Sensex ends 612pts higher; RIL, L&T shine; Metro Brands gains 17% from low

Buying was seen across the board; Micap and Smallcap indices finished with gains of 1.5 per cent each, overall breadth too was extremely positive

Closing Bell

The bulls took control of the proceedings on Dalal Street on Wednesday as the key benchmark indices hovered in the positive zone throughout the trading session. The BSE benchmark index, the Sensex, rallied to a high of 56,989 led by strong gains in index heavyweights Reliance Industries, Bharti Airtel and financial shares.

The Sensex finally ended 612 points higher at 56, 931. In the process, the BSE index has gained over 1,100 points in the last two trading sessions.

The NSE Nifty rallied to a high of 16,971, and evenutally ended with a gain of 184 points at 16,955.

Index heavyweight Reliance Industries (RIL) surged 2.4 per cent to Rs 2,365. According to Edelweiss Alternative Research, RIL's weightage in Sensex and Nifty is likely to increase from December 29 and December 30, respectively. The total cumulative inflows for RIL is expected to be $245 million. READ MORE

Bharti Airtel, Larsen & Toubro and Tata Steel were the other major gainers, up 2-2.7 per cent each. Gains in the financial shares were led by Bajaj Finance, IndusInd Bank and ICICI Bank.



On the flip side, Wipro witnessed some profit-taking and was down 0.6 per cent. Nestle India and ITC were the only other losers among the Sensex 30 pack.

Market Dashboard: Snapshot of key movers and shakers in trade today

The broader markets also ended with significant gains. The BSE Midcap and Smallcap indices were up around 1.5 per cent each. The overall breadth too was extremely positive, with 2,435 advancing shares versus 907 declining stocks on the BSE.

“Low market volumes in the last few sessions have contributed to exaggerated market volatility. Despite a sharp correction in the last week, retail net long open interest in stock futures has come off by only 2 per cent, pointing to continued confidence in staying invested. Consumer-facing sectors like Banking and FMCG have broken critical moving averages pointing to a break in the medium-term uptrend," said S Hariharan, Head- Sales Trading, Emkay Global Financial Services. 

Adding: "A consolidatory phase going into results season is expected as volumes would remain muted for the rest of December, since there are expected to be few triggers in terms of newsflow. IT sector continues to attract greater interest while bottom-fishing is seen in Auto sector. PSU banks appear relatively stronger than private banks, and Metals names are expected to resume their uptrend after finding support at the two-year trendline.”

Buzzing stocks of the day

In the broader markets, Zee Entertainment slipped to a low of Rs 333 in trades on Wednesday owing to profit-taking. The stock however recovered losses and ended flat at Rs 349. Meanwhile, the company signed a signed definitive agreement with Sony Pictures Networks India Private Limited (SPNI) to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries. According to the charts, the stock has the potential to surge 35% on the upside. READ MORE

Rakesh Jhunjhunwala-backed Metro Brands listed at a 13 per cent discount at Rs 436, as against issue price of Rs 500 per share. The stock tumbled to a low of Rs 426, but recovered smartly and rallied to a high of Rs 508 towards the fag end of the day.

Among the recently listed companies, GoColors zoomed 12.7 per cent, and RateGain Travel vaulted 9 per cent in trades on Wednesday. Some of the recently listed companies have been battered badly at the bourses in the recent market correction with some of these counters slipping up to 47 per cent from their respective 52-week high levels.



Click here for more market news

Among the sectoral indices, the BSE Auto, Energy and Capital Goods indices surged around 2 per cent each. The BSE Realty index soared 3 per cent, while the Healthcare, IT, Bankex and Metal indices also logged smart gains.

In the primary market, CMS Info Systems IPO continued to make slow progress. On Day 2 of the offer period as of 3:30 PM, the IPO was subscribed just 58 per cent, with only the retail portion fully subscribed.

