Market HIGHLIGHTS: Indices end at record closing highs, Sensex jumps 224 pts, Nifty ends at 13,740; HDFC leads

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Updated: December 17, 2020 4:22:58 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended at record closing highs on Thursday.

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 Indian share market benchmarks ended at record closing highs yet again on Thursday. BSE Sensex jumped 224 points or 0.48 per cent to end at 46,890 while the broader Nifty 50 ended at 13,740, up 58 points or 0.42 per cent. Top Sensex gainers were Housing Development Finance Corporation (HDFC), Bajaj Finance, HDFC Bank, IndusInd Bank, Power Grid Corporation of India and Reliance Industries Ltd (RIL), among others. On the flip side, ONGC, Maruti Suzuki, Tata Steel, Hindustan Unilever Ltd (HUL), Bharti Airtel, Infosys were among the Sensex laggards. The trend among Nifty sectoral indices remained mixed. Nifty PSU Bank and Nifty Metal indices ended the day in the red, down 1.4 per cent and 1.3 per cent, respectively.

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    16:22 (IST)17 Dec 2020
    Mrs Bectors IPO subscribed 197 times on final day of bidding; grey market premium soars further

    Mrs Bectors Food Specialities’ IPO was subscribed a massive 197.36 times by investors at the time of closing bell on Thursday. The three day bidding process came to a close with all categories of investors oversubscribing their portion of the issue. Non-institutional Investors showed the most interest in Mrs Bectors, subscribing 621 times. With this Mrs Bectors has out-done the subscription rate of Burger King -- the youngest stock to debut on Dalal Street. Burger King -- one of the most profitable listings on the bourses this year --  was subscribed 156 times by investors.

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    15:49 (IST)17 Dec 2020
    Investors must stick to quality names which enjoy strong earnings potential

    Better prospects of earnings recovery, dismal interest rate scenario and strong FPIs participation led markets to see record highs. As underlying strengths of market remain intact, we expect market to remain buoyant in the near to medium term. Further, excess liquidity situation globally is expected to sustain for the medium term, which will continue to lend support to equities. However, a visible slowdown in diesel sales, volumes in digital transactions and credit card spends post festivals and rise in input prices may be threats for earnings rebound. This along with rich valuations might not lead to a broad-based rally in subsequent period. Hence, investors must stick to quality names which enjoy strong earnings potential, better corporate governance and margins of safety: Binod Modi, Head Strategy at Reliance Securities

    15:41 (IST)17 Dec 2020
    Nifty successfully closes above the crucial level of 13700

    The Nifty has successfully closed above the crucial level of 13700. We should now be headed to 14000-14100 levels. 13400-13500 is now a good support for the markets. Every dip can now be utilised to accumulate positions for higher targets: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:40 (IST)17 Dec 2020
    Sensex, Nifty end at record closing yet again

    Indian share market benchmarks ended at record closing highs yet again. Sensex jumped 224 points or 0.48 per cent at 46,890 while the broader Nifty 50 ended at 13,740.

    15:20 (IST)17 Dec 2020
    Analyst's views on US Fed keeping interest rates unchanged

    Real GDP growth at (-)23.9% in 1QFY21 was much lower than what markets were expecting. The print indicates that the trough in the economy was much lower than expected and the pickup will likely be more elongated. Production side was pulled down by deep contraction in manufacturing, construction, and trade, hotel, transport sectors while the expenditure side was clearly pushed lower by heavy contraction both in consumption and investment. Going forward, given the gradual improvement in activity indicators (remaining well below pre-Covid levels) the growth recovery will be gradual and contracting for all quarters in FY2021. Further, growth recovery will also be hinged to the curb of the Covid spread and removal of even localized lockdowns. The choice for the government will be on whether the consumption or the investment side needs to be pushed. Given the limited fiscal space and the need to stimulate a more durable growth, the growth recovery will be gradual and is likely to continue into 1HFY22: Suvodeep Rakshit, Vice President & Senior Economist at Kotak Institutional Equities

    15:17 (IST)17 Dec 2020
    CY2021: A better but ‘beta’ year

    We expect CY2021/FY2022 to be a better year with likely strong recovery in both the economy and earnings versus a Covid-impacted CY2020/FY2021. However, overall market return may be similar to CY2020 levels (12% CYTD20) and more uniform across sectors compared to the wide divergence seen in CY2020. With many sectors and stocks looking fairly valued and offering limited scope for re-rating, returns will likely follow roll-forward or potential upgrades in earnings: Kotak Institutional Equities

    14:48 (IST)17 Dec 2020
    Going for growth and recovery stocks in 2021? Kotak Securities suggests investors buy these shares

    For the coming year, Kotak Securities’ target for the 50-stock NSE Nifty is at 13,500, a level that the index has already breached. However, despite this, it expects 2021 to be a better year with likely strong recovery in both the economy and earnings. “With many sectors and stocks looking fairly valued and offering limited scope for re-rating, returns will likely follow roll-forward or potential upgrades in earnings,” analysts at Kotak Securities said. In the pandemic-struck 2020, Nifty has managed to gain 12% so far.

