The trend among Nifty sectoral indices was mixed, with Nifty PSU Bank and Nifty FMCG indices, down 1.46 per cent and 1.29 per cent respectively, leading the list of losersShare Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended flat with a positive bias on Tuesday. Sensex gained 9.71 points to end at 46,263.17, while the broader Nifty 50 index settled above 13,550. Bajaj Finance was the top Sensex gainer, up 5.17 per cent, followed by Bajaj Finsv, Housing Development Finance Corporation (HDFC), Tech Mahindra, HDFC Bank and Maruti Suzuki. On the flip side, Hindustan Unilever Ltd (HUL), Nestle India, ICICI Bank, Axis Bank, State Bank of India (SBI) and TCS, among others. The trend among Nifty sectoral indices was mixed, with Nifty PSU Bank and Nifty FMCG indices, down 1.46 per cent and 1.29 per cent respectively, leading the list of losers. While Nifty Financial Services and Nifty Metal gained 0.77 per cent each.
Highlights
The year 2020 is drawing to an end now, a year that was full of ups and downs, but more importantly it was a year that taught investors that it is difficult to capture market bottom or market top. But as we end the year at a high, will this make 2021 a troublesome year with premium valuation? Although some correction might be on the cards but with an economy in recovery the correction might be pushed back by the long legs of the current rally, said Vinay Khattar, Head Research, Edelweiss Wealth, in an interview with Kshitij Bhargava of Financial Express Online. Vinay Khattar also shed light on his top investment ideas for 2021. Edited excerpts:
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BSE Sensex gained 9.71 points to end at 46,263.17, while the broader Nifty 50 index rose settled above 13,550 levels.
Healthcare sector remained in focus during the year. The S&P BSE Healthcare index had touched a 52-week low of 10,948 in the third month of the calendar year 2020, since then it has nearly doubled to hit a fresh record high of 21,454 levels on COVID-19 vaccine hopes. Research and brokerage firm Motilal Oswal Financial Services is overweight on the Healthcare sector, along with IT, BFSI, Telecom and Auto sectors.
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Mrs Bectors Food Specialties IPO, which opened for subscription today, has subscribed 2.5 times so far. The retail portion has been subscribed 4.59 times, NII 68 per cent, while employee portion has received 1.44 times applications so far on the first day of three-day bidding process.
Smallcap IT consulting and software firm Majesco today announced an interim dividend of Rs 974 per equity share of face value Rs 5 each. Listed in 2015, Majeso’s share price has zoomed 179% since listing. Most of this surge in stock price has come this fiscal year, with share price skyrocketing 332% since April this year. Majesco, along with other information technology firms has been able to reap benefits of the massive demand that stock markets witnessed for IT shares in the initial months of this fiscal year.
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Smallcap IT consulting and software firm Majesco today announced an interim dividend of Rs 974 per equity share of face value Rs 5 each. Listed in 2015, Majeso’s share price has zoomed 179% since listing. Most of this surge in stock price has come this fiscal year, with share price skyrocketing 332% since April this year. Majesco, along with other information technology firms has been able to reap benefits of the massive demand that stock markets witnessed for IT shares in the initial months of this fiscal year.
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Facebook Chief Executive Officer, Mark Zuckerberg today hailed India’s Unified Payments Interface (UPI) system which he said will not only help India but even other countries across the globe when they follow India’s lead. “We just launched WhatsApp payments in India last month – now you can send money to your friends and family through WhatsApp, as easily as sending a message,” Mark Zuckerberg said at the Facebook Fuel event where he was talking to India’s richest man Mukesh Ambani to discuss India’s digital growth.
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Richest Indian Mukesh Ambani on Tuesday said India will grow to be among the top three economies in the world in the next two decades and per capita income would more than double. At a fireside chat with Facebook head Mark Zuckerberg, he said India’s middle-class, which is about 50 per cent of the nation’s total number of households, will grow three to four per cent per year.
