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Share Market Highlights: Sensex ends at record high, Nifty at 13,529; Infosys, ITC, RIL top performers

India Stock Market Highlights Today: Intraday, both indices touched all time highs today, with Sensex hitting 46,164 and Nifty touching 13,548.

twitter-logoBusinessToday.In | December 9, 2020 | Updated 16:09 IST
Share Market Highlights: Sensex ends at record high, Nifty at 13,529; Infosys, ITC, RIL top performers
Share Market Highlights: Here's a look at the updates of the market action on BSE and NSE today

Sensex, Nifty LIVE Updates on December 9: Market indices closed at record highs, with Sensex touching 46K for the very first time and Nifty at 13,500 level, in line with positive global equities. Tracking gains in index majors Reliance Industries, TCS and Infosys amid persistent foreign fund inflows, Sensex ended 494 points higher at 46,103 and Nifty closed 136 points higher at 13,529. Intraday, both indices touched all time highs today, with Sensex hitting 46,164 and Nifty touching 13,548. Yesterday, Sensex and Nifty ended the session at record highs, backed by positive global cues, progress in COVID-19 vaccine, strong FIIs inflows and signs of economic recovery. Sensex ended 181 points higher at 45,608, Nifty closed 37 points higher at 13,392.

Here's a look at the updates of the market action on BSE and NSE today

3. 53 PM: Closing session

Market indices closed at record highs, with Sensex touching 46K for the very first time and Nifty at 13,500 level, in line with positive global equities. Tracking gains in index majors Reliance Industries, TCS and Infosys amid persistent foreign fund inflows, Sensex ended 494 points higher at 46,103 and Nifty closed 136 points higher at 13,529.

3. 45PM: Sensex hits 46K for first time, Nifty scales 13,500

With today's rally, Sensex has gained 11.70% since the beginning of this year and Nifty has risen 10.90% during the same period. Sensex and Nifty have gained 8.18% and 8.38%, respectively in one month.

Top gainers on Nifty were UPL, IOC, Kotak Bank,  HDFC Bank and Axis Bank rising up to 3.50% in afternoon trade.

Of 50 Nifty stocks, 31 gained and 19 were in the red. Hindalco, Shree Cements, Wipro, and Maruti were the top losers on Nifty.

Sensex hits 46K for first time, Nifty scales 13,500: Five factors that fuelled the rally

3. 39 PM: Glenmark Pharmaceuticals outlook

Reliance Research in its note said,:"The stock has surpassed its long-term resistance line and moved higher taking support of its 20-week EMA. Its major technical indicators on the short-term timeframe chart are positively poised. The stock has potential to continue undergoing positive momentum and will test higher level. On the higher side, the stock will face hurdle at around Rs 700. In case of decline, its 20-week EMA will work as a key reversal point for the stock. Stop loss will trigger at Rs 460 (on closing basis) and will negate the long trade."

3. 21 PM: Burger King India IPO

The allotment status of the Rs 810-crore initial public offering (IPO) of Burger King India, which closed last week, will be announced today on Wednesday, December 9.

The IPO of the private equity firm Everstone Group-promoted company had received an overwhelming response from retail investors and got oversubscribed within few hours of opening on the very first day of the share sale. It received 156.6 times subscription than the total issue size.

Quick service restaurant (QSR) Burger King's issue that received the second-highest subscription in 2020, was open from Wednesday, December 2, 2020 to Friday, December 4, 2020.

Burger King India IPO: Allotment of shares today, here's how to check status

3. 12PM: Sensex hits 46K for first time, Nifty scales 13,500

Sensex scaled the 46,000 mark for the first time in afternoon trade today. Nifty too hit the 13,500 level supported by positive sentiment on Dalal Street. While Sensex rose 485 points to 46,093, Nifty climbed 136 points to 13,528.

On Tuesday, Sensex and Nifty had closed at record highs. Sensex ended 181 points higher at 45,608 and Nifty closed 37 points higher at 13,392.

With today's rally, Sensex has gained 11.70% since the beginning of this year and Nifty has risen 10.90% during the same period. Sensex and Nifty have gained 8.18% and 8.38%, respectively in one month.

Sensex hits 46K for first time, Nifty scales 13,500: Five factors that fuelled the rally

3.05 PM:Vascon Engineers shares hit 5% upper circuit

Vascon Engineer's share price hit 5% upper circuit on BSE on Wednesday after the company said it has received a work order from M/s Transcon-Sheth Creators Private Limited for the construction of a composite sale building in Mumbai.

