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Share Market Highlights: Sensex ends 437 points higher, Nifty at 13,601; M&M, SBI, Infosys, ITC top gainers

December 23,2020 16:02 IST

Sensex, Nifty Highlights Updates: Market indices closed on a bullish note for the second straight session on Wednesday after registering a 3% fall on Monday, taking cues from positive global equities.

 

 

 

 

 

 

Check Latest Updates

KEY UPDATES

  • Infosys followed by HCL Tech, Maruti, Tech Mahindra, TCS, M&M and Titan were among the top gainers in the Sensex pack. On the other hand, ONGC, NTPC, Axis Bank, HDFC, ICICI Bank and L&T were among the laggards
  • Dec 23, 2020 15:59 (IST)

    Antony Waste Handling IPO- Day 2 subscription



    Keshav Lahoti-Associate Equity Analyst, Angel Broking said,"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

    Company is present in the fast-growing municipal solid waste management industry with end-to-end capabilities. Company has a strong track record of project execution. It also has signed long term contracts with municipalities. Although we cannot ignore the inherent risk in the business model such as business is dependent on municipal authorities for a substantial proportion of the revenue. This business involves receivables risk from municipalities, which can lead to financial instability for the company. This also restricts further investment in asset development. 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."

  • 15:59 IST:

    Keshav Lahoti-Associate Equity Analyst, Angel Broking said,"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

    Company is present in the fast-growing municipal solid waste management industry with end-to-end capabilities. Company has a strong track record of project execution. It also has signed long term contracts with municipalities. Although we cannot ignore the inherent risk in the business model such as business is dependent on municipal authorities for a substantial proportion of the revenue. This business involves receivables risk from municipalities, which can lead to financial instability for the company. This also restricts further investment in asset development. 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."

  • Dec 23, 2020 15:54 (IST)

    Closing session

    Market indices closed on a bullish note for the second straight session on Wednesday after registering a 3% fall on Monday, taking cues from positive global equities. Sensex ended 437 points higher at 46,444 and Nifty gained by 134 points to 13,601.


     

  • 15:54 IST: Market indices closed on a bullish note for the second straight session on Wednesday after registering a 3% fall on Monday, taking cues from positive global equities. Sensex ended 437 points higher at 46,444 and Nifty gained by 134 points to 13,601.


     

  • Dec 23, 2020 15:47 (IST)

    Bajaj Auto share price gains 1% today



    Bajaj Auto share price gained over 1% intraday on Wednesday to Rs 3316 against the previous closing price of Rs 3269.30 after the company signed a memorandum of understanding (MoU) with the Maharashtra government to set up a manufacturing unit in Chakan at an estimated cost of Rs 650 crore. The facility is expected to commence production in 2023. The stock price of Bajaj Auto trades 2.57% away from 52 week high of Rs 3383.9

  • 15:47 IST:

    Bajaj Auto share price gained over 1% intraday on Wednesday to Rs 3316 against the previous closing price of Rs 3269.30 after the company signed a memorandum of understanding (MoU) with the Maharashtra government to set up a manufacturing unit in Chakan at an estimated cost of Rs 650 crore. The facility is expected to commence production in 2023. The stock price of Bajaj Auto trades 2.57% away from 52 week high of Rs 3383.9

  • Dec 23, 2020 15:44 (IST)

    Wipro share price gains over 5% today, hits a new 52 week high



    Wipro share price hit a new 52 week and all time high of Rs.382.95 today. The stock opened with a gain of 2.79% today and gained 5.21% intraday on Wednesday to Rs 382.95 after the IT major on Tuesday said its share buyback programme of up to Rs 9,500 crore, will begin on 29 December and end on 11 January.

    In another update, the IT major announced a deal with German wholesaler METRO AG at an estimated value of up to $1 billion.

  • 15:44 IST:

    Wipro share price hit a new 52 week and all time high of Rs.382.95 today. The stock opened with a gain of 2.79% today and gained 5.21% intraday on Wednesday to Rs 382.95 after the IT major on Tuesday said its share buyback programme of up to Rs 9,500 crore, will begin on 29 December and end on 11 January.

    In another update, the IT major announced a deal with German wholesaler METRO AG at an estimated value of up to $1 billion.

  • Dec 23, 2020 15:37 (IST)

    Vodafone Idea share price gains 3% today



    Vodafone Idea share price gained 3% intraday on Wednesday to Rs 9.85 against the previous closing price of Rs 9.52 after the telecom company inked a pact with story publishing platform Firework, which will give access to the telco's subscribers to content in form of short video stories.

     

  • 15:37 IST:

    Vodafone Idea share price gained 3% intraday on Wednesday to Rs 9.85 against the previous closing price of Rs 9.52 after the telecom company inked a pact with story publishing platform Firework, which will give access to the telco's subscribers to content in form of short video stories.

     

  • Dec 23, 2020 15:36 (IST)

    Aster DM Healthcare share price gains 3.8% today



    Aster DM Healthcare share price gained 3.85% intraday on Wednesday to Rs 171.1 after the company announced that it has selected Cayman Islands to set up Clinical Excellence hub for the Western Hemisphere.

  • 15:36 IST:

    Aster DM Healthcare share price gained 3.85% intraday on Wednesday to Rs 171.1 after the company announced that it has selected Cayman Islands to set up Clinical Excellence hub for the Western Hemisphere.

