Stock Market Highlights: Sensex ends 70 points higher, Nifty settles above 13,750 amid volatility; IT, pharma stocks outperform

Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities

The Nifty-50 Index has gained 1.8% this week while the Nifty-Mid Cap 100 Index and BSE Small Cap Index have gained 1.9% and 1.4%, respectively. The market remained buoyant on the earlier-than-expected deployment of Covid-19 vaccines, impending US fiscal stimulus and decreasing domestic Covid-19 cases. FIIs flows though strong have moderated some bit from the previous week. The average daily FII flows in the first four days of the week was around Rs.3200 crore. Going forward expect FII flows to slowdown in the next two weeks as we head towards Christmas vacation.

Markets could turn volatile next week due to the monthly expiry and lesser participation from FIIs. We expect Nifty50 to consolidate between 13,000 & 14,000 levels by the end of this month.

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

The Nifty has closed above 13,700 once again which is a positive sign. We continue to remain in bullish territory as long as 13.400-13.500 holds. Any intraday correction can be utilized to accumulate long positions for higher targets. It is imperative stop losses are strictly maintained as a correction might stir the volatility levels.

Market At Close

Sensex & Nifty Recover To Close At Record Highs For 6th Straight Day

Benchmark Indices Reverse Losses To End The Friday Session Near Day’s High

Nifty Gains 102 Points & Sensex 330 Points From Lows

Sensex Ends 70 Points Higher At 46,961 & Nifty 20 Pts Higher At 13,761

Accenture’s Strong Earnings Lead IT Stocks Higher; Nifty IT Up Over 1%

All Nifty IT Stocks Close In The Green; Infosys, Mphasis, Wipro Top Gainers

Midcap Index & Nifty Bank Underperform Benchmark Indices

Nifty Bank Slips 132 Pts To 30,715 & Midcap Index 52 Pts To 20,797

HDFC Bank Drags Nifty Bank By 212 Pts While ICICI Bk Lifts By 112 Pts

Burger King Closes At Lower Circuit For 2nd Straight Day

L&T Tech Surges 13% After CLSA’s Upgrade To Outperform

Stock Market Highlights | Indian benchmark equity indices, Sensex and Nifty ended Friday's choppy session a little higher. The Sensex gained 70.35 points or 0.15 percent to close at 46,960.69 while the Nifty ended at 13,760.55, up 19.85 points or 0.14 percent. Broader indices underperformed as Nifty Midcap100 and Nifty Smallcap100 ended over 0.2 percent lower each.

Among sectors, The Nifty IT and Nifty Pharma rose the most, up 1.5 percent and 1.3 percent, respectively while Nifty FMCG also added 0.3 percent. However, the banking and financial services index ended the day in the red. Nifty Metal also lost around 0.3 percent.

On the Nifty50 index, Dr Reddy's, Bajaj Auto, Infosys, Wipro and Cipla were the top gainers while IndusInd Bank, HDFC Bank, ONGC, Maruti and IOC led the losses.

HG Infra Engineering | The company has received LoA from NHAI for a project in Rajasthan worth Rs 1,198.93 crore.

Surya Roshni | The company has obtained an order worth Rs 72.62 crore (excluding GST) for supply of API 5L Grade 3LPE Coated and bare Pipes to Indian Oil Corporation Limited for Gas pipeline project.

KNR Construction | The company's board has approved a bonus issue in the ratio of 1:1.

Market Update | Indian indices pared morning losses to trade flat as selling in banking and financial stocks were countered by gains in IT and Pharma stocks. Sensex was trading 8.57 points or 0.02 percent higher at 46,898.91 while the Nifty inched 4.20 points or 0.03 percent higher at 13,744.90 at 2:10 pm. Infosys, HCL Technologies, Bajaj Auto and TCS were the top Sensex gainers while IndusInd Bank, ONGC, and HDFC twin were the top laggards.

Strides Pharma Science | The company has received US FDA approval for Oxybutynin Chloride tablets used for the treatment of overactive bladder and urinary conditions.

Market Watch: Hemen Kapadia of KRChoksey Securities

A buy call on Bajaj Auto. It has been consolidating for around 14 trading sessions, today it is setting the stage for a breakout, it has moved up a bit, but I would suggest a buy at Rs 3,330, stop loss Rs 3,260 and target of Rs 3,470. A breakout would take it pass Rs 3,500 actually.

A buy on Hindustan Unilever (HUL), buy Rs HUL at around Rs 2,320, stop loss at Rs 2,290 and target at Rs 2,380, this call would be valid for a couple of weeks.

Lastly, a buy call on Sun Pharmaceutical Industries, it has gone into the consolidation phase, once again around 11-12 trading sessions old. But the undercurrent is distinctly bullish, long term I would say we are at Rs 524, we are heading towards Rs 900 couple of years around the line, but I am anticipating an upwards breakout. So buy Sun Pharmaceutical at Rs 570 stop loss Rs 555 target Rs 600.

RITES | The company has secured project management consulting work of Rs 62 crore.

Burger King hits 10% lower circuit for 2nd day; No impact on listing of Mrs Bector's Food, say analysts

Burger King India shares hit a 10 percent lower circuit for the second consecutive day in a row. The stock price of the quick-service restaurant chain was locked at Rs 161.45 per share on BSE, due to profit booking.

On Thursday, the stock had slipped 10 percent to Rs 175 per share on the NSE. This came after the stock witnessed a spectacular listing earlier this week.

However, despite the fall, Burger King shares are 169 percent up from its listing price.

In the case of Burger King, the valuation was unrealistic post-listing, so some amount of correction was expected, said Sudip Bandyopadhyay, Group Chairman, Inditrade Capital.

On the other hand, Mrs Bector's Food Specialities' public issue was subscribed 198 times on Thursday. Analysts do not expect any impact of profit-taking in the Burger King shares on Mrs Bector Food's listing. Read more here.

Steel Strips Wheels | The company has bagged export orders of nearly 51,000 wheels for EU market, to be executed in the month of January and February 2021 from its Chennai plant. Orders of similar capacity are anticipated from the same customer base as businesses continue to recover rapidly, it said. The company expects to grow its exports by over 40 percent in 2020-21.