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

For the time being, the markets are directionless. Yesterday's fall has made traders nervous and since the volatility is high, the stops will be large too. It is therefore advised to wait and watch for a few days till a clear direction is confirmed. 13,100-13,150 is medium-term support for the Nifty and if that were to break, we could slide down to 12,800.

Dec 22, 2020 3:41 PM

Market At Close

Market Recovers Sharply From Lows To Close At Day’s High

IT Stocks Lead Market Higher; Infosys, TCS & HCL Tech Top Contributors

Nifty IT At 52-week High; Goldman Sachs Expects 3rd Wave Of IT Outsourcing Cycle

Nifty Gains 273 Points From Lows To Close 134 Points Higher At 13,466

Sensex Moves 894 Pts Higher From Lows To End 453 Pts In The Green At 46,007

Nifty Bank Regains 649 points From Intra-day Low To Close 169 Pts Higher At 29,626

Midcap Index Gains In-line With Benchmarks, Up 168 Points To 19,965

Market Breadth Improves To Favour Advances At Close; Advance-Decline Ratio At 1:1

Pharma Rises On Improvement In Key Pdt Prescriptions In US; Sun & Cipla Top Gainers

IGLR Surges Over 6% On Shift To PNG For Industries In Delhi

Hotel & Mltiplex Stocks Under Pressure After Maha Govt’s Night Curfew; PVR Down 6%

IndiGo Recovers 10% From Lows While Spicejet Remains Under Pressure

Dec 22, 2020 3:39 PM

Closing Bell: Sensex, Nifty end higher after a volatile session; IT, pharma stocks lead

Indian indices ended higher after a volatile session on Tuesday led mainly by gains in IT and pharma stocks. Meanwhile, global peers remained cautious as the news of a new fast-spreading strain of the coronavirus in Britain that could slow global economic recovery weighed on the sentiment.

The Sensex ended 453 points higher at 46,006 while the Nifty rose 138 points to settle at 13,466. Broader markets were in-line with benchmarks with the midcap and smallcap indices up around 1 percent each.

The volatility index fell over 5.5 percent today to its highest in more than five weeks on Tuesday in a holiday-shortened trading week.

On the Nifty50 index, Adani Ports, HCL Tech, Tech Mahindra, Infosys and GAIL were the top gainers while Kotak Bank, HDFC, Bajaj Finance, UltraTech Cement and IndusInd Bank led the losses.

All sectors were in the green for the day. The Nifty IT index surged the most, up over 3 percent while the pharma index added 2 percent for the day. The Nifty Metal index was also up over 1 percent and the bank and auto indices gained 0.6 percent and 0.9 percent, respectively for the day.

Dec 22, 2020 3:37 PM

Market Watch: Mehraboon J Irani, Gini Gems Consultants

On IT

This is the story that the entire market has been liking for the large part of 2020. The feel-good factor is there as far as IT stocks go. The momentum is also in favour of valuation beyond the point, at the moment cannot be questioned. It would not be a bad decision even now - besides the run up which we have seen in the stocks - to put some more money into IT stocks. This is still a sector in which people can look at favorably. Among the frontline stocks, I like HCL Technologies, among midcaps I would go with Tech Mahindra, Tata Elxsi, L&T Technologies Services and L&T Infotech. Something like Happiest Minds can possibly outperform others.

On L&T

If an investor believes that I want to have a lovely name like Larsen and Toubro (L&T) in the portfolio and I am not in a hurry to sell, he can continue to hold on. But at the present level, putting an incremental money, there are many stocks in the market that can possibly outperform L&T. So if there is an investor believing in the longer-term doesn’t believe that it should outperform the market over the next 15-30-45 years then possibly he can buy into L&T now. After the run up I think somebody who is trying to outperform the indices on a weekly or a monthly basis, L&T would definitely not be the best choice if one is looking at the next one-two months’ time.

