MARKETS: Indices end flat; Sensex slips 37 points, Nifty settles at 13,114

Topics Markets | Sensex | Nifty 50

(Photo: Kamlesh Pednekar)
After slipping around 1 per cent during the day, the benchmark indices staged a smart recovery in the last half hour of the session to end flat on Wednesday.

The S&P BSE Sensex settled 37 points, or 0.08 per cent lower at 44,618 levels while NSE's Nifty ended at 13,114, up 4.7 points, or 0.04 per cent. Volatility index, India VIX, ended flat at 20.2 levels, up 0.3 per cent. 

Financial counters such as HDFC Bank, HDFC, ICICI Bank, and Bajaj Finance were among the major contributors to the Sensex's fall today while Asian Paints, TCS, and Titan Company gave the much-needed support. 

The broader market, however, outperformed the frontline indices. The S&P BSE MidCap index gained 0.55 per cent to 17,167 levels while the S&P BSE SmallCap index ended 0.68 per cent higher at 17,129 points. 

Sectorally, metal, auto and realty stocks rallied. Nifty Metal index gained 2.56 per cent to 3,050 levels. 

Global markets

World stocks hovered near record highs on Wednesday on hopes for a coronavirus vaccine and additional US economic stimulus, though enthusiasm for riskier assets left the dollar stuck at a 2-1/2 year low.

In Asia, China stocks erased earlier gains to end nearly flat. 

US stock futures declined 0.23 per cent following a record closing high for Wall Street shares.

In commodities, oil prices fell in early trade but later pared some of the losses on news that Britain has become the first country in the world to approve a vaccine for use and that it will be rolled out from early next week.

(With inputs from Reuters)

4:15 PM IST Markets ended almost unchanged in a highly volatile trading session. The benchmark gradually inched lower after the flat start however strong buying in the last hour helped the index to close flat at 13,114 levels. The broader markets outperformed wherein both Midcap and Smallcap ended higher by 0.5 per cent and 0.7 per cent, respectively. On the sector front, except Banking and Finance, all the other indices ended with healthy gains wherein Realty, Metal and Oil & Gas were the top gainers.   We’re seeing consolidation in the index but the bias is still on the positive side. Going ahead, further updates on Covid vaccines and cues from the global markets will remain in focus. Besides, on the domestic front, RBI’s monetary policy meet would also be on investors' radar. The MPC is likely to maintain the status quo however their commentary on growth and inflation would be critical.

3:43 PM IST

3:42 PM IST

3:36 PM IST The S&P BSE Sensex ended 37 points, or 0.08 per cent lower at 44,618 while NSE's Nifty ended at 13,114, up 4.7 points, or 0.04 per cent. 

3:26 PM IST

3:16 PM IST Rating: BUY | TP: Rs 526  We are upgrading target price of Emami to Rs 526 (Rs 450 earlier) as we increase PE multiple from 26 to 28x (last 5-year average 38.6x, 25% discount to coverage universe) and rollover valuations to FY23. We believe Emami has hit a sweet spot for growth led by 1) Strong rural demand as it is 55% of sales for Emami 2) strong demand for winter care products on early onset of winter 3) low base for 3Q ( 5 year sales growth of 3.3%, 19.7% and 25.8% decline in 4Q and 1Q) 4) Kesh king has gained traction and is gaining share in premium hair oil segment 5) Strong demand for Immunity boosters like Chawyanprash and Kesari jeevan and 6) benign input costs of LLP and Mentha oil.

