Nifty 14,563
▲ 78 (+0.5%)
|
Sensex 49,517
▲ 247 (+0.5%)
|
After a shaky start, the markets resumed their upward march and remained firm till the closing bell rang.
Among the sectoral indices, Nifty PSU Bank (+5.9%) and Nifty
Realty (+2.7%) were the top gainers, whereas Nifty Pharma (-1.2%) and
Nifty FMCG (-0.5%) were the top losers. |
|
Top gainers (Nifty50)
| Tata Motors |
▲ 7.5% |
| GAIL |
▲ 4.6% |
| Bharti Airtel |
▲ 3.9% |
|
|
Top losers (Nifty50)
| Asian Paints |
▼ 3.2% |
| Titan |
▼ 2.1% |
| Nestle India |
▼ 2.1% |
|
|
|
Here are the top stories of the day.
Sunteck gains as new bookings rise
- Mumbai-based Sunteck Realty saw a sharp recovery in new bookings to ₹349 crore, up 75% QoQ
and 7% YoY. The company believes that the reduction in stamp duty and
low interest rates are expediting home-purchase decisions.
- As
construction activity returns to pre-COVID levels, the company is
accelerating its work on projects to make up for lost time. The stock
gained 1.7% today.
|
|
PSU banks see high investor interest
- As per RBI’s Financial Stability Report, PSU banks are seeing a steady uptick in credit growth. Loans grew 4.6% YoY in September 2020, as compared to 3% in March 2020.
- Further,
the rebound in the overall economic scenario not only augurs well for
new loans but also increases the likelihood of an improvement in asset
quality. Shares of PSU banks such as SBI (+3.7%), PNB (+4.3%), Bank of
Baroda (+10.6%), Canara Bank (+6.8%) and Union Bank (+5.7%) saw strong
investor interest today.
|
|
Fundraising plans boost Indiamart
- Indiamart, the online B2B marketplace, aims to raise around ₹1,000 crore
possibly via the qualified institutional placement (QIP) route. The
exact quantum of funds raised will be revealed on 18 January, during the
company’s board meeting.
- The
company is likely to use the raised funds for potential acquisitions.
The stock rose 2.7% today. The stock has been steadily rising of late,
gaining nearly 26% in December and 28% in January, so far.
|
|
Tata Chemicals to buy Archean’s salt unit
- According to reports, Tata Chemicals is in talks to acquire Archean Group’s industrial salt division valued at ₹450 crore. The Chennai-based group is a manufacturer of industrial salt, industrial chemicals and fertilisers.
- Media
reports suggest that the deal could materialise this month. Shares of
Tata Chemicals rose 4.9% today. It has seen a strong run-up in Q3,
gaining nearly 60%.
Closing bell
The
markets have been rising for 10 weeks straight. Such an extended rise
without any corrections is rarely seen and indicates the strength of the
bulls. That said, it will be interesting to see the impact of the CPI
inflation numbers, which will be announced today. The street expects the
number to drop to 5.3% from 6.9% seen in November.
Falling
vegetable prices (due to a better crop) are expected to curb overall
inflation. Interestingly, at 5.3% the CPI will be comfortably below
RBI’s upper tolerance level of 6%. Meanwhile, market expectations for
the IIP reading (which will also be announced today) are not that
encouraging. It is expected to drop to 1.1% versus 3.6% in November.