"Vascon Engineers Limited has received work order from M/s Transcon-Sheth Creators Private Limited for construction of composite sale Building No. 3 Rehab, Malad, Mumbai amounting to Rs 37.74 crore," the company said in an exchange filing.

"The work has been awarded on 'Lump sum Basis'. The work has to be completed within 27 months from the date of receipt of this Work Order," it added.

2. 56 PM: ICICI Bank share price gains

ICICI Bank share price gained in the early trade on Wednesday after the company approved to sell up to 2.21% stake in brokerage arm ICICI Securities through an offer for sale.

ICICI Bank, the promoter of the company, held a 77.22% stake in ICICI Securities as of September 30, 2020. "The board of directors of the bank, at its meeting held today, approved the sale of up to 7,121,403 equity shares of the face value of Rs 5 each of ICICI Securities representing up to 2.21% of its issued and paid-up equity share capital, through an offer for sale through stock exchange mechanism," ICICI Bank said in a regulatory filing.

ICICI Bank shares opened higher and touched the day's high of Rs 513.60. Later the shares erased early gains to hit Rs 506.10, its day's low on BSE. ICICI Bank shares closed lower by 0.42% at Rs 508.50 apiece on BSE on Tuesday's session. The share touched its 52-week high Rs 552.40 and 52-week low Rs 269.4. ICICI Bank stock price has fallen 0.59% in the last 2 days of fall.

2. 37 PM: Mindspace Business Parks REIT outlook

Yash Gupta Equity Research Associate, Angel Broking said,"Mindspace Business Parks REIT stock up by 0.2% on positive development of board approval for raising 200 crores by issuing debentures in private placement. Mindspace Business Parks REIT India's second listed REIT has approved the issue of secured, listed, senior, taxable, non-cumulative, rated, redeemable, non-convertible debentures by Mindspace REIT on a private placement basis for an aggregate amount of upto Rs. 200 crores in one or more tranches. This is positive development for the company. This will help Mindspace to execute projects in near time and increase gross leasable area for the REIT."

2. 26 PM: Market Outlook

Expressing views on market trend, Gaurav Garg, Head of Research, CapitalVia Global Research Limited said," Yet another day when bulls remained stronger than bears, resulting in a good opening for most stocks. In November , more than $8 billion of FPI inflow was made in the Indian Stock market, significant FPI inflow being done in FMCG, Pharma, Banking & financial sector. Increase in FPI inflows has supported the market to a great extent. Amid US Dollar weakness followed by vaccine expectations we expect money flow to continue in Indian markets in 2021. This makes India an enticing investment destination and we can expect positive momentum in equity market. The near time support level has shifted to 13250-13290."

2. 12 PM: Indices hit new highs

Intraday, both indices touched all time highs today, with Sensex hitting 46,164 and Nifty touching 13,548.

2. 09 PM: Godrej Properties outlook

Yash Gupta Equity Research Associate, Angel Broking said,"Godrej Properties stock up by 0.5% on positive news development of adding a new project in Whitefield, Bangalore. Company announced that it has entered into an outright transaction to purchase a well located land parcel in Whitefield, Bangalore. Spread across approximately 18 acres, this project will offer 2.4 million square feet of saleable area comprising primarily residential apartments of various configurations. Whitefield is the largest commercial and residential real estate market in Bangalore and this land parcel is situated near the proposed metro line connecting Whitefield to Hopefarm Junction. The site is well located and offers an extremely well developed social and civic infrastructure. After the Bangalore players like Sobha & Brigade are aggressive in Whitefield now Godrej has also entered with residential projects, this will increase competition in near future. Bangalore market is the best performing market in India in terms of Pre-sales."

