Indian share markets touched fresh record high yesterday as Covid-19 vaccine approvals boosted investor sentiment.
Gaining over 1% during the day, the Sensex crossed the 46,000-mark, while the Nifty topped the 13,500-level for the first time ever.
At the closing bell yesterday, the BSE Sensex stood higher by 495 points (up 1.1%).
The NSE Nifty closed higher by 136 points (up 1%).
Asian Paints and Kotak Mahindra Bank were among the top gainers.
The BSE Mid Cap index ended up by 0.4%, and the BSE Small Cap index ended up by 0.5%.
On the sectoral front, gains were largely seen in the banking sector, FMCG sector and energy sector.
Gold prices for the latest contract on MCX were trading down by 0.8% at Rs 49,731 per 10 grams at the time of closing stock market hours yesterday.
To know more about gold, you can check out our detailed article on investing in gold here: How to Invest in Gold?
Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about how you can trade profits in the month of December, in his latest video for Fast Profits Daily.
In the video below, Vijay shares how December is usually not a good month for traders as liquidity decreases in the stock market due to the holidays in the western world but how you can still profit from it using his experience as a veteran trader.
Tune in here to find out more:
Among the buzzing stocks today will be TVS Srichakra.
Leading tyre maker, TVS Srichakra, part of the US$ 8.5 billion TVS Group will invest around Rs 10 billion to ramp up manufacturing at its Madurai and Pantnagar plants.
The proposed investment will be made over a three-year period.
--- Advertisement ---
India's Next War
Recently, both China and Pakistan have started amping up tensions at the border.
So, now India faces a possible 2-front war scenario.
And this calls for a heavy deployment of future-ready and highly advanced weapons at our borders.
We are talking next generation tanks, guns and even high-tech equipment like drones.
Now unlike in the past where all this money was spent with foreign companies, now, it's being redirected to Indian companies.
For a few Indian defence companies...this is a mega growth opportunity.
And for investors... it's a rare opportunity to make potentially huge gains as select defence companies see their growth, and therefore stock prices, potentially shoot up.
To learn everything about this new, and huge, opportunity, see our detailed presentation here.
In this presentation, you will also get to learn the details of what we call our #1 defence stock pick.
It's a potential 10x opportunity in the long term.
Click Here to Learn More...
------------------------------
The investment, when fully made, will result in an increase in two- and three-wheeler tyre capacity by 25-30% and will double off-highway tyre capacity from current levels. The investment is planned to be funded by a mix of debt and internal accruals.
Stocks from the defence sector will be in focus today as the government issued a notification regarding changes in the Foreign Exchange Management Act allowing FDI of up to 74% in defence equipment production through automatic route.
As per the new policy, the increased FDI limit can go beyond 74% wherever it is likely to result in access to modern technology or for other reasons that should be recorded.
This increased limit will be applicable subject to industrial license under the Industries (Development & Regulation) Act, 1951, and manufacturing of small arms and ammunition under the Arms Act, 1959.
Hindustan Aeronautics share price gained as much as 3% yesterday on the back of above news, while Bharat Dynamics share price rose over 4%. Bharat Electronics share price zoomed 8% to Rs 123 - its 52-week high on the BSE in intra-day trade.
ICICI Bank share price will also be in focus today as it was reported the private lender will sell 2.21% stake in ICICI Securities through the offer for sale (OFS) route on December 9 and 10.
The floor price for the OFS has been fixed at Rs 440 per share, a 6% discount to Tuesday's closing price of Rs 461. About 10% of the offer is reserved for retail investors who can subscribe the offer till today.
ICICI Securities had come with an IPO in March 2018 at an issue price of Rs 520 per share. All newly listed companies will have to comply with 25% public holding norms within three years of listing.
DISCOVERED: Why Investors Attend the Equitymaster Conference Every Year
Vaccine Approvals: India's federal health secretary said the country may approve some coronavirus vaccines over the next few weeks and an estimated 300 million people would be inoculated in the first tranche.
Meanwhile, Pfizer Inc cleared the next hurdle in the race for its Covid-19 vaccine emergency approval in the United States after the drug regulator released documents that raised no new issues about its safety or efficacy.
Stimulus Package: The Trump administration on Tuesday proposed a package worth US$ 916 billion including liability protections and state and local government aids.
