Sensex, Nifty LIVE Updates on December 21: Market indices opened on a bearish note on Monday after six sessions of consecutive gain last week, amid weak global equities. SGX Nifty on the Singapore Exchange was falling by 50 points, indicating weak trend in domestic grounds today. Global equities were bearish today as coronavirus infections increased in parts of North Asia, such as Japan and South Korea, and weighed on investor sentiment. Last Friday, Sensex ended 70 points higher at 46,960 and Nifty gained 19 points to 13,760. During the session, Sensex hit an all-time high of 47,026 and Nifty logged a lifetime high of 13,772.
Here's a look at the updates of the market action on BSE and NSE today
10. 01AM: TCS share buyback in progress, should you sell shares?
India's largest IT services firm Tata Consultancy Services (TCS) has initiated buyback of shares on December 18. The Rs 16,000-crore share buyback programme will close on January 1, 2021.
Last month, TCS shareholders had approved a proposal to buy back up to 5,33,33,333 equity shares of the company at Rs 3,000 per scrip for an aggregate amount not exceeding Rs 16,000 crore.
Buyback price of Rs 3,000 was at a 5.71% premium to the closing price of Rs 2,837.90 on December 17 (Thursday).
TCS share buyback in progress, should you sell shares?
9. 49 AM: Mrs Bectors Food's grey market premium falls to 67%
The grey market premium for Mrs Bectors Food initial public offer (IPO) has fallen to 67% after the end of three-day share sale. The premium, which stood at 76% (Rs 220) on the first day (December 15) now stands at Rs 190-195 per share. Bectors Food share is likely to be listed at Rs 483 instead of the earlier Rs 508 on December 29.
Mrs Bectors Food's grey market premium falls to 67%
9. 37 AM: Market outlook
S Ranganathan, Head of Research at LKP Securities said,"While the week gone by quite clearly belonged to the Real Estate stocks, we expect the Pharma & the IT sector to continue their upward journey during the coming week. Given the upcoming Budget preparations and thrust on Reforms, the importance of good Healthcare Infrastructure has become a priority. Import Duties to curb dumping coupled with the PLI scheme should in our view help Corporate India and the coming week ahead of Christmas promises to be an interesting week ahead."
9. 27 AM: Stocks to watch today on December 21
RIL, JSW Steel, M&M, Infosys, PVR, PNB, ONGC, Lupin among others are the top stocks to watch out for in Monday's trading session
Stocks in news: RIL, JSW Steel, M&M, Infosys, PVR, PNB, ONGC, Lupin
9. 18 AM: Opening session
Market indices opened on a bearish note on Monday after six sessions of consecutive gain last week, amid weak global equities. SGX Nifty on the Singapore Exchange was falling by 50 points, indicating weak trend in domestic grounds today. Global equities were bearish today as coronavirus infections increased in parts of North Asia, such as Japan and South Korea, and weighed on investor sentiment. Sensex was trading 188 points lower at 46,771 and Nifty fell by 68 points to 13,692.
9. 05 AM: Rupee outlook
Commenting on Rupee's outlook, Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking said," Value erosion in dollar, excessive liquidity is driving foreign investors to bet big on Indian equities, which give the rupee a slight appreciating bias in the near term. However, 73.20-73.00 remains a strong hurdle for the rupee, and with RBI standing in the way, bouts of large-scale appreciation can be ruled out. We reckon that the RBI will prefer to keep the rupee exchange rate stable between the 73 to 74.50 band for quite some time now."
8. 50 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 2,720.95 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,424.61 crore in the Indian equity market on 18 December 2020, provisional data showed.
8. 40 AM: Rupee closing
On the currency front, the Indian rupee, the local currency settled 3 paise higher at 73.56 per US dollar on Friday's opening trade as the weakness of the American currency and optimism surrounding the US stimulus aid package supported the domestic unit. Sustained foreign fund inflows also strengthened investor sentiment.
8. 30 AM: Closing on Friday
Sensex ended 70 points higher at 46,960 and Nifty gained 19 points to 13,760. During the session, Sensex hit an all-time high of 47,026 and Nifty logged a lifetime high of 13,772.
Sensex ends at record high, Nifty at 13,760; TCS, SBI, Nestle, Titan top gainers