Indices gain for 5th straight day, Sensex ends 259 pts up; banks outperform

Topics Markets | Sensex | Nifty50

The Indian benchmark indices extended their winning run to the fifth straight day on Tuesday, with major contribution from banks and financials.

Among the headline indices, the S&P BSE Sensex gained 259 points, or 0.55 per cent, to close at 47,613, a fresh closing high. The index hit an intra-day high and low of 47,715 and 47,362, respectively. The broader Nifty50 ended the day at 13,933, up 59 points, or 0.43 per cent.

IndusInd Bank (up 5%) was the top Sensex gainer, followed by Tech Mahindra and Axis Bank (both up 2%). On the other hand, Nestle India and NTPC slipped 1 per cent each while Reliance Industries also settled half a per cent lower. Out of the 30 Sensex constituents, 15 ended the day in the green.

The Nifty sectoral indices were mixed, with Nifty Bank index (up 1.4%) offsetting the losses in Nifty Metal index (up 1%).

Broader markets, meanwhile, underperformed their peers, with S&P BSE SmallCap index ending 0.16 per cent higher while the MidCap index slipped 0.07 per cent.

Vinod Nair, Head of Research at Geojit Financial services said, "A major part of the global developments like stimulus and Brexit deal are priced in the market. In the absence of major domestic or global events expected in the near-term, the market will focus on the upcoming Q3 earnings and stock-specific updates."

Global Markets

Global shares rose for the fourth straight day on Tuesday and oil followed suit as hopes of fresh U.S. stimulus teed up a strong end to the year for riskier assets. The MSCI World Index was up 0.3 per cent, extending recent gains after gains in Asia, where Japanese stocks hit a 30-year high. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.45 per cent.

Early gains in Europe were broad-based, with all major indexes rising, led by Britain’s blue-chip shares. They rose on their first day of trading since the Christmas Eve agreement of a trade deal with the European Union. The FTSE 100 rose 1.5 per cent in early deals, on course for its fourth straight day of gains, led by drugmaker AstraZeneca on news its Covid-19 vaccine is set to be granted emergency use approval within a few days.

(with inputs from Reuters)

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MARKET COMMENT:: S Ranganathan, Head of Research at LKP Securities.

Financials helped key Indices to close the day well into positive territory with the broader markets seeing demand for Gas stocks. The day also witnessed upmoves in names that are not usually seen frequently amongst gainers as savvy investors were seen scouting for value in a Bull Market

MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial services

It was a volatile day, started well but edged lower losing all the gains, in the end, the markets recovered much of the losses and closed with a small upside. Finance stocks were the major contributors in the upside but broader market underperformed the main benchmark. Selling was seen in auto, pharma and metal sectors among others too. A major part of the global developments like stimulus and Brexit deal are priced in the market. In the absence of major domestic or global events expected in the near-term, the market will focus on the upcoming Q3 earnings and stock-specific updates

Most active stocks by volume

COMPANY PRICE(rs) CHG(%)
VODAFONE IDEA 10.29 -0.87
PUNJAB NATL.BANK 33.20 2.31
SUZLON ENERGY 5.95 4.94
DISH TV INDIA 12.85 -7.82
TATA MOTORS 183.40 -1.56
» More on Most Active Volume

Nifty sectoral indices at close


Top gainers and losers in S&P BSE Sensex at close


CLOSING BELL

Sensex ends 259 points, or 0.55 per cent, up at 47,613, Nifty50 settles at 13,932.60, up 59 points, or 0.43 per cent

May slightly extend suspension of flights from UK beyond Dec 31: Aviation Minister

Final decision to be taken after discussion on genome sequencing, says Aviation Minister

 

Nifty Bank among top sectoral gainers on NSE; all constituents barring one trade higher


Wholesales to grow on low base for all automobile segments: Motilal Oswal

Wholesale volumes in the automobile sector are estimated to grow at 14.4 per cent for two-wheelers on a low base and 5.4 per cent for passenger vehicles due to year-end sales, Motilal Oswal Financial Services said on Tuesday. However, commercial vehicle volumes are likely to decline by 2.8 per cent (LCV growth of 4.7 per cent but restricted by a decline of 11.6 per cent in M & HCVs). READ MORE

IFB Industries rallies 57% in a month on healthy growth outlook

Shares of IFB Industries hit a fresh 52-week high of Rs 1,218 on the BSE after it rallied 10 per cent in intraday trade on Tuesday on expectations of strong growth outlook. In the past one month, the stock has surged 57 per cent, as compared to a 8 per cent rise in the S&P BSE Sensex. IFB Industries’ operations consist of three divisions -- fine blanking, appliances and motor. The company continues being a market leader in the domestic front load washing machines as well as the dishwasher market, with a share of 40 per cent each. READ MORE

