Market HIGHLIGHTS: Sensex ends 388 pts up from day’s low, Nifty at 13,982; Bajaj Finance, Maruti Suzuki gain

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Updated: December 30, 2020 4:15:28 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended in the positive territory on Wednesday

Share Market Today, Share Market LiveCrucial supports to watch for a short term trend reversal are at 13864-13842.

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended higher for the sixth consecutive session on Wednesday. BSE Sensex ended 133 points or 0.28 per cent higher at 47,746.22, while the broader Nifty 50 index gained 49.35 points or 0.35 per cent to end at 13,981.95. Out of 30 Sensex stocks, 18 stocks ended in the green, led by UltraTech Cement, Bajaj Finance, Maruti Suzuki, Asian Paints and Tech Mahindra. On the flip side, IndusInd Bank was top Sensex loser, followed by Sun Pharma, Axis Bank, TCS, Bharti Airtel, State Bank of India (SBI), Infosys and ICICI Bank among others. The trend among the Nifty sectoral indices was mixed. The nifty Auto index gained 1.34 per cent while the Nifty Metal index jumped 1.29 per cent. Nifty PSU Bank index was the top sectoral loser, down 0.23 per cent.

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Highlights

    15:50 (IST)30 Dec 2020
    Short term range of Rupee will be 73-74

    After a pandemic ravaged year, the risk sentiments are ending 2020 on a positive note on the back of US fiscal stimulus, Brexit deal and coronavirus vaccine. However, until the global economy is capable of recovering at a rapid pace once COVID-19 is defeated, the upside risk to USDINR spot will remain intact. With the viable vaccine’s ability to battle even the transmissible variant of the virus, the worries of further lockdowns has been eased. So what happens to Indian rupee largely depends on how the major economies control the virus in 2021. In USDINR spot, since the beginning of Dec, the psychological level of 74 has not been breached and the spot is trading below that. So we expect the short term range to be 73-74, only either side breakout will provide further clarity over the trend: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    15:49 (IST)30 Dec 2020
    From technical perspective Nifty50 is all set to achieve 14100 as the next level of resistance

    Once again the Nifty attempted to hit the 14000 level but was unable to. From a technical perspective it is all set to achieve 14100 as the next level of resistance. It is a matter of time that we see that magical level on our screens! We have a good support at 13600 and any dip should be utilised to enter fresh long positions for higher targets: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:40 (IST)30 Dec 2020
    Sensex, Nifty end at record closing highs on Wednesday

    BSE Sensex ended 133 points or 0.28 per cent higher at 47,746.22, while the broader Nifty 50 index gained 49.35 points or 0.35 per cent to end at 13,981.95.

    15:00 (IST)30 Dec 2020
    Indian rupee falls nearly 3% YTD in 2020; check how it will fare against US dollar in 2021

    Indian rupee remained one of the worst-performing regional currencies in 2020, despite record inflows from foreign institutional investors (FII) and foreign portfolio investors (FPI) into Indian equities. Earlier this year in April, the Indian rupee hit a record low of 76.92 against the dollar. On a year-to-date (YTD) basis, the Indian rupee has depreciated 2.83 per cent in the year 2020, from 71.28 to 73.30 levels.

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    13:23 (IST)30 Dec 2020
    Antony Waste IPO listing day strategy: Shares to list this week; should you book profit or hold?

    The share allotment in Antony Waste Handling Cell initial public offer (IPO) has been finalised and equity shares will be credited to demat accounts of eligible investors on Friday, December 1, 2020. Antony Waste Handling Cell share listing will happen on January 1, 2021 on BSE and NSE. The Rs 300-crore issue of the municipal solid waste management company was the last IPO of the calendar year 2020. Those who had placed bids for Antony Waste issue can now check their subscription status on the Link Intime India and BSE website.

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    11:37 (IST)30 Dec 2020
    Budget 2021 Expectations: Where will Modi govt raise money from, where will it spend?