1. 56 PM: Aurobindo Pharma outlook

Yash Gupta Equity Research Associate, Angel Broking said," Aurobindo Pharma receives USFDA Approval for Dexmedetomidine HCL in 0.9% Sodium Chloride Injection. Aurobindo Pharma Limited announced that the company has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Dexmedetomidine Hydrochloride in 0.9% Sodium Chloride Injection, 200, 50 mL and 400mL Single Dose flexible containers (Bags). Aurobindo's Dexmedetomidine HCl in 0.9% Sodium Chloride Injection is a therapeutic equivalent generic version of Hospira's Precedex. The product will be launched in January 2021. Dexmedetomidine Hydrochloride in 0.9% sodium chloride injection is a relatively selective alpha2 -adrenergic agonist indicated for a) sedation of initially intubated and mechanically ventilated patients during treatment in an intensive care setting, b) sedation of non-intubated patients prior to and/or during surgical and other procedures. The approved product has an estimated market. This is another very worthy approval for Aurobindo Pharma, this injectable having a market size of US 228 million for the twelve months ending October 2020 according to IQVIA. This injectable will help Aurobindo to increase its USA revenue contribution to the top line.

1. 40 PM: Market at new lifetime highs

Market indices touched new lifetime highs, with Sensex touching 46K for the very first time and Nifty at 13,500 level, in line with positive global equities. Tracking gains in index majors Reliance Industries, TCS and Infosys amid persistent foreign fund inflows, Sensex traded 404 points higher at 46,035 and Nifty was trading 123 points higher at 13,516. Intraday, both indices touched all time highs today, with Sensex hitting 46,048 and Nifty touching 13,516.

1. 31 PM: TVS Srichakra share rises over 9%

TVS Srichakra share rose over 9% today after the firm announced Rs 1,000 crore capital expenditure plan which includes ramping up of capacities at its facilities.  The stock gained 13.5% in the last 2 days. The share opened with a gain of 2.97%  at Rs 1,755 on BSE.

The small cap stock touched an intraday high of Rs 1,868 , rising 9.59% on BSE. TVS Srichakra share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has gained 9.2% in one year and risen 11% since the beginning of this year. In a month, the share has gained 27.45%. The firm logged a market cap of Rs 1,401 crore.

TVS Srichakra share rises over 9% after firm unveils Rs 1,000-crore capital expenditure plan

1. 27 PM: Market hits new high

Intraday, both indices touched all time highs today, with Sensex hitting 45,998 and Nifty touching 13,501

1. 13PM: Rupee surges 11 paise to 73.49

Indian rupee, the local currency benchmark, strengthened by 11 paise to 73.49 per US dollar on Wednesday's opening trade, supported by foreign portfolio flows and strong opening in domestic equities.

Amid weakened American currency, the domestic unit opened at 73.58 per dollar at the interbank forex market and gained by 11 paise to 73.49 over its previous close.

Rupee surges 11 paise to 73.49 amid weak dollar, positive equities

1.04 PM: Outlook for Real Estate sector

Uddhav Poddar, MD, Bhumika Group said, "The Indian Economy is bouncing back very strongly, this combined with the various government initiatives to boost demand such as low interest rates and reduction of taxes are likely to drive investments into the Indian economy. With the economy growing, demand in retail and commercial is also likely to gain momentum. We also expect investors to once again invest into commercial and retail assets due to above factors and as other stable asset classes giving very low returns. Commercial and Retail Real Estate investments provide ROI in the short and long-term and this is unique only to this asset class."

12. 54 PM: Asian shares hit record high

Asian shares rose to a record high and U.S. stock futures gained on Wednesday as investors tracked positive news on COVID-19 vaccines and ongoing efforts to launch more fiscal stimulus.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.51%. At one point the index reached 646.10, an all-time peak.

MSCI's gauge of stocks across the globe also hit a record high.

Australian shares gained 0.69%. Japan's Nikkei rose 1.01% to approach a 29 1/2-year high. Sentiment got an added boost after Japanese data pointed to a rebound in capital expenditure.

Asian shares hit record high amid Covid-19 vaccine progress

12. 44PM: Brent crude

Brent crude futures, the global oil benchmark, fell 0.33 per cent to USD 48.68 per barrel. Oil prices slipped as the State of California imposed more lockdown restrictions as Covid19 cases rose in US and Europe which overshadowed optimism over vaccine development.

12. 37 PM: Stocks to watch today on December 9

ICICI Bank, TVS Srichakra, YES Bank, Indian Bank, Wipro, IRB Infra among others are the top stocks to watch out for in Wednesday's trading session

Stocks in news: ICICI Bank, TVS Srichakra, YES Bank, Indian Bank, Wipro, IRB Infra

12. 22PM: Nifty, Sensex hit record highs

Indian shares posted another record high on Wednesday as the world's second worst coronavirus-affected country considers approving vaccines for the public, raising bets of an economic recovery.