_______________________________________________________________________________________

Markets at 2:45 PM

LIVE market updates: The BSE Sensex was trading near the day's highs in late afternoon trade on the back of healthy buying in Reliance Industries, Sun Pharmaceuticals, Bharti Airtel and Tata Steel.

The BSE Sensex was up nearly 600 points at 56,919, and the NSE Nifty reclaimed the 16,900 mark with an addition of 183 points. 

The BSE Midcap and the Smallcap indices were up 1.2 per cent and 1.5 per cent, respectively, in an overall steady market. 

Among the Sensex-30 constiutents, HDFC twins, Wipro, ITC and Nestle continued to trade in the red zone. While, Reliance was 2.5 per cent up, with the maximum contribution to the index's gains. 

In the primary market, CMS Info Systems IPO continued its sluggish pace with a subscription of only 57%. 

___________________________________________________________________________________________

Markets at 1:45 PM

LIVE market updates: Headline indices continued to trade around 0.7 per cent up while the broader markets remained outperformers. The BSE Midcap and Smallcap indices were up a per cent each. 

Shares of recently listed company RateGain Travel Technologies (RTTL) rallied 10 per cent in intraday trade and hit a new high at Rs 400, thus extended its previous day’s 9 per cent surge on the National Stock Exchange (NSE). The stock has bounced back 28 per cent from its Monday’s low of Rs 313.25. READ ABOUT IT HERE

Track movers & shakers of today's trade here

On the other hand, Zee Entertainment Enterprises slipped 5 per cent at Rs 332.75 on the BSE in Wednesday’s intra-day trade amid heavy volumes on profit booking after the company and Sony Pictures Networks India Private Limited (SPNI) announced that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries. Techncial chartists see up to 35 per cent upside in the stock from here. Click here to check why

Special story

Recent IPOs including that of Nykaa, Paytm have slipped 47 per cent from their respective 52-week high levels. Analysts say the worst may not be over for some of them yet. READ MORE. 

Asian market update

A better night on Wall Street provided the positive lead for Asian markets with a sharp rebound in sentiment for US stocks. Most Asian markets gained ground on Wednesday as the risk appetite of global investors rose heading into year-end, despite the surging number of Omicron variant cases around the world.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6 per cent, after US stocks ended the previous session with gains. Japan's Nikkei and South Korea's Kospi closed 0.16 per cent and 0.3 per cent higher, respectively.

European markets update

European markets had a muted opening on Wednesday as investors continue to monitor the threat posed by the Omicron Covid-19 variant.

Britain’s FTSE 100 was down 0.14 per cent at 7,287. Germany’s DAX and France’s CAC 40 was up 0.18 per cent and 0.09 per cent, respectively.

===========================================================================

Markets at 12 Noon

LIVE market updates: The benchmark indices remain steady as they hover around the day's highs amid broad-based buying aided by auto and financial stocks. Index heavyweight Reliance too was supporting the indices' firmness. 

The BSE Sensex was up 400 points at 56,749, and the NSE Nifty had added 128 points to 16,899.

Among stocks, major action was seen in Zee Entertainment as the stock fell as much as 5 per cent after the company announced that it has signed definitive agreements to merge itself with and into Sony Pictures Networks and combine their linear networks, digital assets, production operations and program libraries. 

Technical charts suggest that the stock can see an upside of 35%. READ MORE.

Asian markets update

Japan's Nikkei  and South Korea's Kospi closed 0.16 per cent and 0.3 per cent higher, respectively. 

======================================================================

Markets at 11 AM

LIVE market updates: The key benchmark indices were holding steady gains in late morning deals backed by buying support in auto, financials, metals and heavyweights Reliance and Larsen & Toubro.

The BSE Sensex was up 361 points at 56,680, and the NSE Nifty had added 106 points to 16,877.

The broader markets were seen outperforing with higher gains. The BSE Midcap and Smallcap indices were up a per cent and 1.3 per cent, respectively. The overall breadth too was extremely postive, with more than three advancing shares versus a declining stock on the BSE.

