Share Market Highlights: Sensex ends at record high, Nifty at 13,682 for first time; HDFC, ONGC top gainers

Sensex, Nifty Highlights on December 16: Market indices closed at new record highs on Wednesday, amid positive global equities. Sensex ended 403 points higher at 46, 666 and Nifty gained 114 points to 13,682. In today's session, Sensex hit an all-time high of 46,704 and Nifty too logged a lifetime high of 13,692. Yesterday, Sensex ended 9 points higher at 46,263 and Nifty gained 9 points to 13,567.

Here's a look at the updates of the market action on BSE and NSE today

4.00 PM: Closing

Market indices closed at new record highs on Wednesday, amid positive global equities. Sensex ended 403 points higher at 46, 666 and Nifty gained 114 points to 13,682. In today's session, Sensex hit an all-time high of 46,704 and Nifty too logged a lifetime high of 13,692.

3. 55PM: Nifty outlook

Vinod Nair, Head of Research at Geojit Financial services said,"Indian market is effortlessly rallying to record highs on a daily basis tracking firm global markets. Increasing prospects of US stimulus measures, hopes of an effective vaccine and a conclusive FED meeting to announce a positive policy are lifting market sentiments across the globe. In the domestic market, all sectors witnessed good momentum with realty leading the rally in hopes of a revival in demand."

3.43PM: Market outlook

On markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Nifty is at the upper end of the resistance range of 13400-13700. We should be watchful here - traders should consider booking profits at these levels and upgrade the stops too. If we can get past 13700 on a closing basis, we could see a renewed rally up."

3. 30 PM: HDFC stock rises 2.5%

Shares of the country's largest mortgage lender- Housing Development Finance Corporation (HDFC) gained 2.5% on Wednesday after the HFC said it plans to raise up to Rs 5,000 crore via February 2022 Non-Convertible Debentures at 4.23 percent.

HDFC stock touched an intraday high of Rs 2,411, rising 2.56% against the last closing of Rs 2350.90. HDFC is trading higher than 5, 20, 50, 100 and 200-day moving averages. HDFC stock has risen 5.29% in the last 4 days.

HDFC stock rises 2.5% on plan to raise Rs 5K cr via NCDs

3. 22 PM: Future Enterprises share rises over 3%

Future Enterprises share rose over 3% in trade today after the firm narrowed its consolidated loss to Rs  238 crore in Q2 of the current fiscal.  The firm reported Rs 334.88 crore loss in June quarter of current fiscal. However, it reported Rs 17 crore profit in Q2 of last fiscal.

Stock of Future Enterprises gained 3.33% to Rs 11.76 against previous close of Rs 11.38 on BSE.

Future Enterprises share rises over 3% despite Q2 loss

3.07 PM: PNB shares decline 8%

Shares of Punjab National Bank (PNB) was down 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.

The bank plans to raise Rs 7,000 crore through the Qualified Institutional Placement (QIP) route this fiscal to shore up its capital base.

PNB shares touched an intraday low of Rs 37.25, falling 8.14% on BSE as against the last closing of Rs 40.55. PNB share trade 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.

2. 39 PM: Sun Pharma outlook

Anmol Ganjoo from JM Financial Institutional Securities said," Genericisation of Absorica, a key product in Sun's specialty portfolio, in Dec'20 is being viewed as a key near-term earnings risk. Sun had launched Absorica LD in Feb'20 to preclude generic substitution of Absorica. While the switch from Absorica to Absorica LD has been slower-than-expected given Covid-related disruptions, Absorica LD has now started gaining traction (c.20% of overall Absorica prescriptions). Even as we expect Sun to continue to focus on the increased adoption of Absorica LD, Sun's manufacturing partner (Cipher) has pointed to the possibility of the launch of an authorized generic post-generic entry. We expect generic Absorica to be a 3-player market (including Teva, Upsher-Smith & AG) in FY22 and generic ramp-up to be gradual with Absorica being a REMS product and Teva delaying the registration of its generic with the FDA. We expect the net earnings impact of the genericisation of Absorica in FY22 to be c.2% of FY21E EPS. We see multiple earnings drivers including Sun's specialty portfolio reverting to its normalized growth trajectory with prescriptions in Ilumya & Cequa now exceeding pre-Covid levels, strong uptick in prescriptions across Taro's key products in US & the expected mid single-digit growth in Taro's US business in FY22 given a low FY21 base and further consolidation of Sun's leadership position in the domestic market (our note dated Dec 2, 2020). Reiterate BUY with TP of Rs 770."

