Sensex gains for 2nd day, ends 437 pts up at 46,444; HUL, Infy top gainers

India VIX cooled off over 6 per cent to end at 20.5 levels

4:14 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Research, HDFC Securities

Indian equity benchmark indices continued their rebound from losses of Dec 21 and ended higher for the second straight day. The Nifty opened flat and rose gradually through the day to close at almost its intraday high. At close Nifty settled 135 points, or 1 percent, higher at 13,601.10.

 

Volumes on the NSE were below recent average. Among sectors, Realty Media IT PSU Bank, FMCG, Metals and Pharma were the main gainers.

 

World stocks inched up on Wednesday, as a last-minute intervention by President Donald Trump dampened positive sentiment over a U.S. stimulus deal, while the European markets rose on the possibility of a Brexit agreement that could be likely as early as on Wednesday.

 

In the second day post the selloff, Nifty has retraced ~75% of the latest fall. However lower volumes are a dampener. Now the next resistance level of the Nifty is at 13665-13710 while supports will come in at 13485.

4:12 PM

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

Markets extended rebound and gained over a percent amid mixed cues. The benchmark indices started on a flat note and gradually inched higher as the session progressed. Healthy buying continued in IT and pharma majors and stocks from the media and realty space also witnessed decent recovery. Finally, the Nifty ended near day’s high at 13,600 levels; up by 1%. The broader markets outperformed and ended with strong gains in the range of 2.4-2.7%.

 

Markets are taking comfort from the global markets, which are holding strong despite the renewed COVID challenge. Meanwhile, the passage of the stimulus package in the US has relieved the participants to some extent. We suggest continuing with a cautious stance and limiting leveraged positions. The defensive pack is doing well on expected lines and likely to maintain this bias ahead as well. Traders should align their positions accordingly.

4:01 PM

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

Market is continuing its rally amidst concerns over new virus strain, lockdown and weak global cues, fueled by IT, mid and small caps. The additional stimulus announced in the US did not gain much momentum in the global market as the quantum of the benefit was well-factored, but Europe and EMs are maintaining the buoyancy. In the coming days, the market will also focus on Brexit trade deals which is expected to be finalized soon and fallout in the economy due to strict lockdown"

 

3:48 PM

MARKET CLOSING COMMENT :: S Ranganathan, Head of Research at LKP Securities

Having shrugged off the bear hug yesterday afternoon, the Bulls were in total control on Wednesday as well. The IT big boys led the rally well supported by FMCG stocks. Afternoon trade witnessed a more broad-based uptrend with investors gaining back the confidence

3:47 PM

Market stats :: 170 stocks hit their respective 52-week highs on BSE today

3:46 PM

Index contributors :: Infy, HUL contribute nearly half of Sensex's gain

3:43 PM

Sectoral trends on NSE :: Realty index outruns

3:41 PM

Sensex Heatmap :: HUL, Infy, M&M top gainers; Titan, PowerGrid end lower

3:35 PM

CLOSING BELL :: Indices end higher for 2nd straight day

>> The benchmark S&P BSE Sensex ended the day 437 points, or 0.95 per cent, higher at 46,444 levels, surging 545 points from the day's low.

>> The broader Nifty50 reclaimed 13,600-mark and settled 144 points, or 1.07 per cent, higher at 13,610 levels.

3:26 PM

Vodafone Idea surges 10% ahead of arbitration appeal deadline

Shares of telecom operator Vodafone Idea surged over 12 per cent to Rs 10.68 on the BSE in intr-aday trade on Wednesday as the government remained uncertain on appealing against an arbitration award relating to retrospective tax demand against the company's British promoter Vodafone Plc. READ MORE

3:15 PM

Ramco Systems bags multi-million dollar deal; stock zooms 10%

"We are pleased to intimate you that Ramco Systems has signed a multi-million-dollar agreement with a Global Fortune 500 major to unify and transform its Payroll for 18 countries in Asia Pacific region on Ramco’s Managed Payroll Services. With this win, we have added three Fortune 500 brands as clients for Ramco Global Payroll, in Q3 2020," the company said in a filing to exchanges. READ MORE

3:01 PM

Dish TV surges 17%, hits 52-week high on the back of heavy volumes

Till 2:20 pm, a combined 69.62 million equity shares had changed hands on the NSE and BSE. The share, meanhwile, was quoting 12.5 per cent higher at Rs 15.7 per share. In comparison, the benchmark S&P BSE Sensex was ruling nearly 350 points, or 0.75 per cent, higher at 46,365 levels. READ MORE

2:49 PM

India VIX eases nearly 5%

2:45 PM

IndiGo recovering from Covid-19 induced aviation 'carnage' and may rehire

“Doom and gloom is off the table and we are recovering pretty nicely, especially domestically,” Dutta said in an interview with Bloomberg Television on Wednesday. The recovery in international capacity will take longer due to quarantines and virus flareups in places such as the U.K., but the airline is hoping it will be back to normal levels by the end of 2021, according to Dutta. READ MORE

2:34 PM

NEWS ALERT :: PC Jeweller to issue up to 7.03 cr shares to promoter on conversion of unsecured loan

>> Co to issue shares at Rs 30/sh via preferential basis

2:25 PM

Corporate Action :: RBI okays Sandeep Batra's appointment as executive director of ICICI Bank

The Reserve Bank of India (RBI) approved the appointment of Sandeep Batra as the Executive Director of ICICI Bank.

