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Global markets are reacting to a surge in U.S. Treasury yields, with Japan's Nikkei dropping 1.5% and Asian stocks mixed. HCL Technologies shares fell over 8% after disappointing Q3 results, while Bharat Electronics secured a Rs 561 crore order. The Nifty Next 50 index has entered bear territory, down over 20% from its peak.
The Indian stock market faced a significant downturn on January 6, with both the Sensex and Nifty 50 indices dropping over 1.5% amid fears of a new virus outbreak in China. The Nifty 50 closed at 23,616 points, slipping below the crucial 24,000 level, while the broader market indices, including Nifty Smallcap 100 and Nifty Midcap 100, fell by 3.2% and 2.7%, respectively. Major sectoral indices suffered losses, particularly in PSU Bank, Metal, and Energy sectors, with ITC leading individual stock declines at 8.1%.
Indian businesses have outperformed in shareholder returns across 10 of 14 major sectors over the past 20 years, according to DSP Mutual Fund. Notable sectors include aerospace & defence, banks, and FMCG, while oil, telecom, and power lag behind. Despite recent FII outflows of $2.75 billion, net FDI into India also saw a decline in the September quarter.
On Thursday, traders are advised to focus on stocks such as PVR INOX, CCL Products, Trent, Bharat Electronics, BEML, and Firstsource. Additionally, there is an option to receive push notifications for relevant content and transaction updates.
The Nifty 50 index rebounded on November 27, closing above 24,250, driven by gains in auto, energy, metal, and media sectors. After a flat opening and rangebound trading, the index surged past 24,350 before some selling pressure emerged. Notable gainers included Adani Enterprises and NTPC, while Apollo Hospitals and Titan Company were among the losers. Broader indices also performed well, with the Nifty Midcap rising 0.6% and the Nifty Smallcap up 1.3%.
Nifty and Sensex continued their upward trend for the third consecutive day, buoyed by gains in IT, realty, and FMCG stocks. At 9:30 am, Sensex rose by 250.53 points to 80,360.38, while Nifty increased by 81.90 points to 24,303.80, reflecting positive sentiment following the NDA alliance's electoral success in Maharashtra. Analysts anticipate a focus on government spending as geopolitical risks remain a concern.
JPMorgan has initiated an 'overweight' rating on Hindustan Aeronautics and Bharat Electronics, citing strong growth prospects in defense production and exports. Following a significant stock price correction of 14-28% from recent highs, the firm sees this as an opportunity to invest at lower valuations. It has set a price target of Rs 340 for Bharat Electronics, indicating over 16% upside potential.
Nifty and Sensex closed strongly, buoyed by the BJP-led Mahayuti Alliance victory in Maharashtra, despite some intraday gains being pared. The Sensex rose by 992.74 points to 80,109.85, while the Nifty increased by 314.60 points to 24,221.90, with broad-based gains across sectors. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted the positive political message from the election for the market.
UBS Group AG reported a third-quarter net income of $1.4 billion, significantly surpassing analyst expectations of $783.3 million, driven by strong lending income and cost reductions. However, the bank cautioned about potential challenges from the US elections and declining interest income, while also navigating the integration of Credit Suisse amid regulatory uncertainties that could increase capital requirements by up to $25 billion. UBS plans to continue share buybacks and is considering acquiring a US wealth management firm post-integration.
Geojit Financial Services has upgraded Bharat Electronics Ltd. (BEL) to a BUY rating with a target price of Rs 323, citing a strong Q2FY25 performance with a 15% YoY revenue increase and a 34.3% rise in net profit. The company holds a robust order backlog of Rs 74,595 crore, ensuring visibility for the next 3-4 years, supported by government initiatives in domestic manufacturing and a healthy margin profile.
Bharat Electronics Limited
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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