Ajit Mishra, VP - Research, Religare Broking:
While the market gains could extend in the coming sessions, we prefer to remain cautious at higher levels. We believe volatility is likely to remain high in the near term, hence investors should follow stock specific approach focusing on fundamentally sound stocks at attractive valuations. Meanwhile, investors would keep a watch on outcome of GST council meet (scheduled tomorrow) as well as continue to track global markets.
Amit Shah, Technical Research Analyst with Indiabulls Ventures:
Bulls came back strongly and pushed the Nifty to fresh all-time highs. Market breadth has been strong for past few sessions giving an early indication of the buoyancy and value in the broader markets.
Nifty is headed for 12,400-12,450 in the near term. We have continued to maintain bullish stance on the markets even during the downside which has worked very well. Metal sector is likely to surprise on the upside. Immediate support is placed at 12,000 zone.
Petco Selects TCS Optumera
The company has been selected by Petco, America's leading pet specialty retailer, to deploy TCS Optumera", an Al-powered merchandiseoptimization suite.
Nagaraj Shetti – Technical & Derivative Analyst, HDFC Securities:
After showing a higher levels weakness in the last session, the Nifty shifted into a sharp up move today and closed the day higher by 111 points. A long bull candle was formed today and the Nifty registered a new all-time high of around 12182 levels. This pattern indicates an attempt of upside breakout of the recent all time high of 12158 levels (28th Nov).
As of now, we have a chances for a formation of double top, if the Nifty fails to sustain the current highs. The negative divergence pattern in the daily RSI and Nifty seems to have started to develop at the new highs. We need confirmation of down tick.
Hence, the short term trend of Nifty is positive. A sustainable move only above 12200 levels could open up further upside towards 12450 levels in the near term. Any failure to sustain the current highs could trigger short term downward correction in the market.
Vinod Nair, Head of Research at Geojit Financial Services:
Positive global sentiments buoyed by easing trade war tensions between the US and China continue to pump market. Economic growth remains on the lower side while risk appetite of investors are gradually improving on expectation of further steps from the government in the upcoming budget to revive consumption and attract investments.
Market Close:
Benchmark indices bounced back and touched fresh record highs on December 17 on the back of buying seen in the metal, IT and auto stocks.
At close, the Sensex was up 413.45 points or 1.01% at 41352.17, and the Nifty was up 111 points or 0.92% at 12165. About 1427 shares have advanced, 1052 shares declined, and 194 shares are unchanged.
Tata Steel, Bharti Airtel, Hindalco, Vedanta and Tata Motors were among major gainers on the Nifty, while losers were Sun Pharma, GAIL, Bajaj Auto, HUL and Titan Company.
Among sectors, buying witnessed in metal, IT, auto, infra, FMCG and banking stocks, while some selling seen in the selected pharma names.
Rupee Update
The Indian rupee erased its intraday gains but trading marginally higher at 70.97per dollar.
Market Update
Benchmark indices are trading at fresh record high levels on the back of buying seen in the across the sectors.
The Sensex is up 390.21 points or 0.95% at 41328.93, and the Nifty up 107.10 points or 0.89% at 12161.10. About 1345 shares have advanced, 1003 shares declined, and 177 shares are unchanged.
50 securities at new 52-week low:
21 securities at new 52week high
Quick Heal in partnership with Big C Mobiles
: Quick Heal Technologies has announced a strategic partnership with Big C Mobiles (South India’s most trusted mobile retail chain). The partnership will enable Quick Heal to tap into Big C’s vast retail presence of over 225+ mobile stores in Andhra Pradesh & Telangana and increase the adoption of next-generation mobile security solutions in the region.
BSE Metal Index rose 2.5 percent led by Jindal Steel, Tata Steel, Vedanta:
GHCL redeems commercial paper worth Rs 25 crore:
The company has redeemed commercial paper (CP) of Rs 25 crore on December 17 issued on September 18, 2019 after making payment on due date.
GIC Housing Finance has issued commercial paper of Rs 200 crore with a maturity date of January 30, 2020.
The following chart shows stocks pertaining to the banking sector which portrayed negative returns in 2019.
Kolte-Patil Developers gains 10%:
The company has received a remarkable response from home buyers based on its 'ZABARDUS' promotional campaign at Life Republic. The 'ZABARDUS' campaign, which was launched on 7 November and ran till December 15, witnessed sales of 500 units with booking value of Rs 205 crore.