2. 26 PM: Cipla outlook

Yash Gupta Equity Research Associate, Angel Broking said,"Cipla Ltd stock up by 0.3% on Launches 'CIPtest' Rapid Antigen Detection Test for COVID-19 Diagnosis. Cipla Limited today announced its partnership with the Premier Medical Corporation Private Limited for compmercialization of the rapid antigen test kits for COVID-19 in India. The company will commence supply from this week. This is Cipla's second launch in the diagnostics space after Elifast: SARS CoV-2 IgG ELISA Test Kit. In this collaboration, Cipla will be responsible for the marketing and distribution of the Rapid Antigen Detection Test for the qualitative detection of SARS-CoV-2 antigen that will be manufactured by Premier Medical Corporation Private Limited. The test is a rapid point-of-care nasopharyngeal swab test that directly detects the presence or absence of coronavirus antigen in the patient's body, generating results within 15-20 minutes. CIPtest is a reliable high-performing kit that has been validated and approved by ICMR. It is found to have specificity and sensitivity of 98.09% and upto 75 % respectively. This is very positive development for the company, demand for covid tests is huge as in India. Covid-19 positive cases are around 30K-40K per day and even there is the fear of 2nd or 3rd wave of Covid in India."

2.04 PM: Nifty Outlook

Geojit Financial said in its note," Though we had raised our volatility expectation yesterday, we had opted to stay with the uptrend. The 13700 objective discussed yesterday is likely to be fully achieved today, with a fair potential of stretching it to 13740. Since we have had a reasonable consolidation lately, the 13740 mark could unfold a directional move that could beat either 14000 or 13250.

Asian markets are trading higher taking cues from overnight bounce back seen in US on optimism over stimulus. Japan's exports declined 4.2% in November. US markets bounced back sharply as hopes surrounding stimulus being passed by the US Congress grew. Energy and Utility stocks led the gainers. European markets closed higher as optimism over vaccine development and US stimulus package overshadowed concerns over fresh lockdown restrictions. "

1. 53 PM: M&M share rises 4%

M&M share rose nearly 4% today after the firm said it would raise price of passenger, commercial vehicles from January 1. Share of M&M gained up to 3.8% to Rs 745.55  against previous close of Rs 718.25 on BSE. The stock has gained 2.87% in the last 2 days.

The stock opened with a gain of 2.33% at Rs 735 today. The share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

M&M share rises 4% as firm to raise prices from January 1

1. 39 PM: Gold outlook

Kshitij Purohit, Lead Currency & Commodity, CapitalVia Global Research Ltd- Investment Advisor said,"BMA Gold Spot trading bullish at $1860 and close above 1840 which is also 21 Days SMA, Downside Strong support for the metal is $1840 and $1826 which is 200 -Daily Moving average. Resistance for the metal is $ 1870 levels. MCX Gold February trading bullish and give close above 49200 which is 21 Days SMA indicating positive momentum will continue in the metals. Downside support for the metal is 49000 & 48600. Resistance for the metal is 49700."

On Silver, he added,"MCX Silver March made DOJI Candlestick formation on Tuesday and give fresh breakout of 64500 and close above this level, which is 100 Days SMA, it is expected to trade with positive momentum above this level. Now support for the Metal 64000, Resistance for the metal is 65800."

1. 20 PM: Crude Oil update

Kshitij Purohit, Lead Currency & Commodity, CapitalVia Global Research Ltd- Investment Advisor said," MCX Crude December made Doji Candlestick pattern on Tuesday and give fresh breakout of Flag candlestick formation and break above 200-week SMA which placed at 3480 levels, it will continue upside momentum towards 3570 Levels."

1.05 PM: Rupee surges 15 paise to 73.48

Indian rupee, the local currency appreciated by 15 paise to 73.48 per US dollar on Wednesday's opening trade as sustained foreign fund inflows and hectic buying domestic equities strengthened investor sentiment. Weakness of the American currency in the overseas market also supported the domestic unit.

Rupee surges 15 paise to 73.48 amid weak dollar, strong equities

12. 49 AM: YES Bank share rises 5%

YES Bank stock resumed investors' participation today after 3 days of consecutive fall, led by buying sentiment in the private banking index and broader indices Sensex and Nifty, that have been hitting new record highs.

