HDFC Bank was the top Sensex loser after RBI imposed strictures following the recent outages on internet banking and mobile bankingShare Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks ended flat on Thursday ahead of RBI’s monetary policy committee outcome. BSE Sensex ended 15 points up at 44,633, while the broader Nifty 50 index posted a record close of 13,134, up 20 points or 0.15 per cent. Out of 30 Sensex stocks, 18 scrips ended in the positive territory. Maruti Suzuki shares were the best performers, ending up 7.45 per cent. The automaker was followed by Asian Paints, ONGC, NTPC, State Bank of India (SBI) and Bajaj Finserv. On the contrary, 12 stocks finished trading in the red. HDFC Bank was the top Sensex loser after RBI imposed strictures following the recent outages on internet banking and mobile banking. TCS, Bajaj-Auto, Infosys, M&M and Bharti Airtel were among other laggards on the index.
Highlights
BSE Sensex ended 15 points up at 44,633, while the broader Nifty 50 index posted a record close of 13,134, up 20 points or 0.15 per cent.
After a marginal gap up, the Nifty failed to cross 13150 on a closing basis. This is a stiff resistance zone for the index. If we are successful in closing above 13150, we can achieve 13250-13300 which will be the next resistance level where the markets can witness selling pressures: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Information technology majors Tata Consultancy Services (TCS) and Wipro have announced plans to buy back shares from investors. While TCS will repurchase shares worth Rs 16,000 crore, Wipro’s offer size is of Rs 9,500 crore. Both TCS and Wipro are offering to buy back shares at a premium to their current market prices. Since the last week of March, TCS shares have gained 63% while Wipro stock has doubled in value. This stellar performance by the firms may make one wonder if they would miss out on further upside by participating in the buyback.
Read full story
State-owned Bank of India on Thursday said it will acquire 49 per cent stake each in BOI AXA Investment Managers Pvt Ltd and BOI AXA Trustee Services Pvt Ltd. Following the transaction, both the entities -- BOI AXA Investment Managers Pvt Ltd (BAIM) and BOI AXA Trustee Services Pvt Ltd (BATS) -- will become Bank of India's fully owned subsidiaries. (PTI)
The Rs 810-crore Burger King India IPO subscribed nearly 7 times so far on day two of the bidding process. According to the exchange data, retail portion saw 31.10 times applications, non-institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) subscribed 2.38 times and 1.15 times, of their respective quotas.
After opening at a new all-time high of 13,216, Nifty is hovering around the 13,140 mark. Nifty’s rally was backed by high FPI inflows, positive news on the vaccine front and increasing retail investor participation. Global equities were positive after Britain announced it became the first country to approve the Pfizer-BioNTech vaccine against COVID-19. Also hopes for US stimulus are keeping the market sentiments intact. After more than two years, the Nifty Midcap100 index has crossed the 20,000 level and it has been a remarkable move from recent lows. While, the momentum continues to remain strong, 19,750 would be an important support which investors should keep an eye on and manage positions accordingly. Nifty has to sustain above the level of 13,150 in order to rally further towards 13,300. A strong support is seen around 12,900 whereas Nifty might face resistance at 13,300: Gaurav Garg, Head of Research, CapitalVia Global Research Limited
The upcoming RBI MPC policy will likely be a damp squib on conventional policy actions with inflation sticky at over 7% in the near term. While growth concerns and sub-optimal fiscal response may keep MPC’s stance accommodative, the inflation trajectory hints that the bar for further conventional rate cuts becomes high for the rest of FY21. We expect the RBI to raise its inflation and growth forecasts in the upcoming policy: Emaky Global Financial Services
HCL Technologies’ Chairperson Roshini Nadar Malhotra topped the Kotak Wealth Hurun Wealthy Women 2020 list, with total wealth of Rs 54,850 crore. Biocon CMD Kiran Mazumdar-Shaw, 67, was named the richest self-made woman and took the second place on the overall rich list, with a wealth of Rs 36,600 crore
Read full story
The wait for Franklin Templeton’s debt mutual fund investors has gotten longer with the Supreme Court today ordering a stay on redemption by investors of the six would up schemes. The Apex Court also questioned capital markets regulator SEBI for not intervening to protect investor’s interest. Hearing the matter, the bench comprising justices SA Nazeer and Sanjiv Khanna directed Franklin Templeton to call a meeting between unitholders to seek their approval for the closed schemes within a week.
Read full story
Maruti Suzuki India share price jumped over 4.5 per cent today to Rs 7,540.25 apiece following strong revenue growth of 10.4 per cent on-year led by improved retail volumes. With today’s gain in the share price, the stock is just 0.34 per cent away from its 52-week high of Rs 7,566. Maruti Suzuki posted total sales of 1.53 lakh units in November 2020, registering a growth of 1.7 per cent over November 2019. The sales of mid-sized sedan Ciaz increased 29.1 per cent to 1,870 units as compared to 1,448 units in the corresponding period of the previous year.
Read full story
The Reserve Bank of India (RBI) has ordered India's largest private sector bank HDFC Bank to temporarily halt all launches of the Digital Business generating activities planned under its program Digital 2.0, and other proposed business generating IT applications, while also ordering the bank to stop sourcing new credit card customers. The order dated December 2 comes after HDFC Bank’s internet banking and payment system were disrupted by yet another outage on November 21. HDFC Bank has drawn criticism for various such incidents over the past two years. RBI has directed HDFC Bank’s top examine the lapses and fix accountability.
Read full story
Burger King India initial public offer (IPO) received a robust response from retail investors on the day one of the bidding process. The Rs 810-crore issue received bids for 26.46 crore shares against 7.44 crore equity shares on offer, implying an overall 3.53 times subscription, so far. Most of the brokerages suggest to subscribe to one of the fastest growing international QSR chains in India for the listing gains.