  • Dec 23, 2020 15:15 (IST)

    Gold outlook for 2021



    Prof Arvind Sahay , Chairperson from India Gold Policy Centre @ IIM Ahmedabad said,"Gold prices in top 17 consuming countries are higher by 22% on average, varying between 13% to 60%. The gains were driven by strong investment demand. The reliance on gold as a safe haven was truly evident when the pandemic hit the world. Prices in december 2020 have corrected to $1860 / Oz from a high of $2067 in August 2020, but are still more than 22% up YTD.

    We think gold prices still have scope to increase by 20 to 25% in 2021-22 in a certain scenario. In this scenario, interest rates in the dollar and Euro zones continue to remain soft, trade frictions continue to simmer between the US and EU on one side and China on the other, geopolitical tensions and technological rivalry over semiconductors ratchets up a notch or two, Covid -19 cases continue to rise and the vaccine does not perform as well as expected for another 6-12 months, new stimuli get announced and bitcoin gets even more volatile."

  • 15:15 IST:

    Prof Arvind Sahay , Chairperson from India Gold Policy Centre @ IIM Ahmedabad said,"Gold prices in top 17 consuming countries are higher by 22% on average, varying between 13% to 60%. The gains were driven by strong investment demand. The reliance on gold as a safe haven was truly evident when the pandemic hit the world. Prices in december 2020 have corrected to $1860 / Oz from a high of $2067 in August 2020, but are still more than 22% up YTD.

    We think gold prices still have scope to increase by 20 to 25% in 2021-22 in a certain scenario. In this scenario, interest rates in the dollar and Euro zones continue to remain soft, trade frictions continue to simmer between the US and EU on one side and China on the other, geopolitical tensions and technological rivalry over semiconductors ratchets up a notch or two, Covid -19 cases continue to rise and the vaccine does not perform as well as expected for another 6-12 months, new stimuli get announced and bitcoin gets even more volatile."

  • Dec 23, 2020 15:11 (IST)

    Indian Multiplexes: Positive rating and outlook




    JM Financial Institutional Securities Limited said,"India's multiplex industry was one of the worst impacted industries during the pandemic with theatres being forced to shut down for almost 7 months. While most multiplex operators have now resumed operations, occupancies continue to remain low, which is also attributable to the lack of fresh content being release. In our view, exhibition through theatres remains the best way to monetise new content (mainly films). We believe digital releases would largely remain complementary with theatrical windows sustaining in future. Once the pandemic passes, we expect footfalls and consequently revenues to normalise for the theatre industry by FY23. In the worst case scenario wherein FY22 turns out largely like FY21, losses would still have a mere 4-5% impact on intrinsic value.

    With the low penetration level of total screens (lower for multiplexes), a double-digit pace of expansion can easily sustain, as per our workings. This, coupled with several levers to enhance monetisation of screens, should help both Inox and PVR sustain a double-digit revenue growth trajectory on a steady-state basis. Recent efforts on cost efficiencies and measured expansion are expected to scale up ROIC to mid-to-high teens level with strong free cash flow generation after normalisation. Based on our ‘value per screen’ estimation, current market caps of both PVR and Inox are not even capturing the value of their current screens in operation in entirety. Given strong brand recognition, multi-year growth opportunity and attractive valuations, we initiate coverage on Inox and PVR with a BUY rating and target prices of INR 450 and INR 1,840, respectively, presenting upsides of 68% and 46%, respectively.

  • 15:11 IST:


    JM Financial Institutional Securities Limited said,"India's multiplex industry was one of the worst impacted industries during the pandemic with theatres being forced to shut down for almost 7 months. While most multiplex operators have now resumed operations, occupancies continue to remain low, which is also attributable to the lack of fresh content being release. In our view, exhibition through theatres remains the best way to monetise new content (mainly films). We believe digital releases would largely remain complementary with theatrical windows sustaining in future. Once the pandemic passes, we expect footfalls and consequently revenues to normalise for the theatre industry by FY23. In the worst case scenario wherein FY22 turns out largely like FY21, losses would still have a mere 4-5% impact on intrinsic value.

    With the low penetration level of total screens (lower for multiplexes), a double-digit pace of expansion can easily sustain, as per our workings. This, coupled with several levers to enhance monetisation of screens, should help both Inox and PVR sustain a double-digit revenue growth trajectory on a steady-state basis. Recent efforts on cost efficiencies and measured expansion are expected to scale up ROIC to mid-to-high teens level with strong free cash flow generation after normalisation. Based on our ‘value per screen’ estimation, current market caps of both PVR and Inox are not even capturing the value of their current screens in operation in entirety. Given strong brand recognition, multi-year growth opportunity and attractive valuations, we initiate coverage on Inox and PVR with a BUY rating and target prices of INR 450 and INR 1,840, respectively, presenting upsides of 68% and 46%, respectively.

  • Dec 23, 2020 15:10 (IST)

    Market rises further

      Sensex was trading 414 points higher at 46,420 and Nifty gained by 122 points to 13,588

  • 15:10 IST:   Sensex was trading 414 points higher at 46,420 and Nifty gained by 122 points to 13,588

  • Dec 23, 2020 15:03 (IST)

    Infosys hit a new 52 week high



    Infosys share price hit a new 52 week and all time high of Rs.1249 today. The stock gained 2.31% intraday on Wednesday after the IT major and German automotive major Daimler AG entered a long-term strategic partnership for a technology-driven IT infrastructure transformation.

