Market closing: Benchmark indices rose on Thursday tracking global cues. Sensex touched a low of 57,146.28 and a higher of 57,490.52 intraday, while Nifty moved between 17,015.55-17,118.65. Realty, IT and PSU Bank stocks rallied, broader markets also advanced
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Asian markets rose Thursday following Wall Street's lead as concerns over inflation and Covid eased with US data showing optimism about the economy despite the spread of the Omicron variant. The upbeat pre-holiday mood was helped by two preliminary studies from Britain indicating Omicron infections were less likely to result in hospitalisation compared with the Delta variant, confirming a trend first identified in South Africa.
ICICI Securities has 'Buy' tag on this multibagger metal stock
Domestic brokerage and research firm ICICI Securities sees further upside on multibagger stock Jindal Stainless that has rallied nearly 140% this year (year-to-date or YTD). The brokerage house has maintained its Buy recommendation on the metal stock with a target price of ₹250 per share.
Indian markets opened in green following positive Asian market peers as investors reacted to studies about omicron reduced risk of hospitalization and severe disease with omicron compared to delta. During the afternoon session markets continued their firm trade. Additional support came as rating agency ICRA stated that profitability of sugar, fertiliser and dairy sectors will remain stable in FY22, with only three months left to close the financial year 21-22.
23 Dec 2021, 03:07:28 PM IST
IndiGo ends 2021 on a high, inks codeshare pact with Air France-KLM
Budget carrier IndiGo has inked an extensive codeshare agreement with Air France-KLM, an official statement said on Thursday.
With this new partnership, Air France and KLM will offer their customers access to 25 new Indian destinations. From their hubs in Paris and Amsterdam, Air France and KLM already serve four destinations in India: Mumbai, Bengaluru, Chennai and Bengaluru.
Sony and Zee Want to Create $10 Billion Media Giant by End of 2022
The planned merger between Sony Group Corp.’s India unit and Zee Entertainment Enterprises Ltd. will create a media behemoth valued at about $10 billion unless hobbled by a courtroom feud underway between Zee’s founders and its largest shareholder.
“The relative value of the combined entity is potentially close to $10 billion. The revenue will certainly approach almost $2 billion," Punit Goenka, Zee’s managing director and chief executive officer, said in an interview Wednesday. He expects all the necessary approvals to come in eight to 10 months, helping close the deal in the second half of 2022.
23 Dec 2021, 02:41:13 PM IST
Oil sheds early gains as caution returns over Omicron curbs
Oil prices shrugged off early gains on Thursday as countries imposed new travel curbs to combat surging cases, though the downside remained capped over positive developments around COVID-19.
U.S. West Texas Intermediate (WTI) crude futures were down 12 cents, or 0.1%, to $72.62 a barrel at 0810 GMT after jumping 2.3% in the previous session.
Brent crude futures fell 18 cents, or 0.1%, to $75.11 a barrel, after a 1.8% gain in the previous session.
23 Dec 2021, 02:32:18 PM IST
Theatres expect merry Christmas weekend
Movie theatres in India are anticipating an impressive Christmas weekend, with the release of Ranveer Singh starrer sports drama ‘83 and the latest Matrix film, to build on the gains of Spider-Man: No Way Home and Pushpa: The Rise- Part One last week.
GAIL India announces interim dividend, fixes record date
GAIL (India) Limited on Thursday announced that the board at its meeting held today approved the payment of interim dividend of ₹4 per share for the FY2021-22. The interim dividend will be paid with reference to the 'Record Date' i.e. Friday, December 31, 2021 fixed for the said purpose, it added.
Covishield third dose works against Omicron, says Oxford study
AstraZeneca said that its COVID-19 vaccine Covishield was effective against the Omicron coronavirus variant following the third dose in a study, with neutralising levels similar to those against the Delta variant after a regular two-dose course.
