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Benchmark indices BSE Sensex and NSE’s Nifty 50 have been on a gaining streak over the past five days. Photo: Reuters
Benchmark indices BSE Sensex and NSE’s Nifty 50 have been on a gaining streak over the past five days. Photo: Reuters

Sensex gains for 6th day, up 133 pts; Nifty ends near 14k, Bajaj Finance jumps

  • Key benchmark indices Sensex and Nifty rebounded from the red zone in the last hour of trade to end at the day's high led by Ultratech Cement and Bajaj Finance

Welcome to the Mint live blog. Track this space for the latest stock market updates.

30 Dec 2020, 03:37:14 PM IST

Sensex, Nifty end near day's high

Benchmark equity indices closed at the day's high on the penultimate day of 2020 led by metals and auto stocks. Markets rallied for the sixth day in a row with Sensex ending 133 points higher at 47,746, while Nifty closing near the kissing distance of 14,000 mark.

Ultratech Cement, Bajaj Finance, and Maruti were the top gainers on Sensex, while Indusind bank and Sun Pharma were the biggest laggards.

Sensex at close.
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Sensex at close.
30 Dec 2020, 03:23:54 PM IST

Market breadth positive, Nifty inches towards 14k

Nifty check
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Nifty check
30 Dec 2020, 03:16:10 PM IST

Reliance Group rubbishes reports on RCom debt

Reliance Group says it is being "falsely and mischievously" stated in a section of social media that RCom Group of companies owe 86,188 crore to Indian banks and financial institutions. 

"As per figures certified by the Resolution Professional appointed by the lenders, the RCOM group owed ~Rs.26,000 crore to Indian banks and financial institutions as on the date of filing before the NCLT," it said.

30 Dec 2020, 03:07:24 PM IST

Global markets edge higher on vaccine approval

Shares edged higher globally on Wednesday as some markets wrapped up trading for 2020 amid hopes countries would speed up coronavirus vaccinations.

London's FTSE and Germany's DAX 30 rose 0.1%. Shanghai's Composite index gained over 1% while and Homg Kong's Hang Seng closed more than 2% higher. However, Japan's Nikkei was down 0.5%.

30 Dec 2020, 02:56:04 PM IST

Sensex in the green led by Bajaj Finance, Kotak Bank

Sensex check
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Sensex check
30 Dec 2020, 02:45:25 PM IST

Dabur hits 52-week high, up 1.6%

Dabur up
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Dabur up
30 Dec 2020, 02:33:23 PM IST

Covishield to be considered for emergency licensure by SEC today

An independent subject expert committee set up by the Drug Controller General of India V.G. Somani will on Wednesday consider Serum Institute of India’s proposal seeking an emergency licensure for its Covishield vaccine, a source in the know said.

Covishield is Serum Institute’s version of the vaccine originally developed by Anglo-Swedish firm AstraZeneca and the University of Oxford.

30 Dec 2020, 02:16:59 PM IST

Kotak Mahindra Bank crosses ₹4 trln in mcap

Kotak Mahindra Bank gained as much as 1% in intraday to hit a record high of 2022 a piece on BSE with a market cap of 4.01 trillion. So far this year it climbed 19%.

HDFC Bank Ltd is the nation's most valued lender in terms of mcap with 7.90 trillion. Reliance Industries Ltd is the biggest company of India with a mcap of 12.64 trillion followed by Tata Consultancy Services Ltd with mcap of 10.92 trillion and HDFC Bank Ltd.

30 Dec 2020, 02:03:33 PM IST

Sterlite Tech hits 52-week high, up 4.6%

Currently trading at 4.3x times of fiscal year 2022 of price to book value
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Currently trading at 4.3x times of fiscal year 2022 of price to book value
30 Dec 2020, 01:54:50 PM IST

Yes Bank appoints Niranjan Banodkar as group CFO

Yes Bank has appointed Niranjan Banodkar as group CFO, effective January 1. Current CFO Anurag Adlakha appointed chief human resources officer.

