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Share Market Highlights: Sensex ends at record high, Nifty at 13,740; HDFC, TCS, RIL, SBI, L&T top gainers

BusinessToday.In     December 17, 2020

Sensex, Nifty Highlights on December 17: Market indices closed at new record highs on Thursday, amid mixed global equities. Sensex ended 223 points higher at 46,890 and Nifty gained by 58 points to 13,740. In today's session, Sensex hit an all-time high of 46,992 and Nifty logged a lifetime high of 13,773. Yesterday, Sensex ended 403 points higher at 46,666 and Nifty gained 114 points to 13,682.

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

3. 55 PM: Closing

Market indices closed at new record highs on Thursday, amid mixed global equities. Sensex ended 223 points higher at 46,890 and Nifty gained by 58 points to 13,740. In today's session, Sensex hit an all-time high of 46,992 and Nifty logged a lifetime high of 13,773.

3. 46 PM: Nifty technical 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."

3.22PM: ICICI General Insurance outlook

Reliance Research said in its note,"The stock has recorded new high of Rs 1530 post our recommendation. Later the stock remained sideways for couple of days. Due to prior consolidation in the stock, its major technical indicators reversed from their overbought zone and negatively poised. Hence, its advised to book profit at current juncture (Rs 1473.8) and close the long trade."

3. 11PM: Torrent Pharma outlook

Yash Gupta Equity Research Associate, Angel Broking said,"Torrent pharma stock down by 0.5% on news of issuing CPs worth 100Cr. Torrent pharma Limited has issued Commercial Papers for an amount of 100 Crores on 15th December. This CPs will not be going to be listed on stock exchanges. Company issued CPs on 15th December with interest rate of 4% P.a and date of maturity is 11th June 2021. Company will not pay any interim interest, Principal and Interest will be payable on the date of maturity. Company has raised short term capital at a very reasonable rate and the company will use this fund for short term working capital requirement."

2. 59 PM: Market hits new high

In today's session, Sensex hit an all-time high of 46,992 and Nifty logged a lifetime high of 13,773

2. 41 PM: KPTL outlook

Amarjeet Maurya - AVP - Mid Caps, Angel Broking said,"Kalpataru Power Transmission Limited (KPTL), a leading global EPC player in the power and infrastructure contracting sector has secured new orders of award of about Rs.1,300cr. The order book comprises segments like T&D business, EPC orders for pipeline laying and railway electrification. KPTL's current order book stands at around Rs13,000cr. This is a positive development for the company which would support revenue growth for FY22."

2. 20 PM: IRCTC stock update

Yash Gupta Equity Research Associate, Angel Brokings said,"We Recommend to book profit in IRCTC OFS. Retail investors get shares at cutoff price or bid price whichever is higher on Wednesday in their d-mate account. Total OFS size was 20% of paid up share capital with cut off price of 1377.55. After the OFS promoter holding now at 67.4% and public holding at 32.6%. After the OFS free float in stock has increased significantly as 20% of paid up share capital has been off load in the market. We recommend short term investors to book profit of 4.5% at CMP of 1433 and Long term investors can hold stock as we remain positive on the long term prospects of the company given the monopolistic nature of the business and strong growth expected post FY2021."

2. 12PM: Real Estate overview & outlook

Mohit Goel, CEO, Omaxe Ltd said," The overhang of subdued demand from last quarter of 2019 continued into 2020 and with the COVID-19 pandemic induced lockdown in March, the sector went from bad to worse. The migration of labours and disruption in supply of raw materials saw a stoppage in construction activities. Rent negotiations by retailers amidst no/low footfall in malls and WFH adversely affected the retail and office segments. On the back of government stimulus and RBI's liquidity measures, there was some uptick in demand post the partial opening of the economy. Nevertheless, the positives that have emerged from the COVID-19 crisis will form the cornerstone of the coming decades of growth in the real estate sector and overall Indian economy."

2.02 PM: Market hits new high

Market indices traded at record highs on Thursday, amid mixed global equities. Sensex traded 275 points higher at 46,941 and Nifty gained by 75 points to 13,757.

1. 57PM: Navin Fluorine outlook

Amarjeet Maurya - AVP - Mid Caps, Angel Broking said," Navin Fluorine International Limited, one of the largest manufacturers of fluorochemicals. The company is investing Rs195cr which is ~30% of total gross block (FY20) at Dahej, Gujarat and will be funded through a mix of internal accruals and debt. The new capacity is expected to come on stream in 1HFY23 and will create opportunities for new products in life science and crop science sectors in the Specialty Chemicals business. We are positive on new development and it will be EPS accretive for the company going forward."