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    14:43 (IST)17 Dec 2020
    Burger King India shares fall, hit 10% lower circuit; what should investors do now?

    Burger King India share price sharply fell in the afternoon deals today after surging for the last three days. The stock fell to hit the 10 per cent lower circuit at Rs 179.35 apiece today afternoon, after rising in the morning to hit the upper circuit. In the morning deals, Burger King shares were locked in the 10 per cent upper circuit. The company’s market capitalisation has also fallen to Rs 6,844.98 crore from Rs 8,363.96 crore in the morning.

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    14:27 (IST)17 Dec 2020
    Burger King India shares hit 10% per cent lower

    Burger King India share price witnessed a sharp fall after gaining for the last three days. The stock hit a 10 per cent lower circuit at Rs 179.35 apiece in the afternoon deals. In the early deals today, Burger King shares were locked in the 10 per cent upper circuit.

    Check live prices: Burger King India

    13:39 (IST)17 Dec 2020
    Book profit in IRCTC OFS

    We Recommend to book profit in IRCTC OFS. Retail investors get shares at cutoff price or bid price whichever is higher on Wednesday in their d-mate account. Total OFS size was 20% of paid up share capital with cut off price of 1377.55. After the OFS promoter holding now at 67.4% and public holding at 32.6%. After the OFS free float in stock has increased significantly as 20% of paid up share capital has been off load in the market. We recommend short term investors to book profit of 4.5% at CMP of 1433 and Long term investors can hold stock as we remain positive on the long term prospects of the company given the monopolistic nature of the business and strong growth expected post FY2021: Yash Gupta Equity Research Associate, Angel Broking Ltd 

    13:22 (IST)17 Dec 2020
    Sensex crosses 46,800

    S&P BSE Sensex breached 46,800 on Thursday as financials helped the index soar to fresh highs.

    12:49 (IST)17 Dec 2020
    Sugar stocks in focus

    "Government finally approved the much awaited subsidy of Rs.3,500 cr for the sugar industry to export 6 million tonnes of the sugar for the marketing year Oct'20-Sept'21. Amount of subsidy was Rs.6,000/tonne for the current marketing year as compared to Rs.10,448 per tonne for the last marketing year. Although the quantity on which subsidy is offered is kept the same, but the subsidy per tonne for sugar to be exported has been decreased by the Government. Due to export subsidy, sugar millers will be able to clear excess sugar inventory in the industry. Due to this news, sugar stocks opened on a positive note. Export of sugar by India can lead to correction in the international sugar prices," said Keshav Lahoti, Associate Equity Analyst, Angel Broking.

    12:27 (IST)17 Dec 2020
    Best Nifty 50 stock of 2020 is not looking to slow down; should you buy now?

    Divi’s Laboratories share price has more than doubled in 2020 so far, making it the best performing Nifty 50 stock of 2020. Since the beginning of this year, the stock has jumped from Rs 1,818 per share to Rs 3,822 apiece, a 110% jump in a year that has seen the benchmark index gain 12%. Even after such a massive jump, Divi’s Laboratories is not showing signs of slowing down now. On Thursday, the stock jumped 3.4% to trade at a 52-week high of Rs 3,847 per share with the market capitalization of the firm breaching the Rs 1 lakh crore mark.

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    12:08 (IST)17 Dec 2020
    Antony Waste Handling Cell IPO opens Dec 21; check grey market premium, price band, lot size, bid details

    Antony Waste Handling Cell is set to launch its Rs 300-crore initial public offer (IPO) on Monday, December 21. The firm has fixed the price band of the issue at Rs 313-315 apiece. The public issue will close on December 23, 2020, for the subscription. Antony Waste Handling Cell’s IPO will comprise fresh issue of shares aggregating to Rs 85 crore and an offer-for-sale (OFS) of up to 68.24 lakh equity shares.

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    10:55 (IST)17 Dec 2020
    Mrs Bectors IPO subscribed 13.71 times so far

    Initial Public Offering of Mrs Bectors Food has been subscribed 13.71 times so far on the final day of the thre-day bidding process. All categories have oversubscribed the issue with employees of the firm subscribing the issue 31 times. Retail subscription is at 19 times, NII at 11.87 times, and QIB at 5.28 times.

