Trade Setup for Thursday(Dec 17, 2020)
Top 10 things to know before Opening Bell
Global Indices
Europe Indices
- European markets finished broadly higher today with shares in Germany leading the region. The DAX is up 1.52% while London’s FTSE 100 is up 0.88% and France’s CAC 40 is up 0.31%.
Asian Indices
- Asian markets finished mixed as of their recent closing prices. The Hang Seng gained 0.97% while the Nikkei 225 was higher by 0.26%. The Shanghai Composite was even.Indian Indices
NSE
BSE
- The BSE Sensex jumped 403.29 points to 46,666.46, backed by almost all sectors barring banks, while the Nifty50 rallied 114.80 points to 13,682.70 and formed a small-bodied bullish candle on the daily charts.
- The overall market breadth was positive and broad market indices like Nifty Midcap 100 and Smallcap 100 have closed higher by 1.15 percent and 1.05 percent respectively.
Indian Sector Indices
NSE
BSE
- Sectorally, action was seen in realty, consumer durables, metals, and telecom stocks.
Top Gainers & Losers
Gainers
Losers
- A positive setup was seen in DLF, Ashok Leyland, Havells, Jindal Steel, Jubliant Foodworks, HDFC, Bharti Airtel, Hindalco, Titan, Asian Paints and TCS while weakness was seen in PNB, Canara Bank and Tata Chemicals
ADR’s and FII/DII data
ADR
Cash FII/DII
F&O FII/DII (Index)
F&O FII/DII (Stocks)
Ahead of Market
BPCL sale: Anil Agarwal’s Vedanta in talks with banks to raise $8 billion
・After showing interest in state-owned Bharat Petroleum Corp Ltd (BPCL), Anil Agarwal-led Vedanta group now plans to raise about $8 billion in debt and equity to secure its acquisition. Mining-to-oil conglomerate Vedanta Resources Plc has already started talks with banks and discussions with JP Morgan are at an advanced stage, LiveMint reported citing people familiar with talks.
・ the asking price of close to $10 billion by the government for selling its entire 52.98 per cent stake could act as a deterrent in its sale as the biggest players in the oil business have stayed away, say analysts. The BPCL is being sold at a time when the world is moving away from conventional fuel, and many countries have set ambitious targets to adopt electric mobility in the years to come.
PNB stock falls 8% as QIP floor price fixed at Rs 37.35 per share
・Shares of Punjab National Bank (PNB) fell as much as 8% in morning trade after the state-run lender set the floor price for its proposed QIP at Rs 37.35 per share.
・PNB shares touched an intraday low of Rs 37.25, falling 8.14% on BSE against the last close of Rs 40.55. PNB share trades higher than 20, 50, 100 and 200-day moving averages but lower than 5-day moving averages. Punjab National Bank share has fallen 7.39% in the last 2 days.
・In one week, PNB share price has fallen 3%. The stock of the lender has gained 28% in a month, although fallen 40% in one year.
・The stock of the lender touched a 52-week high of Rs 66.95 and a 52-week low of Rs 26.30. Market capitalisation of the bank rose to Rs 35,666.29 crore today.
Hero MotoCorp to hike prices by up to Rs 1,500 from Jan 1
・A day after Mahindra & Mahindra (M&M) announced hike in prices of its passenger and commercial vehicles, Hero MotoCorp said it will increase the prices of its products by up to Rs 1,500, with effect from January 1, 2021. The decision to hike prices has been taken to partially offset the impact of the commodity costs, the auto major said.
・The price hike will vary across models, and the exact quantum will be communicated to our dealers in due course, the world’s largest two-wheeler manufacturer said on Wednesday.
・For the July-September quarter, Hero MotoCorp reported an 8.99 per cent year-on-year increase in standalone net profit at Rs 953.45 crore, from Rs 874.80 crore in the corresponding quarter last year. The revenue from operations stood at Rs 9,367.34 crore, growing 23.7 per cent from Rs 7,570.70 crore in the year-ago period.
Stocks in the news
➢Navin Fluorine: The board approved capital expenditure (to be undertaken at Dahej through wholly owned subsidiary Navin Fluorine Advanced Sciences) of Rs 195 crore for the purpose of setting up a multi-purpose plant.
➢Wipro: The company completed the acquisition of 83.4 percent equity stake in Encore Theme.
➢Siti Networks: The board approved the acquisition of 51 percent equity stake in E-Net Entertainment.
➢Sugar stocks in focus: The Cabinet approved Rs 3,500 crore subsidy for sugar farmers and Rs 6,000 per tonne subsidy for sugar exports to be given for 60 lakh tonnes of sugar exports.
➢Aster DM Healthcare: The company through its subsidiary, Aster DM Healthcare FZC, has acquired a company in the Grand Cayman, Cayman Islands — Aster Caribbean Holdings Ltd.
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