1. 40 PM: Nifty technical outlook

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said,"The U.S. markets ended with gains of over a percent and the Asian markets too were trading with a positive bias in morning. These positive cues from the global markets led to a gap up opening in Nifty to continue to post new record and end with gains of over 100 points at 13683.

Nifty broke last four sessions of consolidation with a gap up and it rallied to almost test the 13700 mark. The broader markets continued its move in the direction of the trend, however the banking space looked tired and it underperformed the benchmark throughout the day. As mentioned in our yesterday's outlook, the 127% retracement of the previous correction on the Nifty weekly chart comes around 13750-13770 which would be an important zone to watch. Traders are advised to prefer to book profits on longs around these levels and be observant for further cues from the market. Though, there are no signs of reversal yet and hence, trading with a stock specific approach and avoiding aggressive positions seem to be a better strategy at these elevated levels. The intraday supports for Nifty are placed around 13600 and 13575."

1. 29 PM: Equitas Small Finance Bank outlook

Sameer Bhise from JM Financial Institutional Securities said,"We initiate coverage on Equitas Small Finance Bank (Equitas) with a BUY rating and a target price of INR 51. Since its transition into a mass market focused SFB, Equitas has successfully been able to diversify its loan portfolio and significantly reduce dependence on the microfinance business. Thus, owing to its diversified asset base, it is relatively safe from acute asset quality shocks in a particular asset class. Equitas' liability engine, after losing traction post initial success, is now revving up with continued retail deposit accretion (65% of deposit mix). With most investments to set up liability branches, adopt technology and hire personnel completed in the past few years and no near-term branch capex plans, we believe that Equitas has substantial operating leverage to support a 34% EPS CAGR over FY20-23E with ROA recovering to 2.1% by FY22E. Equitas has maintained its asset quality along with sustainable business growth and we expect the asset quality to improve in medium term as the loan mix and macros become more favourable. Although its performance in 1HFY21 has been muted due to elevated Covid-19 related provisions and lower disbursements, we expect rebound in performance given that the businesses of its borrowers and collection efficiency are nearing normalisation. We see current valuations of 1.0x Sep'22E P/BV undemanding especially in light of Equitas' granular asset mix, longer growth runway and improving asset balance. Protracted asset quality impact due to Covid-19 and inability to successfully scale up newer asset products remain key risks to our estimates."

1. 12PM: Sugar sector subsidy update

Keshav Lahoti-Associate Equity Analyst, Angel Broking said,"Government finally approved the much awaited subsidy of Rs.3,500 cr for the sugar industry to export 6 million tonnes of the sugar for the marketing year Oct'20-Sept'21. Amount of subsidy was Rs.6,000/tonne for the current marketing year as compared to Rs.10,448 per tonne for the last marketing year. Although the quantity on which subsidy is offered is kept the same, but the subsidy per tonne for sugar to be exported has been decreased by the Government. Due to export subsidy, sugar millers will be able to clear excess sugar inventory in the industry. Due to this news, sugar stocks opened on a positive note. Export of sugar by India can lead to correction in the international sugar prices."

1.02 PM: Market hits new high

Market indices traded at record highs on Thursday, amid mixed global equities. Sensex traded 275 points higher at 46,941 and Nifty gained by 75 points to 13,757. In today's session, Sensex hit an all-time high of 46,948 and Nifty logged a lifetime high of 13,763. Y

12. 50 PM: Jubilant Foodworks outlook

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 entered into the most preferred food space of Biryanis with its newest brand - Ekdum!. JFL is opening three restaurants in Gurgaon for Delivery, Takeaway and Dine-In, with more restaurants planned to open in NCR over the next few months. In our view, this is a positive move by the company, which would help JFL to boost the revenue growth significantly going ahead."

12. 43 PM: YES Bank share slips 3% today

YES Bank shares were trading 3% lower on Thursday's morning, over profit booking.

With 3 times more sellers than buyers, YES Bank stock opened lower at Rs 17.71 and fell 2.9% to hit the day's low of Rs 18.30 during the session. YES Bank also touched an intraday high of Rs 18.91 against the last closing of Rs 18.85.

YES Bank share has lost 9% in the last week. The share of the private lender has been on a decline this week, after the private lender on Monday sold 15,00,000 equity shares of Sical logistics in several tranches.

12. 30 PM: Rupee rises by 6 paise to 73.52

Indian rupee, the local currency appreciated by 6 paise to 73.52 per US dollar on Thursday's opening trade as sustained foreign fund inflows and positive domestic equities strengthened investor sentiment.

