India VIX closed flat with a negative bias.Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices surged to hit fresh all-time highs on Monday and closed at their highest ever closing levels. S&P BSE Sensex is now at 45,426 while the 50-stock NSE Nifty closed at 13,355. Among the top gainers were Bharti Airtel, up 3%, followed by Hindustan Unilever and HDFC. 11 stocks closed in the red on Monday. Of these, the worst performers were Kotak Mahindra Bank, Nestle India, and Tata Steel, all falling over 1.3%. Broader markets outperformed the benchmark indices.
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Highlights
Dalal Street saw yet another record breaking run by the benchmark indices on Monday which helped them scale to new all-time highs. S&P BSE Sensex gained 347 points to end at 45,426 while the 50-stock NSE Nifty ended at 13,355 -- their highest ever closing levels. With broader markets yet to reach their record highs, they were seen outperforming once again. Among the top gainers were Bharti Airtel, up 3%, followed by Hindustan Unilever and HDFC. 11 Sensex stocks closed in the red on Monday. Volatility closed flat with a negative bias.
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Financials stocks are likely to participate in any cyclical stock rally triggered by yield curve steepening, according to Chris Wood, global head (equity strategy), Jefferies. In his weekly newsletter, the market strategist said that financials may join the rally as has already happened with the likes of European and Japanese banks.The EuroStoxx Banks Index has risen by 45% since late October, while the Topix Banks Index is 21% above its March lows. However, if the Federal Reserve, and other G7 central banks, suppress the steepening of yields by pegging bond yields, that may turn out to be a long-term issue for banks.
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Sensex closed at 45,426 while the 50-stock NSE Nifty ended the day's trade at 13,355 -- highest ever closing levels for both the benchmark indices.
IRCTC, Natco Pharma, and Ajanta Pharma are the top midcap stocks on BSE Midcap index just before closing bell.
Nestle India, Kotak Mahindra Bank, Tata Steel are the worst three of the ten Sensex stocks that were down in the red.
Bharti Airtel, HUL and ITC are the top gainers on Sensex just ahead of the closing bell. Bharti Airtel and HUL shares are up over 3% each while ITC has gained 2.6%.
S&P BSE Senex was surging to fresh highs just ahead of the closing bell as the 30-stock index crosses 45,450 for the first time in history. Nifty breached 13,350.
Nifty Media and Nifty PSU Bank index were both up 2% each on Monday just half an hour before the closing bell as the top NSE sectoral gainers.
An hour to to before the closing bell on Monday and Sensex, Nifty were up with gains. Sensex is sitting above 45,200 points while the 50-stock NSE Nifty was above 13,300.
Franklin Templeton India will conduct E-Voting from December 26 to 28, seeking consent of unitholders for the orderly winding up of its six debt mutual fund schemes. The fund house will be asking investors if they are in favour of the orderly winding up or if they are against it. In a letter addressed to the investors, Franklin Templeton said that if unitholders vote against the order winding up, “the schemes may suffer significant losses due to the need to sell securities at distress prices to fund heightened redemption volumes.”
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Walmart-owned Flipkart’s initial public offering (IPO) is a certain thing but how soon it would be on the horizon is a matter that has always kept the Indian startup ecosystem and its stakeholders on tenterhooks. After all, Flipkart has been the e-commerce poster boy in India’s journey towards digitisation of at least its consumer-facing services. Talks around Flipkart’s IPO have been happening for the past few years in the backdrop of different developments at the company even as it counts the listing event as part of its long-term strategy. “An initial public offering has always been part of Flipkart’s long-term strategy. However, the focus at present is on growth and democratising commerce in India through technology, while continuing to unlock customer value, Walmart-owned e-commerce company told Financial Express Online in a statement.
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"Cement stocks are making fresh highs due to improving demand scenario and increase in realisation. Although, demand is not yet back to pre covid level. Due to reduction in cost especially power & fuel, cement companies margins have improved. There is pick up in non-trade segment cement demand, as labourers issue is getting resolved as labourers are coming back to work after the festive season. Due to the improving demand scenario, companies are planning for fresh capex. We continue to be bullish on the cement sector. Our preferred pick from large cap is UltraTech Cement and midcap space is JK Lakshmi Cement," said Keshav Lahoti Associate Equity Analyst, Angel Broking.
BSE Midcap index was up 0.84% while the Smallcap index zoomed 1.37% on Monday morning while the benchmark Sensex was up 0.50%.
Amogn top Sensex gainers at this hour are IndusInd Bank, Sun Pharma, and HUL. While IndusInd Bank and Sun Pharma have gained over 3% each, HUL is up 2.3%.
Global rating agency Moody’s on Monday said HDFC Bank’s multiple digital outages are credit negative as such recurring incidents could lead to moderation in revenue and flight of customers to other banks. The recurring outages also risk hurting the bank’s brand perception among a growing and increasingly digitally savvy customer base, and increases the potential that clients switch to other banks, which would lead to a reduction in revenue and low-cost retail funding, Moody’s said in a statement.
The IPO market might not be done for the year just yet. After the recently-closed Burger King’s public issue, the first PSU non-banking finance company (NBFC) IPO could be knocking on Dalal Street’s door this month. Indian Railway Finance Corporation’s (IRFC) Chairman and Managing Director stirred the pot over the weekend when he was quoted saying that the firm may launch its IPO by the third week of December if the market sentiment continues to stay positive. If not, then investors might have to wait for IRFC’s IPO till January, Amitabh Banerjee, Chairman and Managing Director, IRFC told PTI.