FII Inflows: Foreign institutional investors (FIIs) have been on a buying spree. The low-interest-rate environment, globally, and risk-on trade are driving capital flows into emerging markets, including India. The recent adjustment in the MSCI Index also aided the sentiment.
Firm Global Cues: Global share markets traded on a firm note yesterday, after Britain started mass-vaccinating its people using a fully-tested Covid-19 shot and as Johnson & Johnson said it could obtain late-stage trial results for a single-dose vaccine earlier than expected.
All Sectoral Indices in Green: Barring power sector, all sectoral indices ended on a positive note yesterday. Energy, banking and FMCG stocks witnessed most of the buying interest.
We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!
In latest developments from the IPO space, as per a leading financial daily, Mrs Bectors Food Specialities, a premium biscuit-maker and leading supplier of buns to fast-food chains such as Burger King and McDonald's, will launch its Rs 5.5 billion initial public offering (IPO) on December 16.
The primary market offering will be open for three days from December 16 to December 18, 2020. The shares are likely to be listed on the bourses on December 29.
Mrs Bectors Food's is making its second attempt at tapping the primary markets for its funding requirements. It had secured market regulator's nod for an IPO in 2018, but chose to defer its plans due to market conditions at that time.
The company will use the IPO funds to expand its manufacturing unit at Rajpura in Punjab and for general corporate purposes.
SBI Capital, ICICI Securities and IIFL Capital are the lead managers to the public issue of Mrs Bectors Food.
The above move comes close on the heels of the Burger King IPO, which was oversubscribed 157 times.
How this IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
What else is happening in the markets today? Dig in...
Indian share markets end at record highs with the Sensex up by 495 points and the Nifty ending up by 136 points.
Dec 9, 2020 03:34 PMKARNATAKA BANK share price is trading up by 10% and its current market price is Rs 61. The BSE BANKEX is up by 1.4%. The top gainers in the BSE BANKEX Index are KARNATAKA BANK (up 9.8%) and YES BANK (up 10.0%). The top losers is SBI (down 0.6%).
Dec 9, 2020 03:34 PMCROMPTON GREAVES CONSUMER ELEC. share price has hit an all time high at Rs 342 (up 2.2%). The BSE CONSUMER DURABLES Index is up by 0.2%. Among the top gainers in the BSE CONSUMER DURABLES Index today are CROMPTON GREAVES CONSUMER ELEC. (up 2.2%) and TTK PRESTIGE (up 1.9%). The top losers include TITAN (down 0.1%) and VOLTAS (down 0.1%).
Dec 9, 2020 03:27 PMIFCI share price is trading up by 20% and its current market price is Rs 10. The BSE 500 is up by 0.8%. The top gainers in the BSE 500 Index are IFCI (up 20.0%) and HERITAGE FOOD (up 20.0%). The top losers are ALKEM LABORATORIES and MAHINDRA LOGISTICS .
Dec 9, 2020 03:16 PMGE T&D INDIA share price is trading down by 6% and its current market price is Rs 128. The BSE CAPITAL GOODS is up by 0.3%. The top gainers in the BSE CAPITAL GOODS Index are BHARAT ELECTRONICS (up 3.8%) and CARBORUNDUM UNIVERSAL (up 3.5%). The top losers are GE T&D INDIA (down 5.9%) and KALPATARU POWER (down 8.1%).
Dec 9, 2020 02:51 PMCUMMINS INDIA share price is trading up by 5% and its current market price is Rs 589. The BSE CAPITAL GOODS is up by 0.5%. The top gainers in the BSE CAPITAL GOODS Index is CUMMINS INDIA (up 5.2%). The top losers are SCHAEFFLER INDIA (down 0.6%) and GRAPHITE INDIA (down 0.9%).
View More Indian Share Market NewsIn my first video on Equitymaster, I want to introduce you my proprietary greed and fear index. It's telling us to book some profits in the market.
Nov 27, 2020The Chinese drone market is 14 times that of India's. Billions may flow into Indian drone companies too. Don't miss out on this wealth creating opportunity.
Nov 30, 2020A great way to invest in defence tech startups without risking your money in unlisted companies or penny stocks.
Nov 30, 2020The assassination of Iran's top nuclear scientist could give us a great trading opportunity.
More
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!