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Indices recover; Sensex reclaims 46K, Nifty ends above 13,450 as IT stocks shine

Indian benchmark equity indices fell 3% each on Monday, snapping six days of gains, as investor appetite soured following reports of a new deadly strain of the coronavirus in the UK.Premium
Indian benchmark equity indices fell 3% each on Monday, snapping six days of gains, as investor appetite soured following reports of a new deadly strain of the coronavirus in the UK.

  • Indian benchmarks had opened higher on Tuesday after a massive sell-off on Monday. The Nifty today touched a high of 13,484.70 points and a low of 13,192.90, while the Sensex moved in the range of 45,112.19-46,080.18

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22 Dec 2020, 03:56:00 PM IST

Sensex reclaims 46K, Nifty ends 1% higher led by gains in IT stocks

India's benchmark equity indices--Sensex and Nifty--staged a sharp recovery to end up 1% each, led by gains in IT and pharma stocks.

At close, the Sensex was up 452.73 points or 0.99% at 46,006.69, and the Nifty was up 137.90 points or 1.03% at 13,466.30. About 1,537 shares advanced, 1,325 declined, and 165 were unchanged.

Adani Ports, HCL Tech, Tech Mahindra, Infosys and GAIL were the top gainers on Nifty, while Kotak Mahindra Bank, Bajaj Finance, HDFC, IndusInd Bank and Hindalco were the worst hit.

All the sectoral indices ended higher, led by the IT index which surged over 3% to touch a 52-week high. BSE Midcap and Smallcap indices rose 1% each.

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22 Dec 2020, 03:18:59 PM IST

New UK COVID-19 strain: Health ministry issues SOPs for state governments and airports

22 Dec 2020, 03:13:54 PM IST

Market check

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22 Dec 2020, 02:40:47 PM IST

Sensex nears day's high

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22 Dec 2020, 02:38:23 PM IST

India VIX falls 3% as markets turns higher

22 Dec 2020, 02:36:33 PM IST

BioNTech says can make mutation-beating vaccine in six weeks: AFP

22 Dec 2020, 02:35:30 PM IST

Godrej Housing Finance seeks conservative growth

India’s newest mortgage lender is in no hurry to catch up in the crowded market.

Instead of aggressively expanding its asset book, Godrej Housing Finance will focus on acquiring 1,000 customers by March to test the sustainability of its systems and processes, said Chief Executive Officer Manish Shah. (Read here)

22 Dec 2020, 02:28:46 PM IST

GMR gets approval for demerger of non-airport vertical

GMR Infrastructure Limited said it has received approval from stock exchanges, with no adverse observations, on its proposed restructuring involving the demerger of its non-airport business.

The company said it will file the restructuring scheme with the National Company Law Tribunal (NCLT) within six months.

22 Dec 2020, 02:14:50 PM IST

Sensex stocks at this hour

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22 Dec 2020, 02:13:02 PM IST

European stocks higher

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22 Dec 2020, 02:11:28 PM IST

UK GDP grew record 16% in Jul-Sep quarter: Reuters

22 Dec 2020, 02:08:57 PM IST

Nifty IT soars, up over 2%

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22 Dec 2020, 02:05:43 PM IST

Nifty back above 13,350

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22 Dec 2020, 01:50:56 PM IST

Two dead, 1 injured in ONGC pipeline blast in Gujarat's Gandhinagar: ANI

22 Dec 2020, 01:36:14 PM IST

JSW Steel to acquire 31% stake in Italy's GSI Lucchini: BSE filing

JSW Steel's Italian subsidiary has signed a share purchase agreement to acquire the remaining 30.73% stake in GSI Lucchini SpA of Italy for 1 million euros (about 9 crore).

The balance share capital of GSI is held by JSW Steel Italy Srl. The manufacturing unit of GSI is located at the port city of Piombino in Tuscany region, providing easy access to export markets.

22 Dec 2020, 01:31:29 PM IST

Nifty Pharma up 0.8% amid subdued market

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22 Dec 2020, 01:20:20 PM IST

BioNTech confident COVID-19 vaccine effective against new UK mutation: Reuters

22 Dec 2020, 01:19:07 PM IST

Delhi HC dismisses Zee Enterprises plea

The Delhi high court has dismissed a plea of Zee Entertainment Enterprises, seeking a stay on IndusInd Bank’s demand of 83 crore. The court allowed IndusInd Bank to raise demand of 83 crore against Zee for Siti default, reported CNBC-TV18.