  • 15:03 IST:

    Infosys share price hit a new 52 week and all time high of Rs.1249 today. The stock gained 2.31% intraday on Wednesday after the IT major and German automotive major Daimler AG entered a long-term strategic partnership for a technology-driven IT infrastructure transformation.

  • Dec 23, 2020 14:57 (IST)

    Glenmark Pharmaceuticals outlook



    Geojit Financial Services in its note rated 'buy' to the stock at a Target Price of Rs.548 and siad,"Consolidated revenues for Q2FY21 rose 4.9% YoY to Rs. 2,952cr with India business at Rs. 1,051cr (+17.2% YoY) and API business at Rs.321cr (+19.1% YoY) contributing strongly, coupled with a good performance in Europe (+11.6% YoY) and ROW (+9.1% YoY) regions. Given current upside potential with successful new product developments and robust revenues, improving margins due to cost rationalization measures and a strong pipeline, we expect the stock to outperform in upcoming quarters. Hence, we retain our BUY rating on the stock with a revised target price of Rs. 548 based on 16x FY22E EPS."

  • 14:57 IST:

    Geojit Financial Services in its note rated 'buy' to the stock at a Target Price of Rs.548 and siad,"Consolidated revenues for Q2FY21 rose 4.9% YoY to Rs. 2,952cr with India business at Rs. 1,051cr (+17.2% YoY) and API business at Rs.321cr (+19.1% YoY) contributing strongly, coupled with a good performance in Europe (+11.6% YoY) and ROW (+9.1% YoY) regions. Given current upside potential with successful new product developments and robust revenues, improving margins due to cost rationalization measures and a strong pipeline, we expect the stock to outperform in upcoming quarters. Hence, we retain our BUY rating on the stock with a revised target price of Rs. 548 based on 16x FY22E EPS."

  • Dec 23, 2020 14:35 (IST)

    Punjab National Bank share price falls 5% today



    Punjab National Bank share price fell 5% intraday on Wednesday to Rs 31.75 after the Life Insurance Corporation of India increased stake in the bank to 7.73 percent from 4.12 percent via QIP.

  • 14:35 IST:

    Punjab National Bank share price fell 5% intraday on Wednesday to Rs 31.75 after the Life Insurance Corporation of India increased stake in the bank to 7.73 percent from 4.12 percent via QIP.

  • Dec 23, 2020 14:22 (IST)

    Auto sector outlook





     
     Manish Bhatnagar, Managing Director, SKF India said,"2020 has been a challenging year for the auto sector. Two wheelers and tractors have performed well as far as the growth is concerned. On the other hand, CVs have continued to struggle with growth due to structural issues predating this crisis such as axle load norms etc. The industry is showing a bit of revival due to the festive season and we can expect this momentum to continue in the next year. In addition, the government's new PLI scheme will act as a catalyst and take the growth of the auto sector to the next level."

  • 14:22 IST:



     
     Manish Bhatnagar, Managing Director, SKF India said,"2020 has been a challenging year for the auto sector. Two wheelers and tractors have performed well as far as the growth is concerned. On the other hand, CVs have continued to struggle with growth due to structural issues predating this crisis such as axle load norms etc. The industry is showing a bit of revival due to the festive season and we can expect this momentum to continue in the next year. In addition, the government's new PLI scheme will act as a catalyst and take the growth of the auto sector to the next level."

  • Dec 23, 2020 14:17 (IST)

    Jubilant FoodWorks share price gains 3.45% today



    Jubilant FoodWorks share price gained 3.45% intraday on Wednesday to Rs 2804 after Domino's Pizza introduced 'The unthinkable pizza' - India's first plant-protein pizza 100 percent vegetarian, 100 percent chicken-like!.

  • 14:17 IST:

    Jubilant FoodWorks share price gained 3.45% intraday on Wednesday to Rs 2804 after Domino's Pizza introduced 'The unthinkable pizza' - India's first plant-protein pizza 100 percent vegetarian, 100 percent chicken-like!.

  • Dec 23, 2020 13:53 (IST)

    Manufacturing sector outlook



     

    Manish Bhatnagar, Managing Director, SKF India said," Every industry including manufacturing experienced unforeseen volatility in 2020. At the same time, this was an opportunity to think about building agility and resilience through a localized supply chain. In the coming year, leading manufacturers will outline a clear manufacturing process data strategy and aggressively invest in technologies like AI and automation."

     

  • 13:53 IST:

     

    Manish Bhatnagar, Managing Director, SKF India said," Every industry including manufacturing experienced unforeseen volatility in 2020. At the same time, this was an opportunity to think about building agility and resilience through a localized supply chain. In the coming year, leading manufacturers will outline a clear manufacturing process data strategy and aggressively invest in technologies like AI and automation."

     

  • Dec 23, 2020 13:40 (IST)

    Mahindra & Mahindra share price up 2%



    Mahindra & Mahindra share price gained almost 2% intraday to the high of Rs 714.35 against the previous closing price of Rs 695.05 after Life Insurance Corporation of India reduced stake in company to 8.43 percent from 10.43 percent earlier.

  • 13:40 IST:

    Mahindra & Mahindra share price gained almost 2% intraday to the high of Rs 714.35 against the previous closing price of Rs 695.05 after Life Insurance Corporation of India reduced stake in company to 8.43 percent from 10.43 percent earlier.