23 Dec 2021, 01:45:05 PM IST
HP Adhesives IPO: GMP rises as all eyes on shares listing after allotment announced
HP Adhesives Limited's initial public offering (IPO), which was open for public subscription from 15 to 17 December, was booked 20.96 times. The offer received bids for 5,29,89,650 shares against 25,28,500 shares on offer. The initial share sale of up to 45,97,200 equity shares had a price range of ₹262-274 per share.
23 Dec 2021, 01:31:22 PM IST
Marsh increases stake in Marsh India from 49% to 92%
Global insurance broker and risk advisor Marsh on Thursday said it has raised its shareholding in Marsh India Insurance Brokers Pvt Ltd to 92 per cent from 49 per cent.
Marsh India is a joint venture between Marsh International Holdings Inc and India-based Rampart Trust.
The enhanced investment will enable Marsh to meet the increasingly complex needs of companies across all sectors of the fast-growing Indian economy and provide a platform from which it can further strengthen its presence in the future, a release said.
23 Dec 2021, 01:15:39 PM IST
New RBI rules for online payments from 1 January
Come January 1 and the new rules for online payments through debit, credit cards will come into force. So, while shopping on any online platform such as Flipkart, Amazon, Myntra, your 16-digit card number along with the card’s expiry date will not be saved on the website. Instead, you will have to make the card payment through the process called ‘tokenisation.’
NSE announces revision in Bank Nifty weekly expiry options contract cycle
The National Stock Exchange (NSE) has issued a circular regarding introduction of Weekly Options contracts on Bank Nifty index. The exchange said that the availability of weekly expiry options contracts on Nifty Bank weekly contracts will be reduced to 4 from 7 from January 21, 2022.
23 Dec 2021, 12:30:16 PM IST
Three senior executives leave Paytm
Three senior executives have resigned from Paytm in quick succession, two people aware of the matter said, adding to a series of departures of top managerial personnel at the digital payments firm in the past few years.
Abhishek Arun, chief operating officer (COO) of Paytm Payments Bank; Renu Satti, COO, offline payments; and Abhishek Gupta, senior vice-president and COO, lending, have put in their papers, the people said requesting anonymity.
23 Dec 2021, 12:25:58 PM IST
Top gainers/losers at this hour
23 Dec 2021, 12:12:50 PM IST
Nifty technicals: Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel One Ltd)
Yesterday morning, we started the day with yet another bullish gap; courtesy to spectacular overnight rally in US bourses. This was followed by a long consolidation in key indices. However individual themes kept moving on their own all this while. Towards the end, heavyweight stocks gained some momentum which pushed the market higher beyond Tuesday’s high. Eventually the Nifty ended the session tad above the 16950 mark.
On Tuesday, we witnessed some tentativeness after nearing the higher end of the downside gap area created on Monday. However yesterday it wasn’t the case. Due to tail end surge in some of the index constituents, we went beyond Tuesday’s high to close firmly around 16950. With this, the bearish gap has now been filled completely. Although most of the oversold stocks are indicating further bounce, it would be a litmus test for bulls around the current levels or may be after entering yet another cluster of hurdles i.e.17000 – 17100 – 17200. As we alluded to in our previous commentary, for us, the downward trend reverses only after surpassing 17200 – 17300. Till then one needs to be very watchful. On the flipside, 16800 and 16700 has now become a strong support at least for the coming session.
Traders are advised to keep focusing on induvial themes as they seem to be providing some convincing trades. Yesterday, RELIANCE led from the front with some late dominance from heavyweight private banks. Also it would be unfair if we do not mention the excellent moves in PHARMA stocks.
23 Dec 2021, 11:56:34 AM IST
Good buying support in IT, power, metal and banking & financial stocks
Infosys and Wipro trading with a gain of over 1 per cent. Power Grid Corporation and NTPC jumped over 2 per cent. Bajaj Finance trading nearly 2 per cent higher.
PM Modi to chair review meeting over COVID situation today evening
Amid the concerns over the spread of the Omicron variant of coronavirus, Prime Minister Narendra Modi will hold a meeting at 6.30 pm today to review the pandemic situation in the country.
