All sectoral indices except Nifty Bank and Nifty private bank closed with gains. Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets continued to scale higher and once again closed at fresh highs on Wednesday. S&P BSE Sensex is now at 46,1103 while the 50-sock NSE Nifty topped 13,529 on the closing bell. Asian Paints, HDFC Bank, Kotak Bank were among the top gainers on Sensex while the drags were UltraTech Cement, Tata Steel, and Maruti Suzuki India. Only 10 of the 30 Sensex constituents ended in red. Broader markets gainer but underperformed the rally seen benchmark indices.
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Highlights
The record breaking rally in domestic stock markets did not show any signs of slowing down on Wednesday as Sensex and Nifty once again set fresh record highs. Sensex now sits at 46,103 while the Nifty 50 is at 13,529. Index heavyweights helped the up move today Reliance Industries, HDFC Bank, TCS, Infosys, and Kotak Mahindra Bank all gaining during the day’s trade. Broader markets closed in the green but were underperforming the benchmark indices. Volatility inched higher, gaining 1.62% during the day to close just below 19 levels.
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Sensex closed above 46,100 for the first time while 50-stock Nifty topped 13,500 at the closing bell on Wednesday.
BSE Midcap index was up 0.45% while the Smallcap index gained 0.41% just ahead of the closing bell. However, the indices were underperforming the benchmark index.
Asian Paints share price up 3% just ahead of the closing bell on Wednesday, making it the top Sensex gainer. It is followed by Kotak Mahindra Bank, HDFC Bank, Axis Bank, Infosys, and Reliance Industries.
The fear gauge of domestic stock markets, India VIX gained 3.9% on Wednesday as was sitting above 19 levels just ahead of the closing bell.
"We would suggest short-term traders who are already holding long positions in the market to tighten their stop losses and look out for profit-booking opportunities. Meanwhile, for those looking to create new long positions, we would suggest waiting for a minor correction, before entering on the long side," said Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS.
Only 9 of the 30 Sensex constituents were trading in the red on Wednesday. These included UltraTech Cement, Martuti, SBI, Titan, and Tata Steel among others. None of them were down over 1%.
Kotak Securities (KSL) today announced the launch of a global investment platform for its Indian and NRI customers. KSL has teamed up with Nasdaq-listed Interactive Brokers Group to offer its Indian and NRI customers a platform to invest directly in US equity markets.
While Sensex, Nifty were again reaching fresh highs, Adani Power, Canara Bank, Ashoka Buildcon, and Lemon Tree Hotels were trading with losses.
Among the top gainers on Dalal Street today are PC Jewellers, Heritage Foods, Dish TV, and Shoppers Stop. PC Jewellers was up 20%, followed by 19% jump in Heritage Foods.
IT firm Happiest Minds Technologies today said that it will aplly to the Central Government to appoint Joseph Vinod Anantharaju, the current Exec. Vice Chairman & CEO – Product Engineering Services, as a Whole-time Director of the company.
Sensex was above 46,100 on Wednesday -- the highest it has ever scaled to. Nifty was well above the 13,500 mark.
India’s energy access challenges have come down significantly in the last two decades, due to the concerted efforts by national and state governments. Though significant progress has been seen on the electrification of willing households, gaps still exist. Access to energy runs along the fault lines of poverty and inequality: those who are unable to pay for electricity rely on less optimum fuels such as traditional biomass or kerosene lamps.
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Sensex and Nifty are not looking to slow down with both the benchmarks reaching fresh highs on Wednesday. Sensex crossed 46000 for the first time ever while Nifty breached 13,500.
The wait for investors of Franklin Templeton’s six debt mutual fund schemes continues to get longer. On Wednesday, the Supreme Court extended its previous order, staying all redemptions for the six schemes that were abruptly shut in April this year, till the third week of January. The apex court asked Franklin Templeton India to go ahead with its e-voting, beginning December 26, while asking the fund house to produce the results in a sealed cover to the court. It also asked capital markets regulator Securities and Exchange Board of India (SEBI) to appoint an observer for the e-voting process.
