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Sensex ends 81 points lower, Nifty at 14,137; metal stocks shine

The BSE Sensex ended at 48,174.06, down 263.72 points or 0.54% on Wednesday. (Photo: Reuters)Premium
The BSE Sensex ended at 48,174.06, down 263.72 points or 0.54% on Wednesday. (Photo: Reuters)

  • Sensex dropped about 500 points from day's high and closed at 48,093.32, down 80.74 points or 0.17%, while Nifty ended 8.90 points or 0.06% lower at 14,137.35.

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07 Jan 2021, 03:39:05 PM IST

Market closing

After a strong opening on Thursday, Indian benchmark equity indices succumbed to a fag-end selling pressure.

Sensex dropped about 500 points from day's high and closed at 48,093.32, down 80.74 points or 0.17%. Nifty ended 8.90 points or 0.06% lower at 14,137.35.

Bharti Airtel, closing over 3% higher, was the top Sensex gainer followed by IndusInd Bank, Axis Bank and Bajaj Finserv. Titan, Nestle, HUL and HCL Tech were among the laggards. Of 30 Sensex shares 18 closed lower.

BSE Sensex
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BSE Sensex
07 Jan 2021, 03:00:34 PM IST

Mahindra Logistics launches electric last-mile delivery service

Mahindra Logistics Ltd (MLL), one of India's largest third-party logistics (3PL) solution providers, on Thursday launched a new service line of sustainable last-mile logistics and fulfilment for customers in e-commerce, FMCG and other markets.

MLL said EDel will deploy a fleet of electric vehicles starting with three-wheeler vehicles designed for cargo applications. The fleet will be deployed in collaboration with its supply partners.

EDel will initially operate across six major cities including Bengaluru, New Delhi, Mumbai, Pune, Hyderabad and Kolkata before expanding to a total of 14 cities in the next one year.

07 Jan 2021, 02:45:21 PM IST

Analysts see a 74% upside in ITC share price

Health Ministry of India has drafted proposal to increase the smoking (legal) age from 18 to 21 years, ban sales of loose cigarettes, do away with designated smoking rooms at airports and restaurants and increase penalties for flouting ‘no public smoking’ rules to curb smoking. Analysts believe this news will affect the share prices of cigarette industry negatively.

So on the face of it, this news will have negative sentiments for the entire cigarette industry including major like ITC, Godfrey and VST. However, as done in the past, in the long run companies will try to reinvent its business offering adhering to guidelines in our view. We suspect if the draft paper becomes a law it would add further woes to the sector, says Centrum Equity Research. (Full report)

07 Jan 2021, 02:28:13 PM IST

L&T Hydrocarbon Engineering bags up to ₹5,000-cr order from ONGC

L&T Hydrocarbon Engineering (LTHE) on Thursday said it has bagged an order worth up to 5,000 crore from Oil & Natural Gas Corporation (ONGC).

The engineering and construction company, however, did not provide the exact value of the contract, but as per its project classification, the value of a large order ranges between 2,500 crore and 5,000 crore.

L&T Hydrocarbon Engineering Limited (LTHE), a wholly-owned subsidiary of Larsen and Toubro, has secured a contract from Oil & Natural Gas Corporation (ONGC) for their new living quarter (LQ) and revamp at ‘NQ Complex' project, L&T said in a regulatory filing.

07 Jan 2021, 02:18:32 PM IST

IL&FS Solar Power repays entire ₹845 cr debt

Debt-laden IL&FS on Thursday said its group company IL&FS Solar Power Ltd (ISPL) has paid its entire debt of around 845 crore to all its creditors.

This repayment supports the overall resolution process for IL&FS Group and will be a key intermediate step in the resolution of ISPL, an entity for which no bids were received pursuant to the publicly solicited bid process launched in November 2018, the group said in a release.