3:04 PM IST Shares of Mahindra & Mahindra (M&M) and Escorts gained 3 per cent on the BSE on Wednesday in an otherwise subdued market as the tractor segment extended the trend of outperformance vis-a-vis rest of the automotive space in November 2020. The stock of M&M hit a 52-week high of Rs 758, surpassing its previous high of Rs 745, touched on November 24, 2020. Escorts hit an intra-day high of Rs 1,419, and was trading close to its record high of Rs 1,446 touched on November 19, 2020. READ MORE

3:02 PM IST

2:57 PM IST

2:53 PM IST Analyzing the current scenario, RBI might rest their decision to continue with the status quo. However, in my opinion, inflation figures might be at a higher level, but still, RBI would not consider this as a time to start reversing the policy of low-interest rates as the GDP growth data for the past 2 quarters has been negative and as of now growth is going to take priority over inflation.   Markets are also expecting the RBI to maintain the status quo and have discounted the fact that if RBI keeps the benchmark rates the same, it is going to be a non-event from the market perspective. Although, we might see a higher degree of volatility in rate-sensitive stocks (Banking, NBFCs, Automobile, Real Estate) till the time policy is announced. GDP data, which was released last week showed that the Indian economy contracted for the 2nd consecutive quarter. Although, the rate of contraction got reduced from 23.90% in Q1 to 7.9% in Q2 which was better than expected and markets have also taken this data positively with Nifty and broader indices trading at record high levels. However, in order to bring the economy back on a positive growth trajectory, RBI is expected to continue with the low rate regime for some more time before it decides to reverse its stance.

2:47 PM IST

2:37 PM IST Continuing to ride over the challenging market conditions caused by Covid-19, the world’s largest two-wheeler manufacturer, reported a robust double-digit growth of 14.4 per cent over the corresponding month of the previous year (November 2019), when the company had sold 516,775 units. READ MORE 

LIVE UPDATES

MARKET COMMENT | Ajit Mishra, VP - Research, Religare Broking

Markets ended almost unchanged in a highly volatile trading session. The benchmark gradually inched lower after the flat start however strong buying in the last hour helped the index to close flat at 13,114 levels. The broader markets outperformed wherein both Midcap and Smallcap ended higher by 0.5 per cent and 0.7 per cent, respectively. On the sector front, except Banking and Finance, all the other indices ended with healthy gains wherein Realty, Metal and Oil & Gas were the top gainers.
 
We’re seeing consolidation in the index but the bias is still on the positive side. Going ahead, further updates on Covid vaccines and cues from the global markets will remain in focus. Besides, on the domestic front, RBI’s monetary policy meet would also be on investors' radar. The MPC is likely to maintain the status quo however their commentary on growth and inflation would be critical.

Nifty Realty ends nearly 3% higher


MARKET AT CLOSE | Gainers and losers on the S&P BSE Sensex


CLOSING BELL

The S&P BSE Sensex ended 37 points, or 0.08 per cent lower at 44,618 while NSE's Nifty ended at 13,114, up 4.7 points, or 0.04 per cent. 

MARKET CHECK


BROKERAGE VIEW | Prabhudas Lilladher on Emami

Rating: BUY | TP: Rs 526 

We are upgrading target price of Emami to Rs 526 (Rs 450 earlier) as we increase PE multiple from 26 to 28x (last 5-year average 38.6x, 25% discount to coverage universe) and rollover valuations to FY23. We believe Emami has hit a sweet spot for growth led by 1) Strong rural demand as it is 55% of sales for Emami 2) strong demand for winter care products on early onset of winter 3) low base for 3Q ( 5 year sales growth of 3.3%, 19.7% and 25.8% decline in 4Q and 1Q) 4) Kesh king has gained traction and is gaining share in premium hair oil segment 5) Strong demand for Immunity boosters like Chawyanprash and Kesari jeevan and 6) benign input costs of LLP and Mentha oil.

