Stock Market Live: Indices trade at record high levels; Nifty hits 13,500; IT, FMCG stocks lead

Fresh Update: National Stock Exchange of India (NSE) on December 9 announced the listing of American Depository Receipts (ADRs) at NSE International Exchange (NSE IFSC).

A statement by the NSE said that its wholly-owned subsidiary NSE IFSC had become the first international exchange in GIFT City to list ADRs, with Dr. Reddy’s Laboratories Ltd being the first Indian corporate to do a secondary listing of their ADRs at NSE IFSC.

Buzzing | Shares of Indian Bank rallied over 9 percent intraday after the lender raised Rs 1,048 crore by issuing bonds on a private placement basis.

Yash Gupta Equity Research Associate, Angel Broking Ltd

Mindspace Business Parks REIT stock up by 0.2% on the positive development of board approval for raising Rs 200 crore by issuing debentures in private placement. Mindspace Business Parks REIT India’s second listed REIT has approved the issue of secured, listed, senior, taxable, non-cumulative, rated, redeemable, non-convertible debentures by Mindspace REIT on a private placement basis for an aggregate amount of upto Rs 200 crore in one or more tranches. This is a positive development for the company. This will help Mindspace to execute projects in near time and increase gross leasable area for the REIT.

Market Watch: Ruchit Jain, Angel Broking

Reliance Industries Ltd (RIL) is looking positive. We could see levels of Rs 2,060 followed by Rs 2,100 in short-term.

One can go long on Mahanagar Gas Ltd (MGL) with a stop loss of Rs 1,030 and a target of Rs 1,100.

One can buy Tata Coffee with a stop loss of Rs 107 and a target of Rs 120.

Update | NSE arm NSE International Exchange becomes the first International Exchange in GIFT City to list American Depository Receipts (ADRs), with Dr. Reddy’s being the first Indian corporate to do a secondary listing of their ADRs at NSE IFSC.

Buzzing | Yes Bank shares hit 10% upper circuit for second consecutive day

Shares of Yes Bank were locked in a 10 percent upper circuit for the second consecutive day on Wednesday after the company received a credit rating upgrade for its debt instrument. The stock gained as much as 9.9 percent to Rs 19.05 apiece on the BSE.

In an exchange filing, Yes Bank said that Brickwork Ratings upgraded the rating on Tier I Subordinated Perpetual Bonds (Basel II) to BWR BB+/Stable from BWR D.

The rating upgrade factors in improvement in capitalization ratios of the bank, strong shareholder base and experienced board members, it added.

Reports earlier said that the stock will be upgraded to the large-cap category from mid-cap by mutual fund industry body Association of Mutual Funds in India (Amfi). Read more here.

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking: Market continues its dream run and it’s one of such rarest phases when it just refuses to fall and keeps giving the gravity defying move. As we have been mentioning for a few days, although it’s always a soothing factor for the market not correcting; but at the same time, there will always be a hanging sword of the market surprising with a sudden correction any time. Hence, to be on the safer side, we are advocating booking profits in the ongoing rally. 

The level of 13,450-13,500 continues to be a key resistance zone; whereas on the lower side, crucial support base shifts at 13,300 – 13,250 now. A move below this support zone would result in an extended correction.

Stock Update: ICICI Bank share price gained in the early trade after the company approved to sell its stake in ICICI Securities via offer for sale (OFS). The bank plans to sell up to 2.21 percent stake in ICICI Securities. The company’s board approved the sale of up to 7,121,403 equity shares of face value Rs 5 each of ICICI Securities, representing up to 2.21 percent of its issued and paid-up equity share capital, through an offer for sale through the stock exchange mechanism.

The floor price for OFS has been set at Rs 440 and will be carried out on December 9 and 10. Just after the market opening, the stock was trading 4 percent to Rs 512.45 apiece.

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments: The markets have once again opened on an enthusiastic note but we are still in the midst of the resistance zone of 13400-13700. Regular booking of profits would be a prudent way of approaching the index. While the trend is bullish, traders must trade cautiously and upgrade to stop losses so as to conserve their profits. 13100 is good support for this week.