India has reported 7,495 new COVID-19 cases in the last 24 hours, Union Health Ministry informed on Thursday.
23 Dec 2021, 11:28:06 AM IST
Rakesh Jhunjhunwala-backed Metro Brands shares trade below issue price
Shares of Rakesh Jhunjhunwala-backed Metro Brands continue to trade below its IPO issue price, a day after making a tepid stock market debut. The footwear retailer's shares are currently hovering around ₹487 level as compared to its issue price of ₹500.
Great Eastern Shipping to consider share buyback, stock surges
Shares of Great Eastern Shipping surged nearly 5% in Thursday's early deals to ₹290 per share on the BSE after the company announced that its board will consider the proposal to buy back the equity shares of the company at its meeting scheduled for next week on Monday, December 27.
Sabyasachi Majumdar, Senior Vice President & Group Head, ICRA Limited
After witnessing some moderation in FY2021 due to the Covid-19 pandemic, the domestic gas consumption is expected to grow by 9-11% in the current fiscal, driven by demand revival, post easing of lockdown measures, increasing offtake by City Gas Distribution (CGD) entities, expansion in pipeline network, new LNG terminals and commissioning of new fertiliser plants. Further, despite the increase in gas prices, the cost economics remain favourable for CNG and PNG (domestic) compared to alternate fuels, although the competitive intensity is higher in case of industrial fuels. Despite large debt-funded capex expected over the next few years, the credit profile of the incumbents in the sector is expected to remain healthy with average interest coverage expected at 23.0x for FY2023 from 22.4x for FY2021 and Total debt/OPBDITA expected at 0.62x from 0.72x for the sector, supported by regulatory protection or dominant competitive position of most of the entities in this sector, besides healthy margins, liquidity and strong financial flexibility.
Sabyasachi Majumdar, Senior Vice President & Group Head, ICRA Limited
The upstream oil and gas industry benefitted from increasing demand and crude oil prices touching multi-year highs in the current fiscal which translated into healthy profitability and cash flow generation. ICRA expects oil prices to remain elevated in the medium term owing to increasing demand and graded increments in the production and supply by OPEC+ which will continue to support the revenues and profitability of the upstream oil and gas companies. However, any further waves of the pandemic or lockdowns remain a key risk to the demand and prices of crude oil. Moreover, the domestic gas prices have also witnessed an increase and it is expected that the domestic gas prices will go up further in the next round of revision, which would also support the profitability of the oil and gas companies. For the ICRA set of upstream companies, while revenues are expected to increase by more than 30% in FY2022 over the low base of FY2021, the growth is expected to taper to mid-single digits in FY2023 and FY2024 and operating margins remain healthy. The credit profile of the industry is likely to remain healthy with total debt/OPBDITA at around 1.6-1.7x in FY2023 and FY2024.
Refining & Marketing
Sabyasachi Majumdar, Senior Vice President & Group Head, ICRA Limited
The demand for petroleum products is witnessing an increasing trend after subsiding during the March-April 2021 period due to the second wave of the Covid-19 pandemic and is expected to grow by 8-10% YoY in FY2022. The core gross refinery margins (GRMs) of refiners were weak in the initial few months of FY2022 but have improved sharply with increasing demand amid limited supplies and permanent closure of refining capacities in high-cost locations. However, any further waves of Covid-19 pandemic and lockdown measures remain a key concern. The under-recoveries are expected to be minimal in FY2022 owing to the increase in domestic LPG prices. Owing to the deleveraging by RIL, the industry debt levels have declined from Rs. 5.8 lakh crore in March 2020 to Rs. 4.5 lakh crore by March 2021 and are expected to further moderate to ₹4.1 lakh crore by March 2024. The debt coverage indicators of the industry are expected to improve – with interest coverage expected to improve to 8.0x for FY2023 and 8.5x by FY2024 from 5.8x for FY2021 and Total debt/OPBDITA expected to decline to 2.3x and 2.2x from 2.7x over the same period.
