All sectoral indices closed with gains, Nifty realty and Nifty media were the top gainers.Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices continued to move higher on Wednesday. S&P BSE Sensex closed the day’s trade with 46,444 points while Nifty 50 regained 13,600 levels. IT stocks were back in focus with the Nifty IT index hitting a fresh 52-week high. Hindustan Unilever, Infosys, and Mahindra & Mahindra were the top Sensex gainers. Only three stocks ended with losses, these were Titan, Power Grid and NTPC. Broader markets outperformed benchmark indices. Nifty Midcap 50 index surged 3.04% while Nifty Midcap 50 index was up 2.91%. Volatility slipped yet again, dropping 6.83% to end at 20.48.
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Highlights
Stock markets rebounded after a weak opening to close with gains yet again on Wednesday. S&P BSE Sensex jumped 437 points to close at 46,444 while the 50-stock NSE Nifty gained and breached the 13,600 levels. The top gainer on Sensex was FMCG major Hindustan Unilever, up 2.67%. This was followed by Infosys, Mahindra & Mahindra, and State Bank of India. Only four Sensex constituents closed in red with Titan being the top laggard, falling 0.81%. All sectoral indices closed with gains. Nifty Realty and Nifty Media were the top gainers, zooming over 3% each. Broader markets outperformed benchmark indices.
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The Rs 300-crore Antony Waste Handling Cell initial public offer (IPO) has been subscribed 9 times so far on the final day of the three-day bidding process. Retail investors have bid for their portion of the issue 14.61 times while Qualified Institutional Buyers (QIBs) have subscribed 4.14 times and Non-Institutional Investors 2.47 times of their respective quotas. Overall the issue has received bids for 6 crore equity shares against the 66.66 lakh shares on offer. The solid waste management company has come up with its public issue for the second time this year.
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Sensex zoomed 437 points on closing to end with 46,444 points. The 50-stock broader Nifty index crossed 13,600 on closing.
Only 3 Sensex constituents were trading with losses ahead of the closing bell on Wednesday. These included, Titan, Power Grid, and NTPC.
Among top Sensex gainer ahead of closing we Hindustan Unilever, Infosys, and Mahindra & Mahindra. These were followed by SBI.
Ahead of Closing Sensex zoomed over 400 points while Nifty reclaimed 14,600.
With just a few days left in 2020, it is now time to think ahead and plan trades for 2021 and even beyond. This year will stay fresh in everyone’s memories for a long time for the varying movement equity markets across the globe witnessed. For 2021, there is a lot that investors need to factor in before they plan their trades. Will valuations play a spoilsport, will coronavirus continue to hit businesses, and where will inflation head to? With vaccination drives gaining momentum and approvals increasing, the future looks better but in terms of investing where do opportunities lie?
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BSE MIdcap index was up 1.78% while the Smallcap index zoomed over 2% while the benchmark Sensex was up 0.58%.
YES Securities announced the elevation of Prasanth Prabhakaran as the Managing Director and Chief Executive Officer (MD & CEO), with immediate effect. Prasanth was previously the Joint MD & CEO, YES SECURITIES, spearheading the Wealth Broking & Investment Advisory and Institutional Equities business. In addition to the existing portfolio, he will also oversee the Investment Banking & Merchant Banking verticals.
Mukesh Ambani-led Reliance Industries Ltd (RIL) has emerged as the biggest wealth creator of Indian stock markets in the last 25 years. Oil-to-telecom conglomerate has created a wealth of Rs 6.3 lakh crore between 1995-2020, according to Motilal Oswal’s annual wealth creation study. In fact the gap between the wealth created by second-ranked Hindustan Unilever Ltd (HUL) and RIL is significantly higher. FMCG giant HUL has created a wealth of Rs 4.9 lakh crore during the same period.
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"Antony Waste Handling Cell issue was subscribed 3.85 times on the end of day two, unlike last time in March'20 when the issue was not even subscribed a single time. Retail portion has been subscribed 7.2 times although portion reserved for non-institutional investor and qualified institutional buyer is not fully subscribed yet. We don't expect Antony to get strong demand like the last few IPO such as Burger King, Mrs Bector etc," said Keshav Lahoti, Associate Equity Analyst, Angel Broking.