30 Dec 2020, 01:46:33 PM IST

Zydus Cadila receives DCGI nod for NAFLD drug in India

Drug firm Zydus Cadila on Wednesday said it has received approval from the Drug Controller General of India (DCGI) for Saroglitazar Mg, used for the treatment of non-alcoholic fatty liver disease (NAFLD), in the country.

The Drug Controller General of India (DCGI) has approved the new drug application (NDA) for Saroglitazar Mg for the treatment of non-alcoholic fatty liver disease (NAFLD) in India, Zydus Cadila said in a regulatory filing.

30 Dec 2020, 01:37:10 PM IST

Nifty PSU Banks down over 1% dragged by PNB, Indian Bank

Nifty PSU bank
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Nifty PSU bank
30 Dec 2020, 01:37:10 PM IST

Gujarat Gas best placed on volume growth but margin expansion must be monitored

Gujarat Gas Ltd has been one of the key beneficiaries of rising commercial activities with the easing of lockdown curbs. Sales volumes have shown consistent improvement since the resumption of economic activities, and analysts expect the momentum to continue.

Having higher exposure to industrial supplies, the company is considered to be better placed than peers peers as well. Companies such as Indraprastha Gas Limited (IGL) or Mahanagar Gas Ltd (MGL) have also been seeing gains and have strong prospects. However, these two have high exposure to compressed natural gas (CNG) sales in metro towns. With metros still struggling with the spread of covid-19, uncertainties pertaining to vehicular traffic growth linger. (Full report)

30 Dec 2020, 01:19:39 PM IST

Sensex down 100 points in volatile trade

Sensex movement.
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Sensex movement.
30 Dec 2020, 01:13:06 PM IST

Britain approves AstraZeneca/Oxford covid vaccine

Britain on Wednesday became the first country in the world to approve a coronavirus vaccine developed by Oxford University and AstraZeneca as it battles a major winter surge driven by a new, highly contagious variant of the virus, Reuters reported.

"The government has today accepted the recommendation from the Medicines and Healthcare products Regulatory Agency (MHRA) to authorise Oxford University/AstraZeneca’s COVID-19 vaccine for use," the health ministry said.

30 Dec 2020, 12:59:55 PM IST

JMC Projects bags orders worth ₹698 cr

Engineering firm JMC Projects on Wednesday said it has bagged orders worth 698 crore in the domestic market.

In a filing to the BSE, the company said it has won orders for building projects in South India worth 698 crore.

The company's CEO and Deputy Managing Director S K Tripathi said: "Our order inflows for the current year has crossed 6,700 crore. We remain confident to achieve our targeted numbers for the financial year 2020-21."

JMC Projects (India) Limited is a subsidiary of Kalpataru Power Transmission Ltd.

In a separate filing, JMC Projects said Vardhan Dharkar, Director (Finance) and Chief Financial Officer of the company has tendered his resignation due to personal reasons.

Shares of JMC Projects (India) Ltd were trading 2.33% higher at 68.00 apiece on BSE.

30 Dec 2020, 12:41:38 PM IST

'Back to work' theme to aid sentiment towards temporary staffing companies

Temporary staffing companies in the listed space such as Quess Corp. Ltd, Teamlease Services and SIS India Ltd are likely to benefit from the 'back to work' theme. Analysts say, in a post-covid world, higher number of companies are likely to opt for contract labour to keep their employee costs under control.

"Margins of BSE-500 companies (ex-financials, IT, and oil & gas) have remained flat over FY10-20. A 400bps expansion in gross margins over this period was offset by higher employee costs and the lack of operating leverage. In the post-covid environment, where demand is likely to remain weak, it is imperative for corporates to variablize costs (transform fixed costs into variable costs)," research house PhillipCapital (India) Pvt. Ltd said in a report on 23 December. One basis point is one hundredth of a percentage point. (Full report)

30 Dec 2020, 12:11:56 PM IST

Indian Railways awards 'regular supplier' status to JSPL for special grade rails

Jindal Steel and Power Limited (JSPL) becomes India's first private company to get "Regular Supplier" status from Indian Railways to supply 60kg 880 grade (90UTS) Rails.