23 Dec 2021, 10:55:28 AM IST
Adani Ports up 2.4%
23 Dec 2021, 10:43:04 AM IST
Markets opening: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
17250 would be an important level to watch out for. We need to close above this zone for the markets to show early signs of a reversal in trend. Post 17250 we can plan long positions on the Nifty. Until then there is always a possibility of a U-turn and the markets would then attempt to go down to retest the recent lows. Extreme caution is advised at the current juncture. It would be prudent to wait and watch. Hasty trading decisions should be avoided.
23 Dec 2021, 10:33:10 AM IST
Foxconn’s India subsidiary files draft papers for ₹5,000 cr IPO
Taiwanese mobile phone maker Foxconn’s Indian unit Bharat FIH Ltd filed draft papers for a proposed public listing in India to raise as much as ₹5,003.8 crore on Wednesday.
The proposed initial share sale aims to raise ₹2,501.9 crore of fresh capital. In addition, a Foxconn unit holding shares of Bharat FIH will divest a portion of its stake to raise an equal amount.
23 Dec 2021, 10:24:06 AM IST
MedPlus Health shares make decent debut, list at premium over issue price
Shares of pharmacy retailer MedPlus Health Services made a decent stock market debut on Thursday with the scrip listing at ₹1,040 per share on the NSE, a premium of over 30% as compared to its IPO issue price of ₹796 apiece. On BSE, MedPlus shares started the trade on its first day at ₹1,050.
23 Dec 2021, 10:14:16 AM IST
Nifty sectoral indices in the green
23 Dec 2021, 10:06:29 AM IST
Tata Motors incorporates EV subsidiary Tata Passenger Electric Mobility
Auto major Tata Motors on Wednesday informed that the company has incorporated a wholly-owned subsidiary, Tata Passenger Electric Mobility Limited, which will be involved in the manufacturing of electric motor vehicles. The Ministry of Corporate Affairs has issued the certificate of incorporation for the same on December 21, 2021.
23 Dec 2021, 09:55:38 AM IST
Top Sensex contributors
23 Dec 2021, 09:42:19 AM IST
Supriya Lifescience IPO share allotment
The finalization of basis of share allotment of Supriya Lifescience IPO is expected to take place on Thursday, December 23, 2021 and if allotted, then the credit of shares to Demat account of bidders will be done on December 27. The company's shares are expected to list next week on Tuesday, December 28 on the leading stock exchanges NSE and BSE.
Indiabulls Housing Finance, Vodafone Idea among 4 stocks under F&O ban on NSE today
Four stocks have been put under the ban for trade on Thursday, December 23, 2021 under the futures and options segment by the National Stock Exchange (NSE). The security has been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE.
Indiabulls Housing Finance, Vodafone Idea, Escorts and Zee Entertainment Enterprises Limited (ZEEL) have been put under the ban for trade on Thursday, December 23, 2021 under the futures and options segment by the National Stock Exchange (NSE).
23 Dec 2021, 09:24:36 AM IST
Nifty at open
23 Dec 2021, 09:18:00 AM IST
Sensex stocks at open
23 Dec 2021, 09:12:31 AM IST
MedPlus Health shares listing today. Experts predict 'moderate' premium on debut
Pharmacy retail chain MedPlus Health Services is set to list on leading stock exchanges BSE and NSE on Thursday. The company's initial public offering (IPO) was subscribed 52.59 times on the last day of offer that concluded on December 15. Stock market experts predict that Medplus shares may list at a moderate premium of 15-20%.
Japanese shares track Wall Street higher, Omicron concerns weigh
Japanese shares rose on Thursday as a strong overnight finish on Wall Street lifted investor sentiment, but concerns over the domestic spread of the Omicron COVID-19 variant capped gains.
