Sensex, Nifty Highlights on December 18: Equity indices closed at new record highs on Friday, amid mixed trend from global equities. Extending gains for the sixth session, Sensex ended 70 points higher at 46,960 and Nifty gained by 19 points to 13,760. In today's session, Sensex hit an all-time high of 47,026 and Nifty logged a lifetime high of 13,772. Yesterday, Sensex ended 223 points higher at 46,890 and Nifty gained by 58 points to 13,740.
Here's a look at the updates of the market action on BSE and NSE today
3. 50 PM: Closing
Equity indices closed at new record highs on Friday, amid mixed trend from global equities. Extending gains for the sixth session, Sensex ended 70 points higher at 46,960 and Nifty gained by 19 points to 13,760.
3. 43PM: Market outlook
S Ranganathan, Head of Research at LKP Securities said,"Markets closed flat today after an initial wobble in morning trade across Small & Midcap names. FTSE rebalancing coupled with strong demand for IT stocks saw momentum return in late afternoon trade as select quality Midcaps gained ground"
3. 20 PM: Titan share price hits fresh 52-week
Shares of Titan Company hit a record high of Rs 1,523 on Friday after brokerage firm Motilal Oswal Financial Services rated "buy" call on the stock with a target price of Rs 1,650.
Motilal said in its note,"Titan's medium-to-long-term earnings growth opportunity is best-of-breed, reflected in the about 24 percent EPS CAGR over the past three years."
3.02 PM: TCS share price hits 52-week high
Shares of Indian IT services companies, Tata Consultancy Services (TCS) hit new 52 week and all time high of Rs 2,898 today.
TCS shares touched an intraday high as well as an all time high of Rs 2,898, rising 2.12% against the last closing of Rs 2,837.90. The stock also hit an intraday low of Rs 2,855.85 after opening at Rs 2,861.
2. 42 PM: YES Bank share slips over 4%
YES Bank shares were trading lower for the second consecutive session, falling 4.6% on Friday morning. YES Bank stock opened lower at Rs 18.12 and fell 4.6% to hit the day's low of Rs 17.40 during the session. YES Bank also touched an intraday high of Rs 18.50 against the last close of Rs 18.25. Later, the shares were trading flat at Rs 18.25.
2. 30 PM: Top losers and gainers
ONGC, IndusInd Bank, HDFC twins, Bajaj Finance and Kotak Bank were among the top losers. On the other hand, Infosys, HCL Tech, TCS, Nestle India and Bajaj Auto were among the gainers.
2. 25 PM: Market update
Sensex traded 155 points lower at 46,703 and Nifty fell by 50 points to 13,689. In today's session, Sensex hit an all-time high of 47,026 and Nifty logged a lifetime high of 13,773.
2. 12PM:JK Tyre outlook
Yash Gupta Equity Research Associate, Angel Broking said," JK Tyre stock fell by 4.25% as bulk deals hit on exchanges on 17th December 2020. JK Tyre & Industries Ltd stock action on back to back to back bulk deals of more than 1.1% of paid up equity share by EdgeField Securities. EdgeField Securities sold 14.3Lk shares in bulk deal on 17th and 14.6Lk shares on 16thDecember, 2020 representing total equity capital of 1.17%. As per the latest quarterly shareholding as on 30th September 2020 EdgeField Securities holds 4.24% of paid up capital of JK tyre. Earlier EdgeField Securities sold 2.84% of paid up capital in the quarter ended 30th September. We expect JK Tyre can see some more follow up selling in near future."
1. 52PM: L&T Technology share hits all-time high
L&T Technology share hit all time high in early trade today after brokerage CLSA raised its target price to Rs 2,020. Share of L&T Technology rose 11.26% to Rs 2,185 against Rs 1,963.65 on BSE. The stock has gained 18.33% in last 4 days.
L&T Technology share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 44.14% in one year and risen 47.4% since the beginning of this year. In a month, the stock has gained 27.77%. Market cap of the firm rose to Rs 21,053 crore.
1. 49 PM: Sensex crosses 47K mark for first time
Sensex crossed the 47K mark for the first time ever in opening trade today amid record inflows from foreign institutional investors, progress on COVID-19 vaccines globally and signs of a nascent economic recovery in the country. Sensex rose 136 points to all-time high of 47,026 in early trade against previous close of 46,890. The index has gained 13.32% since the beginning of this year.
