Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities:
Nifty Commodities and Nifty Auto indices gave an exceptional support to the market. Finally, the passing of $2.3 trillion of stimulus package and fall in the US dollar has helped commodities to recover from lower levels. Today we also witnessed huge buying in building materials along with real estate stocks. Nifty 50 Index has formed a “Dragon Fly Doji” at the psychological hurdle point of 14000.
Tomorrow, on the day of monthly and quarterly expiry of F&O contracts, Nifty 50 index could trade between the range of 14150 and 13800 levels. Buy Nifty 50 index if it corrects to 13900/13850 with a final stop loss at 13800. As the market is following sectoral rotation the market could find support from Financials. The Nifty 50 index is poised to hit the levels of 31800/32000 in the near term.
Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services:
After a pandemic ravaged year, the risk sentiments are ending 2020 on a positive note on the back of US fiscal stimulus, Brexit deal and coronavirus vaccine. However, until the global economy is capable of recovering at a rapid pace once COVID-19 is defeated, the upside risk to USDINR spot will remain intact. With the viable vaccine’s ability to battle even the transmissible variant of the virus, the worries of further lockdowns has been eased.
So what happens to Indian rupee largely depends on how the major economies controls the virus in 2021. In USDINR spot, since the beginning of Dec, the psychological level of 74 has not been breached and the spot is trading below that. So we expect the short term range to be 73-74, only either side breakout will provide further clarity over the trend.
Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities:
Rupee traded with gains as the dollar index keeps trading weak below 90$ which has helped the rupee to scale above 73.25. Majorly prices can take resistance near 73.10-73.25, going ahead price have also been sideways which has helped the rupee to appreciate.
Rupee Close
Indian rupeeendedhigher by 12 paise at 73.30per dollar, amid selling seen in the domestic equity market.It opened higher at 73.36 per dollar against Tuesday's close of 73.42 and traded in the range of 73.23-73.36.
Vinod Nair, Head of Research at Geojit Financial services
Domestic sentiment is upbeat, expecting a nod for Oxford-AstraZeneca Covid vaccine usage in India. Growth sectors like auto, realty and metal led the rally while defensives like pharma continued to remain under pressure. Although the market is at its most expensive valuation level, FPIs continue to pump in funds and roll the Indian market higher on a daily basis.
Rohit Singre, Senior Technical Analyst at LKP Securities:
Index closed a day on a positive note for a fifth consecutive session at 13982 with gains of half a percent and formed a dragonfly Doji kind of candle pattern on the daily chart. The index reached to its immediate and strong hurdle zone of 14k mark. Now if index managed to hold above 14k mark then only we may see current bullish momentum to extend further towards 14200 zone otherwise some profit booking can witness and we may see the index to trade in the range of 13800-14000 zone.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
Once again the Nifty attempted to hit the 14000 level but was unable to. From a technical perspective it is all set to achieve 14,100 as the next level of resistance. It is a matter of time that we see that magical level on our screens. We have a good support at 13,600 and any dip should be utilised to enter fresh long positions for higher targets.
S Ranganathan, Head of Research at LKP Securities:
Bulls stepped on the accelerator in afternoon trade to end the day just shy of the 14k mark led by cement & steel stocks on hopes of higher spend on infrastructure. Vaccine approval in the UK and hopes of approval back home led strength to the rally despite profit booking seen across several stocks.
Market Close
: Benchmark indices gained for the six straight session and ended near the day's high level on December 30 with Nifty closing shy away of 14,000 mark.
At close, the Sensex was up 133.14 points or 0.28% at 47,746.22, and the Nifty was up 49.40 points or 0.35% at 13,982.00. About 1642 shares have advanced, 1257 shares declined, and 177 shares are unchanged.
UltraTech Cement, Shree Cements, Grasim, Bajaj Finance and UPL were among major gainers on the Nifty, while losers included IndusInd Bank, Sun Pharma, Axis Bank, Bharti Airtel and TCS.
Except bank and pharma, other sectoral indices ended in the green led by the auto and metal. BSE Midcap and Smallcap indices ended in the positive territory.
Exports may reach $290 bn: FIEO
The country's exports may reach USD 290 billion by the end of this fiscal as the outbound shipments were hit hard by the COVID-19 pandemic during the first half of the year, FIEO said on Wednesday.
Federation of Indian Exports Organisations (FIEO) President Sharad Kumar Saraf also said that 2021 would bring a ray of hope and optimism for the exporting community. Read More
Ashis Biswas, Head of Technical Research at CapitalVia Global Research Ltd. - Investment Advisor:
The market witnessed continues to trade in a tight range between 13800-14000. In the first half bears tried to take control with the opening of the market but in the second half bulls took control of the market and the market rallied from low of 13864.95 to 13960 to near all time high. Given the fact that most of the oscillators are trading at its extreme and diverging, a sideways movement is likely to continue till it breaches the resistance of 14000.