22 Dec 2020, 01:12:39 PM IST

GIC, ESR form $750 million JV to invest in industrial, logistics realty in India

22 Dec 2020, 01:11:10 PM IST

Fall in exports, surge in inflation puts India behind EM peers

India fell several notches to the eight spot among key emerging markets in October, marking its worst performance since June, the latest update to Mint’s emerging markets tracker shows.

The country was at the bottom of the heap in June. Since then, improvements in factory production and buoyancy in the financial markets elevated India’s rank in the league tables. In September, India ranked fourth among the 10 emerging markets covered in the tracker. But the trend reversed in October, the latest available data show. (Read here)

22 Dec 2020, 01:02:48 PM IST

Manappuram Finance raises ₹400 crore: BSE filing

The Financial Recourse and Management Committee of the board of directors of Manappuram Finance Limited at its meeting held on Tuesday approved allotment of 4,000 rated, secured, redeemable non-convertible debentures having a face value of Rs10,00,000 each, 400 crore on a private placement basis to be listed on the BSE, the company said in a regulatory filing.

22 Dec 2020, 12:48:16 PM IST

Oil extends losses

Oil prices extended losses on Tuesday, adding to declines from the previous session, as a new strain of the novel coronavirus in the UK triggered concerns over fuel demand recovery.

West Texas Intermediate fell 2.5% to $46.79 per barrel, while Brent was down 2.3% at $49.75 a barrel.

22 Dec 2020, 12:42:46 PM IST

Bharat Biotech recruiting volunteers for Phase 3 covid vaccine trials

Bharat Biotech has signed up 13,000 volunteers for the Phase 3 trial, backed by India's government medical research body, and is progressing towards its goal of 26,000, it said. The trial of COVAXIN began in mid-November at multiple sites across India.

22 Dec 2020, 12:40:49 PM IST

Canadian pension fund, LIC, NIIF keen to invest in NHAI InvIT: Business Standard

Canadian pension fund, Life Insurance Corporation (LIC) and National Infrastructure Investment Fund (NIIF) are among a host of investors that have shown interest in the infrastructure investment trust (InvIT) to be floated by the National Highways Authority of India (NHAI). The authority will be privately placing units of the InvIT for raising money.

22 Dec 2020, 12:37:25 PM IST

S.Korea shares drop most in 2 weeks on virus mutation fears: Reuters

22 Dec 2020, 12:29:22 PM IST

India to scale up gene surveillance of SARS Cov2 in light of UK mutation: Report

22 Dec 2020, 12:07:33 PM IST

Sebi comes out with new stress testing perimeters for commodity derivatives

Markets regulator Sebi on Monday issued new stress testing perimeters for commodity derivatives to tackle extreme volatility in prices.

The move comes after the regulator received representation to review the requirement of including all the price movements during the last 15 years, in the historical scenarios prescribed for stress testing.

With a view to address the concerns emanating from exceptional and extreme volatile price events, Sebi said price movements of the last 15 years will be scanned for stress testing.

22 Dec 2020, 12:05:28 PM IST

Tata Motors extends losses, now down nearly 3%

Tata Motors was down amid weakness in the broader market and as the company has announced its decision to raise vehicle prices, effective 1 January, 2021.

The steady rise in material and other input costs, impact of forex and transition to BS-VI norms, have cumulatively escalated the cost of manufacturing vehicles.

The company had thus far been absorbing the addition in costs but with their steady rise in line with market trend, it has become imperative to pass at least some portion of the cost increase to customers via appropriate price revisions, Tata Motors had said in a press release.

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22 Dec 2020, 12:01:59 PM IST

BSE MidCap down nearly 1%

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22 Dec 2020, 11:45:51 AM IST

Most sectoral indices in the red, IT stocks buck the trend

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22 Dec 2020, 11:34:19 AM IST

Nifty IT up 0.5% among weakness in broader market

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22 Dec 2020, 11:20:05 AM IST

Sadbhav Engineering: Amarjeet Maurya, AVP - Mid Caps, Angel Broking:

Sadbhav Engineering is in the business of developing infrastructure for canals, irrigation projects, roads, bridges, etc.