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Overall, better-than-expected growth in IIP in Oct'20 might have just been a case of high festive demand and whether the growth momentum continues is yet to be seen. In any case, we don't expect RBI to cut rates anytime soon: Nikhil Gupta, Chief Economist at Motilal Oswal Financial Services
For the next few years, we expect the domestic biscuit and bakery market to grow by 9% due to urbanization, increase in disposable income, favorable government policy. On the other hand, the institutional Indian bakery industry is expected to grow by 20% due to increasing market share of QSR chain. We think the company should be able to grow in line with the industry managed by the promoters having more than 25 years of sector knowledge. Company results were better than the industry in the first half of the fiscal 2021. Companypeers such as Britannia Industries, Nestle India, Prataap Snacks and DFM Foods are trading at trailing PE of 50.2, 85.6, 57.1 and 97.6 respectively: Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd
"IRCTC stock down by 1.8% on back of ongoing OFS, earlier promoter fixed floor price of Rs 1367. On First day of OFS it got oversubscribed by 1.98x times from the non-retail category. Now the company has fixed the cutoff rate of 1377.55 after the first day of bidding. Total OFS is 20% of paid up equity share capital. Pre-OFS Promoter shareholding is 87.4% and post-OFS it will come down to 67.4%, by this very significant supply will come on the day of allotment of OFS share to investors. We expect IRCTC stock to come down after the allotment of shares of OFS i.e. 16th December 2020," said Yash Gupta Equity Research Associate, Angel Broking.
Cipla Ltd shares were trading volatile today on BSE after the company announced the settlement of its litigation with Celgene Corporation, a wholly-owned subsidiary of Bristol Myers Squibb, relating to patents for Revlimid (lenalidomide). Most of the research and brokerage houses are bullish on Cipla stocks and see an upside of over 26 per cent.
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Mrs Bectors Food Specialities initial public offering opened for subscription on Tuesday as investors geared up yet another public issue. Witnessing a strong response, retail investors oversubscribed to the issue within an hour. The Rs 540-crore IPO consists of a Rs 40.5 crore fresh issue while the remaining Rs 500 crore is an Offer For Sale (OFS) by existing shareholders of the company.
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Burger King India shares rallied 16 per cent to Rs 160.55 apiece on BSE today, following a strong debut on the bourses on Monday. The stock skyrocketed nearly 131 per cent from the issue price of Rs 60 apiece in the previous session. With today’s rally in the stock price, Burger King India’s share price has now zoomed 167.58 per cent from the IPO price, while its market capitalisation stands at Rs 5,959.54 crore.
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Benchmark Indian equity index BSE Sensex could hit 50,500 points by the end of the next calendar year 2021, according to global investment bank BNP Paribas. In its Asia Strategy report for 2021, BNP Paribas said that it is overweight on India among Asian countries, for the availability of high quality market leaders. Currently the S&P BSE Sensex trades at 46,253; BNP Paribas’ target implies a 9.18% upside in the coming year. Sensex has so far gained over 11% during the current year despite the sharp fall it witnessed in March.
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The Nifty is at the midpoint of the resistance patch which is in between 13400 and 13700. We have been in this range for over a week now as this is a decisive point for the index and can pose a threat to the upward direction of the market should there be a U turn from the current juncture. The breaking of 13300-13400 could be a dicey situation to be in: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Except for Nifty Pharma and Nifty Auto indices, all the Nifty sectoral indices were trading in the negative territory. Nifty PSU Bank index was the top loser along with Nifty Metal index.
Out of 30 Sensex stocks, 20 scrips were trading in the red. ONGC was top Sensex laggard, followed by Axis Bank, Tata Steel, State Bank of India (SBI), IndusInd Bank, TCS, Reliance Industries Ltd (RIL) among others.
Top BSE Sensex gainers were HDFC Bank, UltraTech Cement, Bharti Airtel, Bajaj Finance, HCL Tech, Kotak Mahindra Bank and Maruti Suzuki among others.
We expect the Rupee to open around 73.60 and trade a 73.50-73.85 range. We believe the RBI may continue to protect 73.40-73.50 as long as USDCNY is supported around 6.50. The RBI may drop the 73.40 floor on USDINR if the Yuan appreciates past 6.50 against the Dollar: Abhishek Goenka, Founder and CEO, IFA Global
Following a rally of 131 per cent from the issue price of Rs 60 on Monday, Burger King India shares jumped another 14 per cent today to trade at Rs 160 apiece on BSE.
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BSE Sensex fell 129 points to trade at 46,124, while the broader Nifty 50 was ruling at 13,525, down 33 points on Tuesday.
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In the pre-open session on Tuesday, BSE Sensex gained 200 points, while the broader Nifty 50 crossed 13,600 level.