India likely to approve Oxford-AstraZeneca COVID-19 vaccine
India is likely to approve Oxford-AstraZeneca COVID-19 vaccine on December 30 hours after the UK approved the coronavirus jab. "India approval of Oxford vaccine is expected today in all likelihood," a highly-placed source at Central Drugs Standard Control Organisation (CDSCO) told News18.
The Subject Expert Committee (SEC) of Drugs Controller General of India (DCGI) is scheduled to meet on December 30 to consider the Serum Institute of India's application for emergency use approval of its COVID-19 vaccine. Read More
Nifty Auto Index added 1 percent led by the Balkrishna Industries, Eicher Motors, M&M
BHEL wins order
BHEL has won a prestigious order for the supply of 32 Reactor Header Assemblies from the Nuclear Power Corporation of India Limited (NPCIL).
The order has been won under NPCIL’s Fleet mode procurement for India’s highest rated indigenously-developed 700 MWe Pressurized Heavy Water Reactors (PHWR) to be set up at four different locations in the country.
Abhishek Bansal, Founder Chairman, Abans Group:
Gold is currently trading near USD 1,885, with a positive trend from the last two trading sessions, after the US stimulus and weakness in the Dollar Index is also providing support to precious metals. Gold is finding support from the US stimulus. President Trump, on Sunday night, signed the USD 900 billion pandemic relief bill, and the USD 1.4 trillion omnibus spending bill.
Gold is likely to find additional support, on the back of hopes for even additional stimulus, after the US House of Representatives backed President Trump's proposal on Monday night to boost stimulus checks to USD 2,000 from USD 600.
Gold prices are likely to find support at the 20-days EMA at USD 1,869 per ounce, and the 200- days EMA at USD 1,825 levels, while key resistance is likely to be seen around USD 1,920 per ounce - USD 1,963 per ounce.
Gainers and Losers on the BSE Sensex:
Gold Updates
Gold inched higher on Wednesday as the dollar eased, while investors weighed a top US Republican leader's decision to postpone a vote on increased pandemic relief payments.
Tapan Patel- Senior Analyst (Commodities), HDFC Securities:
Crude oil prices traded up with benchmark NYMEX WTI crude oil were trading half a percent up to $48.30 per barrel on Wednesday. MCX Crude oil January futures were trading up to Rs 3548 by noon. We expect crude oil prices to trade sideways to up with support at $47 and resistance at $49.50. MCX Crude oil January has support at Rs 3,490, resistance at Rs.3610.
EID Parry sells shares in Coromandel International
: The company sold 58.5 lakh shares in Coromandel International in open market at Rs 803.19 per share.
Munjal Showa
: Promoter Showa Corporation, Japan to sell 1.1 percent stake.
Yes Bank appoints Group CFO
: The bank appointed Niranjan Banodkar as Group Chief Financial Officer from January 1. Current CFO Anurag Adlakha appointed Chief Human Resources Officer.
Most active stocks on NSE in terms of volumes
Rites announces interim dividend
The board of directors of the company have declared an interim dividend at the rate of 50% of paid up share capital (Rs 5 per share). Further, the board also fixed January 11, 2021 as the record date for the purpose of payment of dividend.
Also, company received a reaffirmed rating of IVR A1+ (IVR Single A One Plus) for Short Term Non-Fund Based Bank Facilities upto an amount of Rs 850 crore from lnfomerics Valuation and Rating Pvt. Ltd.
NCC to issue warrants
The company board approved the issuance of 1,80,00,000 fully convertible warrants on preferential basis, to the promoters/promoter group.
Rupee Updates
Indian rupee is trading higher by 11 paise at 73.31 per dollar, amid selling seen in the domestic equity market. It opened higher at 73.36 per dollar against Tuesday's close of 73.42.
Market Updates
Benchmark indices extended the fall and trading at the day's low.
At 12:46 IST, the Sensex was down 229.35 points or 0.48% at 47,383.73, and the Nifty was down 60.20 points or 0.43% at 13,872.40. About 1220 shares have advanced, 1384 shares declined, and 109 shares are unchanged.
Fire at Panacea Biotec's Baddi plant
A minor fire incident took place on December 29, 2020 in a technical engineering floor in one of the air handling unit of the soft gelatin manufacturing block in the pharmaceutical formulations facility of the company's wholly owned subsidiary company Panacea Biotec Pharma (PBPL) at Baddi.
Zydus Cadila gets DCGI approval
Zydus Cadila announced that the Drug Controller General of India (DCGI) has approved its New Drug Application (NDA) for Saroglitazar Mg for the treatment of Non-alcoholic Fatty Liver Disease (NAFLD) in India. The prevalence of NAFLD in India is estimated to be nearly 25-30% of the general population.
This approval for NAFLD along with either of the comorbidities (Obesity, Type 2 Diabetes Mellitus, Dyslipidemia or Metabolic Syndrome) provides the physicians with a viable treatment option.
