Nifty Media and Nifty Metal indices were down 1.45 per cent and 1.09 per cent, respectively.Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended the day in the positive territory for the fifth straight session on Tuesday. BSE Sensex ended 259 points or 0.55 per cent higher at 47,613.08, while the broader Nifty 50 index gained 59.40 points or 0.43 per cent to end at 13,932.60. IndusInd Bank was the top Sensex gainer, up 5.4 per cent, followed by Tech Mahindra, Axis Bank, Housing Development Finance Corporation (HDFC), ICICI Bank, HCL Technologies, HDFC Bank, and ITC among others. On the contrary, Nestle India and NTPC shares were the top Sensex losers, down 1 per cent each while Reliance Industries Ltd (RIL) also settled 0.70 per cent lower. The Nifty sectoral indices were mixed, with Nifty Bank index up 1.43 per cent. While Nifty Media and Nifty Metal indices were down 1.45 per cent and 1.09 per cent, respectively.
Highlights
USDINR pair remained quite stable and markets didn’t witness any panic selling, despite rupee breaking nearly two months key support of 73.40 amid unwinding of long dollar positioning on expiry. RBI seemed actively buying all the OI short dollars position and rolling it over for the future expires. With such a huge position unwinding, RBI didn’t allow rupee to move past 73.35 levels, clearly signalling that the central bank won’t allow the pair to strengthen beyond 73.30 in the near term. Hence, in the current scenario, ideal strategy remains buying on every dip: CR Forex Advisors- MD Amit Pabari
It was a volatile day, started well but edged lower losing all the gains, in the end, the markets recovered much of the losses and closed with a small upside. Finance stocks were the major contributors in the upside but broader market underperformed the main benchmark. Selling was seen in auto, pharma and metal sectors among others too. A major part of the global developments like stimulus and Brexit deal are priced in the market. In the absence of major domestic or global events expected in the near-term, the market will focus on the upcoming Q3 earnings and stock-specific updates: Vinod Nair, Head of Research at Geojit Financial services
Financials helped key Indices to close the day well into positive territory with the broader markets seeing demand for Gas stocks. The day also witnessed upmoves in names that are not usually seen frequently amongst gainers as savvy investors were seen scouting for value in a Bull Market: S Ranganathan, Head of Research at LKP Securities
The markets were a tad shy of hitting the 14000 level but that should be achieved sooner than later. The Nifty can climb towards 14100 which should be the next level of resistance. The week's support is at 13600 so traders can utilise intra day corrections to initiate long positions for higher targets: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
BSE Sensex ended 260 points or 0.55 per cent at 47,613.08, while the broader Nifty 50 index gained 59.40 points or 0.43 per cent to end at 13,932.60
I G Petrochemicals Ltd is engaged in manufacturing of phthalic anhydride(PAN). The company’s new brownfield manufacturing facility (PA–4 Plant) with a capacity of 53,000 MT of Phthalic Anhydride situated at Taloja Industrial Area, Maharashtra has commenced its commercial production from today. This is positive development for I G Petrochemicals which would aid revenue growth for the company in coming quarters: Amarjeet Maurya - AVP - Mid Caps, Angel Broking Ltd
After falling prey to the infamous Karvy Stock Broking scandal in 2019, Ashok Ghose, a senior citizen from Pune, was feeling lucky in April this year when he received his shares back after months of efforts. “I had managed to get my corpus back by tweeting and making a noise and getting in touch with Mr Parthasarathy of Karvy Group. Somehow, he took pity on me and I got my shares back on April 20,” Ashok Ghose told Financial Express Online. Little did he know that a few days later, he would find himself in the middle of another unprecedented financial event -- Franklin Templeton shutting its six debt mutual fund schemes.
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Home appliances including TV, refrigerator, washing machines are likely to get expensive in the new year as appliances makers complain about high input prices. The coronavirus pandemic has led to supply chain disruptions across the world, which has made appliances’ input materials such as copper, aluminium and steel more expensive. Further, a rise in the ocean and air freight charges are also expected to weigh on the prices of home appliances in the new year.
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At this hour IndusInd Bank is top Sensex gainer, surging over 4%. It is followed by HDFC, Axis Bank, and Tech Mahindra.
Mukesh Ambani spent much of 2020 convincing Facebook Inc., Google and a clutch of Wall Street heavyweights to buy into his vision for one of the world’s most ambitious corporate transformations. Now flush with $27 billion in fresh capital, Asia’s richest man is under pressure to deliver.
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The worst listing day performer of 2020, SBI Cards and Payment Services, has had a remarkable turnaround since the stock markets started recouping losses suffered in March. SBI Cards’ share price has galloped 70% in the last seven months. This upward march comes after the first IPO of 2020 saw a disastrous listing day, falling 13% from the issue price on debut. Brokerage and research firm Kotak Securities has now initiated the coverage of SBI Cards and Payment Services, pinning a fair value that implies further upside in the stock from current levels.
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The share allotment in Rs 300-crore Antony Waste Handling Cell initial public offer (IPO) is likely to be finalised today. The last public issue of the calendar year 2020 was subscribed 15.04 times and received bids for 10.02 crore shares against the offer size of 66.66 lakh shares. The grey market premium in the municipal solid waste management company has fallen to Rs 115 from Rs 180 last week.