BUZZING STOCK:: Quess Corp surges 9%


European stocks extend gains as Brexit deal boosts UK

European stocks extended their year-end rally on Tuesday as a Brexit trade deal, hopes of an expanded U.S. stimulus package and euro zone’s marathon COVID-19 vaccination campaign brightened prospects for global growth in 2021. The pan-European STOXX 600 was up 0.8% by 0828 GMT, rising for a fifth straight session and scaling a new 10-month high. UK stocks were higher after a long weekend, with the blue-chip FTSE 100 jumping 1.6% after the sealing of a Brexit trade agreement between Britain and the European Union on Thursday. (Text Source: Reuters)


Businesses continue to see improvement in performance: FICCI survey

The opening up of economy and implementation of a broad set of measures under 'Atmanirbhar Bharat' package have led to a continuous improvement over time in the performance of businesses, according to recent findings of the FICCI-Dhruva Advisors survey. The prospect of an introduction of a vaccine for COVID-19 early next year has improved confidence level of businesses. Almost 74 per cent of the survey participants said they foresee a significant positive impact on their business once the vaccine is made available. READ MORE

Glenmark launches fixed dose combination drug for diabetes

Glenmark Pharmaceuticals on Tuesday said it has launched a fixed-dose combination drug for the treatment of Type 2 diabetes in the country. It has introduced a fixed-dose combination of Remogliflozin Etabonate and Vildagliptin in India for the management of Type 2 diabetes, the Mumbai-based company said in a statement. (Text Source: PTI)

Nifty Media worst sectoral performer; all index constituents in the red


MARKET UPDATE:: HDFC twins, Axis Bank among top contributors to Sensex's gain


SECTOR WATCH:: Auto stocks under pressure

COMPANY LATEST(rs) CHG(%)
TATA MOTORS 184.40 -1.02
ASHOK LEYLAND 94.85 -0.42
TATA MOTORS-DVR 76.65 -0.78
M & M 707.15 -0.63
ESCORTS 1262.25 1.61
» More

Rossari Biotech stock advances 11% to hit new high since listing

Shares of Rossari Biotech edged higher by 11 per cent to Rs 1,019 on the BSE in intraday trade on Tuesday to scale its highest level since listing on the bourses on July 23 this year. The stock of specialty chemicals company zoomed 140 per cent against its issue price of Rs 425 per share. In the past one month alone, the stock has outperformed the market by gaining 25 per cent, as compared to a 7.5 per cent rise in the S&P BSE Sensex. READ MORE

NEWS FLASH | Cabinet Secretary led CGD gives a go ahead to BEML Expression of Interest

Following this development, shares of the company jumped over 3%

India VIX rises over 3%


Lenders extend ICA for Reliance Home Finance resolution till Mar 31

Lenders to troubled mortgage firm Reliance Home Finance (RHF) have extended the inter-creditor agreement (ICA) for another three months. Reliance Home Finance, part of Anil Ambani-promoted Reliance Group, recently got bids from six suitors as part of the debt resolution process. "The lenders of the company forming part of the Inter creditor Agreement (ICA), executed pursuant to the Reserve Bank of India (RBI) circular dated June 7, 2019 on Prudential Framework for Resolution of Stressed Assets, have extended the ICA period till March 31, 2021," the company said in a regulatory filing. (Text Source: PTI)

Aviation sector hit hard by Covid-19, but recovery may not be far away

Humpty Dumpty sat on a wall Humpty Dumpty had a great fall All the king’s horses and all the king’s men Couldn’t put Humpty together again The words of this nursery rhyme perhaps best describe the current predicament of the Indian aviation sector. The year 2020 has pulled the carpet from under the industry’s feet, and air travel, and even the passenger, may never be the same again, requiring the industry to reinvent itself from scratch. READ MORE

Market Stats at noon

  • On BSE, losers trump gainers; 1,311 shares rose while 1,476 fell
  • 256 scrips hit 52-week highs and 29 scaled 52-week lows
  • 321 stocks hit upper circuit limits and 165 touched lower circuits

Chart check: 97% Nifty500 stocks trade above their respective 200-DMA

The sentiment and momentum in the Indian markets these days is that of extreme positivity. Spurred by the hope of a rebound in global economy and encouraging news on Covid-19 vaccine front, both the domestic benchmark indices are making their way into uncharted territory almost on a daily basis, with the Nifty50 index now eyeing the landmark level of 14,000. The overall scenario is that of a strong buying sentiment. READ MORE

BSE Smallcap index hits 31-month high; Paisalo Digital zooms 53% in 4 days

Shares of smallcap companies were on a roll at the bourses on Tuesday with the S&P BSE Smallcap index hitting 31-month high after domestic mutual funds and insurance company acquired select companies' share from open market. SORIL Infra Resources, Paisalo Digital, Fineotex Chemical, Rupa & Company, Borosil Renewables, Nava Bharat Ventures and Hindustan Foods were up between 10 per cent and 20 per cent on the BSE in intra-day trade. The S&P BSE Smallcap index hit an intra-day high of 18,089, its highest level since May 10, 2018. The index surpassed its previous high of 17,967, touched on December 17, 2020. READ MORE