Weakness of the American currency and optimism surrounding the US stimulus package also supported the domestic unit.

The domestic unit opened at 73.52 per greenback at the interbank forex market, rising 6 paise over its previous close.

Rupee rises by 6 paise to 73.52 amid weak US dollar, sustained foreign fund inflows

12. 19 PM: Sugar stokcs gain momentum

Sugar stocks rose in early trade today after the government approved a subsidy of Rs 3,500 crore to sugar mills for the export of 60 lakh tonnes of sweetener during the ongoing marketing year 2020-21. The move is a part of its efforts to help mills clear outstanding dues to sugarcane farmers.

Sakthi Sugars share rose 3.61 per cent, Dwarikesh Sugar Industries rose 4.04 per cent, Simbhaoli Sugars was up 5 per cent, Balrampur Chini Mills gained 4.43 per cent, Bajaj Hindusthan Sugar rose 5.18 per cent and Dalmia Bharat Sugar and Industries gained 4.14% per cent in early trade.

Bajaj Hindusthan, Balrampur Chini, others rise up to 5% after govt clears subsidy for sugar mills

12.00 PM: Market rises further, hits new high

Market indices traded at record highs on Thursday, amid mixed global equities. Sensex traded 113 points higher at 46,780 and Nifty gained by 31 points to 13,714. In today's session, Sensex hit an all-time high of 46,825 and Nifty logged a lifetime high of 13,730.

11. 56 AM: Stocks to watch today on December 17

Wipro, IRCTC, Aster DM, Hero MotoCorp, IndusInd Bank, Future Enterprises, Jubilant FoodWorks among others are the top stocks to watch out for in Thursday's trading session

Stocks in news: Wipro, IRCTC, Aster DM, Hero MotoCorp, IndusInd Bank, Future Enterprises, Jubilant FoodWorks

11. 44AM: Bector IPO outlook

Keshav Lahoti-Associate Equity Analyst, Angel Broking said,"Mrs. Bector IPO was subscribed by 11.4 times on the second day of issue. Retail portion was most subscribed by 16.4 times..Non institutional and QIB was subscribed 8.7 times and 4.7 times respectively. We expect the IPO to be subscribed maniy times as the investor interest is quite strong for this IPO. Due to over subscription in such a large number, investors won't get the desired lot in the issue.

Company is one of the leading brands in biscuits and bakery businesses in North India. It has established presence in the retail and institutional bakery business. Company also has wide spread and established sales and distribution network. Although, the outbreak of Covid-19 has an impact on the smooth running of the business, from which gradually things are coming back to normal. Company results were better than the industry in the first half of the fiscal 2021. Company peers such as Britannia Industries, Nestle India, Prataap Snacks and DFM Foods are trading at trailing PE of 50.2, 85.6, 57.1 and 97.6 respectively. On the other hand, the company is priced at trailing PE of 27.9. Given the significant discount compared to listed peers there is comfort on the valuation. We are positive on the long term growth prospects of the industry and the company, and hence recommended to "Subscribe" to the issue for long term as well as for listing gains."

11. 30 AM: Gold outlook

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said,"On Wednesday, Spot Gold prices ended higher by 0.58 percent to close at $1864.1 per ounce  and Spot silver prices gained about 3.5 percent to close at $25.3 per ounce in line with the international Gold prices. While Silver prices on the MCX ended higher by 1.6 percent closing at Rs.65911 per kg as rising bets on additional stimulus infusion by U.S. underpinned Gold and silver prices.

Markets are expected to have a keen watch on the U.S Federal Reserve's two-day policy meeting for cues on their stance going ahead. Inflations risk and a low interest rate environment has elevated the demand for Gold as it is considered as a hedge. However, speedy distribution of the vaccine around the globe including US limited the gains for the safe haven, Gold. Investors charged towards riskier asset class as the vaccine euphoria raised hopes of improvement in the global economic outlook."

11. 20 AM: Crude oil today

Brent crude futures, the global oil benchmark, were trading at USD 51.52 per barrel, higher by 0.86 per cent. Oil price gained as data showed that crude inventories fell last week backed by optimism over coronavirus relief package redied in the US.

11.00 AM: Market rises further

Market indices traded at record highs on Thursday, amid mixed global equities. Sensex traded 90 points higher at 46,757 and Nifty gained by 26 points to 13,709. In today's session, Sensex hit an all-time high of 46,812 and Nifty logged a lifetime high of 13,713.

