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Sensex, Nifty end last day of 2020 on flat note; IT, FMCG stocks drag

  • Indian benchmark equity indices settled at flat levels during thin year-end trading on Thursday with IT and FMCG stocks losing steam.

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31 Dec 2020, 03:43:02 PM IST

Market closing

Indian benchmark equity indices settled at flat levels during thin year-end trading on Thursday with IT and FMCG stocks losing steam.

Sensex ended at 47,751.33, up 5.11 points or 0.01%. After hitting the 14,000-mark for the first time, Nifty settled at 13,981.75, down 0.20 points.

HDFC was the top Sensex gainer followed by Sun Pharma, Asian Paints and Dr Reddy's. TCS, Ultratech Cement, Bharti Airtel and Kotak Bank were among the laggards. Of 30 Sensex shares 19 closed in the red.

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31 Dec 2020, 03:12:35 PM IST

Gold bulls set to dominate 2021 for the third consecutive year: Kotak Securities

“Gold has been on a rise for the last few years and the rally exacerbated this year owing to COVID-19. Gold surged to a record high level of near $2080/oz in August 2020. However it witnessed a correction of about 15% reaching a low of near $1770/oz in late November, before recovering back to currently traded $1880/oz. The recent sell-off has been mainly due to profit taking amid hopes of a COVID -19 vaccine and year-end position squaring .Although it has slightly dented market sentiment overall outlook for gold is still upbeat. Escalating virus situation is proving to be a challenge for the global economic recovery . Apart from this lower interest rates worldwide and US Dollar's downtrend might prove positive for the yellow metal. Currently $Gold spot is flirting near $1900/oz. A sustained break might be seen in 2021 which might push the prices to $1980/oz and then $2050/oz," said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

31 Dec 2020, 02:59:03 PM IST

Key themes for 2021 by Axis Securities

Digital, Healthcare and Telecom will continue to have a good run in 2021: All these themes were promising even before COVID 19 but the pandemic has resulted in business transformation decisions which were unthinkable a year back. IT companies in India are winning big transformational deals which will have huge implications over the next few years. Similarly, healthcare and telecom sectors have seen massive changes. Business models are set to evolve further and stocks in these sectors will continue to outperform in 2021.

Year of small and mid caps: After a prolonged period of weakness, the small and midcap stocks have outperformed the large cap indices by a significant margin. The year 2021 will be a year of economic revival with GDP growth rate closer to double digits. Notwithstanding the low base, the economic revival will usher stronger earnings growth. In a year of strong earnings growth, mid and small caps tend to see market beating earnings growth and rerating. Small and mid cap stocks are likely to deliver very strong returns and when combined with other dominant themes then returns will be even stronger.

BFSI and Atmanirbhar to see strong traction: The immense liquidity within banking system has meant that the sector is now focused on growth. NPAs are likely to be contained well and the banks have raised enough capital to tide over the stress challenges. As growth becomes the focus for banks, stock returns will track credit growth and pre provision profits which are likely to be significant. Apart from BFSI, the Union Budget for 2021 will be very critical with major schemes for manufacturing companies expected. This could mean a wide range of Atmanirbhar (self-sufficiency) schemes are in the fray. This could help the manufacturing sector immensely.

Sector rotation and impetus on infrastructure will be critical: Equities have seen significant flow of FII liquidity and solid sector rotation theme playing out. Even PSUs have started performing in the last couple of months as they were immensely undervalued. Sector rotation theme is likely to play out in the early part of 2021 as underperforming sectors like FMCG could gain traction. Also, budget could put more thrust on the infrastructure sector as that is the key for creating jobs. Thus, sector rotation and selective plays related to infra could deliver good returns in 2021.

31 Dec 2020, 02:28:36 PM IST

Top stock picks by Axis Securities

Axis Securities
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Axis Securities
31 Dec 2020, 02:17:01 PM IST

MG Motor and Tata Power launch first 60 kW Superfast public EV charging station in Coimbatore

MG Motor and Tata Power on Thursday installed a 60 kW Super fast public EV charging station here, the first in the city and also Tamil Nadu.

The latest public EV charging station is available to all vehicles compatible with CCS (Combined Charging System) fast-charging standard and is in line with MGs commitment to provide a 5-way charging ecosystem to its customers. The initiative is part of MGs recent partnership with Tata Power for the deployment of 50 kW and 60 kW DC Superfast Charging Stations across India.

MG ZS EV India's First Pure Electric Internet SUV- can be charged up to 80% in 50 minutes at the facility, a company release said.

31 Dec 2020, 02:11:06 PM IST

All Jio voice calls to any network within India to be free from 1 Jan

All domestic voice calls made by subscribers of Reliance Jio Infocomm Ltd to any network within India will be free from 1 January, said India’s largest mobile operator by market share on Thursday.

The Mukesh Ambani-led telco said as per directions of the Telecom Regulatory Authority of India (Trai), Bill and Keep regime is being implemented in the country from 1 January, ending interconnect usage charges (IUC) for all domestic voice calls.