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With India charting a strong economic recovery and showing signs of taming the spread of infections, equity strategist Chris Wood has found more reasons to be bullish on India. This week the global equity strategy head at Jefferies will increase India’s weightage in Greed & Fear’s Asia Pacific ex-Japan relative-return portfolio by one percentage point. This is despite the domestic stock market trading at premium valuations, which he says has a tendency to decline.
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50-stock NSE Nifty breached 13,500 for the first time ever on Wednesday. S&P BSE Sensex was up above 45,900. Broader markets were mirroring the up-move.
"Mindspace Business Parks REIT stock up on positive development of board approval for raising 200 crores by issuing debentures in private placement. Mindspace Business Parks REIT India's second listed REIT has approved the issue of secured, listed, senior, taxable, non-cumulative, rated, redeemable, non-convertible debentures by Mindspace REIT on a private placement basis for an aggregate amount of upto Rs. 200 crores in one or more tranches. This is positive development for the company. This will help Mindspace to execute projects in near time and increase gross leasable area for the REIT," said Yash Gupta Equity Research Associate, Angel Broking.
Yes Bank share price surged 10 per cent to hit upper circuit of Rs 19.05 apiece today on BSE, a day after the bank informed that Brickwork Ratings has upgraded its bond’s rating. Brickworks upgraded the rating of Yes Bank’s Tier I Subordinated Perpetual Bonds (Basel II) to BWR BB+/ stable from BWR D. Yes Bank shares were trading at their highest level in four and a half months. Today’s trading level was last seen on July 22, 2020. The stock has skyrocketed 243 per cent from its 52-week low of Rs 5.55 apiece touched in March this year.
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S&P BSE Sensex crosses 45,900 levels for the first time ever as the benchmark index continued to scale to fresh highs. Nifty was nearing 13,500.
After years of underperformance, state-owned firms could be on the verge of entering the ‘value-creation’ phase, domestic brokerage and research firm JM Financials said in a recent note. In the past three years, PSU stocks have seen a correction of 38% and in the last one year a 16% correction has been recorded. However, PSU stocks have not been sitting out the recent rally on Dalal Street, gaining 36% from their March lows. “We analyse the reasons for under-performance to see if current prices offer opportunities,” JM Financial said.
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The rupee has been at pressure between positive sentiments over corona vaccines roll-out and foreign fund flows on one side and RBI’s buying that is preventing gains on the other side. The momentum of rupee will largely depend on RBI’s tolerance to curb rupee gains. Overall the pair shall trade within 73.00-75.00 levels, dips between 73.00-73.50 levels can be taken for buying and upticks above 74.00-74.20 shall be utilized to sell for near term exposures: Amit Pabari, managing director, CR Forex Advisors
The Rs 810-crore Burger King India IPO (initial public offer), which was open for subscription from December 2 to December 4, is set to finalise its basis of share allotment today. The issue was sold in the price band of Rs 59-60 apiece and was subscribed 156.65 times, becoming the second most subscribed issue this fiscal. The Rs 444-crore Mazagon Dock Shipbuilders IPO was the most subscribed public issue this year with 157.41 times application during the three-day bidding process.
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"The markets have once again opened on an enthusiastic note but we are still in the midst of the resistance zone of 13400-13700. Regular booking of profits would be a prudent way of approaching the index. While the trend is bullish, traders must trade cautiously and upgrade to stop losses so as to conserve their profits. 13100 is good support for this week," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
"This bull appears to be on steroids. The short-term trend is positive. Investors can be with the trend with caution. Valuations are rich. A disturbing trend is the rally in low- grade stocks without any fundamentals. Investors should avoid such stocks. Every portfolio will have some low-quality stocks. This is a good opportunity to sell such stocks and park the money in liquid funds to buy quality stocks on corrections," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
On Wednesday mornign the S&P BSE PSU index was up 0.90% with Central Bank up 7.4%, Indian Bank up 5.8%, and ITDC up 5.23%.
Midcap and smallcap indices were outperforming the benchmarks on Wednesday mornign as they continued to scale higher.
