Sensex ends volatile session 182 points higher; PSU bank stocks surge

All that happened in the markets today

4:13 PM

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

"Since November, PSU banks have been outperforming the market and this rally continued and took Indian benchmark indices to new highs in today’s volatile session. Reports of emergency vaccine rollout in India and hopes of a stimulus package in the US and Japan have also helped in keeping the momentum intact. European stocks are experiencing negative waves due to fading hopes of Brexit trade talks and an increasing number of covid cases. Although the markets are at an all-time high, the expected updates on vaccine rollouts and stimulus packages have the potential to take markets further."

3:43 PM

Nifty PSU Bank index zooms over 7%

3:42 PM

MARKET AT CLOSE | Gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex ended 182 points, or 0.4 per cent higher at 45,608.51 levels while NSE's Nifty settled at 13,393, up 37 points, or 0.28 per cent. 

3:28 PM

MARKET CHECK

3:17 PM

MARKET UPDATE | India VIX up over 4% to 18.7 levels

3:08 PM

Godrej Properties hits record high after it buys land parcel in Bengaluru

"The company has entered into an outright transaction to purchase a well located land parcel in Whitefield, Bengaluru. Spread across approximately 18 acres, this project will offer 0.22 million square meters (2.4 million square feet) of saleable area comprising primarily of residential apartments of various configurations," Godrej Properties said in a press release. READ HERE

3:00 PM

Index contributors at this hour

2:56 PM

Sun Pharma slips 2%

2:54 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
AARTI INDUSTRIES	1257.40	1286.40	0.72
ADANI PORTS	462.20	475.15	-1.96
AEGIS LOGISTICS	267.65	275.50	0.39
APL APOLLO TUBES	3696.45	3945.00	-4.07
ASIAN PAINTS	2434.05	2483.80	-1.58

2:47 PM

Top gainers on BSE at this hour

COMPANY	PRICE(rs)	CHG(%)
WOCKHARDT	486.55	9.99
OMAXE	90.45	9.97
CANARA BANK	128.25	9.10
INDIAN BANK	80.80	8.97
PUNJAB NATL.BANK	39.00	8.94

2:41 PM

Interest Waiver Case :: Moratorium as now should not be disturbed as it comes with a cost which is payment of interest to depositors, says SG Mehta

>> Another circular was issued by RBI on September 7. This circular of RBI took into the Kamath committee recommendation. This had inputs from the Fin Min

 

>> This is not under challenge here.

>> If we waive off the interest. There is a cost associated with it. Either banks take it or govt. Neither Govt nor depositors can take it.

2:30 PM

PSU stocks trade in the red; Cochin Shipyard, BEL dip up to 2.5%

2:25 PM

COMMENT | N S Venkatesh, Chief Executive, AMFI, on November MF data

"Accommodative credit policy stance, continuous global liquidity flows, coupled with improved economic sentiment driven by healthier corporate earnings and positive GDP growth forecast has led to Indian Mutual Fund Industry AUMs crossing historic highs and touching highest-ever Rs 30 lakh crore landmark. Investors are aligning their allocation in debt schemes more towards duration schemes and corporate bond funds to maximise their debt returns, and on the other hand, booking their profits in equity funds owing to a surge in equity valuations. It is also significant to note that there has been a healthy addition of 3.39 lakh SIP accounts."

2:21 PM

Nifty PSU Bank index up 5%; PNB, Canara Bank, Indian Bank rally 9%

Bank of India, Bank of Baroda, Union Bank of India and Central Bank of India were up in the range of 3 per cent to 6 per cent, while Uco Bank, Indian Overseas Bank and State Bank of India (SBI) gained between 1 per cent and 2 per cent on the NSE. READ MORE

2:12 PM

Adani Green sees a 565% stock rally: A $23 bn firm with no analyst coverage

Shares of Adani Green have jumped 565% in 2020 versus a gain of just 10% for the National Stock Exchange’s Nifty 100 Index. The rally helped the company recently win entry to the MSCI India Index.

