuesday. The Joint Ministerial Monitoring Committee is due to meet at 1200 GMT, followed by a ministerial meeting at 1300 GMT, both by videoconference.

Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The Nifty continues its upward trajectory. It has crossed its intermediate high of 17639; this should allow the index to achieve 17800-17850 as the next target. This zone might prove to be a resistance patch as well. Traders can consider booking profits on their long positions when the Nifty hits 17800-17850. 17200 is good support for the markets and intraday dips can be utilized to accumulate long positions.

India’s exports hit all-time monthly high in December 

India’s exports in December rose a record 37% year-on-year to $37.29 billion, government data showed on Monday. This is the highest-ever monthly achievement of exports so far. Exports stood at more than $27.22 billion in December 2020. The exports growth last month is also a 37.55% jump over December 2019, when it stood at $27.11 billion.

“Highest ever goods exports in the history of India in Dec’21! Exports over $37 Billion, 37% jump over Dec’20. Govt. led by PM @NarendraModi ji is providing a boost to manufacturing sector for building an #AatmanirbharBharat,”.

Outbound shipments during April-December 2021 has already crossed $300 billion, exceeding the exports of 2020-21, according to data of the commerce ministry.

Hindustan Zinc Q3 integrated metal production rises 11%

Vedanta group firm Hindustan Zinc Ltd (HZL) on Monday reported an 11% rise in integrated metal production at 2,61,000 tonnes in the third quarter of this fiscal, led by better plant and mined metal availability and improved operating parameters.

The company’s integrated metal production stood at 2,35,000 tonnes in the year-ago period, HZL said in a BSE filing.

Integrated zinc production was at 214,000 tonnes, up 17% as compared to Q3 FY’21.

Refined lead production was at 47,000 tonnes in the third quarter of FY’22, down 10% as compared to the year-ago period.

Mined metal production rose 3% to 2,52,000 tonnes on account of higher ore production at Sindesar Khurd and Zawar mines and higher feed grade at Rampura Agucha, supported by improvement in recovery, partly offset by lower ore metal grade.

China’s manufacturing expands while employment remains weak

China’s factory activity expanded in December as production and sales picked up, though employment remained weak, a private gauge showed Tuesday.

The Caixin Manufacturing Purchasing Managers’ Index rose to 50.9 last month from November’s 49.9, Caixin and IHS Markit said in a statement. Economists had expected a marginal improvement to 50, the dividing line between expansion and contraction.

Output rose at the fastest pace in the past year, supported by improved market conditions and stronger customer demand, while inflation eased, according to the statement. Employment fell for the fifth month in a row, with the sub-index dropping to 48.7, the weakest since February last year.

HDFC assigns ₹7,468 cr loans in Dec quarter, sees 5.5% growth

Housing Development Finance Corp. (HDFC), the country’s largest mortgage lender, on Monday said it assigned loans worth ₹7,468 crore in the quarter ended December, up by 5.5% from a year ago.

It had assigned loans amounting to ₹7,076 crore in the corresponding December 2020 quarter of the previous financial year.

All loans assigned during the quarter ended 31 December, were to HDFC Bank pursuant to the buyback option embedded in the home loan arrangement between HDFC Bank and the Corporation, it said in a regulatory filing.

Loans sold in the preceding 12 months amounted to ₹27,591 crore as against ₹16,956 crore, it said.

Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The index has marched forward gallantly and is all set to move up higher. As expected on Friday, we have achieved the target of 17600. We should now be headed to 17850 as the next level of resistance. Post that 18050 would be the next possible target for the Nifty. Since we are in positive terrain, any drop or intra day dip can be utilized to accumulate buy positions for higher targets.

Nifty view: Nagaraj Shetti, technical research analyst, HDFC Securities

The negative sequence of lower tops and bottoms on the daily chart is now placed at the edge of negation, as Nifty moved above the last lower top of 13th December at 17,639 levels on Monday. This could mean that the bearish set up is likely to be negated and any dips from current levels in Nifty 50 could unfold a bullish set up like higher highs and lows, as per daily chart.

Elizabeth Holmes, former CEO of Theranos, found guilty of fraud 

Fallen US biotech star Elizabeth Holmes was convicted on Monday of defrauding investors in her blood-testing startup Theranos, in a high-profile case seen as an indictment of Silicon Valley culture.

Holmes is a rare example of a tech exec being brought to book over a company flaming out, in a sector littered with the carcasses of money-losing companies that once promised untold riches.

Her case shone a spotlight on the blurred line between the hustle that characterizes the industry and outright criminal dishonesty.

Jurors took seven days of deliberations to reach their verdict, finding her guilty of four counts of tricking investors into pouring money into what she claimed was a revolutionary testing system.

But the panel — who had listened to weeks of sometimes complex evidence — also acquitted her on four charges and could not reach a verdict on three others.

The 37-year-old now faces the possibility of 20 years behind bars for each conviction. She remains at liberty ahead of another hearing on the terms of her bail next week. No date was set for sentencing.

ONGC gets its first ever woman CMD, Alka Mittal

State-run Oil and Natural Gas Corporation’s (ONGC) Director HR (human resources), Alka Mittal, has been given additional charge of chairman and managing director, making her the first woman to head the energy major, ONGC said in a tweet on Monday evening.

“ONGC Director (HR) Dr Alka Mittal has been entrusted with additional charge of ONGC CMD, making her the first woman to head the #Energy major,” ONGC tweeted from its official handle.

Mittal was given the additional charge after incumbent Subhash Kumar superannuated on December 31, 2021. She is also the senior-most director on the ONGC board.

Most Asian stocks higher tracking gains in US peers

Most Asian stocks rose Tuesday after the S&P 500 closed at a record high on the first trading day of 2022. Treasuries maintained losses.

Japan led an advance as more Asian markets traded after the new year break. The U.S. gains followed European stocks which hit unprecedented highs even as trading volumes remained light because of holidays. On Tuesday, U.S. futures were little changed.

Hong Kong shares edged higher after their worst start to a year since 2019. Chinese equities weakened as investors weigh the possibility of further policy easing with data showing that property companies saw sales drop last year.

Markets are anticipating an uptick in volatility. Investors are navigating headwinds from the omicron variant, supply-chain disruptions and more central banks winding back pandemic stimulus that propelled a third year of double-digit returns for equities.

U.S. December payroll data and minutes from the Fed’s meeting last month later this week may build a case for tightening to begin sooner.

S&P 500 futures were little changed, and so were Nasdaq 100 futures.

Japan’s Topix index rose 1.3%, Australia’s S&P/ASX 200 Index advanced 1.5%, Kospi index fell 0.3%, Hang Seng Index rose 0.2%, and the Shanghai Composite Index fell 0.3%.

Overnight, major Wall Street indices closed at fresh records and Apple briefly reached a $3 trillion valuation in a bullish open to 2022, despite expectations for higher interest rates.

The Dow Jones Industrial Average finished up 0.7% at 36,585.06, a record. The broad-based S&P 500 jumped 0.6% to 4,796.56, also a record, while the tech-rich Nasdaq Composite Index advanced 1.2% to 15,832.80.

The new landmarks come on the heels of a series of all-time highs in December as markets continue to bet the latest surge in Covid-19 cases won’t derail economic growth.

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