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Sensex takes winning streak to 10th day, Nifty ends at 14,200; IT stocks shine

  • Extending its rally to the tenth straight session, the 30-share BSE index ended at 48,437.78, up 260.98 points or 0.54%. Similarly, the broader NSE Nifty jumped 66.60 points or 0.47% to a lifetime high of 14,199.50.

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

05 Jan 2021, 03:37:28 PM IST

Market closing

After a negative opening on Tuesday, Indian benchmark share indices recouped losses in the afternoon trade and settled at record highs led by gains in financial and IT stocks.

Extending its rally to the tenth straight session, the 30-share BSE index ended at 48,437.78, up 260.98 points or 0.54%. Similarly, the broader NSE Nifty jumped 66.60 points or 0.47% to a lifetime high of 14,199.50.

Axis Bank, closing over 6% higher, was the top Sensex gainer followed by HDFC, IndusInd Bank and TCS. ONGC, Bajaj Finance, NTPC and RIL were among the laggards. Of 30 Sensex shares, 16 settled in the green.

BSE Sensex
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BSE Sensex
05 Jan 2021, 03:11:12 PM IST

Metal, auto stocks under pressure

NSE Sectoral Indices
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NSE Sectoral Indices
05 Jan 2021, 02:53:10 PM IST

UltraTech Cement raises ₹1,000 crore via NCDs

UltraTech Cement on Tuesday said it has raised 1,000 crore through allotment of non-convertible debentures (NCDs) on private placement basis.

On December 26, the company said it is considering a proposal to raise funds by issuance of 10,000 rated, listed, non-convertible, redeemable, unsecured NCDs of 10,00,000 each aggregating to 1,000 crore on private placement basis on or after December 30, 2020.

“The company has approved the allotment of unsecured redeemable non-convertible debentures amounting to 1,000 crore on private placement basis," UltraTech said in a regulatory filing.

These NCDs have a coupon rate of 4.57% per annum and will be listed on National Stock Exchange of India. Tenure of the NCDs is two years 358 days, the company added.

05 Jan 2021, 02:40:44 PM IST

Dilip Buildcon down 0.3%

Infrastructure developer Dilip Buildcon on Tuesday said it has incorporated a special purpose vehicle (SPV) for road project worth 882 crore in Gujarat.

"The company has incorporated a special purpose vehicle (SPV) for a new HAM (hybrid annuity mode) project named as Dhrol Bhadra Highways as a wholly-owned subsidiary of Dilip Buildcon," the company said in a regulatory filing.

05 Jan 2021, 02:30:18 PM IST

Paint companies are bracing for price hikes, hint dealers

A recent dealers’ channel check by domestic brokerage house ICICI Securities Ltd showed that paint dealers are expecting a price increase. “The dealers also opined that there is possibility of price hikes in January-February’20 especially in enamels. Depending on price hikes news-flows, the dealers are expected to increase inventory prior to price hike," said the report on 4 January. (Full report)

05 Jan 2021, 02:19:31 PM IST

Indian Energy Exchange falls 3.7%

The electricity market at Indian Energy Exchange traded an all-time high volume of 7260 MU during the month of December 2020 witnessing an 52% YoY during the month.

According to the data published by the National Load Dispatch Center (NLDC), the national peak demand in December’20 saw 7% YoY increase while the energy consumption registered 5% YoY growth. On 30 December when peak demand touched 182.9 GW, IEX electricity markets underpinning the core values such as most competitive prices, transparent as well as flexible power procurement, contributed to a significant 6.9% of the peak demand met.

05 Jan 2021, 02:10:04 PM IST

CSB Bank to announce December quarter results on 19 January

The meeting of the Board of Directors of CSB Bank is scheduled on 19/01/2021 ,inter alia, to consider and approve the unaudited financial results for the quarter and nine months period ended December 31, 2020.

05 Jan 2021, 02:00:32 PM IST

Hong Kong stocks end with more gains

Hong Kong stocks extended gains Tuesday on continued optimism about the economic recovery, while traders also cheered news that the New York Stock Exchange had abandoned plans to delist three state-owned Chinese telecom companies.