M&M hits 52-week high, Escorts nears record high on strong tractor sales

Shares of Mahindra & Mahindra (M&M) and Escorts gained 3 per cent on the BSE on Wednesday in an otherwise subdued market as the tractor segment extended the trend of outperformance vis-a-vis rest of the automotive space in November 2020. The stock of M&M hit a 52-week high of Rs 758, surpassing its previous high of Rs 745, touched on November 24, 2020. Escorts hit an intra-day high of Rs 1,419, and was trading close to its record high of Rs 1,446 touched on November 19, 2020. READ MORE


Sensex off lows


Heatmap: S&P BSE Sensex gainers and losers at this hour


RBI Policy Expectations :: Gaurav Garg, Head of Research at CapitalVia Global Research

Analyzing the current scenario, RBI might rest their decision to continue with the status quo. However, in my opinion, inflation figures might be at a higher level, but still, RBI would not consider this as a time to start reversing the policy of low-interest rates as the GDP growth data for the past 2 quarters has been negative and as of now growth is going to take priority over inflation.
 
Markets are also expecting the RBI to maintain the status quo and have discounted the fact that if RBI keeps the benchmark rates the same, it is going to be a non-event from the market perspective. Although, we might see a higher degree of volatility in rate-sensitive stocks (Banking, NBFCs, Automobile, Real Estate) till the time policy is announced. GDP data, which was released last week showed that the Indian economy contracted for the 2nd consecutive quarter.

Although, the rate of contraction got reduced from 23.90% in Q1 to 7.9% in Q2 which was better than expected and markets have also taken this data positively with Nifty and broader indices trading at record high levels. However, in order to bring the economy back on a positive growth trajectory, RBI is expected to continue with the low rate regime for some more time before it decides to reverse its stance.

BUZZING STOCK:: Bharti Infratel recovers 9% from day's low


Hero MotoCorp gains 2% in subdued market on strong November sales

Continuing to ride over the challenging market conditions caused by Covid-19, the world’s largest two-wheeler manufacturer, reported a robust double-digit growth of 14.4 per cent over the corresponding month of the previous year (November 2019), when the company had sold 516,775 units. READ MORE 


Top picks by Angel Broking


Stocks that hit 52-week high in an otherwise weak market today

COMPANY PRICE(rs) 52 WK HIGH CHG(%)
ADANI ENTERP. 447.40 451.25 6.06
ADANI PORTS 435.75 437.85 2.83
ADANI TRANSMISSI 417.70 418.80 10.31
AFFLE INDIA 3730.00 3770.80 3.86
AIA ENGINEERING 1992.80 2025.55 5.73
» More on 52 Week High

DHFL, Vakrangee, Tanla Platforms from BSE Smallcap zoom over 75% in 1 month

Tanla Platforms hit a fresh record high of Rs 675.55 today. Its share price has nearly doubled from the level of Rs 341.40. Since November 12, i.e. in 13 trading days, the stock has soared 89 per cent after the company said its stock has been included in MSCI India Domestic Small Cap index. The company has seen a lot of interest from foreign institutional investors (FIIs). READ MORE 


European indices mixed in early deals

Source: Reuters


Should you buy Bitcoin or gold? The debate is heating up on Wall Street

Bitcoin’s tumble last week, the biggest since March, after a 150% run-up this year underscores the famous volatility of the asset class that has kept mainstream investors at bay. Yet if they start moving just a small portion of their gold holdings into the $350 billion Bitcoin industry, it would be a game-changer for diversification strategies on Wall Street. READ MORE

ALERT :: Indices extend decline; Nifty tests 13,000-mark


Nifty Realty index up 2%; Oberoi Realty jumps 12%


Financials top laggards on Sensex


Interest Waiver Case :: SG asks if Srivastava's argument is that there is no need for providing benefit in case moratorium availed

>> Justice Bhushan clarifies that he argument is that the argument centers around how everyone should be provided benefit and not "small borrowers"

>> To leave it to the banks to establish their own criteria is the problem and this criteria will create subjectivity from bank to bank and the methodology will differ, says Srivastava.
 
>> There has to be a mandate, some compulsion. It cannot be left to their willingness only. This kind of structure may have elements of subjectivity, Srivastava says.

