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Stock Market Highlights: Fresh virus fear spooks D-Street; Sensex tanks 1,400 points, Nifty ends below 13,350

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Stock Market Highlights: Fresh virus fear spooks D-Street; Sensex tanks 1,400 points, Nifty ends below 13,350

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Stock Market Highlights: Indian benchmark equity indices Sensex and Nifty plunged 3 percent Monday, wiping out the gains of the last six sessions, dragged by heavy selling across the board. All the sectoral indices tanked 3-7 percent each. Broader indices, Nifty Smallcap100 and Nifty Midcap100 plunge 5 percent each.

Stock Market Highlights: Fresh virus fear spooks D-Street; Sensex tanks 1,400 points, Nifty ends below 13,350
  • Market at Close

    Market Snaps 6-day Gaining Streak, Erases All The Gains Of Last 6 Sessions

    Fresh COVID Fears Lead To A Biggest 1-day Fall For Sensex & Nifty In 7 Months

    Nifty Closes 432 Points Lower At 13,328 After Falling Up To 646 Pts Intra-day

    Sensex Ends 1,407 Pts Lower At 45,554 After A Trading Range Of 2,133 Points

    Nifty Bank Slides 1,258 Points To 29,456 & Midcap Index 1,000 Pts To 19,797

    All Sectoral Indices Are In The Red While Volatility Index Surges 27%

    All Nifty Stocks Close With Cuts; Nestle, Infosys, HUL, TCS Top Loser

    UK-exposed Stocks Like Tata Motors, Motherson Fall On New COVID Strain

    L&T Closes 3.6% Lower Amid Volatility On NSDL’S Error w.r.t FPI Limit Hike

    Market Breadth Firmly In Favour Of Declines; Advance-Decline Ratio At 1:9

    BSE Erases Market Cap Of Over 7 Lakh Cr Today

  • Stock Market Highlights | Indian benchmark equity indices, Sensex and Nifty plunged 3 percent Monday as selloff intensified across the sectors. The Sensex plunged 1406.73 points or 3.00 percent to close at 45,553.96 while the Nifty ended 432.15 points or 3.14 percent lower at 13,328.40. All the Nifty sectoral indices tanked 2-7 percent each. Broader indices, Nifty Smallcap100 and Nifty Midcap100 plunged 5 percent each.

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

    Technically, the Index has broken its support of 13,500 which indicates a stop out on all long positions. We would now need to wait and watch the markets over the next couple of sessions. One should not take hasty and risky trades by going long or short on the markets. For the upside to resume, we would need to start trading above 13,750-13,800. In order to break on the downside, we should wait for a day or two and re-evaluate the markets. The strategy for the current market would be to sit on the sideline without a trade.

  • S Krishna Kumar, CIO Equity of Sundaram Mutual Fund

    What probably spooked the market on short-term basis is the news about new virus strain in the UK and more countries going for minor lockdowns, etc. So, that is something that pushed the market into a bit of a worry. I think from a medium-term perspective, these corrections are good opportunities for people to come in, in the next one month if there weaknesses in the market. I think it would be a good point to build in the portfolio for the next couple of years.

  • Just In | Considering the prevailing situation in UK, the Government of India has decided that all flights originating from UK to India shall be temporarily suspended till 31st December 2020. This suspension to start w.e.f. 23.59 hours, 22nd December 2020.

  • Market Watch: Deepak Shenoy, capitalmind.in

    I don’t think market sell-off is bad thing. Buying opportunities will emerge only when stocks start to fall. It is good to use this to rework the portfolio. The selloff has to last. It cannot be like one day 4 percent and tomorrow it starts going back up. So hopefully we will get a larger correction where some of the weaker hands will go away, you get opportunities to buy stocks. So not looking at it in a very negative fashion so far.

  • Market Update | All the constituents of benchmark Sensex were trading in the red with ONGC, M&M, IndusInd Bank and NTPC witnessing the largest fall.

    Stock Market Highlights: Fresh virus fear spooks D-Street; Sensex tanks 1,400 points, Nifty ends below 13,350
  • Antony Waste IPO fully subscribed

    The initial public offering (IPO) of Antony Waste Handling Cell has been subscribed 1.08 times on Monday, the first day of the bidding process. The Rs 300-crore public issue has received bids for 72.64 lakh equity shares against a reduced offer size (due to anchor book) of 66.66 lakh shares, as per data available on exchanges. The retail portion has received a subscription of 2.2 times and that of non-institutional investors 3.8 percent.

  • Housing sales to fall 47% in 2020 across 7 top cities due to COVID-19: Report

    Housing sales across seven major cities are estimated to fall 47 percent year-on-year to 1.38 lakh units this year on lower demand because of the COVID-19 pandemic, according to property consultant Anarock. New housing supply, too, is likely to fall 46 percent to 1.28 lakh units in 2020 in seven cities — Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Chennai and Kolkata.