The Hang Seng Index rose 0.64%, or 177.05 points, to 27,649.86.

The benchmark Shanghai Composite Index rose 0.73%, or 25.72 points, to 3,528.68, while the Shenzhen Composite Index on China's second exchange jumped 1.50%, or 35.80 points, to 2,422.34.

05 Jan 2021, 01:46:58 PM IST

Videocon Industries lenders, 12 other group companies to meet under IRP

The lenders of debt-ridden Videocon Industries and 12 other group companies will meet on Tuesday under the insolvency resolution process (IRP).

"The 20th meeting of the consolidated committee of creditors (CoC) of Videocon Industries Ltd and other 12 Videocon group companies, having a consolidated corporate insolvency resolution process, is scheduled to be held on Tuesday, January 5," the firm said in a regulatory filing.

This is in accordance with the provisions of Regulation 19 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, it added.

05 Jan 2021, 01:38:28 PM IST

IndusInd Bank's loans grow by 3.2% in Q3

Private sector lender IndusInd Bank said on Tuesday its net advances grew to 2.07 lakh crore at the end of December compared with 2.01 lakh crore in the preceding quarter.

Deposits grew to 2.39 lakh crore from 2.28 lakh crore in the same period, the bank said in regulatory filings at stock exchanges.

Of these, retail deposits and deposits from small business customers totalled 85,914 crore on December 31 last year as compared to 75,610 crore in September-end.

The share of CASA (current account saving account) deposits stood at 40.5% in December quarter compared with 40.4% in the September quarter, the bank said in a limited review by statutory auditors.

05 Jan 2021, 01:25:43 PM IST

Rising pollution curbs aid volume prospects for city gas distribution companies

City gas distribution companies (CGDs) have continued to remain the Street’s favourites with rising demand for cheaper and cleaner fuel. The focus on pollution control is driving prospects for these companies further.

Demand for piped natural gas (PNG) from the industrial sector is on the rise, while compressed natural gas (CNG) demand has been a key growth driver for CGD’s. Geographical expansions, being undertaken by CGDs, have improved forward volume and earnings outlook too. Not surprising, stocks are seeing regular earnings upgrades. (Full report)

05 Jan 2021, 01:23:31 PM IST

Wonderla Holidays up 1%

Wonderla Holidays Ltd., India’s largest amusement park chain, is set to

reopen in Hyderabad from 9th January 2021 onward, it said in a regulatory filing on Monday.

05 Jan 2021, 12:49:15 PM IST

Sensex up about 100 points, erases early losses

BSE Sensex
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BSE Sensex
05 Jan 2021, 12:39:58 PM IST

L&T, ZEEL down 1% each

Income Tax officials on Monday visited premises of Larsen & Toubro Ltd. and Zee Entertainment Enterprises Ltd. in connection with alleged tax evasion, according to a Mint report. The visits are classified as ‘surveys’ in tax parlance, which indicates these are less extensive than ‘searches.’ Unlike searches, surveys can only be done during business hours and do not cover residential premises.

05 Jan 2021, 12:16:41 PM IST

NBCC up 1.5%

The company has awarded construction work worth 351 crore to Gaursons Hi-Tech.

05 Jan 2021, 12:03:04 PM IST

M-cap of BSE-listed companies zoom to record high of over ₹191 lakh crore

Total market capitalisation of all listed companies on the BSE has zoomed to a record high of over 191 lakh crore.

Till Monday's trade, markets recorded their ninth straight session of gain.

During this time, the BSE Sensex jumped 2,622.84 points or 5.75% and closed above the 48,000-mark for the first time on Monday.

In the past nine trading sessions, the market capitalisation of BSE-listed firms have jumped a whopping 12,89,863.39 crore to a record 1,91,69,186.44 crore ($2.6 trillon).

Approval of two covid-19 vaccines has brought cheers to the domestic market.

Also, positive global cues favoured the market sentiment.

