MARKET WRAP: Sensex ends flat at 44,633; Maruti up 7%, HDFC Bank slips 2%

All that happened in the markets today

The benchmark indices ended with meagre gains on Thursday after scaling record high in the opening deals. The S&P BSE Sensex ended 15 points, or 0.03 per cent higher at 44,633 levels while NSE's Nifty settled at 13,134, up 20 points, or 0.15 per cent.

India VIX, the volatility index, dropped 4.5 per cent to 19 levels. 

HDFC Bank (down 2 per cent) ended as the biggest loser on Sensex after the Reserve Bank of India (RBI) ordered the bank to halt digital launches and new credit cards. 

On the other hand, auto major Maruti Suzuki India (MSIL) emerged as the top gainer (up over 7 per cent). The stock also hit a 52-week high of Rs 7,777 during the day, before settling at Rs 7,740 on the BSE. 

The broader market continued to outperform the frontline indices. The S&P BSE MidCap index gained 0.85 per cent to 17,313 levels while the S&P BSE SmallCap index settled at 17,246, up 0.68 per cent. 

Sectorally, PSU bank stocks rallied in the trade with the Nifty PSU Bank index surging nearly 5 per cent to 1,673 levels. SBI ended around 4 per cent higher at Rs 256.40 on the NSE after global brokerage firm CLSA increased the target price to Rs 360. 

Global markets

China stocks edged lower on Thursday after the US House of Representatives passed a bill that threatened to delist Chinese companies off US stock exchanges, a move likely to further ratchet up tensions between Washington and Beijing.

In Europe, shares made lacklustre moves in the early deals, awaiting more signals from Brexit negotiators, while tracking progress in stimulus measures and vaccines as economies still reeled from the fallout of the Covid-19 pandemic.

In commodities, oil prices rose as producers including Saudi Arabia and Russia locked horns over the need to extend record production cuts set in place in the first wave of the Covid-19 pandemic.

(With inputs from Reuters) 

4:16 PM

MARKET COMMENT | Ajit Mishra, VP - Research, Religare Broking

Markets remained in a range for yet another session and settled with marginal gains. The opening was upbeat but profit-taking in select index heavyweights pulled the index lower as the day progressed. Subdued global cues combined with caution ahead of the RBI’s monetary policy outcome was weighing on the sentiment. Amid all, the broader indices continue to outshine the benchmark ended higher by 0.9 per cent and 0.7 per cent, respectively. On the sectoral front, except IT which witnessed some profit-taking, all the other indices ended with gains wherein Metal, Auto, Consumer Durables were the top gainers.

 

We expect the rate-sensitive pack, especially banking and financials, to be in focus on Friday, thanks to the scheduled outcome of RBI’s MPC meet. The banking index has been witnessing consolidation in line with the benchmark and might see a directional move after the event. Meanwhile, traders should restrict leveraged positions and wait for clarity. 

3:43 PM

Nifty PSU Bank jumps nearly 5%

3:42 PM

MARKET AT CLOSE | Gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex ended at 44,633, up 15 points, or 0.03 per cent while NSE's Nifty ended at 13,134, up 20 points, or 0.15 per cent. 

3:18 PM

Top losers on the BSE at this hour

3:05 PM

Global Markets :: European indices trade mixed

3:01 PM

BROKERAGE VIEW | Prabhudas Lilladher on NMDC

RATING: BUY | TARGET PRICE: Rs 125 

NMDC underperformed steel stocks by a wide margin over the last three months due to uncertainty regarding payment of premium for its Donimalai mine’s lease renewal. After two years impasse, the Govt of Karnataka renewed Donimalai mines (with capacity of 7mtpa) at a premium of 22.5% of sales price. We expect that a similar premium would be paid for its iron ore operations in Chhattisgarh, which constitutes 78% of its overall volumes. Severe shortage in domestic market (due to supply disruptions in Odisha), strong profitability of steel producers and firm outlook on global prices shall help NMDC to mitigate higher costs with stronger product prices. In light of strong price outlook and attractive valuations, we upgrade NMDC to BUY with TP of Rs125 (earlier Rs98) based on 1) EV/EBITDA of 3.7x FY22e for iron ore operations (factoring 22.5% premium on entire operations) and 2) EV/T of US$475 for 3mtpa steel plant.

3:01 PM

BUZZING STOCK :: Suven Life Sciences locked in 20% upper circuit

2:55 PM

Get investors' consent for winding up schemes: SC to Franklin Templeton

The Supreme Court on Thursday asked Franklin Templeton Mutual Fund to initiate steps within one week for calling a meeting of unit holders to seek their consent for closure of six mutual fund scheme and said there will be no redemption of units by investors till further orders. READ MORE

2:49 PM

Committed to engaging with Indian govt to bring Covid-19 vaccine: Pfizer

"Right now we are in discussions with many governments around the world and remain committed to engaging with the Government of India and explore opportunities to make this vaccine available for use in the country," a Pfizer spokesperson said in a statement.

 

Pfizer is committed to ensuring everyone has the opportunity to have access to the vaccine,and is working closely with governments, it added. READ MORE

2:42 PM

Godrej Properties, DLF, Sobha: What lies ahead for realty stocks?

NIFTY REALTY INDEX: A strong move above the 200-weekly moving average (WMA) suggests a firm upward sentiment. This move is supported by market participants with volumes witnessing a rising trend. The Moving Average Convergence Divergence (MACD) has sustained above the zero line indicating an upside direction with momentum staying in the bulls' favour. The trend is heading in the direction of 300 levels with a closing basis support of 270. READ MORE  

2:35 PM

NEWS ALERT :: UltraTech Cement approves increasing the company's capacity by 12.8 mtpa

2:28 PM

IPO ALERT :: Burger King India IPO subscribed over 6x till 2:15 pm on Day 2

2:20 PM

Optimistic about revival in Q3, says FinMin in monthly economic review

The finance ministry’s Department of Economic Affairs (DEA) in its monthly economic review for November said, "The GDP contraction of 7.5 per cent in second quarter underlies a quarter-on-quarter surge in GDP growth of 23 per cent. This V-shaped recovery, evident at the half-way stage of FY21, reflects the resilience and robustness of the Indian economy.” READ MORE

2:15 PM

Currency Check :: Dollar Index falls to 90.85, lowest since April 2018

>> Rupee hit an intra-day high of 73.68/$