The company has been declared the lowest bidder by Gujarat Metro Rail Corporation (GMRC) Ltd for the Metro Rail projects with an estimated cost of 780 crore.

As of 2QFY21, the company had an order book of 9,397 crore (which provides revenue visibility about 2.7 times of FY20 revenue).

Shares of the company jumped about 11% in early deals on the BSE today.

22 Dec 2020, 11:02:38 AM IST

Top gainers/losers on Nifty at this hour

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22 Dec 2020, 11:00:58 AM IST

InMobi’s Glance turns ‘unicorn’ in less than 2 years

Mobile-advertising entity, InMobi has seen a second unicorn emerge from its group, as its lock screen platform subsidiary, Glance has raised $145 million in a primary investment round from search behemoth Google and existing investor Mithril Capital.

Two individuals aware of the deal, state that the funding values the firm at a little over $1 billion dollars. InMobi and Glance did not confirm the valuation to Mint, until press time. (Read here)

22 Dec 2020, 10:51:46 AM IST

Gold rises 0.2% to $1,881.10 an ounce

22 Dec 2020, 10:50:39 AM IST

Nifty view: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking:

Monday's correction finally validated our recent cautious stance. Despite the market hitting new record highs in the last couple of weeks, we have been repeatedly advocating booking profits and staying light. With yesterday’s sharp fall, we can see the last twelve day’s gains going for a toss.

For the coming session, any bounce back towards 13450 – 13550 is likely to get sold into, whereas on the lower side, Nifty has reached its first level of retracement i.e. the ’89-EMA’ level (13100) on the ‘180-minutes’ chart. Ideally, the next level of the natural profit booking is around 12800, which is the ‘200-SMA’ level on the same time frame chart. But before this, yesterday’s low of 13130, would be seen as immediate support for the index.

Traders are continuously advised to stay light and avoid taking contradictory bets in the coming session. With a larger view, this correction should be interpreted as a healthy sign and it will certainly provide better opportunities to enter marquee names on correction. But for momentum traders, the way chart structure seems distorted, it has certainly dented the recent optimism.

22 Dec 2020, 10:45:42 AM IST

Nifty PSU Bank among worst hit sectoral indices

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22 Dec 2020, 10:33:57 AM IST

Passengers from UK quarantined fearing new, more infectious Covid strain

22 Dec 2020, 10:32:38 AM IST

Centre invites bids to sell stake in Shipping Corp

The Centre has invited bids to sell its 63.75% stake in Shipping Corporation of India, in a key asset sale that was delayed due to the coronavirus pandemic.

In a statement on Tuesday, the government said the deadline for submitting initial bids is 13 February.

The government plans to sell about 296.9 million shares, its entire stake of 63.75%, according to a newspaper advertisement Tuesday. Investors can submit bids individually or as part of a consortium.

22 Dec 2020, 10:27:05 AM IST

Rupee slips 16 paise to 73.95 against US dollar in early trade

The rupee had opened at 73.96 per dollar against previous close of 73.78, amid selling seen in domestic equities.

22 Dec 2020, 10:01:35 AM IST

Banks' loans write-off: NDA scores three times over UPA, says RTI: Report

22 Dec 2020, 10:01:14 AM IST

Dailyhunt parent becomes a unicorn with $100 million funding round

Bengaluru-based VerSe Innovation, which owns and operates local language news and video app Dailyhunt (earlier known as News Hunt), has completed a $100 million+ (approximately 738 crore) round of funding from AlphaWave (a unit of Falcon Edge Capital), Google and Microsoft.

The new capital raises VerSe Innovation's value at over $1 billion, making it the first unicorn in tech for local languages, the company claims. (Read here)

22 Dec 2020, 09:53:18 AM IST

RIL down amid weak market; Delhi HC verdict on deal with Future Retail hurts

The Delhi high court permitted Future Retail Ltd (FRL) to proceed with the sale of its assets to a unit of Reliance Industries Ltd (RIL), leaving it to regulators to decide the fate of the deal, while allowing Inc. to approach appropriate forums to oppose the transaction.

In its ruling on Monday, a single-judge bench of the Delhi high court said the 24,713-crore transaction between Future group and Reliance Retail Ventures Ltd did not violate any statutory legal provisions, and both parties were free to seek approval for the deal from regulators. (Read here)

22 Dec 2020, 09:49:46 AM IST

All NSE sectoral indices in the red

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22 Dec 2020, 09:47:17 AM IST

Index heavyweights drag down Sensex

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22 Dec 2020, 09:43:10 AM IST

Covid update

In India, total fresh cases reported over the past 24 hours was less than 20,000 for first time in nearly six months. Active cases have been falling for 25 consecutive days, with count below 3,00,000 now.