In early Tuesday trade, the market capitalisation of BSE-listed companies was at 1,91,25,467.48 crore.

05 Jan 2021, 11:52:53 AM IST

National Fertilizers Limited up 7.25%

Surpassing the previous records, National Fertilizers Limited (NFL) has achieved ever highest production of 9.99 Lakh MT Urea in the third quarter of FY21. The company successfully maintained its operations during constraints posed by covid-19, it said in a BSE filing.

05 Jan 2021, 11:38:38 AM IST

Sun Pharma up 0.3%

Sun Pharma on Monday said it has initiated Phase 2 clinical trial for a product being developed to treat patients with moderate to severe plaque psoriasis.

The Phase 2 study is a randomised, double-blind, placebo-controlled study to assess the efficacy and safety of SCD-044 (novel molecule) in the treatment of moderate to severe plaque psoriasis, Sun Pharmaceutical Industries said in a statement.

The study will enrol around 240 subjects and topline results are expected in 2022, it added.

SCD-044 is also being evaluated in other autoimmune disorders and Phase 2 studies for other indications like atopic dermatitis, are also expected to be initiated soon, the Mumbai-based drug major said.

05 Jan 2021, 11:28:27 AM IST

HDFC comes through its investors’ expectations

Investors of mortgage lender Housing Development Finance Corporation Ltd (HDFC) are an elated lot. The stock was the top gainer today in early trade with the share price rising nearly 2%.

In an update on December quarter, the mortgage lender said its disbursements grew by 26% year-on-year. For the first nine months of FY21, HDFC’s disbursements were 86% of the level in the comparable period of FY20. “We expect this to translate into low-to-mid teen AUM growth in individual loans for the quarter," analysts at Motilal Oswal Financial Services Ltd wrote in a note. (Full report)

05 Jan 2021, 11:14:42 AM IST

HCL Technologies up 0.6%

HCL Technologies on Tuesday completed the acquisition of DWS Ltd, a leading Australian IT, business and management consulting group.

DWS has over 700 employees and offices in Melbourne, Sydney, Adelaide, Brisbane and Canberra. It delivers business and technology innovation to large clients across a spectrum of verticals.

HCL currently employs 1,600 people in major cities including Canberra, Sydney, Melbourne, Brisbane and Perth.

05 Jan 2021, 11:01:57 AM IST

Currency Outlook

"The Indian Rupee closed higher against the US Dollar, Due to broad decline in the dollar index. The minutes of the December Fed meeting due this week could reinforce that dovish stance which could continue to weigh on the greenback. FPI bought $168 million in local equity to help domestic pair to be on the higher side. However rising Covid-19 cases push investors towards safe haven, Technically USDINR Spot took the support of 72.80 and is facing the resistance of 73.20 levels. Closing above 73.20 will indicate that bullish trade will continue towards 73.50 – 73.60 level. Support for the pair is 72.80 levels below it can go 72.50 levels," said Kshitij Purohit, Lead Currency & Commodities at CapitalVia Global Research.

05 Jan 2021, 10:47:27 AM IST

Rupee update

The rupee depreciated by 13 paise to 73.15 against the US dollar in opening trade on Tuesday tracking the muted opening in domestic equities.

At the interbank forex market, the domestic unit was trading in a narrow range. It opened at 73.02 against the US dollar and fell to 73.15 against the greenback, registering a fall of 13 paise over its previous close.

On Monday, the rupee appreciated by 9 paise to close at a four-month high of 73.02 against the US dollar.

05 Jan 2021, 10:38:43 AM IST

IIFL Securities up over 4%

IIFL Insurance Brokers Limited, a wholly owned subsidiary of IIFL Securities, has received permission from IRDA for undertaking insurance e-commerce activities in lndia through Insurance Self Networking Platform (ISNP).

05 Jan 2021, 10:16:59 AM IST

HDFC up nearly 2%

The individual loan business of the mortgage lender continued to see improvements during the quarter ended 31 December 2020. Disbursement growth over the corresponding quarter of the previous year was 26%, HDFC Ltd said in a statement. For the nine months ended December 31, 2020, individual loan disbursements stood at 86% of the levels in the corresponding period of the previous year, it added.