Reliance Jio said when, in September 2019, Trai had extended the timeline for implementation of the Bill and Keep regime beyond 1 January, 2020, it was forced to charge its customers for off-net voice calls, at a rate equivalent to the applicable IUC.

31 Dec 2020, 01:54:45 PM IST

Glenmark Pharma drops 0.7%

Drug major Glenmark Pharma on Thursday said it has received final approval from the US health regulator for Tadalafil tablets, used to treat erectile dysfunction and enlarged prostate.

The company also received two tentative approvals from the US health regulator.

Glenmark Pharmaceuticals Ltd has received final approval from the United States Food and Drug Administration (USFDA) for Tadalafil tablets USP in the strengths of 2.5 mg, 5 mg, 10 mg and 20 mg, the company said in a regulatory filing.

The approved product is a generic version of Cialis tablets of Eli Lilly and Company.

31 Dec 2020, 01:45:03 PM IST

Tejas Networks wins an international order of $13 Million from South East Asia region

Tejas Networks today announced that it has received a purchase order of $13 million from a leading telecommunications service provider in South East Asia. As per the contract, Tejas will supply and install its award-winning TJ1400 ultra-converged broadband products (TJ1400UCB) to extend high-speed broadband services to underserved rural communities in the region. The project is expected to be executed within the next 12 months.

31 Dec 2020, 01:20:13 PM IST

L&T's construction arm bags 'significant' orders in overseas, domestic market

Infrastructure company Larsen & Toubro (L&T) on Thursday said its construction arm has received orders in the overseas and domestic market.

The company did not provide the value of the contracts, but said the orders fall under the 'significant' category, which ranges between 1,000 crore and 2,500 crore, according to the classification of contracts.

"The construction arm of L&T has secured orders from prestigious clients for two of its businesses," L&T said in a regulatory filing.

31 Dec 2020, 12:53:18 PM IST

BHEL bags orders worth ₹3,200 crore

State-run engineering firm BHEL on Thursday said it has bagged orders worth 3,200 crore for hydro projects in Andhra Pradesh and Telangana.

"BHEL has bagged significant orders, valued at 3,200 Crore, for Electro-Mechanical (E&M) works for a Hydro Electric Project (HEP) in Andhra Pradesh and E&M (electrical and mechanical) works of Pump-Motor sets for Lift Irrigation Schemes (LIS) in Telangana," a BHEL statement said.

31 Dec 2020, 12:41:04 PM IST

TCS, Infosys, Kotak Bank drag Sensex into the red

Index contributors
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Index contributors
31 Dec 2020, 12:06:25 PM IST

ICICI Sec sees double-digit revenue growth in top IT companies in FY22, FY23

New age technologies like cybersecurity (to protect business from work from home scenario), app development (to help customer transact virtually) and Cloud (to enable seamless & efficient online transaction) are witnessing robust growth. Analysts at ICICI Securities expect technology to become an integral part of a company’s spending and key to revenue growth. Hence, we expect increased allocation towards technology making IT companies indispensable to business. Digital technologies like cloud, cybersecurity, AI, Analytics are expected to play a critical role in driving this growth. The pace of digital acceleration has increased after Covid-19. (Full report)

31 Dec 2020, 11:53:35 AM IST

Equity benchmark Sensex swinging between gains and losses

BSE Sensex
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BSE Sensex
31 Dec 2020, 11:31:14 AM IST

Indian shares set for best year since 2017, Nifty up 15%

Indian shares were set to log their highest annual gains since 2017 as they traded sideways on Thursday in their last 2020 session, with the benchmark Nifty index set to finish the year 15% higher.

The NSE Nifty 50 index was up 0.06% at 13,991.95 by 0444 GMT, while the S&P BSE Sensex was 0.07% higher at 47,784.31. The Nifty rose for a seventh straight session, briefly hitting a life-time high of 13,997.85.

31 Dec 2020, 11:22:25 AM IST

Coromandel International up 1.3%

E I D Parry India Ltd, a promoter of Coromandel International, has sold more than 58 lakh shares of the company worth over 469 crore through an open market transaction. As per the bulk deal data available on the BSE, E I D Parry offloaded 58.50 lakh shares of the company at an average price of 803.19 per share. This translates into a total deal value of 469.86 crore.

31 Dec 2020, 11:08:28 AM IST

Ansal Properties up 5%

Realty firm Ansal Properties & Infrastructure Ltd has agreed to sell its entire 66.24% stake in IT SEZ in Greater Noida to Migsun group. In a regulatory filing, Ansal Properties said the company has entered into an agreement to sell its entire shareholding of 66.24% held in its subsidiary firm Ansal IT City and Parks Ltd, which owns IT Park of 37.5 acres of land at Greater Noida to Mahaluxmi Infrahome, part of Migsun Group.