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It will be a make or break for rupee amidst the optimism surrounded coupled with currency futures expiry which supposedly has huge open interest on BSE and NSE. This shall apparently be overweighed on the buy-side of dollar as RBI kept on mopping dollars throughout. Being the expiry, these positions with huge quantum shall be settled by selling those dollars that were bought. It will be important to see whether RBI will intervene today being currency futures settlement day. If it remains silent and allows the market forces to drive the pair, rupee can move towards 73.00-73.15 levels. However, an intervention, as usual, can push it back towards 73.60-73.80 region: Amit Pabari, managing director, CR Forex Advisors
Wipro share price jumped nearly 2 per cent to hit a fresh 52-week high of Rs 390.40 apiece today on BSE as the company’s Rs 9,500 crore share buyback offer opened today. Last month, shareholders had approved Wipro’s buyback plan for purchase of up to 23.75 crore equity shares at Rs 400 per share
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We have hit 13900 this morning and the 14000 mark should now be a mere formality to achieve. There is always a possibility for the markets to shy away from that level since its a psychological whole number! If we sustain 14000, we should look out for 14200. During the recent correction, the Nifty has made a good base at the 13100-13200 level. Until that does not break, we are in bullish territory: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Listed PSU firms have been gaining momentum for the past few weeks now as analysts expect government-run companies to make a comeback in the forthcoming quarter, after years of underperformance. Brokerage and research firm JM Financial, in a recent report, said that their analysis has highlighted a disconnect between PSU valuations and operational performance both vis-à-vis historical averages and the broader market. “The BSE PSU Index valuation is at 9x P/E and 0.9x P/B; this is 25-30% lower than last-5-year averages and the valuation discount to the BSE 500 Index has further expanded to ~70% vs. 40-50% in FY16,” the report said. JM Financials has picked stocks from the PSU universe that it believes could be value plays going forward.
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Liquidity continues to drive markets. With two more days to go in this month, FII inflows are likely to cross Rs 60000 cr in December on top of the Rs60300 cr that came in November. India's performance is in line with the performance of other emerging market peers but valuations are much higher. Mid-small-caps which have outperformed during the last 6 months have some more steam to go up. Also the Bank Index is still 5% below its peak. So, some more catching up is possible there as the Q3 results from private sector banking majors will be good. That said, aggressive buying at peak valuations is not advisable: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
COMEX gold trades marginally higher near $1882/oz after a 0.1% decline yesterday. Gold trades mixed as support from US stimulus deal and increasing virus concerns and ETF outflows is countered by improving risk sentiment and progress on COVID-19 vaccination. While general momentum looks positive due to US stimulus deal, a sustained rise may come only if there are fresh triggers or if price manage to close above $1900/oz level: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
Nestle India, Asian Paints, Larsen & Toubro and Power Grid Corporation of India are the only laggards on BSE Sensex in the early deals on Tuesday.
Top index contributors in today's session include HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Housing Development Finance Corporation (HDFC), Infosys and Axis Bank.
BSE Sensex jumped over 250 pts to hit a fresh high of 47,603, while the broader Nifty 50 index touched an all-time high of 13,946.05.
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With positive cues from the Dow overnight (+0.7%), the Nifty today could scale the 14000 mark. The Rupee is likely to open around 73.45. Today is the December exchange traded currency derivatives' expiry. Given the high open interest on account of RBI intervention we could see a lot of selling interest at the RBI fix in OTC. Yesterday itself the fix for today was offered at -2p which implies sellers were ready to sell at RBI fixing rate minus 2p. It will be interesting to see if the RBI is on bid through nationalized banks right from the outset: Abhishek Goenka, Founder and CEO, IFA Global
BSE Sensex jumped over 200 points while the broader Nifty 50 index moved below 13,850 in the pre-opening session on Tuesday.
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The primary markets have all but eclipsed the stunning rally in the secondary markets in 2020 with companies having raised a whopping Rs 1.77 lakh crore. That’s a 116% increase over last year’s Rs 82,241 crore and topped the Rs 1.6 lakh crore raised in 2017, data from Prime Database show. Moreover, the average listing gains from the top 15 IPOs (initial public offerings) have been a rewarding 35.5%, way above the 22.3% that investors got in 2017.
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Wipro: Wipro’s Rs 9,500-crore share buyback programme will commence on December 29 and close on January 11, 2021PNB said it has completed IT integration of all branches of erstwhile United Bank of India with itself.
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For the December series, maximum Call Open Interest (OI) is placed at 14,000 strike with 47.13 lakh contracts, this is followed by 29 lakh contracts at 13,900 strike. Put OI is the most at 13,000 strike with 56.88 lakh contracts, followed by 13,500 strike with 41.75 lakh contracts.
Suryoday Small Finance Bank has received capital markets watchdog Sebi’s go ahead to float an initial share-sale. The bank, which filed its preliminary papers for the IPO in October, obtained Sebi’s observation on December 23, an update with the markets watchdog showed on Monday.
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In four trading sessions, investor wealth jumped Rs 8.22 lakh crore as markets continued their rally with the benchmark indices recording life time peaks on Monday. The BSE benchmark index Sensex settled 380.21 points higher at its all-time closing high of 47,353.75 on Monday. The index also scaled its fresh record intra-day peak of 47,406.72.
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Equities touched all-time highs on Monday, starting the last week of the calendar year on a positive note, with the benchmark Nifty rallying 123.95 points (0.90%) to close at 13,873.2. The Sensex rallied by 380.21 points (0.81%) to close at 47,353.75. The markets rallied on account of strong global cues. Investor wealth jumped Rs 8.22 lakh crore in four trading sessions.
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