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Indian benchmark share indices continued their upward march for 5th straight session on Tuesday led by gains in financial and IT stocks. Investor sentiment remained upbeat amid positive global cues.
Sensex ended at 47,613.08, up 259.33 points or 0.55%, while Nifty advanced 59.40 points or 0.43% to close at 13,932.60.
IndusInd Bank closing about 6% higher, was top Sensex gainer followed by TechM, Axis Bank, ICICI Bank and HDFC. Nestle India, NTPC, Power Grid and Dr Reddy's were among the laggards. Of 30 Sensex shares 15 closed in the red.
Shares of State Bank of India (SBI) have been late mover, but they are certainly not missing out on the rally. Of course, some of this has got to do with the steady set of second-quarter numbers announced in early November. Since then, the stock has gained about 45%.
The run up in private sector banking stocks may have also weighed in the recent past. Indeed, the Bank Nifty index is up about 30% since October, with most of its heavyweights in the private banking space. Some of the private sector banks were early movers in the post-lockdown rally, with a significant improvement in valuations. (Full report)
A unit of Vedanta Resources will issue $400 million in notes to an entity under Oaktree Capital Group, as the mining conglomerate looks to meet liquidity needs.
The notes will be partly secured by shares in Mumbai-listed unit Vedanta Ltd., according to separate exchange filings from Vedanta and the US hedge fund. (Full report)
Lenders to troubled mortgage firm Reliance Home Finance (RHF) have extended the inter-creditor agreement (ICA) for another three months.
Reliance Home Finance, part of Anil Ambani-promoted Reliance Group, recently got bids from six suitors as part of the debt resolution process.
"The lenders of the company forming part of the Inter creditor Agreement (ICA), executed pursuant to the Reserve Bank of India (RBI) circular dated June 7, 2019 on Prudential Framework for Resolution of Stressed Assets, have extended the ICA period till March 31, 2021," the company said in a regulatory filing.
Glenmark Pharmaceuticals on Tuesday said it has launched a fixed-dose combination drug for the treatment of Type 2 diabetes in the country.
It has introduced a fixed-dose combination of Remogliflozin Etabonate and Vildagliptin in India for the management of Type 2 diabetes, the Mumbai-based company said in a statement.
The drug contains Remogliflozin (100 mg) and Vildagliptin (50 mg) in a fixed-dose and must be taken twice daily to improve glycemic control in patients, it added.
The company has launched the product under two brand names -- Remo V and Remozen V -- in the country.
Shriram Transport Finance Company on Tuesday said its board will meet next month to consider raising funds through the issuance of debt securities.
The company will consider raising of funds by way of issue of debt securities in onshore/offshore market by private placement basis and/or public issue subject to market conditions."
Shriram Transport Finance Company said in this regard the meeting of the banking and finance committee/debt issuance committee / bond issuance committee will be held to consider and approve such issuances of debt securities during the month ending January 31, 2021.
Covid-19 may have thrown curveballs this year but the $191 billion-Indian IT sector has shown resilience and 2021 promises more growth opportunities as digital spends go up to tackle the challenges amid the 'new normal'.
Rapid rise in corona cases at the beginning of the year led to governments enforcing lockdowns in various countries, including India. This posed twin challenges for Indian IT firms -- how to ensure business continuity for customers and how to ensure safety of their own staff. (Full report)
The ongoing rally in paint stocks shows that key companies in the sector have beaten the covid blues and how. Shares of leaders in the decorative paints segment Asian Paints Ltd and Berger Paints India Ltd touched fresh 52-week highs in opening trade on Tuesday. Last week, the stock of leader in industrial paints Kansai Nerolac Ltd also scaled a new peak.
Analysts say, expectations are that the worst in terms of covid-led demand impact is behind the sector. Volume recovery is expected to gather pace in the December quarter as the economy further reopens. Paint makers are increasing their focus on economy paints, emulsions, putty and adjacent products in the waterproofing and adhesives segments. As seen in the past few quarters, revival in volumes would continue to be led by low-cost products amid demand in smaller cities and towns, analysts add. (Full report)
Shares of Rupa & Company hit the 20% upper circuit of ₹311.70 on Tuesday after Abakkus Emerging Opportunities Fund-1 bought 1.50% stake in the company via bulk deal on Monday. (Full report)
The Water and Effluent Treatment business of L&T Construction has secured an EPC order involving Design, Engineering, Supply & Installation of Plant and Equipment to lay 135 km of Slurry Pipeline and Water Pipeline Systems between Bacheli and Nagarnar and associated facilities in the State of Chhattisgarh.
Leading commodity bourse MCX has launched futures trading in natural rubber. At present, four contracts of rubber futures that will expire in January, February, March and April of 2021 are made available for trading.
The coronavirus pandemic dealt a blow to the Union government’s plan to raise funds through major stake sales and initial public offerings.
The government managed to raise just ₹42,871.94 crore so far this year, down 37% from the ₹68,176.57 crore it had raised in 2019, according to Prime Database, a data provider on capital markets. (Full report)
State-owned power giant NTPC’s Dulanga coal mine is commercially operational from October 1, 2020. "...based on achievement of approved norms and due approval; Dulanga Coal Mine (in Odisha) of NTPC Limited, having an ultimate peak rated annual capacity of 7 Million Tonnes Per Annum, is declared commercial operation from October 1, 2020, a BSE filing said.
Drug firm Lupin has launched Meloxicam capsules, used for treating osteoarthritis (OA) pain, in the US market. The company has launched the product after having already received approval from the US Food and Drug Administration, Lupin said in a statement.
