Sensex today: Stock Market Highlights Today: Nifty forms a bullish candle on daily chart.
The benchmark indices continued their winning momentum for the second consecutive day on Wednesday as bottom hunters accumulated shares after about a 10 per cent drop from highs. After a gap-up opening, the benchmark continued to trade in a range, but the bias remained on the positive side. Buying in select heavyweights from banking and energy space helped the index to close around the day’s high as well. The 30-share pack Sensex rose 611.55 points or 1.09 per cent to close at 56,930.56. Its broader peer NSE Nifty climbed 184.60 points or 1.10 per cent to 16,955.45.
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Wall Street opens lower as Omicron worries persist
The Dow Jones Industrial Average fell 0.99 points, or 0.00 per cent, at the open to 35,491.71. The S&P 500 opened higher by 1.13 points, or 0.02 per cent, at 4,650.36, while the Nasdaq Composite dropped 21.93 points, or 0.14 per cent, to 15,319.16 at the opening bell.
Sebi’s total income down 15% to Rs 813 crore in 2019-20
Capital markets regulator Sebi’s total income declined by 15 per cent to Rs 813 crore in 2019-20 mainly due to a drop in earnings from fees and subscription. According to the annual accounts of Sebi made public on Wednesday, the total expenditure of the regulator rose to Rs 588.14 crore for the year ended on March 31, 2020, from Rs 492.34 crore in the previous fiscal.
Asianet Satellite Communications files papers for Rs 765 cr IPO
Leading internet service provider Asianet Satellite Communications Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 765 crore through an initial share sale. The initial public offering (IPO) consists of a fresh issue of equity shares aggregating to Rs 300 crore, and an offer for sale of up to Rs 465 crore by Hathway Investments, according to the draft red herring prospectus (DRHP). Proceeds from the fresh issue to the tune of Rs 160 crore will be used for part debt payment, Rs 75.04 crore for funding working capital requirements, and general corporate proposes.
RBI Policy Minutes: Governor bats for continued policy support
RBI Governor Shaktikanta Das pitched for continued policy support to nurture revival in sectors especially those which are exposed to the evolving headwinds in the wake of spread of Omicron variant of Covid, showed MPC minutes released by the central bank on Wednesday. The Monetary Policy Committee (MPC) on December 8 had unanimously voted for status quo on policy rates for the ninth consecutive time. (Source: PTI)
Low market volumes in the last few sessions have contributed to exaggerated market volatility. Despite a sharp correction in the last week, Retail net long open interest in stock futures has come off by only 2%, pointing to continued confidence in staying invested. Consumer-facing sectors like Banking & FMCG have broken critical moving averages pointing to a break in the medium-term uptrend. A consolidatory phase going into results season is expected as volumes would remain muted for the rest of December, since there are expected to be few triggers in terms of newsflow. IT sector continues to attract greater interest while bottom-fishing is seen in Auto sector. PSU banks appear relatively stronger than private banks, and Metals names are expected to resume their uptrend after finding support at the 2-year trendline.
– S Hariharan, Head- Sales Trading, Emkay Global Financial Services
Investors richer by over Rs 6.56 lakh cr in two days of market rally
Investors’ wealth jumped by Rs 6,56,828.59 crore as stock markets continued the rally for a second day on Wednesday. The 30-share BSE benchmark index zoomed 611.55 points or 1.09 per cent to 56,930.56. During the day, the benchmark jumped 670 points to 56,989.01. The market capitalisation of BSE-listed companies also gained Rs 6,56,828.59 crore to Rs 2,59,14,409.64 crore in two days.
Relief rally might continue for some time: Siddhartha Khemka, MOSL
The relief rally might continue for some time as market enters into a holiday mood. However volatility cannot be ruled out on account of potential risk from Omicron variant and fragile global cues. We suggest long term investors to take benefit of such volatility in the market and add on to their portfolios gradually at lower levels. Overall Selling pressure is intact at higher levels and any recovery or bounce is being used by traders to sell in the market. Thus, for the near to short term, we maintain a cautious view and suggest traders to continue with ‘Sell on Rise’ strategy.
The rupee extended its recent winning streak against the US dollar, gaining for the third straight day, as banks persistently sold US dollars on account of corporate inflows and as the greenback retreated from near 17-month highs seen last week, dealers said.
What can influence market over coming days?
— Ajit Mishra, VP – Research, Religare Broking
Motilal Oswal Real Estate, the real estate private equity arm of Motilal Oswal Group has post the outbreak of COVID-19 cumulatively committed Rs 1,200 cr through its platform. Also, plans to invest over Rs 1000 cr in projects by March end
Domestic market is gaining ground amid a positive rebound in the global market. The rebound was broad-based while mid & small caps outperformed as the bargain opportunity led investors to accumulate the beaten-down stocks. The Omicron concerns and FII’s selling may keep investors in a cautious mode, it is a time for selective stock picking with a focus on defensive and growth-oriented sectors rather than rushing to the market.
– Vinod Nair, Head of Research at Geojit Financial Services
All sectors close higher; Realty best performer
Top 5 gainers & losers from today’s trade
Price as on 22 Dec, 2021 03:37 PM, Click on company names for their live prices.
Top Sensex contributors
CLOSING BELL: RIL, ICICI Bank lift Sensex 612 points; Nifty tops 16,950; Bajaj Finance, Airtel rise 3% each
Foxconn’s India unit Bharat FIH files for $663 million domestic IPO
Hong Kong-listed FIH Mobile Ltd’s (2038.HK) India unit Bharat FIH Ltd on Wednesday filed for a domestic initial public offering of up to 50.04 billion rupees ($662.97 million), according to its draft prospectus.
European shares inch up, food delivery stocks jump
European shares edged higher on Wednesday led by gains in food delivery stocks even as worries persisted about the outlook for global recovery amid an increase in COVID-19 cases due to the Omicron variant. The pan-European STOXX 600 climbed 0.1 per cent as of 0821 GMT after jumping 1.4 per cent to its best day in two weeks in the previous session.
Drug firm Zydus Cadila on Wednesday said it has received approval from the US health regulator to market Pimavanserin tablets, used in the treatment of certain mental disorders, in the American market.
Price as on 22 Dec, 2021 02:55 PM, Click on company names for their live prices.
Deepak Nitrite board approves raising funds of up to Rs 2,000 cr via a Qualified Institutional Placement (QIP)
Price as on 22 Dec, 2021 02:49 PM, Click on company names for their live prices.
ABB India board okays creating arm to divest turbocharger biz for Rs 310 cr
A regulatory filing stated, “In the meeting of the Board of Directors held yesterday, i.e., December 21, 2021, the Board considered and approved the incorporation of a wholly-owned subsidiary and sale of the company’s turbocharger business as a going concern, on a slump sale basis to its wholly-owned subsidiary for a consideration of Rs 310 crores”.
Gold, silver spot prices
European stocks set to extend rebound
European shares are set to extend yesterday’s rebound, as investors look past possible short-term damage from the highly infectious Omicron virus variant, keeping confidence in the economy’s growth potential. The region’s stock index futures are up 0.3-0.5%, adding to gains in the previous session that saw the commodity-linked and travel stocks help the STOXX score its best day in two weeks.