1. 37 PM: Natco Pharma outlook
Yash Gupta Equity Research Associate, Angel Broking said," Natco Pharma Limited announced the launch of Rivaroxaban molecule, under brand RPIGAT. Rivaroxaban is an anticoagulant medication used to treat and prevent blood clots. Rivaroxaban is currently sold by Bayer under the brand name of Xarelto, in the Indian market. After successful previous launches of DABIGAT (Dabigatran) and APIGAT (Apixaban) by NATCO, this latest Rivaroxaban NOAC (Novel oral anti-coagulant) is in line with the Company's mission of affordable medicines accessible to all. NATCO has launched RPIGAT in four strengths- 20 mg, 15 mg, 10 mg and 2.5 mg. The 20 mg strength is priced at an MRP of INR 14.0 per tablet. This is a very important launch for the company, this will help the company to increase revenue contribution from Domestic market. We have a positive Outlook on Natco Pharma Limited."
1. 20 PM: Nifty outlook
Geojit Financial said in its note,"The rise throughout yesterday in Nifty does not look to have prompted option traders to up their bullish expectations much as evident from the built up along OTM calls yesterday, which have mostly ended up net short. In the monthly contract, 14400 and 14700 were the strikes with the highest OI build up, and both witnessed short build up, and the same was seen at 14500 and 14000 the strikes in the 24Dec weekly witnessing the highest OI build up. Put addition remained on the selling side, with 13500 and 13700 finding the highest OI build up along monthly and the same happening at 13700 and 12900 for the weekly. But the highlight of the day was a whopping 34.48% build up in index shorts by FIIs, while the build up in longs was just to the tune of 7.8%. Longs constitute only 69% in the index segment of FII positions, and the short positions which had fallen to record lows are now at comparable levels to that of November. This turn of events certainly puts the 14000 mark an ominous one for Nifty to approach."
1. 10 PM: Swaraj Engines outlook
Swaraj Engines is engaged in the business of manufacturing diesel engines and hi-tech engine components. Diesel Engines are specifically designed for tractor application. Going forward, we expect recovery in the tractor industry (due to robust Rabi crop production, hike in MSP & the forecast of a normal monsoon) will benefit players like Swaraj Engines.
12. 58 PM: Why investors are playing with fire by buying 'junk stock' DHFL
Ever since the sale process of beleaguered Dewan Housing Finance Corporation Ltd (DHFL) commenced with high profile bidders like Piramal, Adani and Oaktree, investors in the stock market are making a beeline for a near junk stock. The stock that crashed to a low of Rs 8.40 in April this year has now gained a whopping 285 per cent in just nine months to touch Rs 32 per share.
12. 47 PM: Crude outlook
Brent crude futures, the global oil benchmark, fell 0.33 per cent to USD 51.33 per barrel. Yesterday, oil price moved up to touch nine- month high as trader's cheered signs of progress in US fiscal stimulus talks.
12. 34PM: Stock markets at record peak: Is it time to hold or fold?
It is not unusual for the stock index of a growing economy to reach new peaks. While the journey is not linear, an informed and seasoned investor who has set a summit in terms of a long-term financial goal will not abandon the climb just because he has reached an interim peak or has to cross over a trough in between.
In the investing world, those troughs are the pockets of uncertainty and anxiety characterised either by a lack of information or our inability to process it. Exiting long-term equity portfolios during these periods of uncertainty is akin to a climber abandoning his climb only because fogs of uncertainty restrict his vision of the next peak or the final summit.
12. 21PM: Burger King India share hits 10% lower circuit
Burger King India share fell 10% for the second consecutive session today after a record rally of 265% in four sessions. Share of Burger King India hit lower circuit of 10% to Rs 161.45 against previous close of Rs 179.35 of Rs 179.35 on BSE.
On NSE too, the share was down 10% to Rs 157.50 against previous close of Rs 175. Market cap of the firm fell to Rs 6,161 crore on BSE. In the last two sessions, the share has lost 26.32% on profit-booking.
12. 11PM: Rupee opens 5 paise higher at 73.54
Indian rupee, the local currency appreciated by 5 paise to 73.54 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.
The domestic unit opened at 73.55 against the greenback at the interbank forex market and inched 5 paise higher at 73.54, over its previous close.