NEWS ALERT | SC hearing on extension of moratorium underway

>> RBI must issue circulars to Housing banks, says Senior Advocate Rakesh Dwivedi

>> The argument of RBI that financial costs will be huge if more reliefs and schemes are given does not hold good, says Senior Advocate Ravindra Srivastava

>> This cut-off of Rs 2 crore for borrowers is arbitrary, says Senior Advocate Ravindra Srivastava. There cannot be general classification based on such an arbitrary figure, he adds.
 

BSE Midcap index trades flat


MARKET UPDATE:: Sharp fall in Sensex


Gail rallies 18% in 3 days after PNGRB simplifies gas pipeline tariff

In the past three trading days, the stock of Gail (India) has rallied 18 per cent after oil regulator Petroleum and Natural Gas Regulatory Board (PNGRB) notified regulations for unified gas transmission tariff structure. The tariffs will be applicable based on two zone structure related to distance from source of gas. In the past one month, the stock has surged 42 per cent as against a 12-per cent rise in the S&P BSE Sensex. READ MORE

MARKET UPDATE:: Sensex off lows but still down 100 pts


BREAKING NEWS :: UK approves Pfizer/BioNTech Covid vaccine for mass roll out

>> British regulator, the MHRA, says the jab, which offers up to 95% protection against Covid-19 illness, is safe for roll out.

>> Immunisations could start within days for people in high priority groups.
 
>> The UK has already ordered 40m doses - enough to vaccinate 20m people, with two shots each.
 
>> Around 10m doses should be available soon.

(Source: BBC)
 

NEWS ALERT :: Rolls-Royce, Infosys tie up for Aerospace Engineering in India


NEWS ALERT :: SC rejects Vedanta's plea seeking reopening of Sterlite Tuticorin plant

>> Plea sought to temporarily open the plant for 3 months

>> Court says in its considered view relief sought can't be granted


SECTOR WATCH:: Nifty Bank index down 200 points


Mutual funds set to turn net sellers of equities after 6 years of buying

Mutual funds (MFs), for the first time in seven calendar years, are set to be net sellers of Indian equities. They sold equities worth over Rs 22,000 crore in November — the sixth straight month of net selling. On a year-to-date basis, domestic funds are now net-sellers to the tune of more than Rs 20,000 crore. READ MORE

Chart Check: YES Bank jumps over 30% in one month; will it rise more?

Shares of YES Bank were trading nearly 0.5 per cent lower in the late morning deals on Wednesday. The stock has risen over 30 per cent in the past month, recovering from the low of Rs 12.20 to the today's high of Rs 15.90 on the NSE. The stock has outperformed the market in one month, following the news of bank's inclusion in the MSCI India Index with effect from December 1. In comparison, the S&P BSE Sensex has rallied 12 per cent. READ MORE

SECTOR WATCH:: Steel stocks gain in an otherwise weak market

COMPANY NAME LATEST HIGH LOW CHG(%)
S A I L 52.40 53.10 50.00 4.90
TATA STEEL 605.60 606.20 584.35 3.42
ISMT 11.41 11.41 11.00 4.97
JINDAL STEEL 267.00 268.20 251.10 5.33
Click here for the full list

Nifty Metal index hits 52-wk high; SAIL, Nalco, Hindustan Copper up over 5%

National Aluminium Company (Nalco), Steel Authority of India (SAIL) and Hindustan Copper from the index were up between 5 per cent and 7 per cent on the NSE. Jindal Steel and Power (JSPL), NMDC, JSW Steel, Tata Steel and Moil, on the other hand, were up in the range of 2 per cent to 3 per cent. READ MORE

SoftBank phasing out derivatives option after losing market value by $17 bn

SoftBank Group Corp. is quietly winding down its controversial derivatives strategy after a sustained backlash from investors, according to people familiar with the matter. The Japanese conglomerate is letting its options expire, instead of maintaining its positions, the people said, who declined to speak publicly. About 90% of the contracts will close out by the end of December because they are short-term, according to one of the people. SoftBank will hold on to its underlying portfolio of big tech stocks, which included Amazon.com Inc. and Facebook Inc., the person said. READ MORE

Is Reliance Industries' stock consolidating ahead of its next big up move?

