Indices gain for 5th straight day, Sensex ends 259 pts up; banks outperform

All that happened in the markets today

The Indian benchmark indices extended their winning run to the fifth straight day on Tuesday, with major contribution from banks and financials.

Among the headline indices, the S&P BSE Sensex gained 259 points, or 0.55 per cent, to close at 47,613, a fresh closing high. The index hit an intra-day high and low of 47,715 and 47,362, respectively. The broader Nifty50 ended the day at 13,933, up 59 points, or 0.43 per cent.

IndusInd Bank (up 5%) was the top Sensex gainer, followed by Tech Mahindra and Axis Bank (both up 2%). On the other hand, Nestle India and NTPC slipped 1 per cent each while Reliance Industries also settled half a per cent lower. Out of the 30 Sensex constituents, 15 ended the day in the green.

The Nifty sectoral indices were mixed, with Nifty Bank index (up 1.4%) offsetting the losses in Nifty Metal index (up 1%).

Broader markets, meanwhile, underperformed their peers, with S&P BSE SmallCap index ending 0.16 per cent higher while the MidCap index slipped 0.07 per cent.

Vinod Nair, Head of Research at Geojit Financial services said, "A major part of the global developments like stimulus and Brexit deal are priced in the market. In the absence of major domestic or global events expected in the near-term, the market will focus on the upcoming Q3 earnings and stock-specific updates."

Global Markets

Global shares rose for the fourth straight day on Tuesday and oil followed suit as hopes of fresh U.S. stimulus teed up a strong end to the year for riskier assets. The MSCI World Index was up 0.3 per cent, extending recent gains after gains in Asia, where Japanese stocks hit a 30-year high. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.45 per cent.

Early gains in Europe were broad-based, with all major indexes rising, led by Britain’s blue-chip shares. They rose on their first day of trading since the Christmas Eve agreement of a trade deal with the European Union. The FTSE 100 rose 1.5 per cent in early deals, on course for its fourth straight day of gains, led by drugmaker AstraZeneca on news its Covid-19 vaccine is set to be granted emergency use approval within a few days.

(with inputs from Reuters)

3:58 PM

MARKET COMMENT:: S Ranganathan, Head of Research at LKP Securities.

Financials helped key Indices to close the day well into positive territory with the broader markets seeing demand for Gas stocks. The day also witnessed upmoves in names that are not usually seen frequently amongst gainers as savvy investors were seen scouting for value in a Bull Market

3:57 PM

MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial services

It was a volatile day, started well but edged lower losing all the gains, in the end, the markets recovered much of the losses and closed with a small upside. Finance stocks were the major contributors in the upside but broader market underperformed the main benchmark. Selling was seen in auto, pharma and metal sectors among others too. A major part of the global developments like stimulus and Brexit deal are priced in the market. In the absence of major domestic or global events expected in the near-term, the market will focus on the upcoming Q3 earnings and stock-specific updates

3:56 PM

Most active stocks by volume

COMPANY	PRICE(rs)	CHG(%)
VODAFONE IDEA	10.29	-0.87
PUNJAB NATL.BANK	33.20	2.31
SUZLON ENERGY	5.95	4.94
DISH TV INDIA	12.85	-7.82
TATA MOTORS	183.40	-1.56

3:48 PM

Nifty sectoral indices at close

3:47 PM

Top gainers and losers in S&P BSE Sensex at close

3:38 PM

CLOSING BELL

Sensex ends 259 points, or 0.55 per cent, up at 47,613, Nifty50 settles at 13,932.60, up 59 points, or 0.43 per cent

3:11 PM

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3:07 PM

Nifty Bank among top sectoral gainers on NSE; all constituents barring one trade higher

3:06 PM

Wholesales to grow on low base for all automobile segments: Motilal Oswal

Wholesale volumes in the automobile sector are estimated to grow at 14.4 per cent for two-wheelers on a low base and 5.4 per cent for passenger vehicles due to year-end sales, Motilal Oswal Financial Services said on Tuesday. However, commercial vehicle volumes are likely to decline by 2.8 per cent (LCV growth of 4.7 per cent but restricted by a decline of 11.6 per cent in M & HCVs). READ MORE

2:53 PM

IFB Industries rallies 57% in a month on healthy growth outlook

Shares of IFB Industries hit a fresh 52-week high of Rs 1,218 on the BSE after it rallied 10 per cent in intraday trade on Tuesday on expectations of strong growth outlook. In the past one month, the stock has surged 57 per cent, as compared to a 8 per cent rise in the S&P BSE Sensex. IFB Industries’ operations consist of three divisions -- fine blanking, appliances and motor. The company continues being a market leader in the domestic front load washing machines as well as the dishwasher market, with a share of 40 per cent each. READ MORE

2:43 PM

BUZZING STOCK:: Quess Corp surges 9%

2:36 PM

European stocks extend gains as Brexit deal boosts UK

European stocks extended their year-end rally on Tuesday as a Brexit trade deal, hopes of an expanded U.S. stimulus package and euro zone’s marathon COVID-19 vaccination campaign brightened prospects for global growth in 2021. The pan-European STOXX 600 was up 0.8% by 0828 GMT, rising for a fifth straight session and scaling a new 10-month high. UK stocks were higher after a long weekend, with the blue-chip FTSE 100 jumping 1.6% after the sealing of a Brexit trade agreement between Britain and the European Union on Thursday. (Text Source: Reuters)

2:36 PM

Businesses continue to see improvement in performance: FICCI survey

The opening up of economy and implementation of a broad set of measures under 'Atmanirbhar Bharat' package have led to a continuous improvement over time in the performance of businesses, according to recent findings of the FICCI-Dhruva Advisors survey. The prospect of an introduction of a vaccine for COVID-19 early next year has improved confidence level of businesses. Almost 74 per cent of the survey participants said they foresee a significant positive impact on their business once the vaccine is made available. READ MORE

2:22 PM

Glenmark launches fixed dose combination drug for diabetes

Glenmark Pharmaceuticals on Tuesday said it has launched a fixed-dose combination drug for the treatment of Type 2 diabetes in the country. It has introduced a fixed-dose combination of Remogliflozin Etabonate and Vildagliptin in India for the management of Type 2 diabetes, the Mumbai-based company said in a statement. (Text Source: PTI)

2:07 PM

Nifty Media worst sectoral performer; all index constituents in the red