The main equity indices closed mildly lower on Thursday. Metal and realty shares jumped while FMCG, IT and pharma shares corrected. The S&P BSE Sensex, fell 80.74 points or 0.17% at 48,093.32. The Nifty 50 index fell 8.90 points or 0.06% at 14,137.35.
Hindustan Unilever (down 1.97%), Infosys (down 1.53%), ITC (down 1.31%) and ICICI Bank (down 1.02%) were top drags.
The broader market rallied. The BSE Mid-Cap index rose 1.05% and the BSE Small-Cap index gained 0.85%.
Buyers outpaced sellers. On the BSE, 1969 shares rose and 1108 shares fell. A total of 150 shares were unchanged.
COVID-19:
Total COVID-19 confirmed cases worldwide stood at 8,71,97,387 with 18,83,914 deaths. India reported 2,28,083 active cases of COVID-19 infection and 1,50,336 deaths while 1,00,16,859 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Total coronavirus (COVID-19) recoveries in India crossed the 1-crore mark with over 1.50 lakh deaths on Thursday.
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Economy:
The Reserve Bank of India (RBI) reported that currency in circulation contracted by 0.3% on the week to stand at Rs 27.70 lakh crore as on 1 January 2021. The central bank stated further that the overall reserve money rose by 0.2% on the week to Rs 33.22 lakh crore. Currency in circulation rose around 22.1% on a year ago basis compared to 11.8% growth at the same time last year. In the current fiscal, the currency in circulation has expanded by 13.2% so far while the reserve money has increased by 9.7%.
Sebi to allow new players to set up stock exchanges:
The markets regulator, Securities Exchange Board of India (Sebi) on 6 January 2021 proposed to ease ownership norms for entities that plan to start new stock exchanges in India, a move that may allow entry of foreign exchanges and lower the trading costs for investors.
The Sebi has floated a discussion paper on review of ownership and governance norms to facilitate new entrants to set up stock exchanges and depositories, otherwise called as market infrastructure institutions (MIIs). As per the key proposals, a resident promoter setting up an MII may hold up to 100% shareholding, which will be brought down to not more than (either 51% or 26%) in 10 years.
A foreign promoter from Financial Action Task Force member jurisdictions setting up an MII may hold up to 49% shareholding, which shall be brought down to not more than (either 26% or 15%) in 10 years.
Currently, NSE, BSE and Metropolitan Stock Exchange are the three nationwide bourses in India, with NSE being the largest in terms of trade volumes both in cash and derivatives segments.
Numbers to Watch:
The yield on 10-year benchmark federal paper fell to 5.891% as compared with 5.894% at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 73.31, compared with its close of 73.11 during the previous trading session.
In the commodities market, Brent crude for March 2021 settlement rose 20 cents at $54.50 a barrel. The contract rose 70 cents, or 1.31% to settle at $54.30 a barrel in the previous trading session.
Foreign Markets:
The Dow Jones Futures 30 were up 72 points, indicating a decent start in US markets today.
Shares in Europe and Asia advanced on Thursday following a projected win for Democrats in the U.S. Senate following dramatic scenes when pro-Trump rioters stormed the U.S. Capitol building.
In Europe, the COVID-19 pandemic remains a key concern. The U.K. reported more than 60,000 new daily cases on Wednesday and a further 1,000 deaths of people with the virus.
In US, the Dow and the S&P 500 ended higher, soaring to all-time highs on Wednesday, as investors piled into financial and industrial stocks on bets a Democratic sweep in Georgia would lead to more fiscal stimulus and infrastructure spending.
Pro-Trump rioters stormed the U.S. Capitol and caused Congress to suspend proceedings to confirm the election of Joe Biden as president. The Capitol was finally secured late Wednesday afternoon, and Congress resumed the process of counting electoral votes and confirming President-elect Joe Biden's victory.
Buzzing Indian Segment:
The Nifty Realty index rose 1.35% to 322.90. The index has risen 2.07% in two days.
Real estate developers were in demand after the Maharashtra government on 6 January 2021 approved the proposal to cut the premium on real estate projects by half till 31 December 2021. Developers availing of the scheme would have to pay full stamp duty and registration charges on behalf of home buyers. The move will help in expediting project completion and the realty industry would witness new launches.
Indiabulls Real Estate (up 12.76%), Brigade Enterprises (up 3.4%), Sunteck Realty (up 2.65%), DLF (up 1.37%), Oberoi Realty (up 0.93%), Prestige Estates Projects (up 0.61%) and Omaxe (up 0.5%) climbed.
Sobha rose 7.83%. The realty firm reported its best ever quarterly sales volume in Q3 December 2020 without any major launch during the quarter. During Q3 FY21, Sobha achieved total sales volume of 11,33,574 square feet of super built-up area valued at Rs 888 crore, with a total average realization of Rs 7,830 per square feet. Sales volume, total sales value are up by 27% and 29% respectively as compared to Q2 FY21.
Stocks in Spotlight:
L&T added 1.92% after the company's subsidiary L&T Hydrocarbon Engineering won a 'large' offshore contract from ONGC for their new living quarter and revamp at NQ Complex. The contract involves engineering, procurement, construction, installation and commissioning of a new living quarter platform of 120 men capacity, bridge (with intermediate support) to existing 'NQO Complex' and major revamping / replacement of existing process systems / facilities at 'NQ Complex' in ONGC's Mumbai High Asset on the West Coast of India.
Dixon Technologies (India) jumped 9.39% after the company entered into an agreement with Imagine Marketing ("boAt") for manufacturing of twin wireless speakers. Dixon will be manufacturing the products from its facility in Noida, Uttar Pradesh.
Lupin rose 2.14%. The drug major announced that it has received approval for its Sulfamethoxazole and Trimethoprim Oral Suspension USP from the USFDA. The drug is a generic equivalent of Bactrim Oral Suspension of Sun Pharmaceutical Industries, Inc. It is indicated for the treatment and prevention of a wide variety of bacterial infections (such as middle ear, urine, respiratory, and intestinal infections), and certain type of pneumonia (pneumocystis-type). The product (RLD: Bactrim) had estimated annual sales of approximately $19 million in the U.S. (IQVIA MAT September 2020).
NMDC advanced 3.94% after the state-owned miner increased lump ore prices by 9.61% and prices of fines were hiked by 4.33% on 6 January 2021.
NCL Industries soared 5.01% after the company said its cement production increased 50% to 6,32,746 metric tonnes (MT) in Q3 FY21 from 4,23,199 in Q3 FY20. Sequentially, the cement production rose 2.89% in Q3 FY21 from 6,14,975 MT in Q2 FY21.
Bandhan Bank gained 2.39% after the bank's total deposits jumped 30% to Rs 71,188 crore in Q3 FY21 as against Rs 54,908 crore in Q3 FY20. Sequentially, the bank's deposits have risen by 8% in Q3 FY21 from Rs 66,128 crore in Q2 FY21. The bank's loans & advances at the end of the December 2020 quarter stood at Rs 80,255 crore, up by 23% from Rs 65,456 crore in the same period last year. The loan book of the private lender has increased by 5% sequentially compared with Rs 76,615 at the end of the September 2020 quarter.
Ramco Systems rose 1.50% after the company announced that it will implement its Aviation M&E MRO Suite v5.8 for U.S.-based Construction Helicopters Inc.
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