07 Jan 2021, 02:00:04 PM IST

Sobha’s record Q3 sales lift stock; execution of land bank key monitorable

Shares of Bengaluru-based real estate developer Sobha Ltd rose nearly 5% on Thursday after the company announced robust sales data for the December quarter. Currently trading at 430.75 on the NSE, the stock is nearing its 52-week high of 464.

It saw a total sales volume of 1.1 million square feet in the December quarter. Volumes improved 6% on a year-on-year (y-o-y) basis and 27% sequentially. According to the company, this is its best-ever quarterly sales performance. (Full report)

07 Jan 2021, 01:46:22 PM IST

Asian shares track Wall Street rally on hopes for stimulus

Shares rose in Asia on Thursday after Wall Street rallied on expectations of more stimulus for the economy, despite chaotic scenes in Washington when Trump supporters stormed the U.S. Capitol.

The Nikkei 225 index in Tokyo gained 1.6% to 27,490.13. South Korea's Kospi jumped 2.1% to 3,031.68 and the S&P/ASX 200 in Australia advanced 1.6% to 6,712.00. India's Sensex rose 0.3% and shares in most other markets were higher.

Hong Kong’s Hang Seng index slipped 0.2% to 27,648.36 a day after dozens of pro-democracy figures were arrested under a national security law imposed by Beijing.

07 Jan 2021, 01:25:40 PM IST

Realty stocks surge after Maharashtra cuts levies on real estate projects by 50%

Shares of realty firms rose up to 8% after the Maharashtra government cleared a proposal to cut levies on real estate projects by 50% until December 2021.

Shares of Oberoi Realty jumped 8.2%, Sunteck Realty rose 5.8%, Godrej Properties gained 4.5% and The Phoenix Mills advanced around 3%. The Nifty Realty index rose 2% to 325.00. (Full report)

07 Jan 2021, 01:08:58 PM IST

SBI up nearly 2%

State Bank of lndia (SBI) on Thursday said it has concluded the issuance of USD 600 million (about 4,500 crore) from bonds to fund expansion of overseas business.

The fund raised through senior unsecured fixed rate notes having maturity of 5.50 years and coupon of 1.80% payable semi-annually under Regulation-S, SBI said in a regulatory filing.

The bonds will be issued through our London branch as of January 13, 2021, and shall be listed on Singapore Stock Exchange and India International Exchange, GIFT City, it said.

07 Jan 2021, 12:57:02 PM IST

India's biggest poultry producer hits two-month low on bird flu outbreak

Shares of India's biggest poultry producer Venky's dropped more than 4% on Thursday to their lowest level in two months after an outbreak of avian influenza was reported in four states.

Venky's shares fell for the fourth straight day on Thursday and were trading at 1531.70, down 1.75%, after hitting a low of 1495.10 rupees earlier in the day.

Simran Farms declined 5%, while Ovobel Foods slipped 0.75%.

Avian influenza, also known as bird flu, was reported in the states of Madhya Pradesh, Rajasthan, Himachal Pradesh and Kerala, the federal government said in a statement.

Kerala has started culling chickens and ducks to contain the virus, while Madhya Pradesh has banned imports of poultry products from Kerala for 10 days.

Indian soybean futures fell more than 1% on Thursday on fears demand for soymeal from the poultry industry could falter due to the bird flu outbreak.

07 Jan 2021, 12:44:56 PM IST

14250 continues to remain a resistance area for Nifty

Indian stock markets moved higher today in tandem with firm Asian markets but were off day's highs. The blue-chip NSE Nifty 50 index was up 0.2% to 14,175 after hitting 14,256 at day's high. Similarly, the Sensex traded off day's highs and was up 0.2% to 48,268.16. Both indexes had hit record highs in the first four trading sessions of 2021. (Full report)

07 Jan 2021, 12:22:52 PM IST

PNC Infratech up 5%

CN Infrabuild Pvt Ltd on Wednesday sold 2.55 crore shares or 9.95% of equity of PNC Infratech worth over 447 crore through an open market transaction. On the BSE, the entity sold 2,55,34,008 shares of PNC Infratech at an average price of 175.12 apiece aggregating to 447.15 crore. The scrips were bought by several entities at same price through separate transactions.