Initial Public Offering (IPO) in 2020 have rebounded strongly after a weak start with the disappointing listing of SBI Cards followed by Antony Waste Handling Cell withdrawing its issue. As we near the end of 2020, of the 13 stocks that made their debut on Dalal Street so far this year only 2 have slipped below their listing price and only one currently trades lower than its issue price. Investor interest in IPOs has been growing with most of the issues being oversubscribed by retail investors on the very first day. Going forward analysts expect more of the same in 2021. “I believe the momentum might persist in primary markets and IPOs might continue to shine,” Gaurav Garg, Head of Research at CapitalVia Global told Financial Express Online.
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"We had given a subscribe rating to Burger King India IPO, stock made a stellar listing on the exchange by listing at 87.5% above its issue price and is currently trading at 201% above issue price. Currently, stock is trading at 6.2x on FY20 EV/sales basis. Short term investors can book profit at the current market price. Investors with a long term horizon can keep their money invested in the stock as growth prospects of the company are promising and as operating leverage will kick in, it will improve company's margins," Keshav Lahoti Associate Equity Analyst, Angel Broking Ltd.
IT stocks have been on fire over the past few days with most of them hitting record highs. The benchmark Nifty IT Index is up by almost 10% in December. The trigger for the rally in IT stocks was on the back of Ireland based IT Major Accenture posting strong quarterly earnings. Also, increasing demand for digital services, security & cloud transformation, would further boost the revenues of IT companies. And it being a defensive sector, offers investors an opportunity to diversify their portfolios as well: Aamar Deo Singh, Head, Advisory at Angel Broking.
13100-13150 is a good support for the Nifty and we are trading well above that this morning. Until that level is not threatened we continue to remain in bullish territory. If that level breaks, we could slide down to 12800. On the upside, we need to get past the hurdles of 13700-13800 to start forming an opinion to go long again. Hence, a wait and watch approach would be a prudent way to deal with the current markets: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Nifty saw tremendous intraday volatility yesterday but eventually recouped a significant part of losses from the day before. Rupee had a quiet session with recovery in global risk sentiment. However, the USD has strengthened overnight and we could see the Rupee come under pressure today. We expect the Rupee to trade a range of 73.80-74.20 intraday with upside bias: Abhishek Goenka, Founder and CEO, IFA Global
There is broad based risk off mode with the progress in stimulus package coming to a standstill and imposition of fresh travel restrictions across various part of the globe due to the spread of more contagious variant of the novel coronavirus. However, inflows pertaining to the stake sale in Shipping Corporation of India valued around Rs. 2535 crore shall cap the unprecedented losses in the pair past 74.20 to 74.50 levels, if any. Despite having traded weaker in the NDF, rupee in the onshore, haven’t been able to move past 74.00 levels due to selling pressure. If the pair remains with 73.40-74.00 range, upticks between 73.90-74.00 can be taken for selling: Amit Pabari, managing director, CR Forex Advisors
The Nifty IT index hit an all-time high of 24,020.55, rising 1.7 per cent in early morning deals. In the Nifty IT index pack, Mphasis, Infosys, HCL Technologies, L&T Infotech, Tata Consultancy Services (TCS) and Tech Mahindra scaled their fresh 52-week highs. So far this fiscal, Nifty index has rallied 89.42 per cent, significantly outperforming the broader Nifty50 index, which managed to surge 57.62 per cent. The recent rally in the major indices has come to a slight halt due to the situation unravelling in the UK.
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Foreign Institutional Investors have continued to pump money into Indian stock markets. In the previous month, FII inflows reached their record highs on Rs 60,358 crore and so far this month their investment has reached Rs 52,722 crore with still over a week left before the month ends. “Amongst sectors, FII flows were skewed in favour of Financials, Discretionary and Industrials sectors; whereas only IT and Real Estate sectors saw moderate outflows,” said Bank of America Securities. Analysts at BofA believe that FII could reposition bets in favour of Financials as well as the Materials & the Industrials sector.