    10:52 (IST)17 Dec 2020
    Subscribe to Mrs Bectors IPO for long term, listing gains

    Although, the outbreak of Covid-19 has an impact on the smooth running of the business, from which gradually things are coming back to normal. Company results were better than the industry in the first half of the fiscal 2021. Company peers such as Britannia Industries, Nestle India, Prataap Snacks and DFM Foods are trading at trailing PE of 50.2, 85.6, 57.1 and 97.6 respectively. On the other hand, the company is priced at trailing PE of 27.9. Given the significant discount compared to listed peers there is comfort on the valuation. We are positive on the long term growth prospects of the industry and the company, and hence recommended to “Subscribe” to the issue for long term as well as for listing gains: Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd

    10:48 (IST)17 Dec 2020
    Jubilant FoodWorks share price hits record high

    Jubilant FoodWorks share price surged 4.4 per cent and hit a fresh record high of Rs 2,793 apiece on the BSE today, after the company entered into the biryani segment with a new brand 'Ekdum!' as part of its portfolio expansion.

    Check live prices: Jubilant FoodWorks

    10:43 (IST)17 Dec 2020
    Dips between 73.40-73.50 levels can be taken for buying

    The global sentiments remain on the risk on mood and EM currencies enjoying the appreciation ride. However, it will be important to see whether rupee will join the crew and RBI could allow rupee’s direction flow by market forces, especially after being tagged as the currency manipulator. As long as the range of 73.40-74.00 is intact, dips between 73.40-73.50 levels can be taken for buying and upticks above 73.70-73.80 shall be utilized to sell for immediate exposures: Amit Pabari, managing director, CR Forex Advisors

    10:41 (IST)17 Dec 2020
    SBI, HDFC, ICICI mutual funds’ November portfolio changes: Here's how the traded

    Mutual funds saw the highest ever outflows in November as investors booked profits pulling away Rs 12,917 crore. Asset Under Management (AUM) of funds grew to Rs 30 lakh crore in the same month. The contrasting trends emerged in a month that saw the 50-stock NSE Nifty scale to fresh highs repeatedly. Domestic mutual funds, meanwhile, were seen increasing holdings in financial stocks, which were so far considered risky for the expected jump in non-performing assets. On the other hand, sectors such as healthcare and information technology witnessed selling from mutual funds, data sourced by brokerage firm Motilal Oswal said.

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    10:32 (IST)17 Dec 2020
    Burger King share price continues bull run, hits 10% upper circuit; soars to nearly 4 times from IPO

    Burger King India share price continued to surge today, getting locked in at 10 per cent upper circuit at Rs 219.15 apiece on BSE. Burger King India stock has been on a gaining spree since listing earlier this week. Burger King India shares made share market debut at Rs 115.35 apiece, at nearly double the IPO price of Rs 60 per share. With today’s rally, the stock has zoomed 265.25 per cent from the IPO price, nearly quadrupling investors’ money; and it has rallied 92% from listing price, nearly doubling since then.

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    10:21 (IST)17 Dec 2020
    Two stocks to buy for near-term gains while charts suggest further upside potential for Nifty

    After showing consolidation type movement in the last four sessions, Nifty shifted into an upside breakout of 13600 levels on Wednesday and closed the day higher by 114 points. After opening on a positive note, the market moved into a narrow high low intraday range till the mid part of the session. Further upside has occurred in the mid to later part and Nifty closed near the highs. The opening upside gap remains unfilled.

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    09:45 (IST)17 Dec 2020
    13450-13500 is good support for Nifty 50 index

    We are at a very important juncture-13700. This is the upper end of the resistance patch. Either we make a U-turn from here and correct a little or we take off and achieve newer highs of 14000-14200. We need to see how the markets close today. 13450-13500 is good support for the Nifty: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    09:33 (IST)17 Dec 2020
    Nifty sectoral indices trade mixed

    The trend was mixed among the Nifty sectoral indices, with Nifty Pharma index, up 1 per cent, leading the list of gainers in today's trade.

    09:28 (IST)17 Dec 2020
    ITC top BSE Sensex laggard

    Out of 30 Sensex stocks, 18 scrips were ruling in the red with ITC as the top laggard, followed by Bajaj-Auto, Hindustan Unilever Ltd (HUL), Asian Paints, SBI, HCL Tech and Maruti Suzuki.

    09:27 (IST)17 Dec 2020
    Top BSE Sensex gainers

    Top BSE Sensex gainers were Sun Pharma, UltraTech Cement, Reliance Industries Ltd (RIL), IndusInd Bank, Power Grid Corporation of India, HDFC and ICICI Bank, among others,

    09:25 (IST)17 Dec 2020
    Burger King share price freezes at 10% upper circuit

    Burger King India shares were locked in the 10 per cent upper circuit of Rs 219.15 apiece on BSE. The stock has risen 265.25 per cent from the issue price of Rs 60 apiece.