11. 55 AM: Stocks to watch today on December 18
Bank of Baroda, SpiceJet, Natco Pharma, TCS, Axis Bank, BPCL among others are the top stocks to watch out for in Friday's trading session
11. 41M:Narayana Hrudayalaya outlook
Yash Gupta Equity Research Associate, Angel Broking gave "Buy" Rating on "Narayana Hrudayalaya" and said," Narayana Hrudayalaya is engaged in providing economical healthcare services, specifically service's related to cardiac sciences and gastro (43% and 14% of revenue respectively). Company having 21 hospitals with Operational beds of 5920. Company major revenue comes from Bangalore and Kolkata region with 38% and 28% respectively. In Q2FY20 the company presented a better than expected recovery in revenue post Covid hit in Q1FY21. In September revenue was at 90% of pre Covid levels, Cayman island hospital at highest every sale due to Covid related benefit. We expect strong recovery in Q3FY21 and growth momentum to start in Q4FY21. Company having capacity of 6656 beds out of which 5920 beds are operational only, company not looking for any major green field expansion. Northern region contribution to revenue to increase further as hospitals moving to mature hospitals. We expect further margin expansion and benefit of operating leverage."
11. 34 AM: IT sector outlook
Manik Taneja from JM Financial Institutional Securities said," While continuing to reiterate the limited read through in general, we believe that Accenture's strong beat in 1QFY21 (quarter ending Nov'2020) and the raise in revenue and EPS outlook for FY21( fiscal year ending Aug'2021) should lend confidence in growth trajectory for the Indian techs. ACN's stock is trading 7% up in US trade as we write this. Indian tech stocks have taken a breather in the past 2 months after a strong upmove YTD and could be setting themselves for some catch up as ACN's results and our industry checks continue to suggest a strong demand uptick on the ground. We believe that Indian techs are likely to see a strong FY22 ( possibly better than street estimates), albeit the supply situation needs watching. We continue to back ' Improvement in growth and margins for the foreseable future' theme with INFOSYS remaining our top pick amongst Tier I's. Amongst Tier II's we back BUY rated PSYS and MPHL."
11. 20 AM: Global markets
Asian markets are trading mixed as investors await BoJ policy meeting outcome later in the day. It is widely expected that BoJ will extend its funding programs. US markets closed higher as lawmakers signaled that they are nearing a stimulus deal to support businesses and individuals during the pandemic situation. European markets closed higher taking cues from positive comments from FOMC meeting that it will continue to support the economy.
11.10 AM: Nifty technical outlook
Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said,"After some consolidation at the start of the week, Nifty resumed its momentum and has continued to register new records. As mentioned in our last couple of reports, this rally was expected to test the 13770 level as it is an important level as per the Fibonacci ratio. This level marks the 127% retracement of the previous correction that we had seen in the first quarter of this calendar year and hence gains some importance. As the index approached this resistance, the broader markets witnessed some profit booking in the last hour of the trade yesterday. Also, the banking index is struggling to cross the 31000 mark since last couple of sessions. There are no signs of reversal yet on charts, but sometimes it is better to avoid aggressive bets in such hunky dory situation and take some money off the table at such juncture. Hence, we advise traders to book profits on long positions and wait for further signal from the market for the near term. The immediate supports for the Nifty are placed around 13660 and 13600 whereas resistance is seen in range of 13770-13800."
10.55AM: Global markets
Asian stocks are trading mixed on Friday as investors looked ahead to the Bank of Japan's rate decision and monetary policy statement expected later in the day.
In US, stocks closed at record levels on Thursday, boosted by hope of Washington coming through on additional fiscal aid before the end of 2020.
European markets closed mixed after Britain and the European Union struck a pessimistic tone in trade talks on Thursday, with a spokesman for Prime Minister Boris Johnson saying it was "very likely" there would be no agreement unless the bloc changed its position "substantially".
10. 46 AM: Nifty Outlook
Geojit Financial said in its note,"Nifty softened yesterday after achieving the intraday target of 13740, but gave little signs of topping. Yet, expect 13770 to throw up some challenges today, forcing Nifty to seek support from 13600. However, if such dips do not stretch beyond 13720, expect 13820-920 right away."
10. 30 AM: Gold outlook
Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said,"Yesterday Gold prices increased by 1.60% and closed at 50390 levels and silver prices also increased sharply by 3.57% and closed at 68.267 levels. Weakness in dollar and expectation of stimulus package for US economy support the Gold prices. Increasing cases of Corona virus also supports the gold as a safe haven asset.
Hopes over further stimulus infusion by central banks is expected to levy some support to the safe haven asset, Gold. As for today traders can go for BUY in gold at Rs 50000 levels with the stop loss of Rs 49700 levels for the target of 50700 levels. They can also go for BUY in Silver at Rs 67800 levels, with the stop loss of 67000 levels and for the target of 70000 levels. We expect gold may test $1900 levels and silver may test $27 levels soon."