RIL has been on a roll at the bourses and has been one of the best performers on the BSE ever since the markets began recovering from March 2020 lows. From its 52-week low of Rs 868 – hit on March 23 – the stock has zoomed a massive 173 per cent on the BSE to hit a 52-week high of Rs 2,369 on September 16, 2020. Moreover, after outperforming by 224 per cent over FY15-19, RIL has rallied nearly 50 per cent YTD relative to Nifty’s 8 per cent decline. READ MORE

Top losers on BSE at this hour

COMPANY PRICE(rs) CHG(%)
GREAVES COTTON 84.00 -4.11
ABB POWER PRODUC 1210.45 -3.76
VARROC ENGINEER 395.35 -3.23
IPCA LABS. 2214.90 -2.70
AMBER ENTERP. 2373.10 -2.61
» More on Top Losers

Sharp stock gains, 5G uncertainty cap further upsides for Tech Mahindra

Shares of IT major Tech Mahindra hit a fresh all-time high on Tuesday on expectations of improving margin trajectory, steady sales growth led by a robust order book and potential 5G growth opportunities. Tech Mahindra’s margin performance has been volatile over the years, unlike other Tier 1 peers and has remained a key concern for investors. READ MORE

Top gainers on the BSE at this hour


Phoenix Mills inks pact with GIC for mixed-use retail platform; stock up 8%

Shares of Phoenix Mills traded 8 per cent higher at Rs 742 on the BSE in early morning deal on Wednesday after the company said that the listed company and few of its SPVs have signed a non-binding term sheet with GIC Private Equity (PE) for the formation of a retail-led mixed-use platform. “The Phoenix Mills and its subsidiaries, Offbeat Developers Private Limited, Graceworks Realty and Leisure Private Limited and Vamona Developers Private Limited, have jointly signed a non-binding term-sheet with an affiliate of GIC Private limited ('GIC'), for formation and development of a strategic retail-led mixed-use platform,” the company said in a regulatory filing. READ MORE

NEWS ALERT :: SpiceJet to support Covid-19 vaccine distribution

>> SpiceXpress, the dedicated cargo arm of SpiceJet, has come forth to take up the responsibility of seamlessly transporting the vaccine through a specialized service called Spice Pharma Pro.
 

NEWS ALERT :: Alembic Pharma receives US FDA nod to study its oral Covid-19 vaccine

>>  The company announced approval of its Investigational New Drug (IND) application by the US Food and Drug Administration (FDA) to study its oral DHODH inhibitor for SARS-CoV-2 infection.

>> The company announced that initial study shall evaluate single ascending doses of RP7214 in healthy volunteers and that dosing is expected to commence in early December 2020

Click here for details

Sensex slips 200 pts


BROKERAGE VIEW | Edelweiss Securities on India Grid Trust

RATING: BUY | TARGET PRICE: Rs 115 

The PKTCL 2 acquisition was not on the radar and hence a surprise—a positive one. This pushes up IndiaGrid’s AUM closer to Rs 147bn. The company is on track to achieve ~INR2000bn in AUM by FY21. Out of the framework agreement, NERSS and KTL (INR55–60bn combined) are still to be acquired over the next six months. We observe that IndiaGrid would hit the 67% debt-ceiling limit post-NERSS/KTL acquisition. Nevertheless, a fund-raise could be in the offing for future growth. 
 
Meanwhile, given our house view that lower interest rates are likely to stay for the next few quarters, the circumstances look favourable for the IndiGrid stock performance. This along with some regulatory changes and PGCIL InvIT listing could lead to its further re-rating. Retain ‘BUY’ with a target price of Rs 115.