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International oil prices have started marginally weaker this Tuesday morning in Asian trade as restrictions in many places in the U.S. & Europe and oversupply concerns weighed on markets. Technically, WTI Crude Oil is trading on a negative note near $47.00 levels and above $46.30 will continue its upside momentum up to $47.60-$48.00 levels. Support is at $46.50-$44.90 levels. Domestic crude could start marginally in the red this Tuesday morning, tracking international prices. Technically, MCX Crude December has bounced back from 3370 levels. However below 3420 could see some correction up to 3390-3350 levels. Resistance is at 3475-3515 levels: Sriram Iyer, Senior Research Analyst at Reliance Securities
Domestic bullion could start flat to marginally higher this Tuesday morning, tracking the international prices. Technically, MCX Gold February was unable to sustain above 49000 levels indicating a sideways to marginal downside momentum up to 48800-48500 levels. Resistance is at 49100-49300 levels. MCX Silver March has given breakdown below 64000 levels where it traded in a narrow range indicating a sideways to marginal downside momentum to continue below 63000 levels up to 62050-60700 levels: Sriram Iyer, Senior Research Analyst at Reliance securities
RIL, Bharti Airtel, Vodafone Idea: According to a Reuters report, Reliance Industries Ltd’s telecom division has asked the Indian telecoms regulator to take action against rivals Bharti Airtel and Vodafone Idea Ltd for allegedly running a false propaganda campaign to attract its subscribers.NMDC Ltd: The Rs 1,378-crore share buyback of National Mineral Development Corporation (NMDC) will open on December 17 and close on December 31, 2020.
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Foreign institutional investors (FIIs) bought shares worth Rs 2,264.38 crore, whereas domestic institutional investors (DIIs) sold shares worth Rs 1,721.11 crore on a net basis in the Indian equity market, according to the provisional data available on the NSE.
Sensex and Nifty once again soared to fresh highs on Monday following positive global cues. S&P BSE Sensex now sits at 46,253 while the 50-stock NSE Nifty is at 13,558. Broader markets have continued their strong movement, outperforming the benchmark indices on Monday. India VIX or the volatility gauge gained over 3% during yesterday’s session. On Tuesday morning global cues were largely negative. Stock markets in the United Stated closed in the red on Monday with Dow Jones and S&P 500 slipping while NASDAQ ended with gains. Asian peers were trading with losses during the early hours of trade.
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November CPI of 6.9% y/y showed some signs of easing sequential price pressure in food items, particularly vegetables, fruits and even some of the protein items while pulses, oils & fats still continued to show some price momentum. CPI excluding food & fuel also eased sequentially. With food price momentum also easing in the WPI released today, it is now to be seen how broad-based this food price disinflation cycle becomes, how much pace it gathers and for how long. However, any pressure from the higher sequential momentum seen in the various manufactured goods categories in the November WPI is also to be watched: Sreejith Balasubramanian, Economist - Fund Management, IDFC AMC
CPI inflation has moderated in November compared to the previous month, but at 6.9% it still remains above RBI’s comfort zone. The moderation in CPI inflation has been mainly due to lowering of food inflation. However, it is to be noted that core inflation still remains high at around 5.5% and even in food inflation the protein inflation is still high. High household inflationary expectations during the pandemic has made the CPI inflation sticky even in a weak demand scenario. Going forward, with the arrival of Kharif harvest and further easing of supply bottlenecks in the economy, CPI inflation is likely to inch down further. By the first quarter of 2021, CPI inflation is likely to inch lower to a range of 5-6%: Rajani Sinha, Chief Economist & National Director – Research, Knight Frank India
The prices of household items moderated in the month of November 2020. Consumer Price Index (CPI) inflation decreased from 7.61 per cent in October to 6.93 per cent in November, according to the Ministry of Statistics & Programme Implementation. The rise in food prices also moderated from 11 per cent in October to 9.43 per cent in the last month. However, the vegetable prices grew at a higher pace of 15.63 per cent.
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The S&P 500 ended lower in overnight trade, weighed down by Walt Disney, while Alexion Pharmaceuticals jumped on a $39 billion buyout offer from AstraZeneca in one of the year’s biggest deals. The Dow Jones Industrial Average ended 184.82 points lower and the S&P 500 declined by 0.44 per cent, while the Nasdaq Composite rose 0.5 per cent.
Asian peers were trading lowers following mixed trade on Wall Street. Australian S&P/ASX 200 lost 0.12 per cent in early trading while Japan’s Nikkei 225 futures fell 0.13 per cent.
Mrs Bectors Food Specialities IPO is scheduled to open for subscription on Tuesday. The company markets and sells a range of bakery products in savoury and sweet categories which include breads, buns, pizza bases and cakes under the brand ‘English Oven’. Ahead of IPO subscription, Mrs Bectors Food shares were seen trading with Rs 200-202 premium over the issue price of Rs 288 apiece in the grey market.
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