With this, Indian Railways, its subsidiary, and track laying contractors can source 60kg 880 grade (90UTS) Rails manufactured by JSPL and utilize them for their ongoing and upcoming projects, according to an official release. (Full report)

30 Dec 2020, 12:03:02 PM IST

SBI, PNB, Bank of Baroda shares under pressure

PSU banking stocks underperformed today with Nifty PSU Bank index down about 0.9%. In comparison, the broader Nifty 50 index was flat at 11,940. Among the PSU banking stocks, SBI, Bank of Baroda, PNB, UCO Bank and Indian Bank were down about 1% each.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, is cautious on PSU banking stocks after their strong rally this month. The Nifty PSU Bank index is up about 13% so far this month in comparison to 7% gain in Nifty 50 index. (Full report)

30 Dec 2020, 11:43:06 AM IST

Reliance-BP consortium invites bidders for gas from KG D6 basin

Reliance Industries Ltd and UK's BP Plc today invited companies to bid for gas produced from the KG D6 basin. They expect to sell the gas from February.

"The gas produced for KG D6 will be available for sale at the delivery point at Gadimoga near Kakinada, Andhra Pradesh tentatively from 01 February 2021," the companies said in a notice in a newspaper. (Full report)

30 Dec 2020, 11:34:48 AM IST

Godrej Consumer up nearly 1%

FMCG maker Godrej Consumer Products Limited (GCPL) on Tuesday said it has forayed into home cleaning products, a segment which is witnessing fast growth after the pandemic. The Godrej group firm would provide surface cleaning and disinfecting solution under its newly-launched brand Godrej ProClean, the company said in a statement.

30 Dec 2020, 11:13:36 AM IST

Why 2020 has been the year of IT and pharma stocks

The year 2020 is coming to an end and we continue to cope with the havoc that the covid-19 pandemic has wreaked. But the Indian stock markets are in euphoria. The Nifty 50 index has staged an impressive recovery from the lows seen in March, touching a new high on Monday. So far this calendar year (until Tuesday), the index has risen 14%.

Going by the top ten stocks that have generated stellar returns in 2020, it has clearly been the year of IT (information technology) services and pharmaceutical companies, among large stocks. (Full report)

30 Dec 2020, 11:02:29 AM IST

Jindal Stainless (Hisar) down 1%

Jindal Stainless (Hisar) Ltd (JSHL) said its board has approved the company's merger into the country's largest stainless steel maker Jindal Stainless Ltd (JSL). Having a total melting capacity of 0.8 million tonne per annum (MTPA), Hisar-based JSHL is the largest specialty stainless steel producer in India with a diversified value-added product portfolio.

30 Dec 2020, 10:53:57 AM IST

Rupee update

The rupee appreciated by 9 paise to 73.33 against the US dollar in opening trade on Wednesday supported by sustained foreign fund inflows and weakness in the American currency in the overseas market.

At the interbank forex market, the domestic unit opened at 73.35 against the US dollar, then inched higher to 73.33 against the greenback, registering a rise of 9 paise over its previous close.

On Tuesday, rupee had settled at 73.42 against the US dollar.

30 Dec 2020, 10:53:17 AM IST

RIL completes acquisition of IMG Worldwide’s stake in sports management JV

Reliance Industries Ltd has completed acquisition of IMG Worldwide LLC's stake in their sports management joint venture IMG Reliance Ltd (IMG-R).

"The company has, on December 28, 2020, completed the acquisition of equity shares of IMGR. Accordingly, IMG-R has become a wholly-owned subsidiary of the company," Reliance Industries said in a regulatory filing.

30 Dec 2020, 10:37:09 AM IST

BSE Banks falls 0.5%

Lenders should brace themselves for a tough time once the policy support given during the pandemic is withdrawn, the Reserve Bank of India (RBI) said, warning of a deterioration in asset quality. Housing financiers, RBI specifically said in its Trends and Progress report released on Tuesday, could see a substantial impairment in their loan assets because of delays in completion of housing projects, cost overruns and delayed investments by home buyers.