Dec 22, 2020 3:15 PM

ICRA upgrades rating of JSPL | Credit rating agency ICRA has upgraded its Rating from BBB (-) with “Stable” outlook to BBB (+) with “Stable” outlook on the Long Term Bank Facilities and Non-Convertible Debentures and from “A3” to “A2” for short term facilities of Jindal Steel and Power. The ratings are upgraded to [ICRA] BBB (+) with Stable outlook for long term facilities and Non-Convertible Debentures and [ICRA] A2 for short term facilities.

Dec 22, 2020 3:05 PM

Global stocks steady as worries over new COVID-19 strain ease

European stocks steadied on Tuesday, after heavy losses a day earlier sparked by fears over a highly infectious new strain of COVID-19, as Washington approved an $892 billion pandemic relief package.

The broad Euro STOXX 600 gained 1.2 percent, on course for its biggest one-day jump in over five weeks. German and French indexes both added 1.3 percent.

London's blue chips turned positive, too, recovering early losses even as Britain adjusts to strict lockdowns imposed to curb the spread of the new strain of coronavirus. They were last up 0.3 percent

Countries across the world shut their borders to the UK on Monday because of fears over the new variant of the disease, snarling one of Europe's most important trade routes just days before Britain is set to leave the European Union.

Dec 22, 2020 2:56 PM

Dec 22, 2020 2:35 PM

Market Update | Indian market sees a sharp recovery. Sensex up more than 660 points & Nifty up 200 points from lows. Nifty Bank recovers 500 points pulled by ICICI Bank.

Dec 22, 2020 2:24 PM

Dec 22, 2020 2:07 PM

IRDAI may not ban but may tweak sale of credit-linked health policies

IRDAI may consider tweaking the mechanism in which credit-linked health insurance products are sold in the country, sources said.Get latest Finance online at cnbctv18.com

Dec 22, 2020 2:05 PM

Market Watch: Shrikant Chouhan, Kotak Securities

Nestle is seeing a lot of activity. The stock is not finding any selling pressure from higher levels. In fact, whenever there is any uptick in the market, we are seeing some uptick. So, I am of the view that the stock is heading for at least Rs 19,000 levels in the short term. Here we can keep stop loss very close to around Rs 18,000. So Nestle is a buy even at this price with a target of Rs 19,000.

Bharti Airtel saw very less impact when the market was falling. It was comfortably trading close to Rs 500 levels and after hitting the levels of Rs 490, the stock is again moving towards levels of Rs 530-535. So Bharti Airtel is also a buy at this price with a stop loss at Rs 495.

Dec 22, 2020 1:59 PM

Yash Gupta Equity Research Associate, Angel Broking

Indian indices are volatile on the back of global market clues along with fear of new coronavirus strain in the UK. India and other countries have taken some steps to stop this virus from entering the country. We expect the market to be very volatile and VIX again at 25.16. We suggest short term traders be very cautious and trade only with stop loss.

Dec 22, 2020 1:49 PM

Dr Reddy s seeks approval from Health Canada for Favipiravir

Dr Reddy’s Laboratories Ltd, Canada-based Appili Therapeutics and Dubai-based Global Response Aid FZCO (GRA) on Tuesday said Dr Reddy’s Canada has filed an application on behalf of the consortium for Reeqonus (favipiravir) Tablets for treating COVID-19 in the North American country. The application was filed under Health Canada’s ”Interim Order Respecting the Importation, Sale and Advertising of Drugs for Use in Relation to COVID-19,” a release from the city-based drug maker said.

Reequnus is also known as Avigan (favipiravir) Tablets developed by Fujifilm Toyama Chemical Co., Ltd. ”We are pleased to work with our partners at GRA and Appili to be the first in Canada to file an application for oral solid tablets for COVID-19 treatment under Health Canadas Interim Order,” Vinod Ramachandran Vice President and General Manager, Dr. Reddys Laboratories Canada Inc said. Read more here.

Dec 22, 2020 1:42 PM

Delhi HC dismisses Zee Entertainment plea | Delhi High Court has dismissed the plea of Zee Entertainment Enterprises seeking a stay on IndusInd Bank’s demand of Rs 83 crore. Delhi High Court allowed IndusInd Bank to raise demand of Rs 83 crore against Zee for Siti default.

Dec 22, 2020 1:20 PM

Dec 22, 2020 1:08 PM

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