Market HIGHLIGHTS: Sensex surges 539 points, Nifty settles at 13,749; RIL, HDFC twins lead rally on D-Street

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Updated: December 24, 2020 4:11:15 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended higher in Thursday's session ahead of Christmas holiday.

Share Market Today, Share Market Live, SGX Nifty, Nifty, Nifty crashAll sectoral indices except Nifty Bank and Nifty private bank closed with gains.

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 jumped over 1 per cent on Thursday ahead of Christmas holiday. BSE Sensex surges 529 points to end at 46,973, while the broader Nifty 50 index jumped 148 points to settle at 13,749. Out of 30 Sensex stocks, 20 shares ended in the green, led by Sun Pharma which jumped 3.22 per cent. It was followed by Axis Bank, Reliance Industries Ltd (RIL), ONGC, Housing Development Finance Corporation (HDFC), ICICI Bank, Kotak Mahindra Bank, Bharti Airtel and HUL among others. On the flip side, Infosys was the top Sensex laggard along with IndusInd Bank, HCL Technologies, Nestle India, Tech Mahindra and Maruti Suzuki, among others. Among Nifty sectoral indices, Nifty Bank and Nifty Financial indices ended nearly 2 per cent up each, while Nifty Pharma index gained one per cent at close.

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Highlights

    15:46 (IST)24 Dec 2020
    Rupee depreciates over 3.5% YTD in CY 2020

    The Indian rupee hit the 77/$ mark earlier in the year. The fall in INR is understandable given the economic uncertainties and fall in growth rate that led to global investors rush to the greenback which is considered as a safe haven. The depreciating rupee has had a positive impact on Indian exporters, IT companies. The Indian rupee has depreciated over 3.5% (YTD) in the year 2020. This will be the third straight year of decline for the INR. It is one of the worst years for the Indian Rupee among its Asian peers. The fall in INR vs the USD is despite record inflows from FIIs/FPIs in the Indian equity market and other PE investments. The regular market intervention by the RBI to absorb the excess dollar flow is one of the reasons behind depreciating INR despite strong inflows. As we approach the year 2021, the rupee movement will be guided primarily by the RBI intervention in the currency market to keep the INR in check. The RBI forex reserves are near all-time high levels.: Nish Bhatt, Founder & CEO, Millwood Kane International

    15:36 (IST)24 Dec 2020
    Sensex, Nifty end higher ahead of Christmas holiday

    BSE Sensex surges 529 points to end at 46,973, while the broader Nifty 50 index jumped 148 points to settle at 13,749

    15:21 (IST)24 Dec 2020
    After Sebi mandate on multicap funds, Axis MF moves scheme to new category

    Following Sebi’s directions mandating changes in multicap schemes, Axis Mutual Fund on Thursday renamed its multicap scheme and moved it to a new category where it will not be constrained by market cap restrictions. The new scheme will undergo changes on the fund allocation across asset classes, an official statement said.

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    15:20 (IST)24 Dec 2020
    Domestic equity markets remained volatile during the week

    Domestic equity markets were volatile during the week ended 24th December 2020. The equity markets were concerned about the new strain of the COVID-19 virus found in UK which according to some reports was more infectious than the current form of the disease. With lockdowns being enforced in many parts of Europe and UK, there were some renewed concerns among the Foreign Institutional Investors (FIIs). However, reports from vaccine manufacturers that the current vaccine would likely be effective against the new strain as well helped assuage some of the market concerns. On global front, US markets remained buoyant ahead of the Christmas break as investors cheered a potential Brexit deal and signs of an economic recovery. US economic data showed lower jobless claims and an uptick in new orders for durable goods. Oil prices also moved upwards with lower than expected inventories: Shibani Sircar Kurian, Senior EVP & Head- Equity Research, Kotak Mahindra Asset Management Company

    14:41 (IST)24 Dec 2020
    Technical stock picks for 2021: Buy these 7 shares; charts signal as high as 30% rally next year

    ndian share markets witnessed a correction earlier this week on the back of new COVID strain found in the UK. Headline indices BSE Sensex and the broader index Nifty 50 have rallied over 80 per cent from their respective March lows till December 21, 2020. According to the analysts at ICICI Direct Research, Nifty witnessed a V-shaped recovery post a 40 per cent correction, on the back of a host of positive news flow in 2020.

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    14:13 (IST)24 Dec 2020
    Top gainers

    Axis Bank shares gained over 3% on Thursday, followed by ONGC and Reliance Industries Ltd, making them the top three gainers on S&P BSE Sensex. 

