Sensex, Nifty near all-time high in volatile session; PSU Banks lead the gains

By Aamar Deo Singh, Head Advisory, Angel Broking Ltd

Mumbai- 8^th December 2020: Benchmark indices ended near their all-time high in a volatile session that mostly traded in the green. Sensex gained 181.54 points or 0.40% today to close at 45,608.51. On the other hand, Nifty was 0.28% up by the closing bell at 13,392.95 points, or 37.20 points higher than yesterday’s close. PSU Banks led the gains while Pharma and Metal stocks dragged the market.

At NSE, 918 stocks advanced and 980 stocks declined while 320 stocks remained unchanged. Stocks including Yes Bank, PNB, and Idea were amongst the most traded vis-à-vis quantity whereas RIL, SBI, and Maruti dominated in terms of value. At BSE, 1,493 stocks advanced and 1,461 stocks declined while 177 remained unchanged.

Sensex and Nifty:

Sensex, the 30-stock market barometer, observed 16 stocks advancing as 14 stocks also retraced. UltraTech Cement (3.15%), TCS (2.21%), RIL (1.82%), and HCL Technologies (1.06%) were amongst the top gainers. However, stocks such as Sun Pharma (2.36%), IndusInd Bank (2%), NTPC (1.55%), and Asian Paints (1.38%) capped the gains.

At Nifty, apart from UltraTech (3.19%), TCS (2.18%), RIL (1.82%), and HCL Technologies (0.99%), Wipro (1.46%), Infosys (0.86%), and SBI (0.85%) also added to the gains kitty. Hindalco (2.21%) and Coal India (1.86%) contributed to the losses.

YES Bank

YES Bank gained 9.84% as it witnessed high investor participation. It was on the hopes of the bank’s Large Cap upgrade from Mid Cap category by the AMFI (Association of Mutual Funds in India). Another driver for the stock was the reports of Rs. 40,000 crores bad loans being housed in the ARC.

Aditya Birla Capital Ltd.

Aditya Birla Capital is anticipated to onboard finance veteran Romesh Sobti, who has had a successful stint at IndusInd Bank. Market reports claimed that Aditya Birla Capital applied for the Reserve Bank of India’s approval of Sobti’s induction to its board. Sobti had earlier joined Advent as its Operating Partner. Advent holds 4.15% stake in Aditya Birla Capital. The scrip gained 0.49% during the intraday trade.

Mindspace Business Parks REIT:

On Tuesday, Mindspace Business Parks – India’s second REIT that got listed this year – said that it will raise funds worth Rs. 200 crores via debenture issuance on the basis of private placement. The issue of non-convertible debentures will be done in one to three tranches. The share of Mindspace Business Parks REIT rose by 0.72% today to Rs. 330.

Panama Petrochem:

Panama Petrochem came at spotlight today after the news of its stock purchase by its promoter Hussein Rayani surfaced. The promoter has acquired a total of 97,446 shares between 3^rd and 7^th December. Heavy buying was seen in the stock with a gain of 16.63% at BSE. The stock led the gains at BSE Energy index.

Global Outlook:

Pan-European index STOXX Europe 600 slipped by around 0.36% in a possible no-deal Brexit and increasing COVID-19 cases. Asian indices including Nikkei, Hang Seng, and KOSPI also fell by 0.30%, 0.76%, and 1.62% respectively.