Sensex recovers 421 pts from day's low, ends flat; Nifty settles at 13,568

All that happened in the markets today

1:19 PM

NEWS ALERT :: S&P revises FY21 GDP forecast to -7.7% from -9%

1:14 PM

BROKERAGE VIEW :: JM Financials on Oil and Gas sector

We revise our FY22-23 Brent assumption to USD 55/bbl (from USD50/bbl) as positive Covid-19 vaccine developments are fuelling hopes of a quicker-than-previously-expected recovery in oil demand. Also, stringent compliance by OPEC+ has expedited normalisation of excess oil inventory. Hence, we upgrade our FY22 PAT estimates for ONGC/Oil India by 30%/14%.

ONGC and Oil India could also benefit from potential deregulation/hike in domestic gas prices. Hence, we upgrade our TP for ONGC to INR 120/share and for Oil India to INR 130/share on the following: a) a Brent-linked sharp earnings upgrade and b) a reduction in P/E valuation discount to the historical average due to improving earnings visibility. Hence, we upgrade ONGC and Oil India as tactical BUYs on rising crude price. ONGC is our preferred play due to its relatively better production growth visibility and higher leverage to crude price.

1:13 PM

MARKET UPDATE:: Sensex off day's low

1:01 PM

NEWS ALERT :: Winter Session of Parliament scrapped due to Covid-19

12:59 PM

India is the world's best market for portfolio disclosure, finds study

The two countries earned top grades for their robust disclosure regimes across six categories including fees, transparency of fund holdings and issues such as conflicts of interest. The report covering 26 markets across North America, Europe, Asia and Africa singled out Australia as a notable laggard. READ MORE

12:48 PM

Pulling out from equity funds: When is it okay and when it isn't?

Investors redeemed Rs 12,917 crore from equity mutual funds (MFs) in November, and nearly Rs 23,000 crore has moved out over the past five months. When is it okay to pull money out? One, if you need the money. “Many people have suffered salary cuts and job losses.

 

When people have needs, they tend to pull money out, irrespective of the valuation level,” says Rajeev Thakkar, chief investment officer, PPFAS Mutual Fund.  READ MORE

12:40 PM

Facebook Fuel for India 2020 :: Jio could maintain 99.99% availability of the network across the country through the pandemic, says Mukesh Ambani

>> Ambani hails PM Modi's Digital India vision to be credited for India's digital achievements so far.

>> He also thanks Zuckerberg for India's largest ever FDI in history so far, and the importance of the Facebook-Jio partnership in India and on the global sense.

 

12:39 PM

Facebook Fuel for India 2020 :: Mukesh Ambani says Zuckerberg as a role model for many entrepreneurs in India

>> Indian organisations are leading the way in digital inclusions for the world, says Mark Zuckerberg

12:38 PM

Top losers on the BSE at this hour

12:29 PM

Adani Ports, Bajaj Finance: These 62 stocks in Nifty500 promise smart gains

As per the technical charts, among the Nifty 500 stocks, nearly 340–370 stocks are trading on the upper side of the momentum indicators like Moving Average Convergence Divergence (MACD) - an indicator that shows relationship between two moving averages of a stock price. The strength on the Relative Strength Index (RSI) -- a metric to judge whether a stock is in overbought or oversold zone -- has been phenomenal with stocks climbing higher highs. READ MORE

12:21 PM

Bajaj Finance m-cap crosses Rs 3 trillion as stock hits new high

Bajaj Finance entered the elite club of companies with a market capitalisation (market-cap) of Rs 3 trillion after the company's stock price hit a new high of Rs 4,992.55, up 2 per cent in Tuesday's otherwise weak market. The stock of the non-banking finance company (NBFC) surpassed its previous high of Rs 4,957.50, touched on November 27, 2020. READ MORE

12:17 PM

NEWS ALERT | Italy may go into strict lockdown until January 10: Report

12:07 PM

Mrs Bectors Food IPO review: Play on large opportunity in biscuits, QSR

A small player in the Rs 45,000 crore domestic packaged food industry, Mrs Bectors Food is seen gaining from the large opportunity in the biscuits and high-margin bread and institutional buns businesses.

 

Analysts believe the company is well positioned to scale up its operations and expand its footprint in other parts of the country as the industry is seen growing at a compounded annual growth rate of 9 per cent over the next 5 years. READ MORE

11:55 AM

Stocks that hit 52-week high in an otherwise subdued market today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ABB POWER PRODUC	1392.65	1399.00	2.52
ADANI PORTS	475.55	478.65	1.83
APL APOLLO TUBES	788.00	798.00	2.90
BAJAJ FINANCE	4967.20	4968.00	1.41
CYIENT	544.00	562.50	1.90

11:42 AM

APL Apollo Tubes trades ex-date for 1:5 stock split, hits new high

Shares of APL Apollo Tubes rallied 5 per cent on Tuesday to hit a fresh record high of Rs 798 on the BSE in an otherwise weak market as the stock today turned ex-date for 1:5 stock split. The company has fixed Wednesday, i.e. December 16, 2020 as the record date to ascertain the names of shareholders entitled for sub-division of each of the equity share of the company having a face value of Rs 10 each sub-divided into 5 equity shares having a face value of Rs 2 each. READ MORE