    13:56 (IST)24 Dec 2020
    Stronger rollovers aided by healthy FII flows

    “This has been a short but eventful week with wide gyration in stock prices. After the sharp correction seen on Monday prices have recovered in the last three days. Monthly expiry has also contributed to the higher volatility. Nifty’s closing near the previous week high indicates strong rollovers on the back of healthy FII flows seen this month. IT stocks have again come into limelight because of the large mega deals announced by Infosys and Wipro this week. Some of the old economy stocks from oil & gas, automobile and metals & mining have come under selling pressure this week. This week has seen moderation in flows from both FIIs and DIIs. We can expect muted FII activity in the next week also due to year end phenomenon but expect activity to pick up sharply from the first week of January. Most probably Nifty should take support at 13,000 levels with likely break out above the 14,000 level sometime in January," said Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities.

    13:46 (IST)24 Dec 2020
    Coronavirus pandemic exposes hurdles to developing India’s credit market

    Efforts by Indian policy makers to open up rupee corporate bond sales to more investors took a step backward during the pandemic, as borrowers shunned tighter regulations in the public market in a record dash for funds. Private bond placements, which restrict the number of investors in a deal, have long accounted for the vast majority of debt sales in India’s local-currency credit market, but they rose to 99% of all offerings this year, the most in at least a decade. A bigger public debt market should help reduce borrowing costs for issuers by increasing competition for deals, and boost liquidity by drawing in more participants to transactions.

    13:41 (IST)24 Dec 2020
    Nifty should take support at 13,000 with likely breakout above the 14k sometime in Jan'21

    “This has been a short but eventful week with wide gyration in stock prices. After the sharp correction seen on Monday prices have recovered in the last three days. Monthly expiry has also contributed to the higher volatility. Nifty’s closing near the previous week high indicates strong rollovers on the back of healthy FII flows seen this month. IT stocks have again come into limelight because of the large mega deals announced by Infosys and Wipro this week. Some of the old economy stocks from oil & gas, automobile and metals & mining have come under selling pressure this week. This week has seen moderation in flows from both FIIs and DIIs. We can expect muted FII activity in the next week also due to year end phenomenon but expect activity to pick up sharply from the first week of January. Most probably Nifty should take support at 13,000 levels with likely break out above the 14,000 level sometime in January.” Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities

    13:08 (IST)24 Dec 2020
    Buy on dips

    Nifty index opened positive and witnessed sustain buying interest throughout the session towards 13620 zones. It managed to continue its positive move for second consecutive session and recovered well from recent panic low of 13133 to 13620 zones. It formed a Bullish candle on daily scale and making higher lows from last two sessions. Now it has to continue to hold above 13500 zones to witness a bullish bias towards life time high of 13750-13777 zones while on the downside major support exists at 13333 and 13131 levels.

    Overall trend is likely to be with buy on declines strategy. Option traders are suggested to be with positive bias for an up move towards 13700 zones. Buy nearby 13600 Call or Bull Call Ladder Spread. Trading Range: Expected wider trading range : 13500 to 13700 zones.

    ~ Motilal Oswal

    11:52 (IST)24 Dec 2020
    Anupam Rasayan India plans to go public, files Rs 760-crore IPO papers with Sebi

    Anupam Rasayan India Ltd has filed a draft red herring prospectus (DRHP) with the capital market regulator Securities Exchange Board of India (SEBI). The company looks to raise Rs 760-crore through initial public offer (IPO). According to the draft, the net proceeds of the issue will be utilised for the repayment or prepayment of certain indebtedness availed by the company of Rs 556.20 crore and for general corporate purposes.

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    11:48 (IST)24 Dec 2020
    Vedanta shares surge 13%, hit 52-week high as promoters make bid to scoop up shares from open market

    After a failed delisting bid earlier this year, promoters of Vedanta Limited are now looking to increase their stake by 5% in the commodities major through an accelerated bookbuild purchase of equity shares from Qualified Institutional Buyers (QIB). Anil Agarwal-led Vedanta’s promoters are now looking to buy equity shares at a price of Rs 150-160 per share, a premium to yesterday’s closing price. The move comes months after the promoters tried to delist the firm at a heavy discount. On Thursday, shares of the firm surged 13% to trade at a high of Rs 170.5 apiece.