    Union Budget 2021-22 Expectations: The Union Budget 2021 will be a deciding event, which will determine India’s economic growth trajectory for the upcoming quarters and years. However, the already depleted government coffers need to be funded to expedite growth. Consequently, the question is from where will the government raise money and where will it spend it. Buoyancy in tax collections, disinvestment, and borrowings are expected to be the major sources from where the government may raise funds.

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    10:59 (IST)30 Dec 2020
    Nifty PSU Bank index tumbles over 1%, RBI warns of fall in asset quality post moratorium

    Bank stocks were in focus today falling as much as 1 per cent after the Reserve Bank of India (RBI) released a report on Trend and Progress of Banking in India in 2019-20. The report talked about the impact of COVID-19 on banking and non-banking sectors. Bank of Baroda, Indian Bank, Punjab National Bank, Canara Bank and UCO Bank were the top losers on PSU Bank index. An analyst at Geojit Financial Services said that the latest RBI report warns of the sharp deterioration in the asset quality of banks post-moratorium.

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    10:38 (IST)30 Dec 2020
    The broad range of rupee between 73.00-74.00 still remains in place

    Domestically, sentiments got boosted as reports stated that the Serum Institute of India was expecting emergency use of approval from regulators in the next few days. For rupee, inflows and dollar weakness is pulling rupee towards the stronger side whereas RBI holding the reins tight, is preventing any sharp gains in the pair. With Asian currencies remaining positive, rupee is likely to remain biased on the appreciation side in the near term, but gains past 73.00 levels seems less likely due to RBI’s intervention. The broad range of rupee between 73.00-74.00 still remains in place, therefore, buy on dips near 73.00-73.40 and sell on upticks between 73.70-74.00 remains ideal for selling in the near term: Amit Pabari, managing director, CR Forex Advisors

    10:37 (IST)30 Dec 2020
    Month-end exporter selling could cause the Rupee to strengthen

    Tomorrow is the December F&O expiry. Yesterday the RBI most likely absorbed most of the selling at RBI fix which was dealt as low as -4.5p. There was also chatter of the RBI having intervened again on exchange trade futures towards OTC close. Rupee is likely to open around 73.35 and trade a 73.15-73.42 range. Month-end exporter selling could cause the Rupee to strengthen: Abhishek Goenka, Founder and CEO, IFA Global

    10:33 (IST)30 Dec 2020
    RIL completes acquisition of IMG Worldwide LLC’s stake in sports management JV

    Reliance Industries Ltd has completed acquisition of IMG Worldwide LLC’s stake in their sports management joint venture IMG Reliance Ltd (IMG-R). “The company has, on December 28, 2020, completed the acquisition of equity shares of IMGR. Accordingly, IMG-R has become a wholly-owned subsidiary of the company,” Reliance Industries said in a regulatory filing.

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    09:46 (IST)30 Dec 2020
    Markets seem a little nervous to hit 14000

    The markets seem a little nervous to hit the 14000 mark. We have gone around that level yesterday and today. It is really a mere formality to achieve that as the Nifty seems poised to conquer 14100 as a potential target. A good support lies at 13600 so traders can consider buying into this trend during any intraday correction: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    09:32 (IST)30 Dec 2020
    Latest RBI report on asset quality of banks likely to impact banking stocks

    "The bull run continued for the 5th consecutive day on the back of FII flows which show no signs of abating. In fact, FII inflows may accelerate, going forward, since the weakness in the dollar continues with the dollar index dipping below 90. How long this inflows will continue? How high the indices can go? These are questions which cannot be answered with certainty now. Investors need to be cautious since there is no comfort in valuations. The latest RBI report warns of the sharp deterioration in the asset quality of banks post-moratorium. This is likely to impact banking stocks, particularly the PSU bank stocks which have been rallying recently" V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

    09:26 (IST)30 Dec 2020
    HCL Tech, HUL top BSE Sensex gainers

    Top Sensex gainers were HCL Technologies, Hindustan Unilever Ltd (HUL), Tech Mahindra, Nestle India, Power Grid Corporation of India, NTPC, M&M, HDFC Bank among others.