  • Dec 23, 2020 13:27 (IST)

    LT Foods share price gains 4.5% today



    LT Foods share price gained 4.5% intraday on Wednesday to Rs 56.75 after rating firm CRISIL revised its outlook on the long-term bank facilities of LT Foods to 'positive' from 'stable' while reaffirming the rating at 'A-'. The short-term rating has been reaffirmed at 'A2+'.

  • 13:27 IST:

    LT Foods share price gained 4.5% intraday on Wednesday to Rs 56.75 after rating firm CRISIL revised its outlook on the long-term bank facilities of LT Foods to 'positive' from 'stable' while reaffirming the rating at 'A-'. The short-term rating has been reaffirmed at 'A2+'.

  • Dec 23, 2020 13:20 (IST)

    YES Bank share gains 3% after 2 days of straight fall



    YES Bank shares were trading 3% higher on Wednesday morning after two days of straight decline. This was after the brokerage firm Edelweiss Securities said it believes that YES Bank among other listed companies may move from midcap to the large-cap category in the new list of large, mid and small-caps by Association of Mutual Funds of India (AMFI).

    The positive trend in the stock price of private lender was also in line with the bullish broader market, with Sensex and Nifty rising 0.65% each. Reversing from 2 days of consecutive fall, YES Bank stock opened higher at Rs 17.50 and gained 2.9% to hit the day's high of Rs 17.85 during the session against the last close of Rs 17.34. The stock also hit an intraday low of Rs 17.04.

    YES Bank share rises 3% after two days, here's why

  • 13:20 IST:

    YES Bank shares were trading 3% higher on Wednesday morning after two days of straight decline. This was after the brokerage firm Edelweiss Securities said it believes that YES Bank among other listed companies may move from midcap to the large-cap category in the new list of large, mid and small-caps by Association of Mutual Funds of India (AMFI).

    The positive trend in the stock price of private lender was also in line with the bullish broader market, with Sensex and Nifty rising 0.65% each. Reversing from 2 days of consecutive fall, YES Bank stock opened higher at Rs 17.50 and gained 2.9% to hit the day's high of Rs 17.85 during the session against the last close of Rs 17.34. The stock also hit an intraday low of Rs 17.04.

    YES Bank share rises 3% after two days, here's why

  • Dec 23, 2020 12:56 (IST)

    Infosys, Wipro win multi-billion dollar deals with German firms

    The country's two IT giants Infosys Ltd and Wipro Ltd bagged multi-billion dollar deals from Germany's Daimler AG and Metro AG, respectively, on Tuesday.

    Infosys has reportedly won its largest deal ever from German automotive manufacturer Daimler that is estimated at $3.2 billion. Infosys and Daimler AG deal is much bigger than the $1.5 billion Vanguard deal which was signed in August, this year.

    Infosys, Wipro win multi-billion dollar deals with German firms

  • 12:56 IST: The country's two IT giants Infosys Ltd and Wipro Ltd bagged multi-billion dollar deals from Germany's Daimler AG and Metro AG, respectively, on Tuesday.

    Infosys has reportedly won its largest deal ever from German automotive manufacturer Daimler that is estimated at $3.2 billion. Infosys and Daimler AG deal is much bigger than the $1.5 billion Vanguard deal which was signed in August, this year.

    Infosys, Wipro win multi-billion dollar deals with German firms

  • Dec 23, 2020 12:41 (IST)

    Rupee outlook: Asian currencies trade flat

    Reliance Securities said in a research note, "The US dollar continued to find safe haven demand as the new coronavirus variant in the UK could disrupt the economic recovery. Further, Asian currencies were trading flat to weak this Wednesday morning and could weigh on sentiments."

     

  • 12:41 IST: Reliance Securities said in a research note, "The US dollar continued to find safe haven demand as the new coronavirus variant in the UK could disrupt the economic recovery. Further, Asian currencies were trading flat to weak this Wednesday morning and could weigh on sentiments."

     

  • Dec 23, 2020 12:38 (IST)

    Market outlook: New coronavirus strain threat to global equities



    Binod Modi Head-Strategy at Reliance Securities said,"Concerns pertaining to the new coronavirus strain and possibility of imminent slowdown in global economy in the near term emerged as a threat for global equities, which may result in investors moving back to defensive stocks in coming days. India is better placed compared to other nations given consistent reduction in new coronavirus cases and improvement in recovery rates. While domestic equities are likely to remain volatile and trade in range bound in the near term, 3QFY21 corporate earnings are going to be crucial for the markets."

    "US equities finished mostly lower as continued surge in coronavirus cases in America and Europe weighed on investor sentiments, which also overshadowed satisfactory progress of vaccination roll out and passage of USD 900 billion stimulus bill," he added.

  • 12:38 IST:

    Binod Modi Head-Strategy at Reliance Securities said,"Concerns pertaining to the new coronavirus strain and possibility of imminent slowdown in global economy in the near term emerged as a threat for global equities, which may result in investors moving back to defensive stocks in coming days. India is better placed compared to other nations given consistent reduction in new coronavirus cases and improvement in recovery rates. While domestic equities are likely to remain volatile and trade in range bound in the near term, 3QFY21 corporate earnings are going to be crucial for the markets."

    "US equities finished mostly lower as continued surge in coronavirus cases in America and Europe weighed on investor sentiments, which also overshadowed satisfactory progress of vaccination roll out and passage of USD 900 billion stimulus bill," he added.