The country's Union health secretary said on Tuesday the country may approve some coronavirus vaccines over the next few weeks and an estimated 300 million people would be inoculated in the first tranche. 

Nifty, Sensex hit record highs due to Covid-19 vaccine progress

12. 11PM: TTK Prestige outlook

Geojit Financial Services said in its note,:"TTK's EBITDA margin is largely stable as pricing is built on a cost plus. Any cost escalation passes to the consumer which shows pricing power and margin improvement will be through efficiencies. Relatively high ad-spend also provide a comfort to protect margins. TTK has a strong balance sheet with net cash of ~Rs.350cr. Covid-19 is expected to have an impact on FY21E earnings. But, gradual relaxations along with good monsoon, end of loan moratorium, increased penetration of cooking gas through PMUY would support demand. Expect revenue/PAT to grow at 6%/13% CAGR over over FY20-22E. Factoring gradual improvement in volumes, we value the stock at 40x FY22E (2Yr avg=40x) with a Target of Rs.6,870. Recommend Buy considering healthy Balance Sheet and return ratios."

12.08 PM: Market hits new high

Intraday, both indices touched all time highs today, with Sensex hitting 45,989 and Nifty touching 13,501

11. 56 AM: Global markets

Geojit Financial Services said in its note,:"Overseas, Asian stocks are trading higher on Wednesday as a coronavirus vaccine rollout commenced in the U.K., fueling some of the optimism among investors.  Japan's core machinery orders rebounded sharply in October from the previous month's drop, the government said on Wednesday. Core machinery orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, soared 17.1% in October, recouping the previous month's 4.4% drop. The U.K. administered the first Covid-19 vaccines to the public on Tuesday, making it one of the first countries in the world to do so. The Pfizer-BioNTech shots gained emergency approval from the U.K. drug regulator last week and will be given first to front-line health workers, nursing home workers and those over age 80.

In US, stocks rose to fresh all-time highs on Tuesday as Pfizer started to roll out its coronavirus vaccine in the U.K., lifting hope of the economy recovering in the near future. Traders are also closely watching negotiations in the U.S. for additional fiscal stimulus as coronavirus infection cases in the country continue to rise. "

11. 40 AM: Top gainers and losers

ITC followed by RIL, ONGC, TCS, Sun Pharma, Asian Paints, HCL Tech, Bajaj Finserv and NTPC were among the top gainers in the Sensex pack. On the other hand, UltraTech Cement and Maruti were the laggards.

11. 30 AM: Market outlook

Binod Modi, Head-Strategy at Reliance Securities, said," Domestic markets saw a gap-up opening on Wednesday taking cues from positive global markets. Persistent FPI flow remains a dominant factor for the markets. Given strong visibility of sustained earnings growth in 2HFY21 led by continued traction in business activities for many sectors, markets are likely to remain buoyant. However, high valuations of markets will continue to pose a risk. We believe midcap and small cap stock may continue to see traction in the near term. US equities finished higher with key indices recording new highs mainly on satisfactory progress on vaccine approvals and distribution. "

11. 20 AM: YES Bank share rises 10% 

YES Bank share rose 10% in early trade today after Brickwork Ratings upgraded the rating of Tier I subordinated perpetual bonds (Basel II) of the lender. The rating was changed to BWR BB+/ Stable  from BWR D of YES Bank Limited. The rating upgrade considers improvement in capitalisation ratios of the bank, strong shareholder base and experienced board members, the ratings agency said.

Share of YES Bank gained 9.92% to Rs 19.05 against previous close of Rs 17.33 on BSE.

YES Bank share rises 10% for second consecutive session, here's why

11. 10 AM: Market hits new highs

Intraday, both indices touched all time highs today, with Sensex hitting 45,965 and Nifty touching 13,494

11. 02 AM: Nifty technical outlook

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said," Market continues its dream run and it's one of such rarest phases when it just refuses to fall and keeps giving the gravity defying move. As we have been mentioning for a few days, although it's always a soothing factor for the market not correcting; but at the same time, there will always be a hanging sword of the market surprising with a sudden correction any time. Hence, to be on the safer side, we are advocating booking profits in the ongoing rally. As far as levels are concerned, 13450-13500 continues to be a key resistance zone; whereas on the lower side, crucial support base shifts at 13300-13250 now. A move below this support zone would result in an extended correction."