    Releasing its data 10 days before the end of this year, Anaraock said the total home sales in seven cities are estimated at over 1.38 lakh units in 2020 against 2.61 lakh units in 2019. New housing supply in 2020 declined to 1.28 lakh units this year from about 2.37 lakh during 2019. While residential real estate bottomed out in 2020 against the previous peak of 2014, there are strong revival signs during the October-December quarter, the report said. Read more here.

  • FRL-Amazon case: Delhi HC rules Amazon can approach regulators, but objections to merger denied
    The court said that FRL’s board resolution dated Aug 29, 2020, was neither void nor contrary to Indian laws.Get latest Legal online at cnbctv18.com
    Stock Market Highlights: Fresh virus fear spooks D-Street; Sensex tanks 1,400 points, Nifty ends below 13,350
  • Kapil Wadhawan seeks control of DHFL, says will pay entire Rs 91,158 crore dues in 7-8 years

    The former promoter of crisis-hit Dewan Housing Finance Corporation Limited (DHFL) Kapil Wadhawan has urged the company's administrator to consider his proposal for repayment of 100 percent principal to all the creditors within 7-8 years instead of permitting to sell DHFL for a lower bid.

    Citing his last-ditch effort to ensure that "thousands of crores of public money is not irretrievably lost', Wadhawan, in a letter to the DHFL administrator, urged him to consider his settlement proposal of Rs 91,158 crore to all the lenders which is much more than the next highest bid of only a sum of Rs 36,646 crore.

    Wadhawan has submitted a proposal to the DHFL administrator, Prime Minister's Office, Ministry of Corporate Affairs, Finance Ministry and other agencies to repay 100 percent principal to all the creditors within 7-8 years.

    In his proposal, Wadhawan has promised to pay an upward payment of Rs 9,000 crore to the creditors, along with repayment of an additional amount of Rs 76,814 crore over a period of 7-8 years and conversion of debt to equity of Rs 4,970 crore. Continue reading.

  • Market Watch: Ruchit Jain, Angel Broking

    We are recommending to go short on Tata Steel with a stop loss of Rs 628 and a target of Rs 595.

    One can initiate fresh long positions in Glenmark Pharmaceuticals with a stop loss of Rs 514 and a target of Rs 555.

  • Bitcoin tests fresh record high, surpasses $24,000-mark as investors' demand rise
    Bitcoin rose to its all-time high crossing the $24,000-mark on Monday led by surging interest in the cryptocurrency from both institutional and retail investors. Get latest Currency online at…
    Stock Market Highlights: Fresh virus fear spooks D-Street; Sensex tanks 1,400 points, Nifty ends below 13,350
  • Snowman Logistics | The board of the company has considered and accorded its approval to raise funds up to an amount of Rs 250 crore by issuing eligible securities of the company, including equity shares of face value Rs 10 each, or other eligible instruments including but not limited to compulsorily convertible debentures or non - convertible debentures with warrants, through qualified institutions placement to qualified institutional buyers.

  • South West Pinnacle Exploration Ltd | The company has received a Letter of Acceptance for Passive Seismic Tomography (PST) survey in the state of Assam from Oil India. The aggregate value of the contract is EUR 4,529,280 (Rupees 40.66 Crores as on current date) (approx) including GST which shall be completed by FY 2022-23.

  • Ramco Systems | The company will implement its flagship aviation software, Ramco Aviation M&E MRO Suite for Iberia Maintenance (Iberia MRO), one of Europe’s leading MRO service providers in IAG Group.

  • Glenmark Pharma gets tentative nod from USFDA for anticoagulant drug

    Drug major Glenmark Pharma on Monday said it has received tentative approval from the US health regulator for anticoagulant Dabigatran Etexilate capsules. The approved product is a generic version of Boehringer Ingelheim Pharmaceuticals’ Pradaxa capsules.

    Pradaxa is used to prevent blood clots from forming because of certain irregular heart rhythm. Glenmark Pharmaceuticals has been granted tentative approval by the United States Food and Drug Administration (USFDA) for Dabigatran Etexilate capsules in the strengths of 75 mg, 110 mg, and 150 mg, the company said in a regulatory filing. Read more here.