Sensex opened above 45,800 for the first time ever as the benchmark index set fresh all-time highs. Nifty 50 zoomed to cross 13,450.
Sensex zoomed over 200 points in the pre-open session on Wednesday while Nifty was comfortably above 13,400.
Sensex trimmed some gains in the pre-open session but was still above 45,700 on Wednesday morning. Nifty was above 13,470.
Sensex was seen above 45,800 in the pre-open session on Wednesday while the Nifty 50 was above 13,400.
Factors such as rising coronavirus cases, oil prices, rupee movement and other global cues will set the market direction for today. Analysts believe that the upcoming domestic macroeconomic data i.e. IIP, CPI and WPI would be critical for further directional move.
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For the first time since March, gold exchange traded funds (ETFs) have witnessed outflows. The sharp rise in the equity markets in November has taken some of the sheen away from gold ETFs. The latest Amfi data showed that the gold ETF category saw an outflow of Rs 141.09 crore in the last month.
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Global rating agency S&P Global has revised Tata Steel's outlook and affired it B+ rating on the firm. "Tata Steel's earnings outlook is more positive than we previously anticipated. We expect the company to sustain solid earnings over the next 12-18 months following a rebound in the second quarter of fiscal 2021 (year ending March 31, 2021), helped by a benign steel price environment and lower input costs," S&P said.
“As per Japanese candlestick formation, the Nifty 50 index has formed Doji formation at the top of the current up move. It is an indication of indecisive activity after a rally of 650 points in Nifty 50 index. On Wednesday, the Nifty 50 index should trade in the range of 13460 and 13300. Below 13350 levels, the index could fall to 13250 or 13200 levels. On the higher side, 13460 would act as a strongest hurdle and above that, the chances of hitting 13550 levels would turn bright. Traders need to be extra cautious in the market as small-cap stock are participating heavily in the momentum of the market. Buying is advisable only on major dips at around 13200/13180 levels," said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
On Tuesday, Foreign Institutional Investors (FII) bought domestic securities worth Rs 2,909 crore. On the other hand, Domestic Institutional Investors (DII) were again net sellers of Rs 2,640 crore worth of securities.
Following a record closing in the previous session, the domestic equity market benchmarks BSE Sensex and Nifty 50 were staring a positive start on Wednesday. Share market continues to be positive on the back of healthy FII inflows and developments related to COVID-19 vaccine. Market participants will keenly watch rising coronavirus cases, oil prices, rupee movement and other global cues. Nifty continued its northbound journey and traded above 13200 levels for the second straight day yesterday.
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With the run-up in equity markets, India’s market-cap-to-GDP ratio has increased to 91%, up from 56% in the previous financial year. The recent surge in m-cap-to-GDP ratio has been aided by strong surge in domestic stocks helped by healthy foreign fund inflows. With this, India now sits above its long period average of 75% market-cap-to-GDP, brokerage and research firm Motilal Oswal said in a recent report. The indicator is often called the ‘Buffet Indicator’ after ace investor Warren Buffett who popularised it. The gauge uses the market capitalization of all listed firms and compares it to the country’s GDP to assess if the stock market is undervalued or overvalued.
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Nifty is in a sharp up trended move and few negative candle patterns at the highs have been negated decisively (doji of weekly and bearish engulfing of daily timeframe) and the market continued its upside momentum. "Hence, there is no confirmation of any reversal as of now and one may expect further upside in the short term," Naraj Shetti of HDFC securities said. "The short term trend of Nifty is positive with range bound action. There is a possibility of further upside in the next 1-2 sessions. As we scale higher, there is a higher chances of volatility emerging in the market at new highs. The expected upside levels to be watched at 13500-13600 for the next few sessions. Immediate support is placed at 13300," he added.
"A small body candle was formed with long lower shadow. Technically, this pattern indicate a formation of doji type candle pattern at the new all time high of 13435. Normally, a formation of doji pattern after a reasonable highs could be considered as a warning signal for the reversal," said Nagaraj Shetti, Technical Analyst, HDFC Securities.