07 Jan 2021, 12:02:55 PM IST

India firms have best start to a year ever for dollar bond sales

Three Indian borrowers have already sold dollar bonds so far this year, riding a strong wave of global deals and making it the strongest start to a year ever for the country’s issuers.

The firms have priced $2.1 billion of dollar bonds. They are joining borrowers globally that have been rushing to credit markets, after yields crashed following cash-boosting measures by authorities to keep economies afloat amid the pandemic. (Full report)

07 Jan 2021, 11:54:40 AM IST

Bandhan Bank shows resilience but risks to growth remain

Micro lender Bandhan Bank Ltd’s December quarter update showed that investors were right about its resilience amid the pandemic.

The bank reported a 23% year-on-year loan growth, higher than the previous quarter. The sequential growth in loans was 5%. To be sure, this is nowhere close to the growth rates the lender reported in the past years. Further, growth is aided by festival season optimism and the government’s guarantee scheme that essentially took the credit risk away for banks. The sustainability of loan growth in the absence of these is debatable. (Full report)

07 Jan 2021, 11:33:48 AM IST

Telcos ask Centre for clear roadmap on roll-out of 5G

India’s telecom operators on Wednesday pressed the government to decide when it plans to auction fifth-generation (5G) spectrum so that they have clarity on when to start field trials to test the technology and roll out services.

In a meeting with telecom department officials to discuss the 5G roadmap, the telcos sought globally harmonized bands to be identified for 5G services in the country to enhance interoperability between networks. (Full report)

07 Jan 2021, 11:24:14 AM IST

Franklin MF's six schemes under winding up receive ₹13,120 crore till Dec 31

It has been a little over eight months since the orderly winding up of the six schemes of Franklin Templeton Mutual Fund has started. The Supreme Court on December 3, 2020 issued an interim order allowing the Trustee of Franklin Templeton to seek consent of the unitholders for the winding up of the six schemes. Supreme court in its interim order on December 9, 2020, had directed SEBI to appoint an observer to oversee the voting exercise and the electronic unitholder meet.

The unitholders consent vote took place from December 26 to December 28, 2020 followed by the Unitholders meet via video conference on December 29, 2020. (Full report)

07 Jan 2021, 11:15:00 AM IST

ICICI Securities' top five mid cap stock picks

The mid cap index has resolved out of bear phase as it logged a resolute breakout from the three years falling trend line, indicating resumption of major up trend. ICICI Securities believe that broader market would relatively outperform the benchmark, going ahead. The brokerage has created a medium term portfolio of hand picked five mid cap stocks after rigorous research. The essence of attractive technical set up backed by robust fundamentals can offer handsome returns in a trending market, says ICICI Securities. (Full report)

07 Jan 2021, 11:02:22 AM IST

IDFC First Bank hikes interest rate on savings balances below 1 lakh to 7%

From 1 January, IDFC First Bank has increased the interest rate on savings account balances up to 1 lakh to 7%. The interest rate was 6% earlier. The rate compares favourably with the 3-4% on offer in major private sector banks.

IDFC First Bank is a scheduled commercial bank with a market cap of around 22,500 crore and a network of around 260 branches. It received a banking license in 2015 and listed on the stock exchanges that year. Savings account balances above 1 lakh will continue to earn 7%, as before. (Full report)

07 Jan 2021, 10:49:36 AM IST

Lupin down 0.2%

Homegrown pharma major Lupin Ltd has received approval from the US health regulator to market its generic version of sulfamethoxazole and trimethoprim oral suspension used to treat bacterial infections.

07 Jan 2021, 10:39:50 AM IST

TCS falls 1.4%

Tata Sons tendered shares worth 9,997 crore of Tata Consultancy Services (TCS) during the IT major's 16,000 crore-buyback offer that concluded recently. The single largest shareholder of TCS, Tata Sons tendered more than 3.33 crore shares during the offer, according to a regulatory filing.