  • RIL shares gain as co begins gas production from Asia’s deepest project


    The share price of Reliance Industries Ltd (RIL) gained over 1 percent on Monday after the company and British oil giant BP announced the start of production from the R Cluster, an ultra-deep-water gas field in block KG D6 off the east coast of India. RIL and BP are developing three deepwater gas projects in block KG D6 – R Cluster, Satellites Cluster and MJ – which together are expected to meet about 15 percent of India’s gas demand by 2023. These projects will utilise the existing hub infrastructure in KG D6 block. The billionaire Mukesh Ambani-led energy-technology-retail conglomerate RIL is the operator of KG D6 with a 66.67 percent participating interest and BP holds a 33.33 percent participating interest. More here

  • Bitcoin hits all-time high, surpasses $24,000-mark as investors' demand rise


    Bitcoin rose to its all-time high crossing the $24,000-mark on Monday led by surging interest in the cryptocurrency from both institutional and retail investors. The digital currency, on December 17, breached the $23,000 milestone for the first time. The cryptocurrency jumped 3.1 percent to touch an all-time peak of $24,273. Bitcoin has gained more than 233 percent this year, on the back of an increased demand from larger investors attracted to its potential for quick gains. The rally has also been driven by increasing expectations it will become a mainstream payment method, with PayPal opening its network to cryptocurrencies.

  • 'Only for high risk takers': Brokers cautious on Antony Waste Handling Cell IPO

    Most brokerages advise caution on the IPO and suggest only high-risk investors to invest in it on the back of dependency on municipal authorities for a major portion of the revenue.Get latest Market…
    Stock Market Highlights: Fresh virus fear spooks D-Street; Sensex tanks 1,400 points, Nifty ends below 13,350
  • Gold rate today: Yellow metal rises above Rs 50,800 level; Silver rallies over 4%

    Gold prices in India traded over 1 percent higher on the Multi Commodity Exchange (MCX) Monday following a positive trend in the international spot prices while silver prices also jumped more than 4 percent. At 10:50 am, gold futures for February delivery rose 1.13 percent to Rs 50,874 per 10 grams as against the previous close of Rs 50,304 and the opening price of Rs 50,515 on the MCX. Silver futures traded 4.05 percent higher at Rs 70,655 per kg. The prices opened at Rs 68,958 as compared to the previous close of Rs 67,907 per kg. More here

  • AstraZeneca Pharma gets import and market permission for Benralizumab 

    AstraZeneca Pharma India has received import and market permission in Form CT-20 (Marketing Authorization) from the Drugs Controller General of India for Benralizumab 30mg/mL solution for injection (Fasenra). Benralizumab is indicated as an add-on maintenance treatment for severe asthma with an eosinophilic phenotype in adult patients.

  • Expect strong global rally in equity markets; dollar weakness to continue: BofA Global

    BofA Global Research's Ethan Harris expects a strong global rally in the equity markets especially in the US as they await a massive fiscal package. Harris doesn’t expect the commodities boom to continue for too long but dollar weakness to continue and he expects a good 2021 in terms of economic growth. “Next year as it becomes clear that this is behind us, you should get another rally globally in equity markets. I am optimistic about the US markets in particular because they are talking about a massive fiscal package in Washington right now; we have all got used to big numbers but this we are talking about more than 4 percent GDP and that’s going to mean a very strong growth once we get pass the COVID crisis,” Harris told CNBC-TV18 on Monday. More here

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

    The Nifty is keeping above the crucial 13,700 level. If we can continue doing that, the markets should be headed to 14,000. Strong support lies at the 13,500-13,600 levels and as long as that holds, the trend of the index remains bullish and traders can utilize any dip to accumulate long positions.

  • Mahindra & Mahindra | M&M’s Farm Equipment Sector has announced that effective January 1, 2021, the company will increase the price of its range of tractors, across models. This has been necessitated due to the increase in commodity prices.

  • Rupee Opens | The Indian rupee opened 18 paise lower at 73.75 per dollar on Monday against Friday's close of 73.57.

  • Top 2 telcos consolidating market share; Vodafone Idea likely to lose RMS: Report


    Top two telecom companies Jio and Bharti Airtel are consolidating market share moving the industry possibly towards a "near 2-player structure", with Vodafone Idea facing the prospects of losing revenue market share (RMS) as it struggles financially, according to a report by IIFL Securities. The latest note by IIFL Securities also indicated that tariff increase may not be immediate and instead sees a "high likelihood of price hike in 12-18 months". 

    "The industry shake-up that ensued post Jio's entry has resulted in a 3+1 market configuration. In our view, the industry is moving to a near 2-player structure Jio and Bharti with Vi (Vodafone Idea) likely to lose RMS as it struggles financially," it said. It expected Voda Idea to witness "accelerated RMS loss" due to the tight timeline on statutory payments and "significant tariff hikes looking at least 12 months away". More here

Stock Market Highlights: Indian benchmark equity indices Sensex and Nifty plunged 3 percent Monday, wiping out the gains of the last six sessions, dragged by heavy selling across the board. All the sectoral indices tanked 3-7 percent each. Broader indices, Nifty Smallcap100 and Nifty Midcap100 plunge 5 percent each.

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