BSE Bankex
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BSE Bankex
30 Dec 2020, 10:25:48 AM IST

Future Enterprises up 1.6%

Future group firms have started getting large orders from Reliance Industries, its CEO Kishore Biyani said in an email to his employees on Tuesday. This will be a big support for the cash-strapped future group firms before the completion of 24,713 crore buyout of the country's second-largest retailer by Reliance Industries' arm.

30 Dec 2020, 10:09:29 AM IST

GIC Housing Finance drops 0.7%

Housing finance regulator National Housing Bank (NHB) has imposed a fine of 47,000 on GIC Housing Finance for violation of the guidelines. "Based on the examination of the issue, including the submission made by the company in the matter, the National Housing Bank has decided to levy a penalty of 47,000 for delayed and non-submission of returns," it said.

30 Dec 2020, 09:59:39 AM IST

Market outlook

"The markets seem a little nervous to hit the 14000 mark. We have gone around that level yesterday and today. It is really a mere formality to achieve that as the Nifty seems poised to conquer 14100 as a potential target. A good support lies at 13600 so traders can consider buying into this trend during any intra day correction," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

30 Dec 2020, 09:43:48 AM IST

Vedanta drops 1.2%

Promoters of Vedanta Ltd have pledged their holding in the company to raise $1.4 billion, mostly for repaying the debt that was coming up for maturity.

In a stock exchange filing, Vedanta said its promoters raised $1 billion debt by issuing equivalent notes to Citicorp International Ltd.

Separately, a unit of Vedanta Resources will issue $400 million in notes to an entity under Oaktree Capital Group.

The notes in both cases will be partly secured by shares in Mumbai-listed unit Vedanta Ltd.

The funds raised from Citicorp "will be used to fund the tender offer for any and all of Vedanta Resources Limited's (VRL) outstanding $900 million 8.25% bonds due 2021," the company said in the filing.

30 Dec 2020, 09:33:44 AM IST

Most sectoral indices in the red

NSE sectoral
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NSE sectoral
30 Dec 2020, 09:19:33 AM IST

Market opening

Indian benchmark share indices opened higher on Wednesday led by gains in HDFC Bank and ICICI Bank. Sensex opened at 47,789.03, up 175.95 points or 0.37%, while Nifty advanced 48.30 points or 0.35% to open at 13,980.90. Nestle India, up over 1%, was the top Sensex gainer followed by Titan, HDFC Bank and IndusInd Bank. Power Grid was the only laggard in the 30-share barometer.

BSE Sensex
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BSE Sensex
30 Dec 2020, 09:08:36 AM IST

Market pre-opening

Indian stocks traded higher in the pre-opening session on Wednesday. At 9:02am, Sensex was at 47,796.53, up 183.45 points or 0.5%, while Nifty advanced 37.80 points or 0.3% at 13,970.40.

30 Dec 2020, 08:44:38 AM IST

Markets at close on Tuesday

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.

30 Dec 2020, 08:44:02 AM IST

Stocks to Watch

Vedanta, GIC Housing Finance, RIL, Future Group and JSPL are among the top stocks that may be in focus today. (Full report)

30 Dec 2020, 08:41:49 AM IST

Asia Stocks drift

Asian stocks were mixed Wednesday after US equities pulled back from record highs on fading prospects for bigger government aid checks to individuals. The dollar extended a decline.

S&P 500 futures rose 0.2% as of 11:46 a.m. in Tokyo. The S&P 500 Index fell 0.2%.

Topix index fell 0.7%.

Australia’s S&P/ASX 200 Index fell 0.9%.

South Korea’s Kospi index rose 0.8%.

Hong Kong’s Hang Seng Index rose 1.2%.

Shanghai Composite Index rose 0.7%.

Singapore's SGX Nifty climbed 1%.

30 Dec 2020, 08:41:49 AM IST

Wall Street dips from record levels

US stocks edged lower on Tuesday in choppy trading after hitting record highs, as investors worried about the path of economic reopening and whether the Senate would authorize additional pandemic aid checks.

The Dow Jones Industrial Average fell 68.3 points, or 0.22%, to 30,335.67, the S&P 500 lost 8.32 points, or 0.22%, to 3,727.04 and the Nasdaq Composite dropped 49.20 points, or 0.38%, to 12,850.22.

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