Read full story
‘Mahashay’ Dharampal Gulati, the popular face of spices brand MDH, died on Thursday morning. Aged 98, Mahashay Dharampal Gulati had been hospitalised for the past few weeks in Delhi. With his condition deteriorating, the man who was often called the 'King of Spices' breathed his last on Thursday morning. Owner of the MDH (Mahashian Di Hatti) spices brand, Dharampal Gulati was a popular figure known for his appearance in various TV advertisements of the brand.
Read full story
Despite global dollar weakness, stronger EM currencies and robust inflows in the domestic equities, momentum of rupee has yet again showed that the pair will move basis how RBI wants it to move. Yesterday’s intraday turnaround from 73.45 to 73.80 levels clearly signified that the central bank is on the top of its buying programme to manage unprecedented volatility. With that, appreciation in rupee shall be steady and not a sharper one as RBI is managing the pair at every levels. Overall, a 73.00-75.00 range is likely to rule out for sessions to come and therefore, 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
We had a marginal gap up opening and have again come to test the 13150 level which is a crucial point for the Nifty. We need to keep above this level on a consistent basis in order to continue the upside rally. If that happens, we could reach the levels of 13250-13300. When the markets corrected yesterday, strong support was made at the 12950-13000 level. Keeping that as a new base, traders can go long on this market: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Wipro shares were trading higher on Thursday after it won a multi-year contract from Verifone, a global leader in payments and commerce solutions, to drive agility across its cloud services offerings.
Check prices: Wipro
Barring Nifty Realty index, all the sectoral indices were trading with the gains. Nifty PSU Bank index was up 1.16 per cent, while Nifty Metal index jumped 1.23 per cent.
Out of 30 Sensex stocks, 21 scrips were trading in the green with ONGC as the top Sensex gainer. It was followed by Tata Steel, Maruti Suzuki, HDFC Bank, Tech Mahindra, HCL Tech and Reliance Industries.
Index heavyweights such as Reliance Industries Ltd (RIL), HDFC Bank, Kotak Mahindra Bank, Maruti Suzuki and State Bank of India (SBI) contributed the most to the indices’ gain.
The Global risk rally continues. Inflation expectations in the US have hit the highest level since May 2019. As inflation expectations are rising faster than nominal yields, real rates continue to remain under pressure. The spread between the US 10y yield and the 2y yield is almost 80bps. Low US real rates are negative for the Dollar. US 10y nominal yield is 0.95% while the 10y inflation expectations are at 1.85% which implies a 10y real rate of -0.90%: Abhishek Goenka, Founder and CEO, IFA Global
Indian share market hit a record high on Thursday. BSE Sensex was trading near 45,000 while Nifty 50 index was ruling 13,150.
Check live Sensex, Nifty levels
Burger King India IPO was subscribed by 3.1 times on the first day of issue. Retail portion was most subscribed by 15.5 times as retail had the lowest allocation quota in the issue of only 10%. Non institutional and QIB was subscribed 0.7 and 0.2 times only as mostly they subscribe in big numbers on the last day of the issue. Burger King IPO is priced lower compared to the peers. We expect the IPO to be subscribed many times as a lot of value is left in the table. We are positive on the future outlook for the industry as well as the company, so we have recommended to “Subscribe” to the issue for long term as well as for listing gains in our IPO Note: Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd
Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading higher in the pre-opening session on Thursday. Nifty 50 reclaimed 13,200 for the first time ever, while Sensex was trading above 44,650 in the pre-open.
Nifty futures were trading 29.50 points up at 13,183.50 on Singaporean Exchange, suggesting a gap-up start for BSE Sensex and Nifty 50 on Thursday. In the previous session, Sensex ended flat while Nifty 50 posted a record closing at 13,114 levels. Analysts expect December to witness significant consolidation with any meaningful dip being a good buying opportunity.
Read full story
Nifty continued its upside momentum amidst a volatility on Wednesday and closed the day on a flat note. After opening on a slightly positive note, Nifty slipped into weakness in the early to mid-part of the session. A sharp upside recovery has emerged from intraday low in the afternoon to later part of the session and Nifty finally closed near the upper end of a range.
Read full story
On Wednesday, foreign institutional investors (FIIs) bought shares worth Rs 357.35 crore, whereas domestic institutional investors (DIIs) sold shares worth Rs 1,635.97 crore in the Indian equity market on a net basis, according to the provisional data available on the NSE.
Maximum Call Open Interest (OI) is placed at 13,000 strike 27.51 lakh contracts, followed by 19.45 lakh contracts at 13,500 strike. Put OI is maximum at 12,000- strike with 30.4 lakh contracts for the December series. This is followed by 13,000 strike with 27.21 lakh contracts
After nearing their all-time highs, Sensex and Nifty ended yesterday’s volatile trading session flat. S&P BSE Sensex now sits at 44,618 points while the NSE Nifty 50 is at 13,113. “A small negative candle was formed on Wednesday with lower shadow, which signal a formation of hanging man type candle pattern. Normally, a formation of hanging man after a reasonable upmove are considered as a warning signal for reversal of trend post confirmation,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He, however, casted doubts on immediate negatives.
Read full story
BSE Sensex ended 37 points or 0.08 per cent down at 44,618, while the broader Nifty 50 index settled 5 points up at 13,114.
The S&P 500 climbed to a record high close on Wednesday and the Nasdaq Composite Index dipped as investors weighed upbeat vaccine developments and a potential coronavirus fiscal package against a bleak private jobs report.
Asian stock markets were little unchanged in the early morning deals. The Shanghai Composite was down 0.33 per cent while the Shenzhen component shed 0.39 per cent. While Japan’s Nikkei 225 was marginally higher.