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CNBC-TV18 Market Highlights: Market ends higher for 6th straight day, PSU Bank index jumps 7%; UltraTech Cement top gainer

CNBC-TV18 Market Highlights: Market ends higher for 6th straight day, PSU Bank index jumps 7%; UltraTech Cement top gainer

CNBC-TV18 Market Highlights: Market ends higher for 6th straight day, PSU Bank index jumps 7%; UltraTech Cement top gainer
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CNBC-TV18 Market Highlights: The Indian market ended with modest gains on Tuesday dragged by Sun Pharma and Hindalco. However, PSU bank outshined in today's trade, to close the index 7 percent higher led by Canara Bank and Indian Bank.  Adani Ports, Hindalco, Coal India, IndusInd Bank and Sun Pharma were among major losers on the Nifty.

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Here are the key highlights for today's trading session:

1. Market closes with minor gains; Sensex & Nifty post record close

2. Nifty gains 37 points to 13,393 & Sensex 182 points to 45,609

3. Nifty Bank advances 50 points to 30,262 & midcap index 11 points to 20,439

4. Market breadth neutral with NSE; advance- decline ratio at 1:1

5. IT & Reliance lift Nifty while Asia Paints, Bharti Airtel & Sun Pharma drag

6. PSU Bank gains the most amongst indices on reports of privatisation

7. Canara Bank top PSU Bank gainer followed by Indian Bank, PNB and Bank of Baroda

8. TVS Srichakra surges 5% on announcement of plant expansion

Dec 8, 2020 4:14 PM

Closing Bell: The Indian market ended with modest gains on Tuesday dragged by Sun Pharma and Hindalco. However, PSU bank outshined in today's trade, to close the index 7 percent higher led by Canara Bank and Indian Bank. The index gained for the fourth straight day and rose to its highest level in nine months.

Adani Ports, Hindalco, Coal India, IndusInd Bank and Sun Pharma were among major losers on the Nifty.

The S&P BSE Sensex ended 0.4 percent higher at 45,608 while the NSE Nifty 50 index closed 0.3 percent higher at 13,392. The Sensex gained for the fourth straight day while the Nifty advanced for the sixth straight session.

Other indices like the Nifty I.T. and Nifty Realty indices rose 0.8 percent. Among the laggards were Nifty Metal and Nifty Pharma, both of which ended lower by 1.2 percent each.

Broader markets were little changed. Both Nifty Midcap and Nifty Smallcap indices ended little changed. 918 stocks on the NSE ended with gains while 980

Dec 8, 2020 3:46 PM

Tata Sons Counsel To SC: As per our calculations, the Pallonji Group shareholding in Tata Sons worth not more than Rs 70,000 cr to Rs 80,000 cr. 

Alert: Pallonji Group claims value of over Rs 1.75 lakh cr of its 18% shareholding in Tata Sons

Dec 8, 2020 3:24 PM

Tapan Patel- Senior Analyst (Commodities), HDFC Securities: Gold prices traded higher with COMEX spot gold prices traded near $1862 on December 8. Gold December future contract at MCX were trading marginal down to Rs 49,875 per 10 grams on rupee appreciation. The spot rupee gained by 12 paisa during the day against the dollar.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1880 with support at $1840. MCX Gold December support lies at Rs 49,500 with resistance at Rs 50,200.

Dec 8, 2020 3:11 PM

Burger King IPO: Here's how you can check your allotment status tomorrow

Quick-service restaurant chain Burger King India's initial public offer's (IPO) allotment will be finalized tomorrow. It would be the fourteenth IPO in the current year. The price band of the IPO is fixed at Rs 59-60. The shares are likely to list on December 14.

The share sale was subscribed a massive 156.65 times, receiving bids for 11,66,93,73,500 shares as against 7,44,91,524 shares on offer. In fact, the IPO was fully oversubscribed within a few hours on the first day of bidding.

With the funds raised via the IPO , the company intends to utilise the fresh proceeds to finance the roll-out of new company-owned Burger King restaurants and to meet the general corporate purposes.

Most brokerage houses have recommended a 'subscribe' rating on the issue on the back of a strong franchisee model, negative working capital, market share gains and expansion plans. Expected revenue growth and robust growth in restaurant additions following its last five-year record are also key positives.

Here's how you can check the allotment status:on BSE/LinkinTime

Dec 8, 2020 2:44 PM

Canara Bank & Indian Bank are now up more than 9% 

Dec 8, 2020 2:29 PM

Mutual funds witness net equity outflow of Rs 12,917.36 crore in November, shows AMFI data

Mutual fund witnessed net equity outflow of Rs 12,917.36 crore in November, data from the Association of Mutual Funds in India (AMFI) showed. This also marks the fifth consecutive month of withdrawal from equity mutual funds (MFs).

Overall, the mutual fund industry witnessed a net inflow of Rs 27,914 crore across all segments during the period under review, as against an inflow of Rs 98,576 crore in October.

The liquid fund saw an outflow of Rs 8,415.2 cr versus an inflow of Rs 19,582.7 crore in October.

The assets under management (AUM) of the mutual fund industry soared to a record high level of Rs 30 lakh crore in November-end, from Rs 28.23 lakh crore in October-end, due to a positive inflow in debt funds. Click here to read more

Dec 8, 2020 2:15 PM

Passenger vehicle retail sales rise 4% in Nov on festive demand: FADA

Automobile dealers’ body FADA on Tuesday said passenger vehicle (PV) retail sales in November witnessed a year-on-year increase of 4.17 percent to 2,91,001 units as Diwali-Dhanteras period led to rise in vehicle registrations. According to the Federation of Automobile Dealers Associations (FADA), which collected vehicle registration data from 1,265 out of the 1,472 regional transport offices (RTOs), PV sales stood at 2,79,365 units in November 2019.