  • Dec 23, 2020 12:22 (IST)

    Rupee slips 6 paise to 73.90 per dollar



    Indian rupee, the domestic currency benchmark, depreciated by 6 paise to 73.90 per US dollar on Wednesday's opening trade, in line with mostly flat Asian currencies amid concerns over a new coronavirus strain.

    The domestic unit opened at 73.89 against the US dollar at the interbank forex market, although, inched lower by 6 paise to 73.90 over its previous close. On Tuesday, rupee had settled for the day 5 paise lower at 73.84 against the US dollar on Tuesday.

    Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.24 per cent to 90.43.

    Rupee slips 6 paise to 73.90 per dollar amid weak Asian currencies

  • 12:22 IST:

    Indian rupee, the domestic currency benchmark, depreciated by 6 paise to 73.90 per US dollar on Wednesday's opening trade, in line with mostly flat Asian currencies amid concerns over a new coronavirus strain.

    The domestic unit opened at 73.89 against the US dollar at the interbank forex market, although, inched lower by 6 paise to 73.90 over its previous close. On Tuesday, rupee had settled for the day 5 paise lower at 73.84 against the US dollar on Tuesday.

    Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.24 per cent to 90.43.

    Rupee slips 6 paise to 73.90 per dollar amid weak Asian currencies

  • Dec 23, 2020 12:18 (IST)

    Market outlook: New coronavirus strain threat to global equities



    Binod Modi Head-Strategy at Reliance Securities said,"Concerns pertaining to the new coronavirus strain and possibility of imminent slowdown in global economy in the near term emerged as a threat for global equities, which may result in investors moving back to defensive stocks in coming days. India is better placed compared to other nations given consistent reduction in new coronavirus cases and improvement in recovery rates. While domestic equities are likely to remain volatile and trade in range bound in the near term, 3QFY21 corporate earnings are going to be crucial for the markets."

    "US equities finished mostly lower as continued surge in coronavirus cases in America and Europe weighed on investor sentiments, which also overshadowed satisfactory progress of vaccination roll out and passage of USD 900 billion stimulus bill," he added.

  • 12:18 IST:

    Binod Modi Head-Strategy at Reliance Securities said,"Concerns pertaining to the new coronavirus strain and possibility of imminent slowdown in global economy in the near term emerged as a threat for global equities, which may result in investors moving back to defensive stocks in coming days. India is better placed compared to other nations given consistent reduction in new coronavirus cases and improvement in recovery rates. While domestic equities are likely to remain volatile and trade in range bound in the near term, 3QFY21 corporate earnings are going to be crucial for the markets."

    "US equities finished mostly lower as continued surge in coronavirus cases in America and Europe weighed on investor sentiments, which also overshadowed satisfactory progress of vaccination roll out and passage of USD 900 billion stimulus bill," he added.

  • Dec 23, 2020 11:56 (IST)

    Oil prices fall today

    Brent crude futures, the global oil benchmark, fell 1.44 per cent to USD 49.36 per barrel. Oil price continued to fall on concerns over demand due to fresh lockdown and travel restriction imposed by many countries due to new covid-19 strain.

     

  • 11:56 IST: Brent crude futures, the global oil benchmark, fell 1.44 per cent to USD 49.36 per barrel. Oil price continued to fall on concerns over demand due to fresh lockdown and travel restriction imposed by many countries due to new covid-19 strain.

     

  • Dec 23, 2020 11:52 (IST)

    Top gainers and losers

    Infosys followed by HCL Tech, Maruti, Tech Mahindra, TCS, M&M and Titan were among the top gainers in the Sensex pack. On the other hand, ONGC, NTPC, Axis Bank, HDFC, ICICI Bank and L&T were among the laggards

     

  • 11:52 IST: Infosys followed by HCL Tech, Maruti, Tech Mahindra, TCS, M&M and Titan were among the top gainers in the Sensex pack. On the other hand, ONGC, NTPC, Axis Bank, HDFC, ICICI Bank and L&T were among the laggards

     

  • Dec 23, 2020 11:40 (IST)

    Market update

    Sensex was trading 209 points higher at 46,215 and Nifty gained by 65 points to 13,530

  • 11:40 IST: Sensex was trading 209 points higher at 46,215 and Nifty gained by 65 points to 13,530

  • Dec 23, 2020 11:37 (IST)

    Firstsource Solutions share price gains 6.5% today



    Firstsource Solutions share price gained 6.5% intraday on Wednesday to Rs 80.5 after company announced that its subsidiary plans to buy US-based Co PatientMatters for USD 13 million.

  • 11:37 IST:

    Firstsource Solutions share price gained 6.5% intraday on Wednesday to Rs 80.5 after company announced that its subsidiary plans to buy US-based Co PatientMatters for USD 13 million.

  • Dec 23, 2020 11:25 (IST)

    Global markets mixed today


    Asian equities rose slightly higher Wednesday after recent fall, following President Donald Trump comments that suggested he may veto a USD900 billion economic aid package.


    Stocks in the US closed lower after Trump criticized the 900 billion aid plan approved by Congress and urged lawmakers to raise payments to the public.

  • 11:25 IST:
    Asian equities rose slightly higher Wednesday after recent fall, following President Donald Trump comments that suggested he may veto a USD900 billion economic aid package.