In the broader markets, India Cements surged 9 per cent to Rs 192.35 on the BSE in Wednesday’s intra-day trade after billionaire investor Radhakishan S Damani (RK Damani), Gopikishan Shivkishan Damani & family hiked their stake in the company to 22.76 per cent. READ MORE

___________________________________________________________________________________________

Markets at 10 AM

LIVE market updates: The benchmark indices held on to their opening gains amid broad-based buying. The S&P BSE Sensex was up 442 points at 56,762 levels and the Nifty50 was hovering around 16,900-mark.

In the broader markets, the SmallCap index was outperforming with nearly 1.5 per cent gain. 

New listing

Shares of Metro Brands debuted at Rs4 436 on the BSE, down 13 per cent against issue price of Rs 500.

The public issue of the company saw lower-than-expected subscription demand as the offer was subscribed 3.64 times between December 10 and 14. Qualified institutional buyers showed the most interest among investors, as their reserved portion was subscribed 8.49 times. Non-institutional investors had put in bids for 3.02 times the allotted quota, while the retail portion was subscribed 1.13 times.

__________________________________________________________________________________________

Opening Bell

LIVE market updates: Benchmark indices mirrored global trends and rallied up to 0.7 per cent on Wednesday. The BSE Sensex zoomed 408 points to quote at 56,727 level while the Nifty50 was at 16,891, up 121 points.

Barring Asian Paints, Wipro, and Dr Reddy's Labs, all other Sensex constituents were in the green. Cipla was the additional loser on the Nifty.

Meanwhile, Tata Motors, Hindalco, IndusInd Bank, SBI, and UPL were the top gainers on the benchmark indices, up between 1.7-2.5 per cent.

In the broader markets, the BSE MidCap and SmallCap indices gained up to 0.9 per cent.

Among individual stocks, India Cements zoomed over 7 per cent on the back of heavy volume after billionaire investor Radhakishan Damani increased his stake in the company to 22.76 per cent, up from 21.14 per cent at the end of September 2021 quarter.

The shares of Zee Entertainment surged 1.25 per cent after the company and Sony Pictures Networks India Private Limited (SPNI) announced that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries.

Those of YES Bank also advanced 2.2 per cent after the private lender said its board has approved a proposal to raise funds up to Rs 10,000 crore through various instruments.

Among sectors, all the indices are in the green led by the Nifty PSU Bank (up 1.6 per cent) and the Nifty Auto index (up 1.3 per cent).

___________________________________________________________________________________________

Pre-open session

LIVE market updates: Frontline indices were trades with decent gains in pre-market session on Wednesday, extending yesterday's rally. The BSE Sensex was up over 250 points at 56.589 level, while the Nifty50 was at 16,865, up 94 points.

_________________________________________________________________________________________

LIVE market updates: The benchmark indices are likely to extend their recovery amidst supportive global cues. That said, volatility can be high as technical indicators are not supportive of the up move. Besides, Omicron concerns continue to weigh on investor sentiment.

At 8:15 AM, SGX Nifty was quoting at 16,850 compared with Nifty's spot close of 16,771 on Tuesday. 

New listing
 

Rakesh Jhunjhunwala backed Metro Brands shall be in focus, as the stock makes its debut on Wednesday. The issue had received a tipid response from investors and was subscribed 3.64 times.

Primary Market Update

CMS Info Systems IPO which opened for subscription on Monday received a poor response, with just 40 per cent subscription at the end of Day 1 of the bidding period. The retail quota was subscribed 79 per cent.

Global cues

The US markets staged a smart pullback rally on Tuesday. The Dow Jones gained 1.6 per cent, and the S&P 500 added 1.8 per cent. Nasdaq jumped 2.4 per cent.
 

In Asia, barring Hang Seng which was up a per cent, indices were seen holding marginal gains. Kospi had advanced 0.5 per cent, and Taiwan was up 0.3 per cent. Straits Times and Shanghai Composite were up 0.2 per cent each, while Nikkei edged 0.1 per cent higher.