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A $69 million Indian quant fund has delivered more than double the returns of the nation’s benchmark stock index this year by avoiding volatile shares and focusing on sector diversification. The DSP Quant Fund has returned about 19% in 2020, compared with a 9.5% gain in the S&P BSE Sensex Index, which surged to an all-time high on Friday. It is the largest among a handful of quant funds in India’s $364 billion asset management industry.
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Pharmaceutical stocks have been nothing short of a vaccine for an investor’s portfolio this year. After the strong rally between March and September, the recent consolidation in pharma stocks has made investors scout for other winners. However, brokerage and research firm ICICI Direct believes that the consolidation may now be over. Fundamentally, improvement in exports of APIs and formulations are helping the pharmaceutical industry. To add to that, cost rationalisation has aided in improving operational performance. ICICI Direct said it expects the second half of this fiscal year to reflect the normalisation trend with better execution.
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Nifty gave up 13,300 but was still trading with gains while S&P BSE Sensex was near 45,200 on Monday morning. BSE Midcap and BSE Smallcap indices were still outperforming the benchmark.
With all the major events behind us, we feel global markets would dictate the market trend ahead. Besides, the updates related to COVID vaccines will also be in focus. On the domestic front, participants will be eyeing macroeconomic data viz. IIP and CPI inflation numbers.~ Ajit Mishra, VP - Research, Religare Broking
Nifty has crosses 13,300 for the first time ever on Monday morning. Sensex too was scaling to new highs as it neared 45,250.
Broader markets were again outperforming benchmark indices on Dalal Street. BSE Midcap index was up 0.32% while the Smallcap index zoomed 0.80%. Nifty Midcap and Smallcap 50 were up half a percent each.
Sensex surged to hit a new high of 45,165 while Nifty 50 reached 13,285.
Sensex and Nifty were trading flat on Monday mornign. Benchmark indices opened with gains but soon slipped to trade with marginal losses.
Sensex and Nifty gained during the pre-open session on Monday. Sensex was up 19 points while Nifty was above 13,250.
While major Asian peers were trading with losses on Monday morning, Sensex and Nifty were trading with gains. Sensex was near 45,200 while Nifty had breached 13,300.
Nifty crossed the 13,300 levels during the pre-open session on Monday morning. S&P BSE Sensex too was trading higher.
Nifty futures on the Singapore Exchange were seen tradign 65 points lower just ahead of the opening bell on Monday morning.
Broader market has shown resilience by forming a higher peak and troughon the larger degree charts (weekly and monthly) and closed at 2 years high after resolving out of their long term falling channel breakout, indicating resumption of major up trend. The strengthening of market breadth continues to act as a tailwind for durability of ongoing up trend. At current juncture, 94% components of Nifty midcap and small cap indices are trading above their long term 200 days SMA compared to last week’s reading of 90%.
~ Dharmesh Shah – Head – Technical, ICICI direct
The ongoing rally in the Nifty is backed by continuous improvement in the market breath (which gauge the strength of the market) as currently 94% components of Nifty trading above their long term 200 days SMA compared to last week’s reading of 88%, indicating inherent strength.
Dharmesh Shah – Head – Technical, ICICI direct
"In the coming week, Nifty 50 index would face major hurdle at 13350/13400 levels, which is nearby, however, the Bank Nifty should outperform and move to 31000 levels without any major efforts. The Strategy should be to buy on dips with a final stop loss of Nifty 50 index at 13100," said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
SGX Nifty was trading in the red on Monday morning and so were major Asian peers, hinting at a negative start for Sensex and Nifty. On the charts, Nifty formed a long bull candle and closed last week towards new highs. “The confusing weekly pattern of doji has been negated on Friday, as Nifty closed above the high of last week at 13145. This could be considered as a strength of an upside momentum post upside breakout of long term resistance of uptrend line,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He adds that Nifty faces resistance at 13,500 and support at 13,150.
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Bharat Electronics (BEL) derated in FY19 after the Ministry reduced margins on nominated projects to 7.5% from 10-12.5%. Investor concerns on the uncertainty of the margin impact kept valuations subdued, despite the rising order flow. Management explicitly mentioned at its Nov. 2020 analyst meet, that FY20 has seen the impact of lower margins already and 20% is sustainable. We believe margin delivery, order flow and execution ramp-up will drive upside.
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We hosted Asian Paints (APNT) at our Nomura Investment Forum 2020. Management highlighted that robust demand trends (Q2FY21 volume growth of +11%) continued in October, supported by the wedding season, festive demand, and pent-up demand. November also saw strong growth, albeit not as high as October. The company does not expect any pressure on gross margins from the recent uptick in crude oil prices.
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BSE Sensex and Nifty 50 continued to rally and added nearly one per cent gains last week. Sensex breached the psychological level of 45,000 on the upside for the first time in the history while the broader Nifty 50 index jumped above the crucial 13,250 levels. This was fifth consecutive week for the Nifty 50 where it managed to post positive returns. The broader markets too ended with healthy gains. The market rally was fuelled by newsflow related to COVID-19 vaccine, RBI MPC policy, GST collection in November and better-than-expected GDP numbers.
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The value of equity holdings of the nation’s financial powerhouse LIC has crossed USD 77 billion (Rs 5.7 lakh crore) by the end of the September quarter which is a shade below its record holding of USD 84 billion in the March 2018 quarter, rallying over 40 per cent in the first half, says a report.
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