    Stocks in the US closed lower after Trump criticized the 900 billion aid plan approved by Congress and urged lawmakers to raise payments to the public.

  • Dec 23, 2020 11:10 (IST)

    SEBI compiles scheme of arrangements regulations into master circular

    Market regulator Securities and Exchange Board of India (SEBI) has issued a master circular for listed companies, which includes the detailed requirements to be complied by such entities while undertaking schemes of arrangements. The watchdog has compiled seven different circulars on the topic in the master circular.

    Scheme of arrangements is a compromise or arrangement between the company and its creditors or between the company and its members. It includes the reorganisation of company's share capital by consolidation of shares of different classes or by division of shares into shares of different classes, or by both these methods.

    SEBI compiles scheme of arrangements regulations into master circular

  • 11:10 IST: Market regulator Securities and Exchange Board of India (SEBI) has issued a master circular for listed companies, which includes the detailed requirements to be complied by such entities while undertaking schemes of arrangements. The watchdog has compiled seven different circulars on the topic in the master circular.

    Scheme of arrangements is a compromise or arrangement between the company and its creditors or between the company and its members. It includes the reorganisation of company's share capital by consolidation of shares of different classes or by division of shares into shares of different classes, or by both these methods.

    SEBI compiles scheme of arrangements regulations into master circular

  • Dec 23, 2020 11:00 (IST)

    Stocks to watch today on December 23



    Stocks to watch today on December 23: Infosys, Wipro, Bajaj Auto, Vodafone Idea, PNB, LT Foods among others are the top stocks to watch out for in Wednesday's trading session

    Stocks in news: Infosys, Wipro, Bajaj Auto, Vodafone Idea, PNB, LT Foods

  • 11:00 IST:

    Stocks to watch today on December 23: Infosys, Wipro, Bajaj Auto, Vodafone Idea, PNB, LT Foods among others are the top stocks to watch out for in Wednesday's trading session

    Stocks in news: Infosys, Wipro, Bajaj Auto, Vodafone Idea, PNB, LT Foods

  • Dec 23, 2020 10:57 (IST)

    Rupee outlook: Currency under pressure today




    Abhishek Goenka, Founder and CEO, IFA Global said,"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."


     

  • 10:57 IST:


    Abhishek Goenka, Founder and CEO, IFA Global said,"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."


     

  • Dec 23, 2020 10:45 (IST)

    Market update

    Sensex was trading 128 points higher at 46,135 and Nifty gained by 12 points to 13,478

  • 10:45 IST: Sensex was trading 128 points higher at 46,135 and Nifty gained by 12 points to 13,478

  • Dec 23, 2020 10:44 (IST)

    Gold technical view




    By N S Ramaswamy, Head of Commodities, Ventura Securities:

    Short term view: Sideways (47,600 to 52,500) -Technically, MCX Gold Feb Futures price is trading in channel line (47,500 to 52,500) levels for short term period. On the Downside, it has taken strong support at 200 day moving average on 30.Nov.2020, after that   price bounce back from that level . Currently,200 day moving average comes around 48850 levels ,which will be going to provide immediate support after that Down channel line will provide strong support levels for term period (one month period). Similarly, on the upside it will face strong resistance at the upper channel line which comes around 52350 to 52500 levels approximately

    Medium term view: Technically, we expect gold price is trading in channel line and expect it going to break out on either side.On the downside it will take strong support at Down channel line and breaking below which on a daily closing basis can expect price will drag down towards 45,300 to 45000 levels. On the upside,if breaks above upper channel line resistance on a daily closing basis can expect price will head towards 56,300 levels over next three to four months period


     

  • 10:44 IST:


    By N S Ramaswamy, Head of Commodities, Ventura Securities:

    Short term view: Sideways (47,600 to 52,500) -Technically, MCX Gold Feb Futures price is trading in channel line (47,500 to 52,500) levels for short term period. On the Downside, it has taken strong support at 200 day moving average on 30.Nov.2020, after that   price bounce back from that level . Currently,200 day moving average comes around 48850 levels ,which will be going to provide immediate support after that Down channel line will provide strong support levels for term period (one month period). Similarly, on the upside it will face strong resistance at the upper channel line which comes around 52350 to 52500 levels approximately

    Medium term view: Technically, we expect gold price is trading in channel line and expect it going to break out on either side.On the downside it will take strong support at Down channel line and breaking below which on a daily closing basis can expect price will drag down towards 45,300 to 45000 levels. On the upside,if breaks above upper channel line resistance on a daily closing basis can expect price will head towards 56,300 levels over next three to four months period


     

  • Dec 23, 2020 10:33 (IST)

    Market outlook: 13100-13150 good support for the Nifty



    On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments


    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.

     

  • 10:33 IST:

    On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments


    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.

     

  • Dec 23, 2020 10:26 (IST)

    Jubilant Foodworks' The Unthinkable Pizza: positive developement



    Amarjeet Maurya - AVP - Mid Caps, Angel Broking said," Jubilant Foodworks (JFL) is a food service company and engaged in retail sales of food through two strong international brands, Domino's Pizza and Dunkin' Donuts. JFL has introduced "The Unthinkable Pizza", India's first plant protein based product. The Unthinkable Pizza is 100% vegetarian and yet has the sensory properties of chicken. Plant proteins have caught the imagination of consumers around the world, and Domino's Pizza is the first QSR brand to bring this latest trend to India. The Pizza would be available at all Domino's restaurants across Delhi NCR, Mumbai and Bangalore. In our view, this is a positive move by the company, which would help JFL to boost the revenue growth significantly going ahead."