YES Bank share price opened at Rs 18.69 on Wednesday and later rose to Rs 19.19, rising 4.97% against the last close of Rs 18.28. The stock also hit a day's low of Rs 18.56 during the session.

12. 34 PM: Burger King India stock hits upper circuit

Share of Burger King India hit upper circuit of 20% in early trade today, clocking 233% gains to issue price since December 14. Burger King India stock rose to Rs 199.25 against previous close of Rs 166.05, recording a gain of 19.99% on BSE.

On NSE too, the share was stuck in upper circuit of 20% in early trade. The share was trading at Rs 194.40 against previous close of Rs 162 on NSE.

About 2.08 crore shares changed hands on NSE in early trade. Market cap of the share rose to Rs 7,604 crore.

Burger King India stock hits upper circuit, rises three times in three days

12. 20 PM: Real Estate sector overview

Dhruv Agarwala, Group CEO, Housing.com, Makaan.com, and Proptiger.com says, "It was a tough year for the real estate sector due to the COVID-19 pandemic. We expect that the increase in sales seen since October will gain further momentum in the coming months on account of low interest rates, stagnant housing prices and attractive offers by developers. Demand in 2021 is likely to recover to 2019 levels and may even surpass it if there are no unforeseen negative events.

On the positive side, while the pandemic hit sales, it accelerated the much-needed adoption of digital tools in Indian real estate and led to a record increase in online traffic to digital real estate platforms. Moreover, the forced work-from-home environment because of COVID-19, boosted housing demand in tier-II and III cities."

11. 57 AM: Markets in Japan

Geojit Financial said in its note,"The Bank of Japan has decided to tap $6 billion in cash from a government account in a rare arrangement to ensure it has enough ammunition to combat any market disruptions caused by a recent resurgence in coronavirus infections. Under the arrangement announced on Wednesday, the central bank will buy dollar cash from the Ministry of Finance any time through to the end of March next year at the prevailing market exchange rate at the time.

Japan's exports declined 4.2% in November as compared with a year ago, according to Ministry of Finance data released Wednesday."

11. 30 AM: Ashok Leyland outlook

Ashok Leyland -CMP:- Rs95  View:-Positive

Amarjeet Maurya - AVP - Mid Caps, Angel Broking said," Ashok Leyland (AL) is the second-largest Commercial Vehicle (CV) manufacturer in India. It has a strong presence in the truck segment with a market share of 32% as of FY20. Going ahead, we expect revival in the commercial vehicle sector on the back of gradual absorption of oversupply and improvement in the overall economy. This would benefit players like Ashok Leyland on the back of strengthening the product portfolio by launching products.

11. 20 AM: US Markets

Geojit Financial said in its note," In US, stocks rose sharply on Tuesday as traders grew more optimistic about Congress passing another economic relief package. The Nasdaq closed at a record high.

Optimism over a $1.4 trillion U.S. spending package increased after House of Representatives Speaker Nancy Pelosi reportedly invited other top congressional leaders to meet late on Tuesday to hammer out a deal to be enacted this week.

Markets will now look to the U.S. Federal Reserve for new projections on whether the economy will suffer a double-dip recession or is on the cusp of a vaccine-inspired boom. The central bank is to release a statement on Wednesday."

11.09 AM: Market update

Market indices traded at new record highs on Wednesday, amid positive global equities. Sensex traded 245 points higher at 46, 510 and Nifty gained 70 points to 13,640.

10. 54 AM: Gold outlook

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said,"Yesterday Gold prices increased by 1.03% and closed at 49443 levels and silver prices also increased sharply by 2.18% and closed at 64,853 levels. Weakness in dollar and expectation of stimulus package for US economy support the Gold prices. Increasing cases of Corona virus also supports the gold as a safe haven asset.

Hopes over further stimulus infusion by central banks is expected to levy some support to the safe haven asset, Gold. As for today traders can go for BUY in gold at Rs 49400 levels with the stop loss of Rs 49100 levels for the target.  of 50200 levels. They can also go for BUY  in Silver at Rs 65000 levels, with the stop loss of 64300 levels and for the target of 66500 levels. We expect gold may test $1880 to $1900 levels soon."

10. 39 AM: Nifty outlook

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said,"The global markets witnessed some correction and in line with that, SGX Nifty was hinting at a probability of negative opening. However, the indices opened on a flat note and then corrected in the first couple of hours upto 13450 mark. But once again, the intraday day dip got bought into and we then witnessed a smart recovery in the later half to erase all losses and end the day on a flat note.