Rupee opening

Rupee opens higher at 73.45/$ vs Tuesday's close of 73.68 against the US dollar

Tata Motors rises 4%, hits 10-month high post November domestic sales

Shares of Tata Motors rose 4 per cent to 10-month high of Rs 186.75 on the BSE on Wednesday after the company reported 26 per cent year on year (YoY) growth in total domestic sales at 47,859 units in the month of November 2020. It had sold total 38,057 units in domestic market. READ MORE 


BROKERAGE VIEW | ICICI Securities on city gas distribution companies

CNG stations run by OMCs not being treated as third party is a big relief in the medium term for CGD companies; mainly IGL and MGL. We may witness some competition in the long term but it will not have any material impact on financials. Given the run-up in stock prices, we have a HOLD rating on IGL and MGL. Gujarat Gas has relatively lower contribution of CNG to total volumes and industrial PNG segment will support its long term volume growth. We have a BUY rating on Gujarat Gas. Although Gail will gain from unified tariff structure, we have a HOLD rating on the stock due to subdued performance from gas trading segment due to high prices, US LNG volumes and volatility in petchem segment.

SECTOR WATCH:: Nifty Metal index in focus, up 1%


BUZZING STOCK | The Phoenix Mills surges 5.5%

>> The company and few of its SPVs have signed a non-binding term sheet with GIC Private Equity (PE) for the formation of a retail-led mixed-use platform. 

Pfizer trades in the green

>> Parent firm as applied for approval for its Covid-29 vaccine in the EU


Dr Reddy's gains around a per cent after it starts clinical trials of Sputnik V


Eicher Motors trades flat


Hero MotoCorp up 1% post Nov sales figures


Sectoral trends at Open


Sensex Heatmap at Open


Opening Bell


Opening Bell


Top gainers and losers on the S&P BSE Sensex at Pre-open


Markets at Pre-open


Markets at Pre-open


Stocks to watch

Dr Reddy's Laboratories and Russian Direct Investment Fund (RDIF) on Tuesday said they have commenced adaptive phase 2/3 clinical trials for the Sputnik V COVID-19 vaccine in India. The trials have commenced after receiving the necessary clearance from the Kasauli-based Central Drugs Laboratory, they added.
 
Phoenix Mills: The company informed that The Phoenix Mills Limited and its subsidiaries have jointly signed a non-binding term-sheet with an affiliate of GIC Private limited ('GIC'), for formation and development of a strategic retail-led mixed use platform ("Proposed Transaction"). 
 
Coal India: State-owned Coal India on Tuesday reported a 3.4 per cent rise in production at 51.7 million tonnes (MT) in November. The company had posted an output of 50 MT in the corresponding month of the previous fiscal, Coal India (CIL) said in a filing to BSE. READ MORE  

BROKERAGE VIEW :: Nomura on Automobiles

>> Industry wholesales for Nov-20 came largely in line with expectations. Volume growth was the strongest in tractors followed by two wheelers (2W) and passenger vehicles (PV) while it declined for medium heavy commercial vehicles (MHCV). In terms of retail volumes for the festive season (Oct+Nov), demand was robust in tractors due to strong rural sentiments. PV retails were also up y-y and is a positive while 2W was likely down in double-digits. Inventory levels remain low in tractors/PVs, but normal in 2Ws; hence, we see need for inventory addition in these categories.

>> M&M remains our top pick on the rural theme, initiatives to address capital allocation concerns, and attractive valuations. We also like Ashok Leyland (AL IN, Buy) in the sector. In ancillaries, we like Balkrishna (BIL IN, Buy) and Motherson Sumi (MSS IN, Buy).

BROKERAGE VIEW :: Jefferies on Automobiles

>> PV demand is holding up well with registrations in tracked states up 11% YoY last week. Based on the volumes reported by OEMs, we estimate November wholesales rose 8-9% YoY, fourth consecutive month of growth.

>> 2W registrations improved a sharp 30% WoW last week, boosted by the lagged effect of festive period sales, and were down just 3% YoY. We estimate 2W wholesales grew 12-14% YoY in November.