    09:24 (IST)30 Dec 2020
    RIL, HDFC top drags

    Top contributors to Sensex' fall were Housing Development Finance Corporation (HDFC), Reliance Industries Ltd (RIL), State Bank of India (India). ICICI Bank and Axis Bank

    09:19 (IST)30 Dec 2020
    Sensex, Nifty surge to record high levels

    BSE Sensex jumped nearly 200 points to 47,808, another record high level, while the broader Nifty 50 index surged to 13,983 on Wednesday.

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    09:07 (IST)30 Dec 2020
    Gold may remain directionless

    COMEX gold trades marginally higher near $1887/oz after a 0.1% gain yesterday. Gold continues to trade in a range as support from weaker US dollar, US stimulus measures and increase in virus cases is countered by vaccination progress and lack of significant ETF buying. Gold may remain directionless amid lack of fresh triggers however US stimulus and rising virus cases may continue to support prices: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

    09:05 (IST)30 Dec 2020
    Sensex clocks fresh record high in pre-open

    BSE Sensex jumped over 200 points to 47,815, another record high level in the pre-opening session on Wednesday.

    Check live Sensex, Nifty levels

    08:50 (IST)30 Dec 2020
    Short term trend remains up in Nifty50

    The short term trend remains up. The intermediate uptrend too is still intact and we are likely to see new life highs in the coming sessions. It is important that the supports of 13811-13729 are not broken for the uptrend to sustain: Subash Gangadharan, Technical and Derivative Analyst, HDFC Securities

    08:49 (IST)30 Dec 2020
    Stocks in focus: Vedanta, RIL, Jindal Steel, Adani Logistics, Snowman Logistics, NTPC, Torrent Power

    RIL: Mukesh Ambani-led Reliance Industries Ltd informed that it has completed the acquisition of equity shares of IMGR.Jindal Steel Ltd: Jindal Stainless (Hisar) (JSHL) will be merged into group company Jindal Steel (JSL).

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    08:38 (IST)30 Dec 2020
    Above 31690 Bank Nifty can stretch the gains till 31840

    Nifty Bank: Till the time Banknifty is above 31069 the Bull will be in the business. On the higher side, one can see 31580-31690 will work as potential intraday resistance levels. Above 31690 banknifty can stretch the gains till 31840

    Strategy for the day: Buy on dip will be the strategy for the day. Nifty Bank will witness strong support at 31080-30170.Stop loss and reversal levels: One should maintain a stop loss of 3080 levels. Any hourly closing below it will trigger a reversal in the market. Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    08:37 (IST)30 Dec 2020
    Nifty is in the bull trend

    Nifty is in the bull trend. The demand zone is 13812-13830. On the higher side, one can see 13976-13982 as a potential intraday resistance. In the event of a break of the same Nifty will move towards psychological resistance of 14000. Above 14000 it is ready for 14040 and 14068

    Strategy for the day: Buy on dip will be the strategy for the day. The strong levels for buying will be 13870-13915.Stop loss and reversal levels: One should maintain a stop loss of 13869 levels. Any hourly closing below 13869 will trigger a reversal in the market. Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    08:23 (IST)30 Dec 2020
    Call, Put option data

    Following recent gains, call writing has been seen at 14,000 strike, which also holds the maximum Call Open Interest (OI) with 57.77 lakh contracts. This is followed by 42.72 lakh contracts at 14,300 strike. Most Put OI is at 13,000 strike with 60.26 lakh contracts, followed by 13,500 strike with 42.71 lakh contracts.

    08:08 (IST)30 Dec 2020
    New record high! Sensex, Nifty scale new peaks

    Indian equities closed Tuesday’s trading session at a new record high once again, backed by strong buying in banking and technology stocks. The markets also followed cues coming out of Asia where markets were trading in the green responding to the US fiscal stimulus and Brexit trade developments.

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    08:05 (IST)30 Dec 2020
    Markets: FPIs continue to buy, December flows to hit $7 billion

    The earlier-than-expected rebound in the economy is expected to give corporate earnings a fillip as also boost the government’s tax collections allowing it to spend more on much-needed investments. While earnings for FY22 have been upgraded post the results announcements for Q2FY21,the Street is betting on more upgrades.

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