The Nikkei share average gained 0.4% to 28,665.97 by 0203 GMT, while the broader Topix was up 0.44% at 1,980.23. "The market tracked the gains in the U.S. market but I would say investors are still buying back stocks that were sold off," said Takatoshi Itoshima, strategist at Pictet Asset Management.
23 Dec 2021, 08:24:52 AM IST
Vedanta to raise ₹1,000 crore by offering NCDs
Vedanta Limited, a subsidiary of Vedanta Resources Limited, will raise ₹1,000 crore by offering "rated, secured, redeemable, non‐cumulative, non‐convertible debentures" in one or more tranches, the company told the stock exchanges.
Recovery extends as Nifty reclaims 16950 on a closing basis: Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel One Ltd
On Wednesday morning, we started the day with yet another bullish gap; courtesy to spectacular overnight rally in US bourses. This was followed by a long consolidation in key indices. However individual themes kept moving on their own all this while. Towards the end, heavyweight stocks gained some momentum which pushed the market higher beyond yesterday’s high. Eventually the Nifty ended the session tad above the 16950 mark.
On Tuesday, we witnessed some tentativeness after nearing the higher end of the downside gap area created on Monday. However, Wednesday, it wasn’t the case. Due to tail end surge in some of the index constituents, we went beyond Tuesday's high to close firmly around 16950. With this, the bearish gap has now been filled completely. Although most of the oversold stocks are indicating further bounce, it would be a litmus test for bulls around the current levels or may be after entering yet another cluster of hurdles i.e.17000 – 17100 – 17200. As we alluded to in our previous commentary, for us, the downward trend reverses only after surpassing 17200 – 17300. Till then one needs to be very watchful. On the flipside, 16800 and 16700 has now become a strong support at least for the coming session.
Traders are advised to keep focusing on induvial themes as they seem to be providing some convincing trades. On Wednesday, RELIANCE led from the front with some late dominance from heavyweight private banks. Also it would be unfair if we do not mention the excellent moves in PHARMA stocks.
23 Dec 2021, 08:06:25 AM IST
SGX Nifty futures were up 0.5% at 17,063.50 in early deals
US economy grew at 2.3% rate in Q3, up from earlier estimate
The U.S. economy grew at a 2.3% rate in the third quarter, slightly better than previously thought, the Commerce Department said Wednesday. But prospects for a solid rebound going forward are being clouded by the rapid spread of the latest variant of the coronavirus.
The third and final look at the performance of the gross domestic product, the nation's total output of goods and services, was higher than last month's estimate of 2.1% growth.
The new-found strength came primarily from stronger consumer spending than what was previously thought, as well as businesses rebuilding their inventories more than initial estimates revealed.
The 2.3% third quarter gain follows explosive growth that began the year as the country was emerging from the pandemic, at least economically. Growth soared to 6.3% in the first quarter and 6.7% in the second quarter. The emergence of the delta variant in the summer was blamed for much of the third quarter slowdown.
23 Dec 2021, 07:29:13 AM IST
Most Asian stocks gain
Most Asian stocks gained Thursday after U.S. shares rallied on bets that the economic recovery will weather temporary disruption from the flareup in omicron coronavirus cases.
Equities rose modestly in Japan and China, but technology stocks in Hong Kong struggled amid a slide in JD.com Inc. Tencent Holdings Ltd. plans to distribute more than $16 billion of shares in the online retailer to investors as a one-time dividend. Trading volumes thinned in some markets ahead of Christmas.
U.S. futures were steady after the S&P 500 closed in on its record high. Brighter consumer confidence and home sales aided sentiment, as did studies signaling omicron may be less likely to land patients in hospital than the delta variant.
At the same time, officials remain cautious since omicron spreads quickly. In China, the central city of Xi’an is tightening rules to curb a Covid outbreak.
The dollar held most of a drop from U.S. hours and Treasury yields were steady. Oil extended a rally to about $73 a barrel. Bitcoin slipped toward $48,000.
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