Rupee Close
Indian rupeeendedmarginallyhigherat 73.57 per dollar,amidbuying seen in the domestic equity market.It opened flat at 73.52 per dollar against Thursday's close of 73.54 and trade in the range of 73.46-.73.61.
Ajit Mishra, VP - Research, Religare Broking:
Markets started the week on a buoyant note and posted decent gains led by positive global cues. The optimism over the news that the US President has signed the stimulus package triggered healthy buying in the equity markets. Besides, participants also took note of the beginning of the vaccine drive in various parts of the world. Consequently, the Nifty index settled around the day’s high at 13,883 levels. The broader markets too witnessed healthy buying interest with Midcap and Smallcap ending higher by 0.8% and 1.5% respectively. On the sector front, all the indices ended with gains wherein Metal, Realty and Consumer Durables were the top outperformers.
We’re mirroring the global markets and indications are in favour of prevailing up move to continue and Nifty can test another milestone of 14,000 mark soon. On the domestic front, Auto sales numbers and PMI data would be actively tracked by participants ahead. Meanwhile, we suggest maintaining a positive yet cautious stance and avoiding contrarian trades.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
We are poised to hit 13900 and then 14000 but we might face some resistance around the present levels of the Nifty. There could be about of selling pressure between 13850-13950. We have good support at 13550-13600 and any corrective wave can be utilised to buy into this upward rally.
Rohit Singre, Senior Technical Analyst at LKP Securities:
Index managed to hold its bullish stream and managed to close a day on a positive note for the fourth consecutive session. The index has decisively crossed 13800 zone which was a good hurdle and managed to close above the same hinting fresh doors are open for 14k mark on the higher side if managed to hold above 13800 zone, good support for the index is still placed at 13820-13770 zone and resistance is coming near 13900-14000 zone.
Market Close:
Benchmark indices closed at fresh record highs with Nifty above 13,850 supported by the metal and financials.
At close, the Sensex was up 380.21 points or 0.81% at 47,353.75, and the Nifty was up 123.90 points or 0.90% at 13,873.20. About 1990 shares have advanced, 965 shares declined, and 177 shares are unchanged.
Tata Motors, JSW Steel, HDFC Life, Titan and SBI Life Insurance were among major gainers on the Nifty, while losers were Sun Pharma, HUL, Shree Cements, Britannia Industries and Cipla.
Except pharma, all other sectoral indices were trading in the green. BSE Midcap and Smallcap ended with 0.8-1.5 percent gains.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited- Investment Advisor:
The market witnessed a lackluster movement and lack of momentum. It stayed in the range between the level of 13800-13880. 13750-13780 would be a support zone. As the market has sustained over the crucial level of 13750, we can expect the volatility to expand, which could lead to an upside projection till the levels of 13990. The momentum indicators like RSI, MACD indicating a positive outlook to continue and market breadth to improve further.
European shares gain
European shares gained on Monday after Britain and the European Union signed a long awaited trade deal, while a bumper U.S. stimulus package boosted investor sentiment for riskier global assets.
U.S. President Donald Trump on Sunday signed into law a $2.3 trillion pandemic aid and spending package, restoring unemployment benefits to millions of Americans and averting a federal government shutdown in a crisis of his own making.
Crude Updates
Oil prices edged higher on Monday after U.S. President Donald Trump signed a $2.3 trillion coronavirus aid and spending package, although lingering worries about near-term demand weighed on the market.
Nifty Metal Index added over 2 percent supported by the APL Apollo, Welspun Corp, SAIL
Lupin launches Meloxicam Capsules
Lupin launched Meloxicam Capsules, 5 mg, and 10 mg, having received an approval from the United States Food and Drug Administration. Meloxicam Capsules is the generic equivalent of Vivlodex Capsules of Zyla Life Sciences US, Inc., and indicated for management of osteoarthritis (OA) pain.
European Markets trade higher:
Sadbhav Infra
: Promoter Sadbhav Engineering buys additional 1.5 lakh shares via open market.
TCS market cap crosses Rs 11 lakh crore
Most active stocks on NSE in terms of volumes
ICICIdirect on Phillips Carbon Black
: The company has a healthy B/S (limited leverage), capital efficient business model (RoCE>15 percent) and generates robust cash flow from operations (CFO yield >15 percent). We maintain our BUY rating on the stock with a revised target price of Rs 210 (Rs 180 earlier) valuing it at 10x P/E on FY23E EPS of Rs 21.0. Conservatively, as of now, we have not built in any volumes from greenfield capex under implementation as the company awaits regulatory approvals.