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The volatility gauge or India VIX was seen gaining on Wednesday morning as benchmark indices moved frantically.
We just witnessed a sharp correction a couple of days back where from a high of 13777 the Nifty made a low of 13131. This has not changed the macro trend and one can still find stocks worth investing in. I have shortlisted a few stocks within the IT pack which in my opinion still have steam left and can propel the index further.
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Sensex opened flat with a negative bias but soon recovered losses and was trading with gains. Nifty 50 regained 13,500.
Sensex added 65 points during the pre-open session while Nifty 50 was still shy of 13,500 levels on Wednesday morning.
While Sensex was surging higher and higher during Wednesday's pre-open session, Nifty was trading flat to negative. However, minutes into the pre-open session Nifty was seen nearing the 13,500 levels as it gained over 30 points.
Sensex jumped during Wednesday's pre-open session while Nifty was trading flat.
"The Nifty 50 index refused to fall below the 13200 levels following strong short-covering on back of positive news flow from the US market. The Nifty 50 index has created a Bullish Harami pattern on the daily chart, indicating a continuation of the bullish trend. However, for the positive momentum to continue we need the Nifty 50 index to be above the 13550 levels. Meanwhile if the market breaks the 13100 levels, we may see another decline to 12900/12800 levels. On Wednesday, the Nifty would be hit hard at 13550 and 13650 levels," said Shrikant Chouhan, Executive Vice President (Equity Technical Research), Kotak Securities.
Nifty futures were seen trading 47.50 points down at 13,435.50 in early deals on Singaporean Exchange. Market participants may react to the news that said India is likely to approve Oxford/AstraZeneca’s coronavirus vaccine for emergency use by next week after its local manufacturer submitted additional data sought by authorities, Reuters cited two sources as saying. Besides, newsflow related to new COVID strain will be closely watched.
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For the December series maximum Call Open Interest (OI) is placed at 14,000 strike with 24.95 lakh contracts. This is followed by 20.83 lakh contracts at 13,000 strike.
Put OI is the most at 13,000 strike with 44.92 lakh contracts.
Wipro on Tuesday said its up to Rs 9,500-crore share buyback programme will commence on December 29 and close on January 11, 2021.Sebi on Tuesday imposed a fine of Rs 1 lakh on Reliance Capital for violation of Depositories and Participants Regulations back in 2010.
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About 120-130 foreign direct investment (FDI) proposals worth around Rs 12,000-13,000 crore ($1.6-1.8 billion) from China are pending with the government for clearance, a source told FE. This follows India’s stipulation in April that FDI proposals from bordering nations must obtain government approval.
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Bitcoin is again making headlines with the unreal upwards movement recorded on the price charts recently, setting fresh all-time highs. The cryptocurrency has gained nearly 400% since March this year and over 200% since the beginning of this pandemic struck year. Investor’s interest in bitcoin has been gaining steam in 2020 and it’s not just small investors, institutions have also joined in cheering it. Seeing these developments, Chris Wood, global head (equity strategy) at Jefferies, has decided to introduce Bitcoin in its long-only global portfolio.
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"Nifty has bounced up on December 22 after the sharp fall seen on the previous day. On up moves, Nifty 13549-13589 band could offer resistance while 13192 could offer support. The upward bounce may last 1-2 sessions more," said Deepak Jasani, Head of Retail Research, HDFC Securities.
Capital markets regulator Sebi is looking to rope in an agency for performing in-depth risk assessment of its information technology (IT) infrastructure. The risk assessment needs to include identification of foreseeable threats, assessment of the likelihood and potential damage of these threats, and the sufficiency of controls to mitigate risks.
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Equity markets across the world have rallied despite the pandemic and economic contraction. S Naren, executive director and chief investment officer, ICICI Prudential AMC, is of the view that this current ‘developed world central bank’ bull market can end when inflation returns to the US.
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