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    11:14 (IST)24 Dec 2020
    World is at best 12 to 14 months away from a full recovery

    New players entering on the back of the economy revival will need to match production costs with the larger players while incurring higher costs in building fresh capacity. Hence 2021 will require the food industry to manage lean inventories while retaining production capacity and ensuring modular scalability. The world is at best 12 to 14 months away from a full recovery hence any decision to revisit business models drastically will be self-limiting. Hence in 2021, the hospitality sector will need to think cautiously, plan with greater optimism and act with more boldness. A defensive approach will at best be self-destructive: Sanjay Kumar, CEO & MD, Elior India

    10:50 (IST)24 Dec 2020
    Risk-on sentiment is guiding markets so far

    Currently, risk-on sentiment is guiding markets so far as the Brexit optimism has overshadowed Trump’s tricks over signing the stimulus bill and new strain of virus which doesn’t seem that deadly. Whereas, rupee gradually recovers from its weakness and is successfully holding below the 74.00 resistance level due to selling pressure, inflows and dollar weakness. Overall, as long as the pair stays within its present narrow-range of 73.40-74.00 levels, upticks between 73.80-74.00 shall be taken as selling opportunity: Amit Pabari, managing director, CR Forex Advisors

    10:49 (IST)24 Dec 2020
    Antony Waste Handling Cell IPO update

    "Antony Waste Handling Cell issue was subscribed 15 times by the end of the issue, unlike last time in March'20 when the issue was not even subscribed a single time. Non-institutional portion was subscribed most by 18.7 times. Retail portion and qualified institutional buyer portion was subscribed by 16.5 times and 9.7 times respectively. Although Antony got a way better response compared to last time in March'20 when it was raising funds from the market. If I compare Antony IPO response with last few IPO such as Burger King, Mrs Bector; the response from investors for Antony has not been as good as these IPO. 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," said Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd.

    10:37 (IST)24 Dec 2020
    Bharti Airtel, RIL share prices jump up to 3%, Vodafone Idea shares fall today post TRAI data

    Telecom stocks such as Bharti Airtel, Reliance Industries Ltd and Vodafone Idea were in focus today after the Telecom Regulatory Authority of India (Trai) released data on Wednesday. Bharti Airtel share price surged 3 per cent to rs 522.95 apiece in early deals on BSE, as it reported the highest number of subscriber additions for the second straight month in October. The telecom giant had reclaimed the leadership position in terms of subscriber addition after a four-year gap.

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    10:07 (IST)24 Dec 2020
    Mrs Bectors Food makes bumper listing, zooms 108% over issue price. IPO investors see their wealth double in minutes

    Mrs Bectors Food Specialities shares made their stock exchange debut today at Rs 501 per share, up 74% from its issue price of Rs 288 per share only to gain further minutes after listing. The stock zoomed 108% and was seen trading at Rs 601 apiece. The Rs 540 crore issue was the most subscribed IPO of 2020 so far gaining a massive 197.38 times subscription rate with non-institutional investors bidding for the issue 620.85 times. The debut of Mrs Bectors is among the best in recent times, ahead of the other recent debutant, Burger King, that zoomed 92% on listing. Mrs Bectors Food commanded a market capitalization of Rs 3,412 crore on listing.

    09:39 (IST)24 Dec 2020
    Retail participation growing in stock markets

    "Retail investor participation at 7% now is growing. This is a desirable trend since it accelerates the financialization of savings and promotes inclusive growth. However, retail investors are committing mistakes: Many are buying low-grade stocks and there are many instances of stopping SIPs. These are unhealthy trends. For the majority of retail investors, the ideal route to market participation is through mutual fund SIPs," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    09:23 (IST)24 Dec 2020
    Top gainers on Sensex

    Among the top Sensex gainers on Thursday morning were ONGC, Bharti Airtel, and Bajaj Auto. ONGC shares were up 3.85%.

    09:18 (IST)24 Dec 2020
    Opening Bell: Sensex, Nifty open with gains

    Sensex started the day's trade with gains, crossing 46,700 while the Nifty 50 index zoomed past 13,650.

    09:10 (IST)24 Dec 2020
    Sensex, Nifty inch higher in pre-open

    Sensex gained nearly 300 points during the pre-open session on Thursday while Nifty crossed 13,650.

    09:05 (IST)24 Dec 2020
    Pre-open suggests strong start

    Pre-open session Thursday took both the benchmark indices higher, hinting at a strong start to the trading session on the weekly expiry day. 

    09:03 (IST)24 Dec 2020
    Sensex, Nifty surge in pre open session

    Nifty soared during the pre-open session to breach 13,850. Sensex jumped over 250 points as it crosses 46,700.

