Domestic indices ended with robust gains on Thursday, extending their winning run to third consecutive session. The Nifty scaled 13,700 mark and managed to close near the 13,750 level. Banks and financials stocks rallied while IT shares corrected.
As per the provisional closing data, the S&P BSE Sensex, jumped 529.36 points or 1.14% at 46,973.54. The Nifty 50 index gained 148.18 points or 1.09% at 13,749.35.
The broader market lagged the benchmarks. The S&P BSE Mid-Cap index added 0.06% while the S&P BSE Small-Cap index rose 0.59%.
Buyers outpaced sellers. On the BSE, 1,615 shares rose and 1,197 shares fell. A total of 151 shares were unchanged. In Nifty 50 index, 34 stocks advanced while 16 stocks declined.
Domestic stock market will remain shut tomorrow (25 December) on account of Christmas.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 7,87,12,623 with 17,30,766 deaths. India reported 2,83,849 active cases of COVID-19 infection and 1,46,756 deaths while 96,93,173 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
The Union Cabinet on Wednesday approved the proposal for revision of the guidelines for obtaining license for providing Direct-To-Home (DTH) broadcasting service in India. License for the DTH will be issued for a period of 20 years in place of present 10 years. Further the period of License may be renewed by 10 years at a time. License fee has been revised from 10% of GR to 8% of AGR. AGR will be calculated by deduction of GST from GR. License Fee will be collected on quarterly basis in lieu of presently annual basis.
New Listing:
Shares of Mrs. Bector Food Specialities were trading at Rs 589 at 15:10 IST on the BSE, a premium of 104.74% over the initial public offer price of Rs 288. The stock was listed at Rs 501, a premium of 74% to the initial public offer (IPO) price. So far the stock hit a high of Rs 601.2 and low of Rs 500. On the BSE, 34.06 lakh shares were traded on the counter so far.
The initial public offer (IPO) of Mrs. Bectors Food Specialities received bids for 262.10 crore shares as against 1.32 crore shares. The issue was subscribed 198.02 times. The non-institutional investors category was subscribed 620.86 times. The qualified institutional buyers (QIBs) category was subscribed 176.85 times. The retail individual investors category was subscribed 29.33 times. The issue opened for subscription on 15 December and closed on 17 December. The price band for the IPO was set at Rs 286-288 per share.
Stocks in Spotlight:
Tata Motors added 3.84% after the company reassured that recent issues at UK ports have had no immediate impact for Jaguar Land Rover (JLR). Reassuring stakeholders, the auto major on Thursday said: "Jaguar Land Rover has comprehensive contingency planning and actions in place to respond to ongoing COVID challenges and disruption. This is subject to constant review. Recent issues at UK ports have had no immediate impact for Jaguar Land Rover. Our guidance of improved growth, profitability and cash flows in second half of the year continues to hold."
Shares of ACC and Ambuja Cements gained 2% to 4% in trade after the companies announced the renewal of technical know-how fees (TKH) to parent at 1% of net sales for the next two years. In separate BSE filings made after market hours yesterday, ACC and Ambuja Cements said that their respective boards had approved the renewal of the existing technology and know-how agreement (TKH Agreement) with Holcim Technology (HTL) under which they pay TKH fees at 1% of net sales each year, to HTL, for a period of 2 years with effect from 01 January 2021, i.e., on the same terms of the existing TKH Agreement.
Aurobindo Pharma gained 2.18%. Aurobindo Pharma and US-based COVAXX have entered into an exclusive license agreement to develop, commercialize and manufacture UB-612, the first multitope peptide-based vaccine to fight COVID-19, for India and the United Nations Children's Fund (UNICEF) agency. Under the signed agreement, Aurobindo Pharma has obtained the exclusive rights to develop, manufacture and sell COVAXX's UB-612 vaccine in India and to UNICEF, as well as non-exclusive rights in other select emerging and developing markets.
Caplin Point Laboratories rose 2.35% to Rs 507.45 after the drug maker said its subsidiary received US drug regulator's approval for etomidate injection USP. The company said that its subsidiary, Caplin Steriles, received final approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application (ANDA) etomidate injection USP, 20 mg/10 ml (2 mg/ml) and 40 mg/20 ml (2 mg/ml) single-dose vial presentations. The product is generic therapeutic equivalent to Amidate (etomidate) injection, of Hospira Inc.
Steel Strips Wheels (SSWL) rose 0.49%. The auto ancillary company said that it had received new export orders worth over $304,000 (approximately Rs 2.23 crore) from US and Europe. The orders are to be executed in January and February 2021 from the company's Chennai plant.
Zee Media Corporation rose 1.46%. The board of Zee Media Corporation approved the terms of raising of fund through issuance and allotment of up to 2,500, 9% p.a. unrated, unlisted, secured, redeemable NCDs bearing a face value of Rs 10 lakh each for cash at par, aggregating to up to Rs 250 crore in one or more series, on a private placement basis.
ARSS Infrastructure Projects jumped 5%. The construction company in a regulatory filing made after market hours on Wednesday announced that it has received order of Rs 301.20 crore for execution of work of four laning of Itanagar to Banderdewa section of NH-415 on EPC mode in Arunachal Pradesh.
Global Markets:
European markets were trading higher as traders grew optimistic regarding a hopeful Brexit trade deal. Britain and the European Union are said to be on the cusp of striking a post-Brexit trade deal on Thursday.
U.K. Prime Minister Boris Johnson is due to speak with European Commission President Ursula von der Leyen. Johnson is then expected to hold a news conference.
Most Asian markets closed higher on Thursday. Shares of Chinese tech giant Alibaba in the spotlight following reports that Chinese regulators will probe the firm for suspected monopolistic behavior.
In US, the S&P 500 closed barely in positive territory on Wednesday as an expected stimulus deal and falling jobless claims prompted investors to put their money into sectors most likely to benefit from the economy re-opening when it recovers from the global health crisis.
The number of Americans filing first-time claims for unemployment benefits unexpectedly fell last week. Initial claims for state unemployment benefits totaled a seasonally adjusted 803,000 for the week ended December 19, compared to 892,000 in the prior week, the Labor Department said on Wednesday.
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