Open Interest Trend:
Ingersoll Rand approves payment of second interim dividend
: Ingersoll Rand approved the proposal the payment of second interim dividend for the financial year 2019-20, as special dividend of Rs 25 per equity share of face value of Rs 10 each aggregating to Rs 7,892 lakh.
Rupee at day's high
The Indian rupee is trading near day's high level at 70.88 per dollar.
Market Update
Benchmark indices are trading higher with Nifty inching towards the fresh record high.
The Sensex is up 332.17 points or 0.81% at 41270.89, and the Nifty up 91.00 points or 0.75% at 12145.00. About 1251 shares have advanced, 999 shares declined, and 148 shares are unchanged.
Whirlpool India sinks 5% after MD resigns:
Shares of Whirlpool India tanked 5 percent after its India Managing Director Sunil D'Souza resigned. The board of the company, in a meeting held on Monday, accepted the "resignation of Sunil D'Souza, Managing Director of the company who has decided to pursue interests outside of the company", Whirlpool of India said in a regulatory filing.
The following chart represents stocks from various sectors in which the FIIs have holdings above 40 percent in 2019.
Budget 2020 may ease merger burden for 10 state-run banks, capital infusion likely: Report
Ten public sector banks (PSBs), which are involved in a mega merger, are likely to receive capital infusion from the government in Budget 2020 to supplement their provisional requirements, Business Standard reported. All 10 banks involved in the PSB mega-merger have fast-tracked their due diligence to meet the December 31 deadline. The findings would be used to ascertain the allocation of capital, the article quotes a source as saying.
NBCC bags order
Odisha Thermal Power Corporation Limited (OTPCL), Bhubaneswar has signed the MoU for award of civil construction and various developmental works of thermal power plant to NBCC (India) Limited. The total estimated cost of the project is Rs 200 crore.
L&T in focus:
Supreme Court partially lifts stay on construction of Mumbai Coastal Road project.
Linde India receives Rs 1,380cr from Air Water India:
The company closed the business transfer agreement for divestment of the South Region Divestment Business with Air Water India Pvt. Ltd. and Air Water Inc. The company has also received the full purchase consideration of Rs 13,800 million from Air Water India.
Top gainers and losers on Nifty:
Citi upgrades Tata Steel, JSW Steel, SAIL
Share prices of Tata Steel, JSW Steel and SAIL gained 3-4 percent on December 17 after Citi upgraded these stocks, citing likely increase in global steel prices. The global brokerage house upgraded Tata Steel and JSW Steel (from sell) to buy, and SAIL to neutral.
Long Buildup and Short Buildup:
Rupee Update
The Indian rupee is trading marginally higher at 70.97 per dollarversus Monday's close of 71.
Kotak Institutional Equities raises target of Amara Raja Batteries
Shares Amara Raja Batteries rallied 3 percent on December 17 after Kotak Institutional Equities raised target price sharply to Rs 800 from Rs 720 earlier (implying 10.65 percent potential upside from current levels) while maintaining add call on the stock.
The following chart shows increase in FII holdings in the Automobile and Ancillaries sector in 2019.
Lupin completes divestment in Kyowa
Lupin announced that its subsidiary, Nanomi B.V. has completed the divestiture of the entire stake (99.82%) in Kyowa Pharmaceutical Industry Co. Ltd to Unison Capital Partners IV, LPS and Unison Capital Partners IV (F). L.P, pursuant to the satisfactory completion of all customary closing conditions.
Elgi Equipments acquiies US company
share price rose more than 4 percent intraday on December 17 after company's arm acquires US based company.
Pivot Trend:
Lupin announces completion of Kyowa divestiture to Unison:
Lupin announced that its subsidiary, Nanomi B.V. has completed the divestiture of the entire stake in Kyowa Pharmaceutical Industry Co. Ltd. to Unison Capital Partners IV, LPS and Unison Capital Partners IV (F). L.P. pursuant to the satisfactory completion of all customary closing conditions.
Stocks which gained the most with respect to volumes
JP Morgan raises 2020 oil price view on OPEC+ cuts, improved economic outlook
JP Morgan on Tuesday raised its oil price outlook and forecast supply-demand balance to tighten next year against the backdrop of the OPEC and its allies increasing output cuts and stronger economic growth in emerging markets. The investment bank revised its Brent price forecast to $64.5 per barrel in 2020 from $59 earlier, although it expects prices to slip to $61.50 in 2021.
Buzzing
Cipla share price added nearly 2 percent on December 17 after company acquired brand name and trademark rights for Vysov & Vysov M (Vildagliptin+ Metformin) of the anti-diabetic drug, Vildagliptin for the Indian market.
