Stock Market: Trade Setup for Wednesday(Dec 16, 2020)
Top 10 things to know before Opening Bell
Global Indices
America’s Indices
- The Dow Jones Industrial Average jumped 1.13% on tuesday.The S&P 500 index popped 1.29%. The Nasdaq composite advanced 1.25%.
Europe Indices
- European markets finished mixed as of the most recent closing prices. The DAX gained 1.06% and the CAC 40 rose 0.04%. The FTSE 100 lost 0.28%.
Asian Indices
- Asian markets finished lower today with shares in Hong Kong leading the region. The Hang Seng is down 0.69% while Japan’s Nikkei 225 is off 0.17% and China’s Shanghai Composite is lower by 0.06%.
Indian Indices
NSE
BSE
- The S&P BSE Sensex recovered more than 400 points, while the Nifty50 also rallied more than 100 points from day’s lows.
- At the close, both the Sensex and the Nifty were up 10 points at 46,263 and 13,567, respectively.
- On the broader markets front, the S&P BSE midcap index rose 0.4 percent while the S&P BSE smallcap index gained 0.7 percent.
Indian Sector Indices
NSE
BSE
- Sectorally, action was seen in consumer durables, finance, auto, and metal stocks while profit-taking was visible in FMCG, oil & gas and energy space.
Top Gainers & Losers
Gainers
Losers
- Positive setup was witnessed in Bajaj Finance, L&T Finance Holdings, Havells, Jindal Steel & Power, Bharat Forge, M&M Financial, JSW Steel, LIC Housing Finance, Voltas and HDFC, while weakness was seen in InterGlobe Aviation, Glenmark, ICICI Prudential, Aurobindo Pharma and Axis Bank.
ADR’s and FII/DII data
ADR
Cash FII/DII
F&O FII/DII (Index)
F&O FII/DII (Stocks)
Ahead of Market
Wistron estimates Rs 52 crore loss after protests at the Karnataka plant
Apple iPhone manufacturer Wistron suffered losses to the tune of Rs 50 crore after violent protests at its facility in Karnataka. Thousands of contract workers had gathered on Saturday at the iPhone manufacturing facility of Wistron Corporations on the outskirts of Bengaluru to protest against unpaid salaries.
Having said that, Wistron told the Taiwan Stock Exchange on Tuesday that major production facilities as well as the warehouses had not suffered damages as serious as the local media was reporting it to be. As per its claims, the losses are initially estimated at $100–200 million; approximately Rs 26–52 crore.
BPCL to acquire Oman Oil’s 36% stake in Bharat Oman Refineries
State-owned Bharat Petroleum Corp Ltd (BPCL) on Tuesday said that its board would consider the proposal to acquire 36.62 per cent stake in Bharat Oman Refineries (BORL) from Oman Oil Company S.A.O.C. (OQ). Currently, BPCL holds 63.38 per cent equity shares in BORL and OQ owns 36.62 per cent stake in the company.
Post acquisition, privatisation-bound BPCL shareholding in BORL will increase to 100 per cent.
BORL, a joint venture between BPCL and OQ, owns and operates Bina Refinery, located at Bina in the Sagar district of the state of Madhya Pradesh.
Adani Ports’ JV firm to raise over Rs 2,200 crore
Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday said its joint venture firm Adani International Container Terminal Pvt Ltd will raise USD 300 million (over Rs 2,200 crore) to retire some of its debt.
Adani International Container Terminal Pvt Ltd (AICTPL), a 50:50 joint venture (JV) of Adani Ports and Special Economic Zone Ltd and Terminal Investment Limited Holding S.A., priced an offering of USD 300 million 3.00 per cent senior secured notes due 2031. “The notes will be issued to institutional investors permitted to invest in the notes under applicable laws,” the company said in a regulatory filing.
Shares of Adani Ports and Special Economic Zone Ltd were trading 0.65 per cent lower at Rs 463.95 apiece on BSE.
PhonePe gets Rs 150 cr in funding; plans to raise over Rs 5,000 cr
Fintech major PhonePe has received about Rs 150 crore from PhonePe Pvt Ltd, Singapore in funding, as per regulatory filings. PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments Pvt Ltd) was allotted 198,755 shares and the total amount paid was Rs 150,00,03,985, according to documents sourced by business intelligence platform Tofler, showed.
