MARKET WRAP: Sensex, Nifty end little changed; Tata Steel, SBI advance 3%

All that happened in the markets today

12:00 PM

NEWS ALERT | $5 trillion dollar economy is achievable: PM Modi

>> Aim is to formalise and modernise Indian Economy

>> India is one of the leading nations in making improvement in Ease of Doing Business

11:56 AM

NEWS ALERT | Have taken all-round steps to develop Indian Economy: PM Modi at ASSOCHAM AGM

11:48 AM

NEWS ALERT | Nifty Bank index breaches 32,400 for the first time

11:44 AM

Nifty Metal index trades higher

11:35 AM

SpiceJet trades lower for fifth straight day, hits eight-month low

Shares of SpiceJet were trading lower for the fifth straight session, down 2.5 per cent at Rs 96.85 on the BSE on Friday in an otherwise firm market. The stock of India’s second biggest airline in terms of market share was quoting at its lowest level since April 11, 2019. In the past six days, SpiceJet's share price has slipped 7 per cent after Boeing announced last week that it would suspend producing 737 Max planes as the certification process of the safety of these planes by the Federal Aviation Administration would move into 2020. READ MORE

11:32 AM

NEWS ALERT | India needs better infra to solve stressed assets' issue: Gita Gopinath, chief economist, IMF to CNBC TV18

>> Globally, bad banks have been created for private banks; In India, issues are with PSBs

 

>> One could look at bringing in Private Asset Reconstruction Cos to solve bad assets 

 

>> Important to simplify GST rates

 

>> Very important for India to signal fiscal consolidation

IMF Chief economist Gita Gopinath. Illustration: Ajay Mohanty

11:21 AM

Union Bank of India gains 3%

11:15 AM

BROKERAGE RADAR | Reliance Securities on Mahanagar Gas

MAHGL is trading as a consumer play (FY20 P/E of 14x) despite its matured business profile and EBITDA margin reduction, after rise in crude prices and crude linked gas cost. Further, we expect MAHGL’s RoCE/RoE to fall from 24%/24% in FY19 to 22%/22% in FY22E, as the Company is unlikely to sustain consistent growth in EBITDA and PAT over the next 3 years volume growth over FY19-FY22E.We downgrade our recommendation on the stock to REDUCE from HOLD with an unrevised DCF-based Target Price of Rs 956. 

11:08 AM

NEWS ALERT | NCLT allows extension of Jet Airways' resolution process by 90 days: CNBC TV18

11:00 AM

Dishman Carbogen tanks 11%, hits 52-week low after I-T dept's search ops

Shares of Dishman Carbogen Amcis slumped 11 per cent to hit a 52-week low of Rs 104 on the BSE on Friday after the Income Tax Department conducted day-long 'search and survey operation' at the properties of a pharma major. The stock has thus fallen below its previous low of Rs 110, touched on October 25, 2019. READ MORE

10:49 AM

Momentum picks by ICICI Securities

10:44 AM

NEWS ALERT | Glenmark Pharma receives marketing approval for Ryaltris from Australian regulator: BSE filing

-- Receives marketing approval for Ryaltris from the Therapeutic Goods Administration (TGA), Australia.

-- Australia will be the first market globally where Ryaltris will be launched.

10:37 AM

MARKET UPDATE: Sensex pares gains

10:36 AM

Syndicate Bank, SBI add up to 6% as RBI to buy and sell bonds via OMOs

In a statement on Thursday, the RBI said it will simultaneously buy and sell government bonds worth Rs 10,000 crore each on December 23, through Open Market Operations (OMOs). "On a review of the current liquidity and market situation and an assessment of the evolving financial conditions, the RBI has decided to buy government bonds maturing in 2029 and sell four securities aggregating Rs 10,000 crore which will mature in 2020," it said. READ MORE

10:26 AM

JM Financial surges over 5% on nod to fund-raising plan, hike in FII limit

JM Financial shares jumped as much as 5.54 per cent to Rs 97 apiece on the BSE on Friday after the company informed that the board has given approval to raise up to Rs 850 crore. The company also received approval to increase investments by the foreign portfolio investors (FPIs) from 24 per cent to 40 per cent. At 10:00 am, the stock was trading around 3 per cent higher at Rs 94.50 on the BSE. It had hit a 52-week high of Rs 100 on November 22. READ MORE