05 Jan 2021, 09:57:05 AM IST

Market outlook

"We are top heavy at this point in time. 14150 is the current resistance level and if we can get past that 14200-14250 is a possibility. However, it is recommended that we maintain a cautious stance and trade with lighter quantities on the buy side with strict stops. The risk reward is currently skewed and we should wait for dips or corrections and then evaluate the markets. Accumulation of long positions should ideally happen on corrections," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

05 Jan 2021, 09:46:22 AM IST

For Bajaj Finance investors, the next vaccine is growth

Consumer lender Bajaj Finance Ltd looks to be surefooted on its path towards recovery.

In a notification with exchanges on Monday, Bajaj Finance said it added 2.2 million new customers in the December quarter. This is closer to the average number of customers the lender has been adding every quarter before the pandemic. Another encouraging metric is the addition of new loans. The lender managed to add 6 million new loans during the December quarter. In essence, the lender’s key metrics are back to pre-pandemic levels. The recovery is played out as expected by the market. (Full report)

05 Jan 2021, 09:26:40 AM IST

Most sectoral indices in the red

Sectoral Indices
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Sectoral Indices
05 Jan 2021, 09:19:09 AM IST

Market opening

Indian benchmark share indices opened lower on Tuesday tracking weak cues from global peers. Sensex opened at 48,041.71, down 135.09 points or 0.28%, while Nifty dropped 57.75 points or 0.41% at 14,075.15.

Sun Pharma, up nearly 1%, was the top Sensex gainer followed by Power Grid, HDFC and TCS. HUL, ONGC and RIL were among the laggards. Of 30 Sensex shares, 20 opened in the red.

BSE Sensex
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BSE Sensex
05 Jan 2021, 09:05:11 AM IST

Market pre-opening

Indian stocks traded lower in the pre-opening session on Tuesday. At 9:02am, Sensex was at 48,072.62, down 104.18 points or 0.22%, while Nifty dropped 17.20 points or 0.12% at 14,115.70.

05 Jan 2021, 08:44:54 AM IST

Stocks to Watch

HDFC, Bajaj Finance, Sun Pharma, IIFL Securities, NBCC and NFL are among the top ten stocks that may be in news on Tuesday. (Full report)

05 Jan 2021, 08:42:33 AM IST

Markets at close on Monday

Rising for the ninth straight session, the BSE Sensex closed above the 48,000-mark for the first time on Monday as investor sentiment got a boost after India approved two coronavirus vaccines over the weekend.

The 30-share BSE Sensex ended 307.82 points or 0.64% higher at 48,176.80. It touched a record intra-day peak of 48,220.47.

Similarly, the broader NSE Nifty jumped 114.40 points or 0.82% to its fresh lifetime high of 14,132.90. It scaled an all-time high of 14,147.95 during the session.

05 Jan 2021, 08:42:33 AM IST

Asia Stocks mixed

Asian stocks were mixed Tuesday amid concern that a surge in global coronavirus cases could crimp the economic recovery, with traders also bracing for key runoff elections in the US.

Japan’s Topix index fell 0.1%.

Australia’s S&P/ASX 200 Index dropped 0.2%.

South Korea’s Kospi index was flat.

Shanghai Composite was little changed.

Hong Kong’s Hang Seng Index fell 0.1%.

Singapore's SGX Nifty dropped 0.53%.

05 Jan 2021, 08:42:34 AM IST

Wall Street ends lower

Shares on Wall Street closed sharply lower on Monday, sliding from all-time peaks on the first trading day of the year, as risk appetite ebbed amid upcoming runoff elections in Georgia and the persistent surge in coronavirus cases.

The Dow Jones Industrial Average fell 382.59 points, or 1.25%, to 30,223.89, the S&P 500 lost 55.42 points, or 1.48%, to 3,700.65 and the Nasdaq Composite dropped 189.84 points, or 1.47%, to 12,698.45.

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