  • 10:26 IST:

    Amarjeet Maurya - AVP - Mid Caps, Angel Broking said," Jubilant Foodworks (JFL) is a food service company and engaged in retail sales of food through two strong international brands, Domino's Pizza and Dunkin' Donuts. JFL has introduced "The Unthinkable Pizza", India's first plant protein based product. The Unthinkable Pizza is 100% vegetarian and yet has the sensory properties of chicken. Plant proteins have caught the imagination of consumers around the world, and Domino's Pizza is the first QSR brand to bring this latest trend to India. The Pizza would be available at all Domino's restaurants across Delhi NCR, Mumbai and Bangalore. In our view, this is a positive move by the company, which would help JFL to boost the revenue growth significantly going ahead."

  • Dec 23, 2020 10:21 (IST)

    Larsen & Toubro outlook



    Centrum Broking in its note said," Basis our estimate of 17.3% CAGR in L&T's E&C revenue and 40bps execution led margin improvement over FY21-23, we estimate 29% CAGR in earnings (5.5% CAGR over FY21-23). Stock trades at 14.1x FY23E E&C earnings of Rs50.2/share (listed subsidiaries @ 20% holding company discount and Development business at 0.6x P/B). Valuations offer room for upside given historical levels an all-round improvement in ordering and execution environment. We value L&T's E&C business at 18x FY23E EPS (16x FY22E EPS earlier) and maintain Buy with SOTP based target of Rs1428."

  • 10:21 IST:

    Centrum Broking in its note said," Basis our estimate of 17.3% CAGR in L&T's E&C revenue and 40bps execution led margin improvement over FY21-23, we estimate 29% CAGR in earnings (5.5% CAGR over FY21-23). Stock trades at 14.1x FY23E E&C earnings of Rs50.2/share (listed subsidiaries @ 20% holding company discount and Development business at 0.6x P/B). Valuations offer room for upside given historical levels an all-round improvement in ordering and execution environment. We value L&T's E&C business at 18x FY23E EPS (16x FY22E EPS earlier) and maintain Buy with SOTP based target of Rs1428."

  • Dec 23, 2020 10:04 (IST)

    Nifty technical supports placed at 13396 - 13342 - 13266



    Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said," For the coming session, the intermediate supports are placed at 13396 - 13342 - 13266. Since the last few days we have been a bit cautious and we continue to remain so; but traders can now opt to stay stock specific, where we are likely to see trading opportunities on both sides. As far as sectors are concerned, IT stocks continue to attract buying interest and they are expected to do well in the coming session as well. Apart from this, few stocks from the 'Oil And Gas' universe have reached their support and are likely to see some bounce back moves."

  • 10:04 IST:

    Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said," For the coming session, the intermediate supports are placed at 13396 - 13342 - 13266. Since the last few days we have been a bit cautious and we continue to remain so; but traders can now opt to stay stock specific, where we are likely to see trading opportunities on both sides. As far as sectors are concerned, IT stocks continue to attract buying interest and they are expected to do well in the coming session as well. Apart from this, few stocks from the 'Oil And Gas' universe have reached their support and are likely to see some bounce back moves."

  • Dec 23, 2020 09:57 (IST)

    Market outlook: quality IT stocks




    Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"Periods of sustained market buoyancy like this can be used to churn portfolios. Most portfolios will have some poor quality stocks. Such stocks can be sold, even at a loss, in favour of quality stocks in performing sectors, even if they are slightly expensive. A clear trend in the market is the outperformance of quality IT stocks. The market is discounting the improving prospects of the IT sector."

     

  • 09:57 IST:


    Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"Periods of sustained market buoyancy like this can be used to churn portfolios. Most portfolios will have some poor quality stocks. Such stocks can be sold, even at a loss, in favour of quality stocks in performing sectors, even if they are slightly expensive. A clear trend in the market is the outperformance of quality IT stocks. The market is discounting the improving prospects of the IT sector."

     

  • Dec 23, 2020 09:47 (IST)

    Global market trade mixed today




    Asian markets are trading slightly higher taking cues from the comment by Trump on new COVID-19 relief package amid concerns regarding new COVID-19 strain.

    US markets closed lower on concerns regarding new variant of COVID-19 in U.K. and new lockdown and travel restrictions imposed by many countries overshadowed new COVID-19 relief package.

    European markets closed higher attempting to reverse from previous day's drastic sell-off on concerns over new coronavirus strain in U.K. EU and UK post-Brexit trade deal still lingers.

     

  • 09:47 IST:


    Asian markets are trading slightly higher taking cues from the comment by Trump on new COVID-19 relief package amid concerns regarding new COVID-19 strain.

    US markets closed lower on concerns regarding new variant of COVID-19 in U.K. and new lockdown and travel restrictions imposed by many countries overshadowed new COVID-19 relief package.

    European markets closed higher attempting to reverse from previous day's drastic sell-off on concerns over new coronavirus strain in U.K. EU and UK post-Brexit trade deal still lingers.