07 Jan 2021, 10:23:59 AM IST

Rupee update

Rupee opens on flat note, rises 2 paise to 73.09 against US dollar in early trade.

07 Jan 2021, 10:13:35 AM IST

Market outlook

14250 continues to remain a resistance area for the Nifty. If we are able to sustain above that level, our next target should be 14350-14400. A good support currently lies at 13800 so dips or intra day corrections can be utilised to enter the markets for higher targets. Strict stops should be in place as markets can get volatile during corrective moves, said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

07 Jan 2021, 09:53:10 AM IST

Maruti Suzuki up nearly 1%

The country's largest carmaker’s total production in December 2020 increased 33.78% to 1,55,127 units. Maruti Suzuki India had produced a total 1,15,949 units in the same month of 2019. Passenger vehicles production stood at 1,53,475 units last month as compared with 1,14,962 units in December 2019, a growth of 33.5%.

07 Jan 2021, 09:44:36 AM IST

IT, pharma stocks under pressure

NSE Sectoral Indices
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NSE Sectoral Indices
07 Jan 2021, 09:24:50 AM IST

Market opening

Indian benchmark share indices opened higher on Thursday tracking firm cues from global peers. Sensex opened at 48,524.36, up 350.30 points or 0.72%, while Nifty opened 107.5 points or 0.75% higher at 14,253.75.

Axis Bank, up over 2%, was the top Sensex gainer followed by IndusInd Bank, SBI, L&T and ONGC. Titan, TCS and HUL were among the laggards. Of 30 Sensex shares, 25 were in the green at open.

BSE Sensex
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BSE Sensex
07 Jan 2021, 09:13:16 AM IST

Market pre-opening

Indian stocks traded higher in the pre-opening session on Thursday. At 9:05am, Sensex was at 48,405.09, up 231.03 points or 0.48%, while Nifty added 83.60 points or 0.6% at 14,229.85.

07 Jan 2021, 09:02:40 AM IST

Markets at close on Wednesday

Snapping its 10-session rising streak, equity benchmark Sensex tumbled 264 points on Wednesday as investors booked profits in Reliance Industries as well as IT, finance and FMCG stocks amid mixed global cues.

However, a recovering rupee and sustained foreign fund inflows restricted the fall, traders said.

After touching its record intra-day high of 48,616.66 in early trade, the 30-share BSE index pared all gains to end 263.72 points or 0.54% lower at 48,174.06.

Similarly, the broader NSE Nifty fell 53.25 points or 0.38% to 14,146.25. It touched a record peak of 14,244.15 during the day.

07 Jan 2021, 08:58:49 AM IST

Asian shares track Wall Street rally

Shares rose in Asia on Thursday after Wall Street rallied on expectations of more stimulus for the economy, despite chaotic scenes in Washington as Trump supporters stormed the US Capitol.

Hong Kong's Hang Seng index edged up 0.1% to 27,715.94 while the Nikkei 226 index in Tokyo gained 1.6% to 27,486.39. South Korea's Kospi climbed 1.5% to 3,012.23 and the S&P/ASX 200 in Australia advanced 1.5% to 6,709.10. Singapore's SGX Nifty advanced 0.77% to 14,283.

07 Jan 2021, 08:58:49 AM IST

US stocks shrug off Capitol Hill unrest

The Dow and the S&P 500 ended higher, soaring to all-time highs on Wednesday, as investors piled into financial and industrial stocks on bets a Democratic sweep in Georgia would lead to more fiscal stimulus and infrastructure spending.

The Dow Jones Industrial Average closed 437.8 points higher, or 1.44%, to 30,829.4, the S&P 500 gained 21.28 points, or 0.57%, to 3,748.14 and the Nasdaq Composite dropped 78.17 points, or 0.61%, to 12,740.79.

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