Stocks that hit 52-week high on BSE today

COMPANY PRICE(rs) 52 WK HIGH CHG(%)
APL APOLLO TUBES 816.15 830.00 0.96
ASIAN PAINTS 2698.80 2698.80 0.56
BAJAJ AUTO 3441.10 3459.00 0.79
BALMER LAWRIE 137.50 146.50 1.66
BERGER PAINTS 746.00 746.00 0.69
» More on 52 Week High

Some of 2020's most expensive stocks sink as investors choose to selloff

Some of the year’s most expensive stocks encountered a wave of selling as investors moved to lock in gains in the last week of 2020. Zoom Video Communications Inc. and DocuSign Inc., fell more than 6% on Monday. Both companies have seen their shares soar this year amid a surge in new users and are trading at more than 20 times next year’s projected sales. The average price to estimated sales multiple in the technology-heavy Nasdaq 100 Stock Index is 4.6 times, according to data compiled by Bloomberg. READ MORE






Japan's Nikkei index hits 30-year high on expanded US stimulus hopes

Japan's Nikkei share average climbed to a three-decade high on Tuesday as investor risk appetite improved on hopes that the long-awaited U.S. pandemic relief package would be expanded. The benchmark Nikkei share average rose 1.63% to 27,292.37 by the midday break, having earlier hit its highest level since August 1990. The index was also on course for its biggest daily gain in five weeks. The broader Topix gained 1.05% to 1,806.84, hitting a level unseen since October 2018.
 

Wipro hits new high, trades close to buyback price of Rs 400

Shares of Wipro hit a new high of Rs 390, up 2 per cent, on the BSE on Tuesday, and were trading close to the share buyback price of Rs 400 per share. The IT services major's share buyback programme commenced from today, December 29 and will close on January 11, 2021. In November, shareholders had approved the buyback plan for purchase of up to 237.5 million equity shares at Rs 400 per share, aggregating to an amount of up to Rs 9,500 crore. READ MORE


Shriram Transport Finance plans to raise funds via debt securities

Shriram Transport Finance Company on Tuesday said its board will meet next month to consider raising funds through the issuance of debt securities. However, the company did not specify the amount that it is planning to raise. Shares of Shriram Transport Finance Company were trading 2.56 per cent higher at Rs 1,042.35 a piece on the BSE. (Text Source: PTI)

Ahluwalia Contracts surges over 8% on bagging order worth Rs 310 crore

Ahluwalia Contracts has secured new order aggregating to Rs.309.44 crores for construction of high-rise multi storied residential complex in Bhubaneswar, Orissa. Following this development stock jumped over 8 per cent on BSE. 

RIL, L&T among top Sensex drags at this hour


Market Update | Sensex nearly 300 points off day's high


M-cap share of PSUs at record low of 9.7% despite a strong rally in market

The central government-owned enterprises or public sector undertakings (PSUs) had yet another bad year on the bourses, despite a strong rally in the broader market. The combined market capitalisation (m-cap) of PSUs has been down 16.6 per cent since the beginning of the calendar year, against 18 per cent rise in m-cap of all listed companies during the same period. As a result, the central PSUs’ share in total m-cap declined to a record low of 9.7 per cent, even as they continued to cede ground to family-owned enterprises and private sector companies. READ MORE

 

Borosil Renewables hits new high; stock zooms 113% in 11 days

Shares of Borosil Renewables continued their upward movement in Tuesday's session and were locked in 10 per cent upper limit at Rs 279.95 on the BSE. The stock of the solar glass manufacturer was trading at its fresh lifetime high level. In the past 11 trading days, the share price of Borosil Renewables has zoomed 113 per cent from level of Rs 131.60 on December 11, 2020. In comparison, the S&P BSE Sensex has gained 3.5 per cent during the same period. READ MORE

SECTOR WATCH:: Nifty PSU Bank index up 2%


Foreign flows will continue to gain traction in 2021: Nischal Maheshwari, Centrum Broking

With major central banks ensuring availability of liquidity and maintaining an ultra-accommodative stance, we expect dollar index to continue its downward trajectory, which augurs well for emerging markets (EM) and paves way for commodity reflation. Thus, we expect foreign flows to continue gain traction in 2021. READ MORE