     

  • Dec 23, 2020 09:32 (IST)

    Bajaj Auto: Manufacturing facility in Chakan, Maharashtra



    Amarjeet Maurya - AVP - Mid Caps, Angel Broking said," Bajaj Auto, a leading global two-wheeler and three-wheeler manufacturer, announced that it has signed a Memorandum of Understanding with the Government of Maharashtra to set up a manufacturing facility on a proposed investment of Rs.650cr in Chakan, Maharashtra. The facility is expected to commence production in 2023. This facility will be utilised for manufacturing high end KTM, Husqvarna and Triumph motorcycles as well as for electric vehicles starting with Chetak. In our view, this overall development is positive for the company which would boost the revenue growth for Bajaj auto going ahead."

     

  • 09:32 IST:

    Amarjeet Maurya - AVP - Mid Caps, Angel Broking said," Bajaj Auto, a leading global two-wheeler and three-wheeler manufacturer, announced that it has signed a Memorandum of Understanding with the Government of Maharashtra to set up a manufacturing facility on a proposed investment of Rs.650cr in Chakan, Maharashtra. The facility is expected to commence production in 2023. This facility will be utilised for manufacturing high end KTM, Husqvarna and Triumph motorcycles as well as for electric vehicles starting with Chetak. In our view, this overall development is positive for the company which would boost the revenue growth for Bajaj auto going ahead."

     

  • Dec 23, 2020 09:25 (IST)

    Market outlook: Nifty 50 still holding above support of 13100

    Ashis Biswas, Head of Technical Research, CapitalVia Global Research Limited- Investment Advisor said, "The Market witnessed some lackluster movement after the recent correction. Nifty 50 Index is still holding above the support level of 13100, Our research suggests trading above 13100 is key to keep the long-term positive trend intact. Any move below 13100 levels, we expect the correction to gain momentum, which could lead to a downside projection till 12900-12910 level. The momentum indicators like RSI, MACD to recover after staying neutral to bearish in recent time."

  • 09:25 IST: Ashis Biswas, Head of Technical Research, CapitalVia Global Research Limited- Investment Advisor said, "The Market witnessed some lackluster movement after the recent correction. Nifty 50 Index is still holding above the support level of 13100, Our research suggests trading above 13100 is key to keep the long-term positive trend intact. Any move below 13100 levels, we expect the correction to gain momentum, which could lead to a downside projection till 12900-12910 level. The momentum indicators like RSI, MACD to recover after staying neutral to bearish in recent time."

  • Dec 23, 2020 09:22 (IST)

    Opening session: Market trades higher for 2nd day

    Market indices opened higher on Wednesday, amid mixed global equities. Sensex was trading 128 points higher at 46,135 and Nifty gained by 12 points to 13,478.

  • 09:22 IST: Market indices opened higher on Wednesday, amid mixed global equities. Sensex was trading 128 points higher at 46,135 and Nifty gained by 12 points to 13,478.

  • Dec 23, 2020 09:17 (IST)

    Global markets turn slightly positive

    Asian stocks were trading slightly higher on Wednesday as the investor focus swung between concerns about a new faster-spreading variant of the coronavirus and hopes that more U.S. fiscal aid would propel an economic recovery.

    In US, the S&P 500 fell for a third straight session on Tuesday even after Congress approved a long-delayed coronavirus relief package.

    European markets reversed  to green yesterday after German pharmaceutical company BioNTech said it was confident that its coronavirus vaccine would work against the new UK variant.

  • 09:17 IST: Asian stocks were trading slightly higher on Wednesday as the investor focus swung between concerns about a new faster-spreading variant of the coronavirus and hopes that more U.S. fiscal aid would propel an economic recovery.

    In US, the S&P 500 fell for a third straight session on Tuesday even after Congress approved a long-delayed coronavirus relief package.

    European markets reversed  to green yesterday after German pharmaceutical company BioNTech said it was confident that its coronavirus vaccine would work against the new UK variant.

  • Dec 23, 2020 09:14 (IST)

    FII action on Tuesday

    Foreign portfolio investors (FPIs) bought shares worth Rs 1,153 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 661.51 crore in the Indian equity market on 22 December, provisional data showed.

     


     

  • 09:14 IST:

    Foreign portfolio investors (FPIs) bought shares worth Rs 1,153 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 661.51 crore in the Indian equity market on 22 December, provisional data showed.

     


     

  • Dec 23, 2020 09:06 (IST)

    Closing on Tuesday

    After a 3% fall on Monday, market indices reversed the trend amid positive cues from European markets and closed sharply higher  on Tuesday. Global markets were mixed as an additional US stimulus package capped losses after the new COVID-19 strain in the UK triggered a global selloff. Recovering from earlier losses in a volatile trading session, Sensex ended 452 points higher at 46,006 and Nifty gained 137 points to 13,466.


    On the currency front, The rupee pared most of its initial losses and settled for the day 5 paise lower at 73.84 (provisional) against the US dollar on Tuesday, tracking a rebound in domestic equities.

  • 09:06 IST:

    After a 3% fall on Monday, market indices reversed the trend amid positive cues from European markets and closed sharply higher  on Tuesday. Global markets were mixed as an additional US stimulus package capped losses after the new COVID-19 strain in the UK triggered a global selloff. Recovering from earlier losses in a volatile trading session, Sensex ended 452 points higher at 46,006 and Nifty gained 137 points to 13,466.


    On the currency front, The rupee pared most of its initial losses and settled for the day 5 paise lower at 73.84 (provisional) against the US dollar on Tuesday, tracking a rebound in domestic equities.