31 Dec 2020, 10:48:34 AM IST

Union Bank up 0.3%

Shareholders of Union Bank of India has approved the bank's proposal for raising up to 6,800 crore equity capital to fund business growth. During the Extraordinary General Meeting (EGM), the shareholders passed the special resolution with the requisite majority for raising capital through FPO (Follow-on Public Offering) /Rights or QIP (Qualified Institutional Placement) or preferential allotment, the bank said in a regulatory filing.

31 Dec 2020, 10:38:16 AM IST

Rupee update

The rupee appreciated by 19 paise to 73.12 against the US dollar in opening trade on Thursday supported by sustained foreign fund inflows and weakness of the American currency in the overseas market.

At the interbank forex market, the domestic unit opened at 73.15 against the US dollar and inched higher to 73.12 against the greenback.

On Wednesday, the rupee appreciated by 11 paise to close at more than two-month high of 73.31 against the US dollar.

31 Dec 2020, 10:17:55 AM IST

Indian Bank up 0.6%

The public sector bank has raised 392 crore through perpetual bonds. It has further raised tier 1 capital fund through private placement of Basel III compliant AT-1 perpetual bonds aggregating to 392 crore. The bonds carry a coupon of 8.44% payable annually, it said.

31 Dec 2020, 10:09:51 AM IST

RITES up nearly 1%

The miniratna public sector enterprise has declared an interim dividend of 5 per share on face value of 10 each. The decision was taken in a board meeting, the company said in a statement. The dividend amounts to 120.15 crore (at the rate of 50 per cent of paid-up capital), the statement said.

31 Dec 2020, 09:56:34 AM IST

Infosys drops 0.5%

Bengaluru-based IT firm’s joint venture partner in Saudi Arabia has filed a lawsuit in a California court accusing Infosys of violating US law on corruption, according to a report in The Economic Times.

31 Dec 2020, 09:48:52 AM IST

Vedanta Ltd drops 0.3%

Promoters of the company cannot sell or create any security on shares they hold in the group as part of the terms attached to the recent $1.4 billion fund raising -- conditions which technically fall within the definition of 'encumbrance' but no pledge on shares has been created.

31 Dec 2020, 09:45:11 AM IST

Adani Green Energy up 3%

The company has commissioned a 100 megawatt (MW) solar power project at Khirsara in Gujarat. "Adani Solar Energy Kutchh Two Private Limited, a wholly-owned subsidiary of Adani Green Energy Limited (AGEL), has commissioned a 100 MW solar power project at Khirsara, Gujarat, ahead of its scheduled commercial operation date (COD) as per its 25-year power purchase agreement (PPA ) with the Gujarat Urja Vikas Nigam India (GUVNL)," AGEL said in a statement.

31 Dec 2020, 09:35:04 AM IST

FMCG, IT stocks under pressure

Sectoral Indices
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Sectoral Indices
31 Dec 2020, 09:17:15 AM IST

Market opening

Indian benchmark share indices opened on a flat note on the last trading session of 2020. Sensex opened at 47,753.11, up 6.89 points or 0.01%, while Nifty opened 11.95 points or 0.09% lower at 13,970.00.

Ultratech Cement was the top Sensex gainer at open, followed by HDFC, Sun Pharma, Bajaj Finserv, TechM and IndusInd Bank. Nestle India, NTPC, SBI and Tata Steel were among the laggards. Of 30 Sensex shares, 12 opened in the red.

BSE Sensex
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BSE Sensex
31 Dec 2020, 09:12:21 AM IST

Market pre-opening

Indian stocks traded flat in the pre-opening session on Thursday. At 9:09am Sensex was at 47,753.11, up 6.89% or 0.01%, while Nifty declined 11.95 points or 0.09%.

31 Dec 2020, 09:00:39 AM IST

Market at close on Wednesday

The Sensex and Nifty raced to fresh record highs on Wednesday as gains in financials, auto and cement counters helped benchmarks extend their winning run for the sixth straight session amid positive global cues.

After succumbing to profit-booking in afternoon trade, the 30-share BSE Sensex closed up by 133.14 points or 0.28% at a record high of 47,746.22. The barometer scaled its all-time intra-day high of 47,807.85.

31 Dec 2020, 09:00:39 AM IST

Asian shares set to finish 2020 at record high

Asian shares edged up on Thursday and were set to end a tumultuous 2020 at record highs, while growing investor hopes for a global economic recovery caused the dollar to fall further against most major currencies.

MSCI's gauge of Asia-Pacific shares excluding Japan rose 0.1% to its latest peak, having explored fresh territory repeatedly late in the year. But year-end trading was typically thin.

31 Dec 2020, 09:00:40 AM IST

Wall Street ends up on recovery expectation

US stocks closed higher on Wednesday, with the Dow Industrials nudging up to a record, as investors looked towards an improving economic outlook in 2021 on the back of covid-19 vaccine rollouts and hopes for even more fiscal support.

The Dow Jones Industrial Average rose 73.89 points, or 0.24%, to 30,409.56, the S&P 500 gained 5 points, or 0.13%, to 3,732.04 and the Nasdaq Composite added 19.78 points, or 0.15%, to 12,870.00.

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