10. 53 AM: Gold outlook

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said," Yesterday Gold prices increased by 0.33% and closed at 50109 levels due to weakness in dollar. However silver prices fallen by 0.47% and closed at 65192 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 49700 levels with the stop loss of Rs 49400 levels for the target of 50300 levels. They can also go for BUY  in Silver at Rs 64100 levels, with the stop loss of 63500 levels and for the target of 65500 levels."

10. 31 AM: Nifty technical outlook

On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," The markets have once again opened on an enthusiastic note but we are still in the midst of the resistance zone of 13400-13700. Regular booking of profits would be a prudent way of approaching the index. While the trend is bullish, traders must trade cautiously and upgrade stop losses so as to conserve their profits. 13100 is a good support for this week."

10. 22 AM: Global markets

Gains were capped in US and Euro region due to negative cues on fresh concerns about a surge in Covid-19 infections. State of California imposed more lockdown restrictions as Covid19 cases rose in US and Europe which overshadowed optimism over vaccine development.

Asian markets were buoyed today as positive macroeconomic data flow out of Japan and hopes of a COVID-19 vaccines rollout in the UK boosted investor sentiment.

10.19 AM: Market hits new high

Indices traded on a bullish note for the fifth straight session on Wednesday and touched new lifetime highs, in line with positive global equities. Sensex traded 375 points higher at 45,956 and Nifty was trading 93 points higher at 13,486. Intraday, both indices touched all time highs today, with Sensex hitting 45,899 and Nifty touching 13,483 for the very first time.

10.06 AM: Market outlook

Expressing morning view on the market from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"This bull appears to be on steroids. The short-term trend is positive. Investors can be with the trend with caution. Valuations are rich. A disturbing trend is the rally in low- grade stocks without any fundamentals. Investors should avoid such stocks. Every portfolio will have some low-quality stocks. This is a good opportunity to sell such stocks and park the money in liquid funds to buy quality stocks on corrections"

9.40 AM: Global markets

Asian markets are trading higher taking cues from the news of coronavirus vaccine being rolled out in U.K.

US markets closed higher shrugging Monday's losses as investors focused on optimism over expected economic recovery in 2021. Stimulus discussions still remain in focus. European markets closed slightly higher on optimism over administering vaccine which has started in the U.K. and as Brexit trade talks between U.K. and EU continued.

9. 25 AM: Opening session

Market indices opened on a bullish note on Wednesday and touched new lifetime highs, in line with positive global equities. SGX Nifty on the Singapore Exchange was rising by 90 points, indicating positive trend in domestic grounds today. Sensex traded 278 points higher at 45,868 and Nifty was trading 75 points higher at 13,478.

Intraday, both indices touched all time highs today, with Sensex hitting 45,899 and Nifty touching 13,474 for the very first time.

9. 11 AM: Nifty technical outlook

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said," Market continues its dream run and it's one of such rarest phases when it just refuses to fall and keeps giving the gravity defying move. As we have been mentioning for a few days, although it's always a soothing factor for the market not correcting; but at the same time, there will always be a hanging sword of the market surprising with a sudden correction any time. Hence, to be on the safer side, we are advocating booking profits in the ongoing rally. As far as levels are concerned, 13450-13500 continues to be a key resistance zone; whereas on the lower side, crucial support base shifts at 13300-13250 now. A move below this support zone would result in an extended correction."

9. 03 AM: Market outlook

"We feel markets have priced in all the positives (vaccine updates, high FII flows, etc) and now the upcoming domestic macroeconomic data viz. IIP, CPI and WPI would be critical for further directional move. Having said that, we reiterate our view to continue with the trend and avoid contrarian trades," said Ajit Mishra, VP - Research, Religare Broking.

8. 50 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 2,909.60 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,640.93 crore in the Indian equity market on 8 December, provisional data showed.

8. 40 AM: Rupee closing

In the currency market, the rupee surged by 30 paise to settle at 73.60 against the US dollar, buoyed by foreign fund inflows and heavy buying in domestic equities.

8.30 AM: Closing

Yesterday, Sensex and Nifty ended the session at record highs, backed by positive global cues, progress in Covid 19 vaccine, strong FIIs inflows and signs of economic recovery. Sensex ended 181 points higher at 45,608, Nifty closed 37 points higher at 13,392.

Intraday, both indices touched all time highs today, with Sensex hitting 45,742 and Nifty touching 13,435 for the very first time.

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