The resolution was passed on December 2, it added. PhonePe declined to comment on the fund infusion. On December 3, Flipkart had announced a “partial spin-off” of PhonePe. The e-commerce major had said PhonePe is raising USD 700 million (about Rs 5,172 crore) in primary capital at a post-money valuation of USD 5.5 billion from existing Flipkart investors, led by Walmart.
Flipkart will own 87 per cent majority share in the hived-off entity with US-retail giant Walmart owning 10 per cent and existing investors, including Tiger Global Management, holding the remaining 3 per cent stake. Flipkart co-founder Binny Bansal will join PhonePe’s board of directors along with the fintech company’s co-founders Sameer Nigam and Rahul Chari, it had said.
Blackstone-backed Embassy Office Parks approves launch of $500-$600mn QIP; first ever by an REIT in India
Embassy Office Parks, backed by private equity giant Blackstone and Bengaluru-based realty player Embassy on December 15 approved the launch of its mega fundraising plans with the first institutional placement by an REIT in the country.
upGrad acquires hiring firm Rekrut India
Edtech firm upGrad has acquired recruitment and staffing solutions firm Rekrut India.
The financial details of the deal have not been disclosed yet.
This is part of a slew of acquisitions by upGrad to expand its presence in professional learning and human capital space. The first such acquisition was of The GATE Academy (TGA) on November 24 through which upGrad entered the test-preparation space.
Mumbai-based Rekrut India provides solutions to build organisations’ human capital through its sectoral expertise and works with startups, MSMEs, and large enterprises.
Stock Market Highlights
Kotak Bank stock hits all-time high after RBI clears re-appointment of Uday Kotak as MD
Shares of Kotak Mahindra Bank gained almost 1% and hit a fresh record high of Rs 1,949.45 on Tuesday after the RBI approved the re-appointment of Uday Kotak as managing director of the bank
Kotak Mahindra Bank shares touched a fresh 52-week and all-time high of Rs 1,956, rising 0.9% against the last close of Rs 1,940.15. Kotak Mahindra Bank share stands higher than 5, 20, 50, 100 and 200-day moving averages. Market capitalisation of the lender stood at Rs 3. 85 lakh crore today.
Kotak Mahindra Bank share price has risen 10% in one month and 15% in one year. The stock has gained 7.27% in the last 6 days.
Adani Ports share rises 2% as firm’s joint venture to raise $300 million
Adani Ports and Special Economic Zone share gained over 2% on Tuesday after the company said its joint venture would raise $300 million.
Adani Ports shares touched an intraday high of Rs 479.4, rising 2.66% against the last close of Rs 467. Adani Ports & SEZ share is trading higher than 5, 20, 50, 100 and 200-day moving averages. Market capitalisation of the stock stood at Rs 97,199 crore today.
Adani International Container Terminal Private Limited (AICTPL), a 50:50 joint venture of Adani Ports and Terminal Investment Limited Holding S.A., priced an offering of $300 million 3 percent Senior Secured Notes due 2031, the company said in the release.
The stock has climbed 2.37% in the last 2 days.
YES Bank share slips 4%, trades lower for third session
YES Bank share fell 4% on Tuesday for the third straight session. YES Bank stock opened lower at Rs 17.71 and fell 4.8% to hit the day’s low of Rs 17.56 during the session. YES Bank touched an intraday high of Rs 19.55 against the last closing of Rs 18.45. Yesterday, the private lender’s shares fell 5% after it sold 15,00,000 equity shares of Sical logistics in several tranches.
YES Bank share has lost 11% in the last three days. The stock of the private sector lender has fallen 61% since the beginning of this year and over 61% in one year. YES Bank stock is trading higher than 5, 20, 50 and 100-day moving averages but lower than 200-day moving averages.
Meanwhile, it has risen over 24% to Rs 20 from Rs 15 in just over a month, led by buying sentiment in the private banking index and broader indices Sensex and Nifty, which have been hitting record highs. Meanwhile, Sensex has gained 5.7% during the same period.
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