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

1. Market snaps 7-day gaining streak; Nifty slips below 13,500

2. HDFC Bank, Reliance Industries, ICICI Bank & UPL top Nifty losers

3. FMCG shares lend support to Nifty after brokerages indicates upgrades

4. ITC, HUL, Nestle & Britannia top Nifty gainers

5. Market breadth in favour of declines; advance-decline ratio at 2:3

6. Nifty falls 51 points to 13,478 & Sensex 144 points to 45,960

7. Nifty Bank slips 199 points to 30,510 & Midcap index 171 points to 20,393

8. UPL falls 11% on reports of funds siphoning; company denies the report

9. Cement shares slip as CCI probes companies for cartelisation; UltraTech top loser

10. Autos under pressure as Bosch India flags shortage of critical components

11. SCI hits upper circuit ahead of secretary's meeting w.r.t share sale

12. Yes Bank continues to move hgiher, up over 33% this week

Dec 10, 2020 3:43 PM

Closing Bell: The Indian market ended lower on Thursday dragged by heavy selling in banks, auto, financial services, media and metal stocks amid negative global cues.

At 3:30 pm, the Sensex ended 144 points lower to 45,960 while the Nifty50 index closed at 13,478, down 51 points. Broader markets also reeled under pressure with Nifty Smallcap100 and Nifty Midcap100 trading lower.

Among sectoral indices, Nifty FMCG, Nifty Metal and Nifty Realty were the only sectors that ended in green. Nifty Media remained the worst-performing index of the day, closing 1.6 percent lower followed by Nifty PSU Bank (-1.5 percent).

Nestle, ITC, Britannia, Hindustan Unilever, Adani Ports were the Nifty50 top gainers while UPL, UltraTech Cement, Shree Cement, Tata Motors and Mahidnra & Mahindra remained the index top losers.

Dec 10, 2020 3:38 PM

Festive season sets the pace for the growth of India's real estate

India’s 2020 festive season has brought a cheer to the real estate industry with a much-needed boost for home sales, for products cutting across categories. Amidst all the positivity, there was a sobering reality of the downturn in the Indian economy, which had witnessed a steep fall and a liquidity crunch among consumers with a caution to spend. Although there are challenges of the pandemic that the country continues to face today and its impact on overall consumer sentiment, the festive season has restored the faith that real estate continues to be a preferred choice of long-term investment.

With a substantial revival in consumer sentiment, the industry has witnessed an upward trend in sales across all cities. With an improved attractiveness for real estate as a preferred asset class, against other traditional alternatives, home buyers are looking at safeguarding their accumulated savings by investing in a more long-term asset. Continue reading here

Dec 10, 2020 3:29 PM

Just In: UPL management to hold conference call at 4:30 pm today. The stock is trading 11 percent lower to Rs 438.60 per share on the NSE.

Dec 10, 2020 3:10 PM

Market stages an upmove from lows despite trading in red.

Dec 10, 2020 2:57 PM

India's recovery faster than expected; ADB cuts contraction projection to 8% for FY21

The Asian Development Bank (ADB) on Thursday upgraded its forecast for the Indian economy, projecting 8 percent contraction in 2020-21 as compared to 9 percent degrowth estimated earlier, on the back of faster than expected recovery. Observing that the economy has begun to normalise, the Asian Development Outlook (ADO) Supplement said the second-quarter contraction at 7.5 percent was better than expected.

The economy contracted by 23.9 percent in June quarter of the current fiscal on account of the impact of the coronavirus pandemic. ”The GDP forecast for FY2020 is upgraded from 9.0 percent contraction to 8.0 percent, with GDP in H2 probably restored to its size a year earlier. The growth projection for FY2021 is kept at 8.0 percent,” it said. Click here to read more

Dec 10, 2020 2:48 PM

CLSA on DLF: Maintain buy call, target raised to Rs 255 from Rs 205 per share. Visibility improves for residential growth. Increase our pre-sales and earnings estimates for FY21-FY23. Expect pre-sales to reach Rs 4,200 crore in FY23 from Rs 2,500 crore in FY20.

Dec 10, 2020 2:44 PM

Dec 10, 2020 2:11 PM

Market Watch: Ashish Kyal, Waves Strategy

One can create long positions on Shilpa Medicare for the target of Rs 524, keeping a stop loss of Rs 470.

One can ride the third wave on Praj Industries for the target of around Rs 117 with a stop loss of Rs 105.

Dec 10, 2020 1:59 PM

Gold rate today: Yellow metal eases; support seen at Rs 49,100 level; analysts suggest sell-on-rally

Gold prices in India traded marginally lower on the Multi Commodity Exchange (MCX) Thursday following a muted trend in the international spot prices amid uncertainties over US stimulus package and…

Dec 10, 2020 1:54 PM

Housing sales in Mumbai jump 67% YoY boosted by stamp duty cut, festive demand

Mumbai has recorded a robust 67 percent year-on-year growth in home sales volume at 9,301 units in November 2020, thanks to the by stamp duty cut and festive period of Diwali.

According to property consultant Knight Frank India, at 9,301 units registered in November 2020, the residential sector of Mumbai recorded the highest ever registrations in the month of November over the last 9 years. The registrations in November 2020 have jumped by 17% MoM.

This strong growth of 17 percent MoM in November comes after a robust 42 percent MoM growth during October and massive 112 percent MoM growth during September 2020, when sales of residential property started to show an upward trend after months of COVID-19 induced slowdown.

Stamp duty cut of 300 bps continues to propel residential sales in Mumbai. Most developers have offered to absorb the remaining 200 bps which is resulting in huge savings for the homebuyer, Knight Frank said.

In addition to the stamp duty cut, sales in November were also augmented by the auspicious period of Diwali and reduction of home loan rate to historic lows. Other measures by developers such as deferred payment plans, indirect discounts and offers to negotiate on the final price of the apartment have helped entice homebuyers.

Dec 10, 2020 1:44 PM

Cadila Healthcare looking to sell animal health business: Sources

Amidst a flurry of deals in the pharmaceuticals space, Gujarat-based Zydus Cadila Group’s Cadila Healthcare is looking to sell its animal healthcare business, CNBC-TV18 has learnt. The ask price is at least $400 million, or Rs 3,000 crore.

Two independent sources with direct knowledge of the development said that Cadila Healthcare is eyeing the rich valuations that the animal healthcare segment commands globally.

Earlier this year, PE firm Carlyle had acquired Sequent Scientific, an animal healthcare-focused firm in a Rs 1,587-crore deal, establishing a benchmark for the space. Read more here

Dec 10, 2020 1:31 PM

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Going by the conventional norms of valuations - PE ratio, market cap to GDP - the market is now over-valued. But the markets can remain over-valued much longer than expected. Presently the market is in bull orbit driven mainly by sustained strong FPI inflows and bulls dictating terms. Globally too markets are buoyant, this may continue. However, investors have to be cautious. Slowly raising the level of cash in portfolio would be a conservative but a wise strategy.

Dec 10, 2020 1:15 PM

IRDAI sources say, not considering any proposal to ban credit life policies. Only proposal under consideration is to ban credit linked group health policies. Positive for ICICI Pru, HDFC Life & Max Life

Dec 10, 2020 1:02 PM

Snowman Logistics sings MoU with SpiceJet: Snowman Logistics has signed a MoU With SpiceJet for transportation of COVID-19 vaccines in required temperature zones. It will handle ground services including warehousing and consumption points for COVID-19 vaccines. SpiceJet to provide air connectivity for temperature-controlled distribution of vaccines. (Source: Moneycontrol)

Dec 10, 2020 12:53 PM

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