Two-wheeler sales, however, declined 21.4 percent to 14,13,378 units last month, as compared to 17,98,201 units in November 2019. Commercial vehicle sales also slipped 31.22 percent to 50,113 units, as against 72,863 units a year ago.

Similarly, three-wheeler sales fell 64.98 per cent to 24,185 units last month, from 69,056 units in the year-ago period. Tractor sales, however, grew by 8.47 per cent to 49,313 units last month, against 45,462 units in the same month last year. Read more here

Dec 8, 2020 2:04 PM

Former IndusInd Bank MD Romesh Sobti likely to join Aditya Birla Capital board

After a successful stint at the helm of IndusInd Bank, Romesh Sobti is likely to join the board of Aditya Birla Capital, sources said.

Aditya Birla Group’s financial services arm Aditya Birla Capital has applied for Reserve Bank of India (RBI) approval for Sobti’s induction on its board, added sources.

Sobti, who retired as MD and CEO of IndusInd Bank in March this year, is likely to be private equity firm Advent’s nominee on AB Capital board. He joined Advent as Operating Partner.

Advent holds a 4.15 percent stake in Aditya Birla Capital with an investment of Rs 1,000 crore.

The industry veteran Sobti was MD and CEO of IndusInd Bank since February 1, 2008.

Advent and Aditya Birla Capital did not offer any comment on CNBC-TV18’s query.

Dec 8, 2020 1:35 PM

Sources say Canara Bank QIP gets demand for around Rs 5,000 crore vs issue size of Rs 2,000 crore

Dec 8, 2020 1:18 PM

Views on November AMFI Data by Mr Akhil Chaturvedi, Associate Director & Head of Sales, Motilal Oswal Asset Management Company: “November 2020 has be a one the better months for equity markets with Nifty 50 at all-time high and a very strong recovery in the mid and small cap indices, with mid and small caps after three years of negative returns turned positive for the CY 2020. We have also seen record FII buying to the extent of 60k cr in month of November backed by strong liquidity, lower interest rates and increased interest in emerging markets.

The markets are clearly pricing in the positives of recovering economic data points, lower interest rates and sign of vaccine coming out very soon and all of this leading to a very positive impact on earnings in coming quarters and more specifically FY 22.

Now, optically from the lows of March 2020 correction markets have given some stupendous returns and leading to belief that markets are over-heated and therefore outflow from equity mutual funds to the extent of 35k cr highest ever seen. Adjusted for inflows of 17k cr (50% of which would be SIP flows) the net redemptions have been almost 18k cr.

All of these outflows would not have gone completely out of equities as an asset class, but probably moved to direct equities as investors have had some successes in past few months investing directly, some part of this liquidity could have also flown to real estate with renewed interest amongst genuine buyers wanting to own home at lower interest rates and falling taxes and prices. There also investors who would be sitting on cash to deploy once again post any meaningful correction in near future.

Similar  trends have been witnessed in past as well, it will be interesting to see market movements vs. domestic flows trend in next few months and what would be the trigger points which would lead retail/ HNI investors come back to equities once again meaningfully.”

Dec 8, 2020 1:03 PM

Gold rate today: Yellow metal rises above Rs 50,000 per 10 gms level; Silver eases

Gold prices in India traded above Rs 50,000 per 10 grams level on the Multi Commodity Exchange (MCX) Tuesday tracking a positive trend in the international spot prices.

At 11:00 am, gold futures for December delivery rose 0.27 percent to Rs 50,082 per 10 grams as against the previous close of Rs 49,946 and the opening price of Rs 50,065 on the MCX. Silver futures traded 0.36 percent lower at Rs 65,264 per kg. The prices opened at Rs 65,388 as compared to the previous close of Rs 65,499 per kg.

“Gold prices are likely to trade with a positive bias amid a weak US dollar. Hopes of a stimulus package in the US and lower interest rates are supporting the yellow metal. Hence, any dips should be used as buying opportunity,” said Amit Sajeja, VP Research - Commodities & Currencies, Motilal Oswal. Read more

Dec 8, 2020 12:50 PM

Stock Update: Godrej Properties share price touched 52-week high of Rs 1,231.60, adding 2 percent in the morning trade after the real estate company said it would develop a residential project in Bengaluru. The company entered into an outright transaction to purchase a well- located land parcel in Whitefield, Bengaluru. Spread across 18 acres, the project would offer 0.22 million square meters (2.4 million square feet) of saleable area of primarily residential apartments.

Dec 8, 2020 12:36 PM

Centre tells SC that if the interest is waived off on all types of loans, amount forgone would be over Rs 6 lakh crore & that this was the reason why interest waiver was not even considered.

Dec 8, 2020 12:15 PM

Goa Carbon Shares Hits Upper Circuit After November Production Jumps 58%

Goa Carbon share price hit 5 percent upper circuit on BSE after the company declared its business performance for the month of November.

November 2020 production of the petrochemical company was up by 58.8 percent at 14,309.200 MT against 9,006.000 MT in October 2020. The three plants of the company including Bilaspur Plant produced 434.200 MT while the Goa Plant produced 5,590.000 MT and the Paradeep Plant produced 8,285.000 MT.

Dec 8, 2020 11:47 AM

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