    Check live prices: Burger King

    09:21 (IST)17 Dec 2020
    Nifty tops 13,700 in early deals

    BSE Sensex jumped 55 points or 0.12 per cent to trade at 46,721, while the Nifty 50 was ruling over 13,700 in the early deals on Thursday.

    Check live Sensex, Nifty levels

    09:11 (IST)17 Dec 2020
    Technical breakout might happen if gold price closes above $1888

    COMEX gold trades 0.5% higher near $1869/oz after a 0.2% gain yesterday. Gold trades higher supported by weaker US dollar, Fed’s stance to keep interest rate low and increased efforts to finalize US stimulus deal. However, weighing on price is vaccine progress and continuing ETF outflows. Gold has edged up on weaker US dollar and stimulus expectations however we need to see whether the price sustains at higher as Fed's stance was largely expected while ETF investors have continued to stay away from buying the metal. A technical breakout might happen if the price closes above $1888 which might be a first indication of a temporary bottom: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

    09:07 (IST)17 Dec 2020
    Sensex jumps above 46,700; Nifty tops 13,800

    BSE Sensex jumped 136 points or 0.29 per cent to trade above 46,700, while the Nifty 50 was ruling over 13,800 in the pre-open on Thursday.

    08:52 (IST)17 Dec 2020
    Stocks in focus: IndusInd Bank, Hero MotoCorp, Wipro, CSB Bank, Indiabulls Housing, Majesco, sugar stocks

    IndusInd Bank: IndusInd Bank said Sebi has granted one-month extension for its promoters to infuse residual capital in lieu of conversion of warrants, issued to them last year, worth over Rs 2,695 crore into equity.Wipro: Wipro informed that it has signed a definitive agreement to acquire Encore Theme Technologies Private Limited.

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    08:20 (IST)17 Dec 2020
    Sebi clears proposal to discontinue minimum promoters’ contribution norm for FPO

    Capital markets watchdog Sebi on Wednesday decided to provide relaxation to promoters for participating in follow-on public offer (FPO). The board approved a proposal to do away with the applicability of minimum promoters’ contribution norm and the subsequent lock-in requirements for the issuers making FPO of specified securities, Sebi said in a statement.

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    08:15 (IST)17 Dec 2020
    Nasdaq ends at record high

    In overnight trade on Wall Street, Nasdaq closing at a record high, S&P 500 ended 0.18 per cent up while the Dow Jones Industrial Average ended 0.15 per cent down.

    08:13 (IST)17 Dec 2020
    Fed vows to buy bonds until it sees 'substantial' economic progress

    The Federal Reserve on Wednesday vowed to keep funneling cash into financial markets until the U.S. economic recovery is secure, a promise of long-term help that fell short of hopes of an immediate move to shore up a recent pandemic-related slide. Following a policy meeting that took stock of both the short-term risks to the economy and the new promise of a coronavirus vaccine, Fed Chair Jerome Powell acknowledged the U.S. central bank’s suite of tools is not well-suited to the most pressing needs faced by households and businesses today. (Reuters)

    08:13 (IST)17 Dec 2020
    Sensex, Nifty continue setting fresh highs; charts suggest further upside potential

    S&P BSE Sensex and NSE Nifty 50 were seen resuming their upwards march on Wednesday as the benchmark indices set record highs once again. Sensex now sits at 46,666 while the 50-stock Nifty is at 13,682. Broader markets outperformed benchmark indices and volatility slipped marginally. So far this month, benchmark indices have zoomed over 5.5% each already. On Thursday morning, cues from global peers were mixed as Dow Jones closed in red on Wednesday but NASDAQ and S&P 500 gained. Major Asian stock markets were trading higher except KOSPI.

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    08:11 (IST)17 Dec 2020
    US Federal Reserve keeps interest rates near zero

    The Federal Open Market Committee left its benchmark rate unchanged in the range of zero to 0.25 per cent. The Federal Reserve said it will continue to support the economy through massive monetary stimulus until it sees “substantial further progress” in employment and inflation. Fed expects to maintain the accommodative policy until inflation runs moderately above 2 per cent for some time.

    08:10 (IST)17 Dec 2020
    Big Bull run! Equity market investors gain Rs 293,000 crore in four days

    Investors have become richer by Rs 2.93 lakh crore over the past four sessions as equity markets continued their winning momentum amid unabated foreign fund inflows and supportive global cues. The 30-share BSE Sensex climbed 403.29 points on Wednesday to close at its all-time peak of 46,666.46. The BSE benchmark has gained 706.58 points in four trading sessions.

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