With a once daily, 4mg dose regimen, Saroglitazar Mg will enable better compliance, reduces the pill burden and offers the patient more convenience.
Crude Updates
Oil gained more ground on Wednesday as a U.S. coronavirus fiscal aid package and a decline in crude oil inventories lifted prices.
Here are the stocks that have fallen sharply from their intraday highs. Click for more
Kshitij Purohit Lead currency & commodities at CapitalVia Global Research Limited-Investment Advisor:
The Indian Rupee closed higher against the US Dollar as foreign banks are keep selling their position in US dollar for their clients, India has seen strong inflows and it is broadly expected that fresh allocations into India could sustain the flows into Calendar year 2021.
Technically, USDINR broke the support of 73.40 where it expected to trade in range bound due to lethargic volumes. However, it is trading below 21 days SMA which placed at 73.70 levels. It is indicating further downside momentum may continue. Resistance for the pair is 73.70 levels above it can go 74.02 levels.
RIL completes acquisition of equity shares of IMG Reliance
Reliance Industries (RIL) has on December 28, 2020, completed the acquisition of equity shares of IMG Reliance (IMGR) and accordingly, IMG-R has become a wholly-owned subsidiary of the company.
Consequent to the aforesaid acquisition, the holding of the company along with IMG-R in Football Sports Development Limited (FSDL) is 65% and FSDL has become a subsidiary of the company.
ICICIdirect on Divi's Laboratories
More than strong half-yearly performance (the management stresses that in a business like this can be lumpy) important narrative for Divi’s is unprecedented capex to further augment capacities besides preparing for growing opportunities arising due to China plus one factor.
It has earmarked an aggressive capex of ~ Rs 3700 crore [Rs 1800 (existing plans) + Rs 400 (custom synthesis blocks) + Rs 1500 (greenfield Kakinada plant) crore], over and above ~ Rs 2000 crore spent in last five years. Divi’s remains a quintessential play on the Indian API/CRAMs segment with its product offerings and execution prowess. We maintain buy with a target price of Rs 4425 based on 40x FY23E EPS of Rs 110.6.
Market Updates
Benchmark indices are trading flat in the volatile session with Nifty below 13950 level.
At 11:05 IST, the Sensex was down 22.40 points or 0.05% at 47590.68, and the Nifty was down 4.30 points or 0.03% at 13928.30. About 1257 shares have advanced, 1191 shares declined, and 109 shares are unchanged.
Navin Fluorine up 160% in 2020
Navin Fluorine International logged stellar gains in the pandemic-hit 2020 and brokerages say the stock is poised for scaling new highs in the year 2021.
As of December 29 close, Navin Fluorine International shares had jumped more than 160 percent in the calendar year 2020 to hit Rs 2,621 against a 14 percent rise in the benchmark Nifty. Analysts are positive about the stock owing to the company's plans to expand its business. Read More
Buzzing Stock:
UPL share price was up over 3 percent after the company completed the pre-payment of $410 million of 3.25 percent Senior Notes due October 2021. The prepayment, which concluded on December 28, 2020, was done using the cash on its balance sheet, the company said. UPL was committed to deleveraging its balance sheet on the back of strong business prospects and agriculture commodity prices and favourable agronomic conditions, the company said.
Anil Kumar Bhansali, Head - Treasury, Finrex Treasury Advisors:
Rupee to open around 73.35 and should trade in a range of 73.20 to 73.60 for the day. Asian currencies are generally up against the dollar and with RBI flopping a crucial support at 73.50 maybe we can see 72.80 as flows continue while demand for dollar is minimal.
Importers are getting good levels to hedge but exporters unable to get better levels to sell as stock markets keep rising and bring in more flows. RBI yesterday ensured a non disruptive fixing for Dec-20 but had to allow 73.50 to be broken yesterday.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments:
The markets seem a little nervous to hit the 14000 marks. 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 intraday correction.
Rupee Opens
Indian rupee opened higher at 73.36 per dollar on Wednesday against Tuesday's close of 73.42, amid volatile trade seen in the domestic equity market.On December 29, rupee ended higher by 8 paise at 73.42 per dollar against previous close of 73.50.
alpataru
K
Power bags orders:Kalpataru Power Transmission has secured new orders/ notification of award of about Rs 900 crores. It included order in the T&D business from overseas market and EPC orders for pipeline laying and associated works in India.
Nifty PSU Bank Index shed 1 percent dragged by the UCO Bank, Indian Bank and PNB:
ICRA upgrades rating of Tata Consumer Products:
CNBC Awaaz Exclusive: Cabinet may approve proposal to increase subsidy for ethanol production today, reported CNBC-TV18.
JMC Projects bags order
JMC Projects share price rose 5 percent on December 30 after the company said it got orders of Rs 698 crore for building works in South India.
Vardhan Dharkar, director (finance) & chief financial officer (key managerial personnel) tendered his resignation on December 29, 2020 due to personal reasons. He will be relieved on December 31, 2020 after the close of business hours.