Rupee Updates
Indian rupee is trading marginally lower at 73.57 per dollar, with buying seen in the domestic equity market.It opened flat at 73.52 per dollar against Thursday's close of 73.54.
Gold Updates
Gold prices jumped 1% on Monday as investors cheered news that U.S. President Donald Trump signed into law a long-awaited pandemic aid bill, with a weaker dollar lending further support.
Buzzing
Paisalo Digital share price zoomed 17 percent on December 28 after SBI Life Insurance bought 38 lakh shares of the company.
SBI Life Insurance on December 24 acquired 8.99 percent stake in non-deposit taking NBFC Paisalo Digital for Rs 186.20 crore.
The open market transaction involved acquisition of 38 lakh shares at Rs 489.99 each, the insurer said in a regulatory filing. It is not a related party transaction, the insurer added.
BSE Realty Index added 3.5 percent supported by the Mahindra Lifespace, Godrej Properties, Indiabulls Real Estate
NIIT board approves buyback plan
NIIT share price jumped 4 percent after board has approved an up to Rs 237-crore buyback proposal at Rs 240 per equity share.
“...the Board of Directors of the company at its meeting held on December 24, 2020, has approved a proposal for buyback of up to 9,875,000 fully paid-up equity shares of the company...for an aggregate amount not exceeding Rs 2,370,000,000," a regulatory filing said.
Market Updates
Benchmark indices holding on the gains, trading near the day's high level.
At 12:17 IST, the Sensex was up 324.91 points or 0.69% at 47298.45, and the Nifty was up 105.20 points or 0.77% at 13854.50. About 1875 shares have advanced, 745 shares declined, and 132 shares are unchanged.
Sakthi Sugars defaults on debt repayment
Sakthi Sugars share price added over 6 percent even after the company defaulted on repayment of principal and payment of interest.
On November 25, the company had informed that it has defaulted on repayment of principal and payment of interest aggregating to Rs 2.16 crore.
The company has defaulted for repayment of principal of Rs 1.25 crore and interest of Rs 0.91 crore aggregating to Rs 2.16 crore to the lender Edelweiss Asset Reconsturction Company.
Buzzing
The share price of DLF added 4 percent on December 28 after the real estate player said it was acquiring a 51.8 percent stake in Fairleaf, a joint venture company.
DLF Cyber City Developers Limited (DCCDL), a material subsidiary of DLF, holds a 48.2 percent stake in Fairleaf Real Estate Private Limited. Fairleaf is a joint venture company, with funds managed by Hines, which owns and operates One Horizon Center, Gurugram.
DCCDL has entered into a securities purchase agreement with Hines to acquire its 51.8 percent stake in Fairleaf for a purchase consideration of about Rs 780 crore, subject to closing adjustments.
Nifty Bank Index rose 1 percent led by the Federal Bank, Bank Of Baroda, Punjab National Bank
Dixon signs agreement with Motorola
Dixon's wholly owned subsidiary- Padget Electronics has signed agreement with Motorola for manufacturing of smart phones. The products will be manufactured at Padget's manufacturing facility situated at Noida, Uttar Pradesh.
CLSA on Biocon
Biocon share price was in the red on the morning of December 28 after research firm CLSA reiterated its "sell" rating on the stock with the target at Rs 250 per share.
The research firm is of the view that the pharma company's market share in Fulphila slipped to a September 2020 level of 7.5 percent, while that for November was mixed in the US, CNBC-TV18 reported.
Mylan gained 20 bps market share in Ogivri to reach 7.1 percent. CLSA believes that approval for Avastin in the US and insulin Aspart in Europe are key triggers.
CLSA on Tata Motors
The global research firm has maintained buy call on the stock with target at Rs 220 per share. It is of the view that the EU-UK ‘Deal’ removes key overhang. EU-UK agreement allows free trade of goods which removes a potential risk for JLR, according to a CNBC-TV18 report.
The research firm feels that free trade is now subject to rules of origin; JLR should be largely compliant adding that investor focus to shift back to volume and mix, cost reduction efforts, it said.
Ravindra Rao, VP- Head Commodity Research at Kotak Securities
COMEX gold trades about 1% higher near $1900/oz after a 0.3% gain on Friday. Gold has edged on a US stimulus deal as US President Donald Trump signed into law a $2.3 trillion pandemic aid and spending package(Source: Reuters).
Also supporting price is the weaker US dollar and increasing concerns about virus variant. However, weighing on price is vaccination progress and weaker investor interest.
Gold has retested the $1900/oz on stimulus announcement and may continue to trade with a positive bias.