 

While the stock’s surge may not come as a huge surprise given the heightened global popularity of sustainable assets such as renewable energy stocks amid the pandemic, the complete lack of analyst coverage on the company has left some market participants baffled. READ MORE

2:11 PM

European indices dip in early deals

2:04 PM

Nifty sectoral indices at this hour

1:55 PM

Opinion :: Only time will tell who is right, bullish markets or bearish commentators

The Indian equity markets seem to be on a roll. Powered by a stronger-than-expected economic recovery, massive corporate cost-cutting, record low interest rates and surging foreign flows, markets are now up double digits for the year, after being down almost 40 per cent at one point. READ MORE

1:47 PM

TVS Srichakra surges 9% on capex programme worth Rs 1,000 crore

The company, a leading Indian manufacturer of 2 & 3 wheeler and off-highway tyres, said the investment is planned to be made over a three-year period. "The investment, when fully made, will result in an increase in 2 & 3 wheeler tyre capacity by 25-30 per cent and doubling of off-highway tyre capacity from current levels. The investment is planned to be funded by a mix of debt and internal accruals," it said. READ MORE

1:39 PM

MARKET CHECK | Sensex trades 193 points higher

1:33 PM

Not worried about budget deficit as spending needed to support economy: FM

The government will ensure that state-owned enterprises continue with capital expenditure, she said in an interview to Bloomberg TV.

 

“For the present, I’m not going to allow the fiscal deficit number to worry me because there is a need, and a clear need, for me to spend the money,” Sitharaman said. READ MORE

1:23 PM

BUZZING STOCK | Astron Paper hits upper circuit

1:13 PM

Robust demand may sustain growth momentum for consumer durables makers

Stocks of consumer durables makers have been hitting their 52-week highs, given a pick-up in demand and expectations of healthy growth going ahead. Led by gains in the recent months, they have given returns of 39-54 per cent in the past six months when compared with the 32 per cent rise seen in the benchmark Nifty50 index in the same period. READ MORE

1:12 PM

BUZZING STOCK | Indian Bank surges nearly 9%

1:00 PM

BROKERAGE VIEW | Emkay Global Financial Services on power distribution companies

We are of the opinion that discoms’ overdues could take a while to moderate with the revival in demand that could further increase power offtake. However, the improvement in discoms’ collection efficiency and increased disbursements under the Atmanirbhar scheme should curtail any further expansion in overdues.

We continue to prefer regulated entities such as NTPC, PGCIL, CESC and NHPC for their attractive valuations. Even after the one-time impact of discounts to be provided to discoms, the business model of these firms remains intact as the government has maintained the tariff structure and since RoE will continue to be determined on the basis of PAF.

12:59 PM

PV retail sales rise 4.17% in November, two-wheeler sales decline 21.4%

Passenger vehicle (PV) retail sales grew by 4.17 per cent in November to 2,91,001 units from 2,79,365 units in the corresponding period last year, while two-wheeler sales dropped 21.40 per cent to 14,13,378 units from 17,98,201 units in the year-ago period. Overall auto sales have seen one of the best recovery rates since unlocking began in November and continue to see positive momentum by growing 29.32% on M-o-M basis. On Y-o-Y basis, the negative slide continues with a degrowth of 19.29 per cent. READ MORE

12:53 PM

NEWS ALERT :: TVS Srichakra announces capex plan worth Rs 1,000 crores

12:40 PM

Interest Waiver Case :: Even though restructuring circular came out in August this year, sufferings continue, says Justice Shah

>> That's why more measures are required.

>> March 31 will mean a lot of persons will be excluded.

>> You will charge interest during moratorium. But will you charge compound interest is the question?, asks SC

12:38 PM

Interest Waiver Case :: There are certain conditions by which the benefit given by RBI is taken away and majority is derived the benefit, observes SC

>> If, as an industry, you have defaulted before Covid, benefit cannot be entertained if they are a defaulter as on February 1, says SG Tushar Mehta