Aurobindo Pharma gets US FDA nod for sedative dexmedetomidine injection: Aurobindo Pharma received final approval from the US Food & Drug Administration to manufacture and market Dexmedetomidine Hydrochloride in 0.9 percent Sodium Chloride Injection, 200 µg/50 mL and 400 µg/100 mL Single Dose flexible containers (Bags). It is a therapeutic equivalent generic version of Hospira’s Precedex in 0.9 percent Sodium Chloride Injection. The product will be launched in January 2021.

ICICIdirect: USD-INR December futures appreciated sharply in the last session and made lows near 73.67. We continue to believe that higher levels should remain a shorting opportunity considering continued FII flows in emerging markets.

The dollar-rupee December contract on the NSE was at 73.74 in the last session. The open interest increased marginally by 2.98% for the December series contract, it added.

Opening Bell: Indian equity benchmark indices opened higher on Wednesday following positive global cues as optimism over the coronavirus vaccine boosted investors’ sentiment. At 9:15 am, the Sensex opened 0.62 percent, or 282.53 points, higher at 45,891.04, while the Nifty50 index opened at 13,458.10, up 65.15 points, or 0.49 percent.

Broader markets supported the gains in the market with Nifty Smallcap100 and Nifty Midcap100 indices up 0.7 percent each.

All the sectors were trading in the green led by Nifty PSU Bank, Nifty Metal, Nifty FMCG, Nifty Realty and Nifty Financial Services.

Among sectoral indices, the Nifty Metal index saw the most gains, trading 2.49 percent higher. Nifty Auto reported the least gain compared to its peers, trading 0.65 percent higher in the early morning session.

UPL, ITC, IndusInd Bank, ONGC and SBI Life Insurance were the Nifty50 top gainers, while UltraTech Cement, Eicher Motor, Cipla, Shree Cement and Maruti Suzuki were the top index losers.

Click here to read 10 things you should know before the opening bell today!

Govt could exceed FY21 budget target for expenditure: Centre will incur a higher expenditure than what it had budgeted on February 1 for the financial year 2020-21, sources tell CNBC-TV18. They said that the quarterly data has probably been misread and the past expenditure trends can’t be applied to this year’s government spend.

Sources also indicate that the normal spending restrictions that kick in the last quarter of every fiscal will not be applicable this year, as the ministries still have time to spend in the next 3 months.

“Expenditure will exceed the budget estimate”, they said. The government had estimated FY21 spending at Rs 30.42 lakh crore and 55 percent of this has been exhausted by October-end, as against over 59 percent spent in the corresponding period of last year. Read more here

Click here to check the list of top stocks you should watch out today. 

Here’s how the markets fared yesterday!

Indian benchmark equity indices, Sensex and Nifty ended higher Tuesday led by strong gains heavyweight IT stocks and PSU Banks amid mixed global cues.

The Sensex ended 181.54 points or 0.40 percent higher at 45,608.51, while the Nifty gained 37.20 points or 0.28 percent to close at 13,392.95.

Broader indices underperformed as Nifty Smallcap100 and Nifty Midcap100, ended flat. Nifty Bank advanced 50 points to 30,262.

Among sectors, Nifty PSU Bank rallied the most followed by Nifty IT and Nifty Realty. However, selling was witnessed in Nifty Metal, Nifty Pharma and Nifty Private Bank. Read more here

Welcome to our market live blog!

Hi, this is Mousumi Paul from the desk team of CNBC-TV18. I will be taking you through all the updates during the day, so stay tuned! 

To begin with, the Indian market is expected to open higher on Wednesday on positive global cues as the commencement of coronavirus vaccine rollout in the UK fueled optimism among investors. At 7:00 am, the SGX Nifty was trading 36.00 points or 0.27 percent higher at 13,451.50, indicating a positive start for the Sensex and Nifty50.

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