Buzzing Stock
Paisalo Digital share price zoomed 17 percent after SBI Life Insurance bought 38 lakh shares of the company. The insurancer on December 24 acquired 8.99 percent stake in non-deposit taking NBFC Paisalo Digital for Rs 186.20 crore. The open market transaction involved acquisition of 38 lakh shares at Rs 489.99 each, the insurer said in a regulatory filing. It is not a related party transaction, it said.
Dixon Tech
: Arm Padget Electronics in agreement with Motorola for manufacturing of smart phones. Manufacturing of Motorola mobile phone will take place at Noida, Uttar Pradesh.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
We have opened on a boisterous note and should be headed to 13950-14000 levels soon. This could be as early as this week. The weekly support is at 13550-13600 and any dip towards those levels becomes a good buying opportunity for higher targets.
NTPC's Dulanga coal mine start operation
Dulanga Coal Mine of NTPC having an ultimate peak rated annual capacity of 7 Million Tonnes Per Annum, is declared on commercial operation w.e.f. 01.10.2020.
Anil Kumar Bhansali, Head - Treasury, Finrex Treasury Advisors
As the month end, quarter end and year end comes we should see more of selling in USDINR as tomorrow is expiry and long positions will be cut or rolled over. Similarly there will be selling by Exporters in particular IT companies, so we may see a level of 73.30 unless RBI has other ideas. Opening will be around 73.53 and range 73.30/70 for the day.
Nifty auto Index up 1 percent led by the Tata Motors, Motherson Sumi, Exide Industries
Ajit Mishra, VP - Research, Religare Broking:
We expect volatility to remain high in the final week of the calendar year due to the scheduled expiry of December month derivatives contracts. Besides, participants will be eyeing macroeconomic data of core sector growth. With the beginning of the new month, the auto sales data will also be in focus.
Though the benchmark has recovered, sustainability would be the key concern ahead. As per the prevailing chart pattern, a decisive breakout above 13,800 in Nifty would help the index to inch toward the upper band of 14,200 ahead. In case of any profit-taking, 13600-13,300 would act as a support zone. We’re closing mirroring the global markets and expect the same to continue in the coming week too. Amid all, we suggest maintaining a positive yet cautious approach and aligning positions as per the market trend.
Rupee Opens
Indian rupee opened flat at 73.52 per dollar on Monday against Thursday's close of 73.54, with buying seen in the domestic equity market.Currency market was closed on Friday on account of Christmas.
Buzzing
Reliance Industries (RIL) share price rose as the company said it will buy IMG Worldwide’s 50 percent stake in the joint venture entity.
IMG Reliance Limited (IMG-R) is a joint venture between IMG Worldwide LLC (IMG) and RIL. IMG Singapore Pte. Ltd., a wholly-owned subsidiary of IMG, holds 50 percent of the share capital of IMG-R.
Nifty Metal Index added 2 percent led by the Welspun Corp, Jindal Steel, Coal India
AICTPL's bond oversubscribed
Adani International Container Terminal Private Limited (‘AICTPL’) maiden USD 300 mn public USD bond issue subscribed 10 times, said Adani Port.
The issue of ~ 10 Years was priced at par to yield 3.00% which is also the lowest coupon achieved by any corporate Indian issuer in the last 5 years, it added.
ICICIdirect:
Due to fresh weakness in the Dollar index, the rupee started strengthening once again. We expect the pair to move below 73.50 in the coming sessions as the dollar is likely to remain weak and move below 90 levels.
The dollar-rupee December contract on the NSE was at 73.56 in the last session. The open interest declined marginally by 2% for the December series contract.
Gainers and Losers on the BSE Sensex:
Market Opens:
Indian indices opened strong on December 28 with Nifty above 13800.
At 09:16 IST, the Sensex was up 314.32 points or 0.67% at 47287.86, and the Nifty was up 94.50 points or 0.69% at 13843.80. About 1213 shares have advanced, 228 shares declined, and 77 shares are unchanged.
ICICIdirect:
Indian markets are likely to see a gap up opening tracking positive global cues amid rollout of Coronavirus vaccines and positive updates on the Brexit deal and US stimulus bill. However, global news flows and sector specific developments will be key monitorables.
US markets ended higher on Thursday amid Brexit deal agreement despite uncertainty over the fiscal stimulus.
Market at pre-open
: Benchmark indices are trading higher in the pre-opening session.
At 09:02 IST, the Sensex was up 110.49 points or 0.24% at 47084.03, and the Nifty was up 59.50 points or 0.43% at 13808.80.