10. 51 AM: Global markets mixed today

Asian markets are trading mixed as investors reacted to FOMC outcome and Australia's unemployment rate in Nov which came in at 6.8% Vs. 7% in Oct.

US markets closed higher as investors awaited the announcement of fiscal stimulus and after Fed affirmed their pledge to keep benchmark rate near zero and continue bond buying. European markets closed higher as EU signaled progress in post Brexit trade deal with U.K. Concerns persists over lockdown restrictions planned during upcoming festive season.

10. 33 AM: Nifty technical outlook

Sharing a quote by Manish on markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"We are at a very important juncture-13700. This is the upper end of the resistance patch. Either we make a U turn from here and correct a little or we take off and achieve newer highs of 14000-14200. We need to see how the markets close today. 13450-13500 is a good support for the Nifty."

10. 12 AM: Nifty Outlook

Geojit Financial Services said,"Despite a strong push higher in the second half of yesterday, we would be contend with seeing out the 13700/13740 targets that we had initially set out with. We had hinted about trading ranges vastly increasing, and the upside range of the same would be 13922/14000. Meanwhile, expect initial dips to be bought today, but a slippage past 13655/20 could diffuse upside hopes for the day, and render the trend lacklustre."

10.05AM:Market outlook

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"The declining dollar index (now at 90.18), sustained FII inflows ( Rs 33000 cr in December so far) and positive news relating to economic recovery have imparted more resilience to the market than expected. The market momentum is very strong defying a much-needed correction. With valuations remaining high a correction is possible any time. Meanwhile, the Fed sounded dovish reaffirming its commitment to continue with its monthly asset-buying program of $ 120 billion every month"

9. 50 AM: Global market update

Geojit Financial said in its note," Overseas, Asian stocks are trading mixed on Thursday as investors reacted to the latest announcements from the U.S. Federal Reserve.

Wall Street rose on Wednesday, with the Nasdaq closing at a record high as investors awaited a potential fiscal economic stimulus package and after the Federal Reserve repeated a pledge to keep its benchmark interest rate near zero.

The U.S. central bank also kept benchmark interest rates near zero, as expected, following the conclusion of its two-day meeting.

Congressional leaders closed in on a $900 billion rescue deal that would include a new round of direct payments to consumers. However, that package excludes a liability shield for businesses and state and local aid, reports indicated."

9.40AM: Nifty outlook

Reliance Research said in its note," NSE-NIFTY extended gain post a flat to positive close and recorded new high. Positive trend witnessed across the sectors barring Realty and overall market breadth was bullish during the day. Major technical indicators are positively poised. Reiterating our bullish stance, we believe that undergoing positive momentum will continue. The index has potential to explore uncharted territory and will test 14,000 mark. In case of near-term decline, the index will find strong support at 13,500 mark and will rebound.

As for the day, support is placed at around 13,629 and then at 13,575 levels, while resistance is observed at 13,715 and then at 13,746 levels."

9. 30 AM: Market hits new high

In today's session, Sensex hit an all-time high of 46,778 and Nifty logged a lifetime high of 13,713.

9. 20 AM: Opening session

Market indices opened at record highs, although traded flat on Thursday, amid mixed global equities. SGX Nifty on the Singapore Exchange was rising by 12 points, indicating muted trend in domestic grounds today. Sensex traded 48 points higher at 46,714 and Nifty gained by 22 points to 13,705.

9.11 AM:Market outlook

Ashis Biswas, Head of Technical, CapitalVia Global Research Limited said," The market breakout above the Nifty 50 Index level of 13600. The market's short-term technical condition shows an upward shift in the prevailing market range, and it is likely to range between 13550 and 13780. It has observed, that the market breadth to improve further along with other momentum indicators like RSI, MACD, indicating an uptrend. We expect the market to gain momentum, leading to an upside projection till the 13780 levels."

9.00 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 1,981.77 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,718.45 crore in the Indian equity market on 16 December, provisional data showed.

8. 40 AM: Rupee closing

On the currency front, the Indian rupee appreciated by 5 paise to close at 73.58 per US dollar on Wednesday, as sustained foreign fund inflows and strong domestic equities strengthened investor sentiment.

8. 30 AM: Closing

Equity benchmarks raced to fresh peaks and closed at record highs on Wednesday amid positive trends in global markets. Sensex ended 403 points higher at 46,666 and Nifty gained 114 points to 13,682. In today's session, Sensex hit an all-time high of 46,704 and Nifty logged a lifetime high of 13,692. Yesterday, Sensex ended 9 points higher at 46,263 and Nifty gained 9 points to 13,567.


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