 

The appointment comes into effect from today. Batra has been appointed as the Executive Director for a period of three years.

 

"RBI vide its letter dated December 22, 2020 has communicated its approval for the appointment of Sandeep Batra as Executive Director of the Bank," ICICI Bank said in regulatory filing.

(Source: BSE filing)
 

2:18 PM

Wipro: Aggressive deal wins, internal changes boost investor sentiment

The deal, announced late on Tuesday, is initially for a period of five years, but can be extended by another four years. The company said that the deal would entail a minimum revenue commitment of $1 billion. Wipro has been aggressive in winning large deals since the management change, say analysts. “Aggression in deal wins has continued even in the third quarter, which is a seasonally weak quarter, with Wipro winning 5 deals including Olympus, Thoughtspot, Fortum & Verifone apart from the Metro deal in Q3. This gives us confidence about superior execution of new management at Wipro,” said analysts at Prabhudas Lilladher in a report. The rising number of large deals and a healthy order pipeline are expected to drive revenue growth in the second half of the ongoing fiscal as well as the next year. Analysts estimate the company’s revenue to grow 8 per cent in 2021-22, the highest since 2015-16. READ MORE

2:09 PM

ALERT :: Dow Jones Futures turn positive

2:00 PM

Ramco Systems signs multi-million-dollar agreement; stock jumps 9%

Ramco Systems in a BSE filing on Wednessday said that it has signed a multi-million dollar agreement with a Global Fortune 500 major to unify and transform its Payroll for 18 countries in Asia Pacific region on Ramco’s Managed Payroll Services.

 

1:52 PM

Large cable manufacturers gain as consolidation gathers momentum

Channel checks by analysts show that the pandemic has left smaller and regional companies starving for cash. Their stretched working capital needs amid recovering demand have resulted in market share gains for peers with larger capacities, stronger balance sheets, and diverse portfolios. READ MORE

1:42 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ABB POWER PRODUC	1354.15	1400.00	8.30
ASTRAL POLY TECH	1569.00	1594.65	2.72
BERGER PAINTS	729.00	732.90	2.33
BIRLASOFT LTD	251.80	266.00	8.07
CAPRI GLOBAL	309.35	320.15	4.07

1:28 PM

Outlook 2021 | RBI to face new challenges as Rupee, bonds lure overseas investors

Stocks have already attracted the biggest yearly inflows since 2012, adding to the woes for the Reserve Bank of India that has been buying up the deluge of dollars to curb the rupee’s gains. The resulting glut of cash in the financial system has caused short-term rates to crash, which, combined with high inflation, is dampening debt returns for foreign funds triggering a record outflow from bonds. READ MORE

1:18 PM

Ruchi Soya shareholders okay appointment of Ramdev on board; stock up 4.5%

Shares of Ruchi Soya gained as much as 4.5 per cent to hit an intra-day high of Rs 690 on the BSE on Wednesday after shareholders of the company approved the appointment of Yoga guru Swami Ram Dev, his younger brother Ram Bharat and close aide Acharya Balkrishna on the company's board. At 12:55 pm, the stock was trading 4.47 per cent higher at Rs 689.9, as against a 0.68-per cent rise in the benchmark S&P BSE Sensex. READ MORE

1:11 PM

NEWS ALERT :: L&T Construction bags contracts in the range of Rs 2,500-5,000 cr

1:10 PM

NEWS ALERT | L&T Construction bags contracts in the range of Rs 2,500 cr-5,000 cr

1:01 PM

Despite Covid-19, M&A and PE deal value rose by 7% to $80 billion in 2020

Deal values of private equity investments and Merger & Acquisitions, at an aggregate level, stood at little over $80 billion in 2020 as compared to $74.8 billion in 2019, up by around seven per cent. Around 25 per cent of this deal value could be attributed to sizable inbound investments in Jio Platforms. Strategic deals (mergers and acquisitions [M&A]) accounted for over 50% of the total deal value this year, while private equity (PE) activity kept pace with last year, recording investments worth $38.2 billion, according to PWC's Deals in India: Annual review and outlook for 2021 report. READ MORE

12:55 PM

IPO Update: Anthony Waste issue subscribed nearly 6x on Day 3

Total Issue Size	66,66,342
Total Bids Received	3,80,15,762
Total Bids Received at Cut-off Price	2,60,62,346
No. of times issue is subscribed	5.70

Source: NSE

12:45 PM

Sensex at day's high

12:39 PM

Majesco shares trade ex-dividend, locked in 5% upper circuit

Till 11:48 am, a combined 45,800 equity shares had changed hands and there were pending buy orders for 129 million shares on the BSE and NSE, the exchange data shows.

 

Majesco has fixed Friday, December 25, 2020 as record date for the purpose of payment of interim dividend. READ MORE

12:30 PM

NEWS ALERT :: Prakash Javadekar to hold press conference on Cabinet decisions at 4 pm today

Union Minister Prakash Javadekar