Debt-ridden firm Reliance Capital on Monday objected to the proposed 33.12% stake sale of Prime Focus Ltd (PFL) by Credit Suisse to PFL's promoter group at ₹44.15 per share.
Anil Ambani's Reliance Group company Reliance Capital in a statement termed the proposed transaction as a blatant abuse of the purported rights by Credit Suisse under certain lending agreements with the RCAP Group.
State-owned Coal India Ltd (CIL) is constructing 21 railway sidings at an estimated investment of ₹3,370 crore in four of its subsidiaries, an effort towards strengthening its rail infrastructure. These railway sidings would be commissioned by FY’24.
Air freight forwarder Skyways Air Services has joined hands with budget carrier SpiceJet for transporting covid-19 vaccine across India. Under the collaboration, Skyways will provide cold chain transportation and storage along with dedicated last-mile connectivity, while SpiceJet will provide connectivity across its pan-India network with full temperature mapping controls, a release said.
IT firm 3i Infotech Ltd has entered into definitive agreements to sell its software products business to the funds advised by Apax Partners for ₹1,000 crore. The software products business will be acquired by a newly formed company named Azentio Software, wholly-owned by the Apax Funds, a statement said.
Biotechnology major Biocon on Monday said it has launched Tacrolimus capsules, an immunosuppressant, in the US market. Tacrolimus is used in the treatment of organ transplant patients. The drug reduces the body's ability to reject a transplanted organ.
Rupee rises 8 paise to 73.41 against US dollar in early trade.
Amid a surge in domestic equity markets, Bajaj Auto Ltd on Tuesday joined the elite club of companies with over ₹1 trillion in market capitalisation.
This is the third automobile company to have achieved the milestone, others being Maruti Suzuki India Ltd, the most valued auto company in India, and Mahindra & Mahindra Ltd.
Country's largest insurer Life Insurance Corporation (LIC) has sold 2% stake in private sector lender ICICI Bank through open market transactions. The insurer sold 13.8 crore shares, representing 2.002% stake of ICICI Bank, over a period of November 27 to December 24, 2020, the bank said in a regulatory filing.
"We have hit 13900 this morning and the 14000 mark should now be a mere formality to achieve. There is always a possibility for the markets to shy away from that level since its a psychological whole number! If we sustain 14000, we should look out for 14200. During the recent correction, the Nifty has made a good base at the 13100-13200 level. Until that does not break, we are in bullish territory," Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Indian benchmark share indices opened at record highs on Tuesday tracking firm cues from global peers. Sensex opened at 47,466.62, up 112.87 or 0.24%, while Nifty advanced 37.15 points or 0.27% at 13,910.35.
IndusInd Bank, up about 2%, was the top Sensex gainer followed by Axis Bank, Bajaj Auto and SBI. Asian Paints and TechM were the only laggards on the 30-share barometer.
Indian stocks traded higher in the pre-opening session on Tuesday. At 9:05am, Sensex was at 47,494.29, up 140.54 points or 0.30%, while Nifty advanced 30.90 points or 0.22% at 13,904.10.
In four trading sessions, investor wealth jumped ₹8.22 lakh crore as markets continued their rally with the benchmark indices recording life time peaks on Monday. The BSE benchmark index Sensex settled 380.21 points higher at its all-time closing high of 47,353.75 on Monday. The index also scaled its fresh record intra-day peak of 47,406.72. In the previous trade on Thursday, the 30-share index had surged 529.36 points or 1.14% to close at 46,973.54. Equity markets were closed on Friday for Christmas. In four consecutive trading days of gains, the benchmark index has jumped 1,799.79 points or 3.95%. Following the upbeat sentiment, the market capitalisation of BSE-listed companies have gained ₹8,22,841.6 crore to ₹1,87,02,164.65 crore in the four trading sessions.
ICICI Bank, Biocon, PNB, 3i Infotech, SpiceJet and Coal India are among top ten stocks that may be in focus today. (Full report)
Extending gains for the fourth straight session, key stock indices Sensex and Nifty raced to new peaks on Monday in line with broad-based rally in global equities as investors cheered a $2.3 trillion US stimulus package and last-minute Brexit deal.
The benchmark index Sensex settled up by 380.21 points or 0.81% at its all-time closing high of 47,353.75. The index also scaled its fresh record intra-day peak of 47,406.72 on the back of gains in banking and energy stocks. The NSE Nifty ended 123.95 points or 0.90% up at new closing high of 13,873.20. It also touched its all-time intra-day high of 13,885.30.
Asian markets mostly rose Tuesday following a record-breaking lead from Wall Street as investors cheered the passage of a huge US stimulus bill, which has helped temper fears about surging coronavirus infections and a new, fast-spreading strain of the disease.
Japan's Nikkei 225 added 1.6%
Hong Kong's Hang Seng advanced 0.8%, while China's Shanghai Composite was little changed.
Singapore's SGX Nifty was up nearly 1%.
US stocks rallied on Monday, with each of Wall Street's main indexes closing at record levels as President Donald Trump's signing of a long-awaited $2.3 trillion pandemic aid bill increased optimism for an economic recovery.
The Dow Jones Industrial Average rose 204.1 points, or 0.68%, to 30,403.97, the S&P 500 gained 32.3 points, or 0.87%, to 3,735.36 and the Nasdaq Composite added 94.69 points, or 0.74%, to 12,899.42.
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