The number of new coronavirus cases registered worldwide in the past day topped 5,75,000, according to the World Health Organization (WHO), with the total at at 5,75,551

The global case tally amounts to 75,704,857, with 1,690,061 deaths, it said.

The day before, a record 818,796 new COVID-19 cases were registered globally, with 10,652 deaths.

22 Dec 2020, 09:37:55 AM IST

Tamil Nadu bans New Year celebrations, parties at beaches

22 Dec 2020, 09:34:24 AM IST

Tata Motors down over 1%, company to hike vehicle prices January

Taking cues from peers, the company has decided to increase prices of commercial vehicles starting January, due to rise in input cost, forex impact.

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22 Dec 2020, 09:31:19 AM IST

Sensex losers/gainers at this hour

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22 Dec 2020, 09:19:22 AM IST

Nifty in opening deals

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22 Dec 2020, 09:18:58 AM IST

Sensex rises 100 points at open

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22 Dec 2020, 09:08:50 AM IST

Sensex stocks at pre-open

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22 Dec 2020, 09:07:11 AM IST

Nifty view: Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

The Index has broken its support of 13500 which indicates a stop out on all long positions. We would now need to wait and watch the markets over the next couple of sessions. One should not take hasty and risky trades by going long or short on the markets. For the upside to resume, we would need to start trading above 13750-13800. In order to break on the downside, we should wait for a day or two and re-evaluate the markets. The strategy for the current market would be to sit on the sideline without a trade!

22 Dec 2020, 09:05:55 AM IST

Nifty at pre-open

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22 Dec 2020, 09:04:25 AM IST

Markets at pre-open

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22 Dec 2020, 09:00:40 AM IST

Auto sales recovery surprises industry

Leading brokerages have trimmed their forecast of a decline in automobile sales this fiscal following the swift recovery witnessed since the lifting of the lockdown curbs.

Analysts of ICICI Securities have penciled in a volume decline of 15% for two-wheelers and passenger vehicle category from its previous forecast of over 20%, while the drop in commercial vehicle space is expected around 30% during the fiscal year. (Read here)

22 Dec 2020, 08:29:55 AM IST

Stocks to Watch

Shares of M&M, Tata Motors, aviation companies, banks will be in focus today.

Canara Bank, Punjab National Bank, SAIL and Sun TV Network are under the F&O ban for 22 December. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.

22 Dec 2020, 08:28:23 AM IST

SGX Nifty futures tick higher

SGX Nifty futures rose 0.4% to 13,436.20, indicating a positive start for the Indian benchmark.

Indian benchmark equity indices--Sensex and Nifty--fell 3% each on Monday, snapping six days of gains, as investor appetite soured following reports of a new deadly strain of the coronavirus in the UK.

The Sensex slumped 1406.73 points or 3% to close at 45,553.96 while the Nifty ended 432.15 points or 3.1% lower at 13,328.40.

22 Dec 2020, 08:26:38 AM IST

Asian stocks falter on renewed fears of coronavirus

Asian shares slipped on Tuesday, extending a pullback from multi-year highs hit last week on renewed fears a highly infectious new strain of COVID-19 that shut down much of Britain could lead to a slower global economic recovery, Reuters reported.

Australian S&P/ASX 200 widened losses to be down 0.67%. Japan's Nikkei 225 slipped 0.85%.

MSCI's gauge of Asia Pacific stocks outside Japan fell 0.21%. China's benchmark CSI300 Index and Hang Seng Index both opened down 0.2%.

22 Dec 2020, 08:23:28 AM IST

US stimulus deal helps Wall Street stocks offset losses

A gauge of equities around the world fell on Monday and oil prices plunged as concerns about a new coronavirus strain in Britain overshadowed optimism over a vaccine-fueled rebound in economic growth, Reuters reported.

U.S. stocks, however, trimmed their losses as investors also weighed the benefits of a $900 billion fiscal stimulus deal reached by Congress over the weekend. The benchmark S&P 500 was down only slightly after having fallen as much 2% earlier.

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