10. 20AM: Market outlook
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"The steady decline in dollar index continues with the index dipping below 90. This is emerging market positive and is reflected in the sustained FII inflows. The Fed's declared position to keep interest rates near zero through 2023 has emboldened the FIIs to pour money into emerging markets. The catch, however, is in high market valuations. High valuations are difficult to sustain but valuations can remain high longer than we think. So it makes sense to partially book profits while remaining invested in quality names in performing sectors".
10. 10 AM:Market outlook
On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The market has opened on a soft note this morning and is still hovering around the 13700 level. It is imperative for the Nifty to keep above this level as that would allow us to experience higher levels of 14000. We have a good support around 13400-13500 and till that holds, we are in bullish territory and should utilise dips or mild corrections to accumulate long positions."
9. 55 AM: Market reverses trend
After opening at new record highs, equity indices reversed trend and turned bearish on Friday, amid mixed trend from global equities. Reversing after five sessions of straight gains, Sensex traded 155 points lower at 46,703 and Nifty fell by 50 points to 13,689.
9. 44 AM: Bitcoin breaches $23,000 for first time
Bitcoin surpassed $23,000 for the first time on Thursday, just a day after breaching the $20,000 milestone, amid increased appetite for riskier assets. The cryptocurrency saw surge in demand from larger investors, such as companies and businesses, as it has become an attractive investment alternative owing to higher returns.
Bitcoin surged to new record highs of $23,770 earlier on Thursday, before quickly falling back by over $1,500 to $22,185, according to the CoinDesk 20. At the time of reporting, the digital currency was holding early gains and was at $22,560, up 14.37 per cent on a 24-hour basis.
9. 32 AM: Future Retail, YES Bank, GE Power among top wealth destroyers of 2020
A rising market tide may not lift all boats. Nearly one-third of stocks with market capitalisation over Rs 1,000 crore have posted negative year-to-date returns up to 78.3 per cent.
The worst performers were Future Lifestyle Fashions, Future Retail, Suven Life Sciences, Future Consumer, YES Bank, GE Power and Federal-Mogul Goetze (India) that witnessed price erosion between 52 and 78.3 per cent from January 01 to December 16, 2020. Most of these stocks touched their 52-week low during the month of March and April, but have seen an amazing recovery of over 30 per cent since then.
9. 20 AM: Market hits new high
In today's session, Sensex hit an all-time high of 47,026 and Nifty logged a lifetime high of 13,773.
9. 16 AM: Opening session
Market indices opened at new record highs and traded on a bullish note on Friday, amid positive global equities. SGX Nifty on the Singapore Exchange was rising by 90 points, indicating positive trend in domestic grounds today. Rallying for the sixth consecutive session, Sensex traded 137 points higher at 47,027 and Nifty gained by 23 points to 13,765.
9. 10 AM: Nifty outlook
RSL Research said in its note,": NSE-NIFTY continued its daily rising trend and closed above its upper band of the rising channel for straight second trading session in a row. Yesterday, positive momentum in financial service sector, frontline majors and FII's consistent buying supported the up-move. As mentioned earlier, our positive view will remain intact for the index as its major technical indicators are positively poised. The index will keep exploring uncharted territory and will test 14,000 mark in the near-term. In case of profit booking, the index will now find strong support at 13,600 mark and will rebound.
As for the day, support is placed at around 13,685 and then at 13,629 levels, while ub resistance is observed at 13,785 and then at 13,829 levels."
9.05 AM: Market outlook
Ashis Biswas, Head of Technical Research, CapitalVia Global Research Limited- Investment Advisor said, "The market witnessed some strong trend and an attempt to overcome the resistance level around the Nifty 50 Index level of 13750. While sustaining above 13750 is the key factor from a short-term perspective. We suggest Maintaining above this level market to gain momentum and to open the gate for a movement till 13990. The momentum indicators like RSI, MACD to stay positive and market breadth to improve, further strengthening the view of a short-term bullish outlook."
8. 50 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 2,355.25 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,494.36 crore in the Indian equity market on 17 December, provisional data showed.
8. 40 AM: Rupee closing
On the currency front, Indian rupee ended just 1 paisa lower at 73.59 against the US dollar on Thursday amid a firm trend in the domestic equity markets.
8. 30 AM: Closing
Market indices closed at new record highs on Thursday, amid persistent foreign fund inflows and positive global equities. Rallying for the fifth consecutive session, Sensex ended 223 points higher at 46,890 and Nifty gained by 58 points to 13,740.