Volatility slipped while broader markets outperformed yet again.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets continued scaling higher on Thursday morning. S&P BSE Sensex zoomed to cross 46,700 on the opening bell while the Nifty 50 was just above 13,650. All sectoral indices were seen inching higher except Nifty IT, down 0.4%. Broader markets continued to outperform benchmark indices on Thursday as well. Asian peers were trading in the green on Thursday morning. Shanghai Composite and Hang Seng along with Japanese stock markets and South Korean equity indices were all seen gaining.
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Highlights
Currently, risk-on sentiment is guiding markets so far as the Brexit optimism has overshadowed Trump’s tricks over signing the stimulus bill and new strain of virus which doesn’t seem that deadly. Whereas, rupee gradually recovers from its weakness and is successfully holding below the 74.00 resistance level due to selling pressure, inflows and dollar weakness. Overall, as long as the pair stays within its present narrow-range of 73.40-74.00 levels, upticks between 73.80-74.00 shall be taken as selling opportunity: Amit Pabari, managing director, CR Forex Advisors
"Antony Waste Handling Cell issue was subscribed 15 times by the end of the issue, unlike last time in March'20 when the issue was not even subscribed a single time. Non-institutional portion was subscribed most by 18.7 times. Retail portion and qualified institutional buyer portion was subscribed by 16.5 times and 9.7 times respectively. Although Antony got a way better response compared to last time in March'20 when it was raising funds from the market. If I compare Antony IPO response with last few IPO such as Burger King, Mrs Bector; the response from investors for Antony has not been as good as these IPO. Business is dependent on a limited number of customers for a significant portion of the revenue. So considering the valuation of P/E of 11.5x on FY20 basis (at the upper price band), we recommended “NEUTRAL” rating on the issue," said Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd.
Telecom stocks such as Bharti Airtel, Reliance Industries Ltd and Vodafone Idea were in focus today after the Telecom Regulatory Authority of India (Trai) released data on Wednesday. Bharti Airtel share price surged 3 per cent to rs 522.95 apiece in early deals on BSE, as it reported the highest number of subscriber additions for the second straight month in October. The telecom giant had reclaimed the leadership position in terms of subscriber addition after a four-year gap.
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Among the top Sensex gainers on Thursday morning were ONGC, Bharti Airtel, and Bajaj Auto. ONGC shares were up 3.85%.
Sensex started the day's trade with gains, crossing 46,700 while the Nifty 50 index zoomed past 13,650.
Sensex gained nearly 300 points during the pre-open session on Thursday while Nifty crossed 13,650.
Pre-open session Thursday took both the benchmark indices higher, hinting at a strong start to the trading session on the weekly expiry day.
Nifty soared during the pre-open session to breach 13,850. Sensex jumped over 250 points as it crosses 46,700.
Nifty futures were trading 37 points up at 13, 655.50 on Singaporean Exchange, indicating a gap-up opening for BSE Sensex and Nifty 50 on Thursday ahead of the Christmas holiday. Indian share market benchmark indices continued their rebound from losses of December 21, 2020, for the second straight day and ended higher in the previous session. Investors will keep tabs on newsflow related to new COVID-19 strain, coronavirus vaccine, oil prices, movement in rupee and other global cues along with stock-specific development.
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After recent gains, call writing has been seen at 14,000 strike, which also holds the maximum Call Open Interest (OI) with 29.89 lakh contracts. This is followed by 24.98 lakh contracts at 13,500 strike.
Most Put OI is at 13,000 strike with 47.94 lakh contracts, followed by 13,500 strike with 34.42 lakh contracts.
"The pattern of higher highs and higher lows on the daily remains intact. If Nifty moves above 13640-13650 expect the index to trade above 13800-13900 before the end of the current expiry. International markets also seems to have emerged out of mutating covid virus scare. Support for Nifty is at 13550 a break below this and we Nifty could see a decline towards 13400. Most probably Bull will be the winner on Weekly expiry day," said Manish Shah, Founder, Nifty triggers.com.
Bharti Airtel, RIL, Vodafone Idea: For the third month in a row, Bharti Airtel has added the maximum number of wireless subscribers at 3.67 million in October, followed by Reliance Jio which added 2.23 million customers. Vodafone Idea continues to lose customers with a decline of 2.65 million subscribers.
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Global rating agency S&P Global Ratings today affirmed its 'BBB-' long-term and 'A-3' short-term issuer credit ratings on Indian Bank. The outlook on the long-term rating is negative. "We affirmed the ratings because we expect Indian Bank to be able to absorb a moderate deterioration in its asset quality over the next 12 months and benefit from the faster-than-expected economic recovery in India," S&P Global said.
Markets have corrected sharply in the last one week. A sharp bounce back in the last two sessions has however curbed the losses. Broad market indices like the BSE Mid Cap and Small Cap indices too have bounced back from close to their 50-day SMAs indicating a possibility that the short term correction is over and markets are ready to resume their intermediate uptrend.
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Markets on Wednesday were driven up by the strong rally in the information technology (IT) stocks, thanks to the surge in the prices of IT services companies like Infosys and Wipro. The Nifty IT index rose 2.36%, which is higher than the 1% gain in the 50-share benchmark. Market experts continue to remain positive on the sector on account of a multi-year growth cycle awaiting the sector.
"Market witnessed a sharp correction in the first half of the week. Nifty50 which was trading around the 13750 mark witnessed a steep correction to test 13150 odd levels. We Expect volatility to remain high in the near term for the next few weeks. Buy on dips would be the suggested strategy. Value is seen around the 12800-13000 mark while on the higher side 13800-14000 is expected to act as supply zone. Staggered buying and disciplined trading is the best strategy in volatile markets," said Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities.
Mrs Bectors Food Specialities shares are scheduled to make a stock market debut today. The Rs 540-crore IPO was subscribed a whopping 197.38 times, becoming the most subscribed issue of 2020 so far. The company is the largest supplier of buns in India to QSR chains such as Burger King, McDonald’s, KFC, Carl’s Jr, Pizza Hut and Dominos Pizza. It sells its premium bakery products under ‘English Oven’. Mrs Bectors Food came up with its public issue following the successful listing of Burger King India which was listed with a 92 per cent premium to its issue price of Rs 60. In the grey market today, Mrs Bectors Food Specialities shares were seen trading at Rs 503 apiece, implying a premium of Rs 215 or 75 per cent over the IPO price of Rs 288 apiece.
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