Rupee opening

Rupee opens stronger at 73.43/$ vs Monday's close of 73.51 against the US dollar

Fineotex Chemical surges 29% in 2 days after Nippon India MF buys 6% stake

Shares of Fineotex Chemical hit a 52-week high of Rs 62.15 on the BSE on Tuesday after rallying 15 per cent in early morning trade. The stock has now surged 29 per cent in the past two trading days after Nippon India Mutual Fund (MF) bought nearly 6 per cent stake in specialty chemicals company via open market. On Monday, December 28, 2020, Nippon India MF acquired 6.61 million equity shares, representing 5.9 per cent of total equity of Fineotex Chemical, for about Rs 30 crore through block deal on the BSE, the exchange data shows. READ MORE




MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Liquidity continues to drive markets. With two more days to go in this month, FII inflows are likely to cross Rs 60000 cr in December on top of the Rs60300 cr that came in November. India's performance is in line with the performance of other emerging market peers but valuations are much higher. Mid-small-caps which have outperformed during the last   6 months have some more steam to go up.  Also the Bank Index is still 5% below its peak. So, some more catching up is possible there as the Q3 results from private sector banking majors will be good. That said, aggressive buying at peak valuations is not advisable.

Tata Power gains 2% on inaugurating 5kW biogas plant in Bihar

TP Renewable Microgrid (TPRMG), a wholly subsidiary of Tata Power, has inaugurated its first 5kW Bio-gas generating plant at Kamalpura (Basaitha) village in Muzaffarpur district of Bihar. The plant commenced operations on 'National Energy Conservation Day,' i.e. December 14, 2020.

Most active stocks by volume

COMPANY PRICE(rs) CHG(%)
SUZLON ENERGY 5.95 4.94
TATA MOTORS 187.00 0.38
TATA POWER CO. 78.40 1.55
IDFC FIRST BANK 37.40 1.08
VEDANTA 163.85 0.06
» More on Most Active Volume

Borosil Renewables hits 10% upper circuit limit, scales fresh 52-week high of Rs 279.95


BUZZING STOCK:: IndusInd Bank, up 4%, is the top Sensex gainer


Biocon shares gain 1% as firm launches generic drug in US market

  • Biotechnology major Biocon on Monday said it has launched Tacrolimus capsules, an immunosuppressant, in the US market. Tacrolimus is used in the treatment of organ transplant patients. The drug reduces the body's ability to reject a transplanted organ.
     
  • The launch of Tacrolimus capsules, following an approval from the US Food and Drug Administration (USFDA) in November 2020, underscores the company's relentless pursuit of its mission to make affordable healthcare accessible, Biocon said in a statement.

BUZZING STOCK :: 3i Infotech shares jump over 4%

IT firm 3i Infotech has entered into definitive agreements to sell its software products business to the funds advised by Apax Partners for Rs 1,000 crore.

Wipro shares edge higher as Rs 9,500 cr buyback offer kicks off


SECTOR WATCH :: All sectors on NSE in the green, bank stocks lead


Private lenders, IT stocks top Sensex contributors


Sensex Heatmap | Top gainers & losers in opening trade


Nifty tops 13,900 at opening tick


OPENING BELL: Sensex jumps nearly 250 points, hits fresh record high


Top Sensex gainers & losers in pre-open session


COMMODITY CHECK


Pre-open Session: Sensex gains nearly 300 points; Nifty at 13,883


Stocks to watch: Wipro, 3i Infotech, Biocon, SBI Life

Wipro: The IT services major's share buyback programme will commence today and close on January 11, 2021. In November, shareholders had approved the buyback plan for the purchase of up to 23.75 crore equity shares at Rs 400 per share.
 
AU Small Finance Bank: AU Small Finance Bank announced strategic partnership with ICICI Prudential Life Insurance to offer personalised insurance solutions.

READ HERE IN DETAIL



 
 

 

FIIs turn net buyers to the tune of Rs 1,589 cr on Monday; DIIs net sellers


NSE bulk deals on Monday

BSE bulk deals on Monday

Oil gains on hopes US pandemic stimulus payments to spur fuel demand

Oil rose on Tuesday, for the third time in four sessions, on expectations for rising fuel demand as the United States may expand their pandemic aid payments and a final Brexit deal is set to stabilize trade between Europe and the UK. Brent crude futures climbed 36 cents, or 0.7%, to $51.22 a barrel, as of 0151 GMT and U.S. West Texas Intermediate (WTI) crude futures added 34 cents, or 0.7%, to $47.96 a barrel.

SGX Nifty update

-- At 8:40 AM, the SGX Nifty was trading 51 points higher at 13,939 levels.

Asian markets check

(via Reuters)


US Markets check

-- US stocks rallied overnight, with each of Wall Street’s main indexes closing at record levels as President Donald Trump’s signing of a long-awaited $2.3 trillion pandemic aid bill increased optimism for an economic recovery. Moreover, the US House of Representatives voted to increase stimulus payments to qualified Americans to $2,000 from $600, sending the measure on to the Senate for a vote.

(via Reuters)

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