BROKERAGE VIEW :: MOFSL on NMDC

CMP: Rs 99 | TP: Rs 129 (+30%) | Reco: Buy

>> We expect NMDC to restart operations from the Donimalai mine by Decemberend and accordingly raise our FY21E/FY22E volume estimate by ~3%/16% to 31.3mt/37mt. However, incremental EBITDA contribution from Donimalai mine would be lower due to levy of 22.5% premium. We expect EBITDA to grow ~11% CAGR over FY20-22E despite a volume/realization CAGR of 8%/~5%.

>> We see NMDC as a second order beneficiary of an improving domestic steel demand and prices. NMDC has raised prices by INR500/t for Dec-20 leading to cumulative hikes of INR2,250/t over last five months. We expect 2HFY21 EBITDA to ~60% higher YoY at INR50.8b on strong pricing.

>> The government’s proposal to levy a premium on NMDC on its mining leases has emerged as a key overhang on the stock. If a premium of 22.5% of revenue is levied on all of NMDC’s mines, it poses a downside risk of ~25% to our FY22E EBITDA.

>> We value the stock at INR129/share on a SoTP basis – 4x FY22E EV/EBITDA for its core iron ore mining business and ~25% book value for the Nagarnar plant. At the CMP, the stock is trading at 2.8x its core iron ore mining business. Reiterate Buy on strong earnings and valuation support.

BROKERAGE VIEW :: MOFSL on Automobiles

>> Festive season sales were reasonable, with no major negative surprise. Current demand and low inventory sentiment in PV and Tractor suggests higher wholesales in the coming months. On the flip side, 2W and CV OEMs are expected to maintain a cautious stance, with no major inventory push. Valuations reflect for recovery to sustain in the coming quarters, leaving limited margin for safety for any negative surprises. Hence, we prefer companies with: a) higher visibility in terms of demand recovery, b) a strong competitive positioning, c) margin drivers, and d) balance sheet strength. M&M and Hero MotoCorp are our top OEM picks. Among the auto component stocks, we prefer Endurance Tech and Motherson Sumi Systems

'A close below 12,790 would negate bullish trend in markets'

After a pause on Friday, Nifty resumed its uptrend on Tuesday where it gained 140 points to close at 13,109 levels. The markets' trend is still bullish with higher top higher bottom formation on the daily and weekly charts On the lower side, recent swing low of 12,790 will act as a support. Nifty needs to close below 12,790 level to negate the bullish set up.
 
Therefore, for traders our advice is to remain bullish with the trailing stop loss of 12,790 levels. On the higher side, Nifty may find resistance in the vicinity of 12,300-12,400 levels where we have seen call writing. READ MORE

Weekly stock suggestions by Religare Broking

Sun Pharmaceutical Industries Limited

Recommendation: Buy
 
Target: 575

Stop loss:520

Sun Pharma has witnessed a breakout from an inverted head and shoulder pattern (acting as continuous) on December 1, after spending nearly 3 months in a consolidation range. The price surge was accompanied by a noticeable rise in volume adding to the confirmation. Traders shouldn't miss this buying opportunity and create fresh longs in the given range READ MORE

Bulk deals on BSE as on Tuesday

Bulk deals on NSE as on Tuesday

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Bloomberg


Oil prices drop on US stock build, delay in OPEC+ meeting

>> Oil prices extended losses on Wednesday, hit by a surprise build in oil inventories in the United States and as OPEC and its allies left markets in limbo by delaying a formal meeting to decide whether to increase output in January.
 
>> Brent crude oil futures were down by 27 cents, or 0.6%, at $47.15 a barrel, while West Texas Intermediate crude was down by 29 cents, or 0.7%, at $44.26.

(Source: Reuters)

SGX Nifty update

>> At 8:24 am, the index was at 13,165 levels, up 14 points.

Asian shares edge lower but stimulus, vaccine hopes provide support

Source: Reuters


S&P 500, Nasdaq end at record highs on vaccine optimism

Source: Reuters


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