    08:50 (IST)24 Dec 2020
    SGX Nifty signals gap-up start for Sensex, Nifty; five things to know before opening bell

    Nifty futures were trading 37 points up at 13, 655.50 on Singaporean Exchange, indicating a gap-up opening for BSE Sensex and Nifty 50 on Thursday ahead of the Christmas holiday. Indian share market benchmark indices continued their rebound from losses of December 21, 2020, for the second straight day and ended higher in the previous session. Investors will keep tabs on newsflow related to new COVID-19 strain, coronavirus vaccine, oil prices, movement in rupee and other global cues along with stock-specific development.

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    08:36 (IST)24 Dec 2020
    Call and Put OI

    After recent gains, call writing has been seen at 14,000 strike, which also holds the maximum Call Open Interest (OI) with 29.89 lakh contracts. This is followed by 24.98 lakh contracts at 13,500 strike. 

    Most Put OI is at 13,000 strike with 47.94 lakh contracts, followed by 13,500 strike with 34.42 lakh contracts.

    08:25 (IST)24 Dec 2020
    Bulls to be winners today?

    "The pattern of higher highs and higher lows on the daily remains intact. If Nifty moves above 13640-13650 expect the index to trade above 13800-13900 before the end of the current expiry. International markets also seems to have emerged out of mutating covid virus scare. Support for Nifty is at 13550 a break below this and we Nifty could see a decline towards 13400. Most probably Bull will be the winner on Weekly expiry day," said Manish Shah, Founder, Nifty triggers.com.

    08:25 (IST)24 Dec 2020
    Stocks in focus today: Mrs Bectors, Antony Waste, RIL, Bharti Airtel, Vodafone Idea, HDFC, DHFL

    Bharti Airtel, RIL, Vodafone Idea: For the third month in a row, Bharti Airtel has added the maximum number of wireless subscribers at 3.67 million in October, followed by Reliance Jio which added 2.23 million customers. Vodafone Idea continues to lose customers with a decline of 2.65 million subscribers.

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    08:24 (IST)24 Dec 2020
    Indian Bank 'BBB-/A-3' ratings affirmed; S&P takes lender off credit watch

    Global rating agency S&P Global Ratings today affirmed its 'BBB-' long-term and 'A-3' short-term issuer credit ratings on Indian Bank. The outlook on the long-term rating is negative. "We affirmed the ratings because we expect Indian Bank to be able to absorb a moderate deterioration in its asset quality over the next 12 months and benefit from the faster-than-expected economic recovery in India," S&P Global said.

    08:13 (IST)24 Dec 2020
    Charts signal strong support for these two stocks; Nifty's recent correction may have bottomed out

    Markets have corrected sharply in the last one week. A sharp bounce back in the last two sessions has however curbed the losses. Broad market indices like the BSE Mid Cap and Small Cap indices too have bounced back from close to their 50-day SMAs indicating a possibility that the short term correction is over and markets are ready to resume their intermediate uptrend.

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    07:59 (IST)24 Dec 2020
    Analysts see multi-year growth cycle awaiting IT sector

    Markets on Wednesday were driven up by the strong rally in the information technology (IT) stocks, thanks to the surge in the prices of IT services companies like Infosys and Wipro. The Nifty IT index rose 2.36%, which is higher than the 1% gain in the 50-share benchmark. Market experts continue to remain positive on the sector on account of a multi-year growth cycle awaiting the sector.

    07:58 (IST)24 Dec 2020
    Buy on dips

    "Market witnessed a sharp correction in the first half of the week. Nifty50 which was trading around the 13750 mark witnessed a steep correction to test 13150 odd levels. We Expect volatility to remain high in the near term for the next few weeks. Buy on dips would be the suggested strategy. Value is seen around the 12800-13000 mark while on the higher side 13800-14000 is expected to act as supply zone. Staggered buying and disciplined trading is the best strategy in volatile markets," said Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities.

    07:56 (IST)24 Dec 2020
    Mrs Bectors shares grey market premium surges 75% amid volatile stock market; check listing day strategy

    Mrs Bectors Food Specialities shares are scheduled to make a stock market debut today. The Rs 540-crore IPO was subscribed a whopping 197.38 times, becoming the most subscribed issue of 2020 so far. The company is the largest supplier of buns in India to QSR chains such as Burger King, McDonald’s, KFC, Carl’s Jr, Pizza Hut and Dominos Pizza. It sells its premium bakery products under ‘English Oven’. Mrs Bectors Food came up with its public issue following the successful listing of Burger King India which was listed with a 92 per cent premium to its issue price of Rs 60. In the grey market today, Mrs Bectors Food Specialities shares were seen trading at Rs 503 apiece, implying a premium of Rs 215 or 75 per cent over the IPO price of Rs 288 apiece. 

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