Once again our markets shrugged off the negative global cues and witnessed a smart recovery from the intraday dips. In the last couple of hours, we witnessed a decent upmove with certain high beta stocks posting good gains. For the fourth straight session, we have witnessed such a move where markets recovered from their lows and ended with formation of 'Doji' candle. Although this does not sign any reversal of the trend, 13400-13600 now becomes a crucial range and a breakout beyond the same would then lead to the next leg of directional move. A move above 13600 could then lead to an extension of this trend towards 13750 which is the 127% retracement levels of the previous correction on the weekly charts. On the flipside, 13400 has now become a sacrosanct and only a breach below this would then result into a decent profit booking. We continue with our advice for traders to trade with a stock specific approach with a tab on the above mentioned levels in the index."

10. 29 AM: Nifty outlook

On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Nifty is edging slowly and steadily towards the upper end of the index range which is between 13400-13700. A serious move can be expected only post 13700 or if we break 13400 on a closing basis. A good support for this market lies at 13400."

10.19 AM: Market outlook

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"While the Dow, Nasdaq & S&P 500 set many records this year the US small-cap index Russel 2000 lagged behind without touching record levels. This underperformance was compensated yesterday when Russel 2000 hit a record high. This indicates that the rally is spreading to the broader market. An important factor driving the market in the coming days would be expectations regarding Q3 results. Indications are that IT & private sector financials will do well"

10. 09 AM: Stocks to watch today on December 16

M&M, PNB, HDFC, Union Bank, IDBI Bank, Axis Bank among others are the top stocks to watch out for in Wednesday's trading session

Stocks in news: M&M, PNB, HDFC, Union Bank, IDBI Bank, Axis Bank

9. 51AM: Nifty technical outlook

Ajit Mishra, VP - Research, Religare Broking said,"We're seeing consolidation in the index on the expected lines but the bias is still on the positive side. A decisive break above 13,600 in Nifty could further fuel the rally however on the flip side, the breakdown below 13,400 may induce the participants to reduce positions. Meanwhile, we reiterate our view to focus more on the selection of stocks and limiting leveraged positions. Also, keep a close eye on global markets for cues."

9. 36 AM: Market outlook

Reliance Research said in its note," : NSE-NIFTY ended on a flat to positive note after a stable start for the week. Mix trend witnessed across the sectors and overall market breadth was neutral to negative during the day. Despite higher level profit booking and neutral sentiment, our bullish view will remain intact as its major technical indicators are positively poised. We believe that undergoing positive momentum will continue. The index has potential to explore uncharted territory and will test 13,700 and 14,000 levels. In case of near-term decline, the index will find strong support at 13,350 mark and will rebound.

As for the day, support is placed at around 13,480 and then at 13,392 levels, while resistance is observed at 13,623 and then at 13,677 levels."

9. 15AM: Opening session

Sensex traded 305 points higher at 46, 562 and Nifty gained 85 points to 13,653. In today's session, Sensex hit an all-time high of 46,592 and Nifty too logged a lifetime high of 13,666.

9.05 AM: Rupee outlook

Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking said,"Sustained portfolio inflows, visible progress on the vaccine roll-out globally and weakness in greenback are the drivers which are pushing the rupee on the upwards trajectory. Value erosion in dollar and excessive liquidity is driving FIIs to load up on emerging markets equities, specially Indian equities in a big way, pushing them to a record high. We are also witnessing a strong recovery in demand in the economy, which is leading to strength in the rupee as the year draws to a close. The local unit looks to march further on the higher side towards 73.20-73 mark, from where we might see some retracement. Markets would now be looking forward to further guidance from the US Fed in its last policy meeting of the year, which will further steer the rupee."

8. 50 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 2,484.09 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,666.79 crore in the Indian equity market on 15 December, provisional data showed.

8. 40 AM: Rupee outlook

On the currency front, the rupee settled 8 paise lower at 73.63 per US dollar, tracking muted domestic equities.

8. 30 AM: Closing session

Market indices reversed from losses and closed at record highs on Tuesday, amid mixed global equities. Sensex ended 9 points higher at 46,263 and Nifty gained 9 points to 13,567.

Sensex recovered 422 points from the day's low to end in the green. Sensex hit an intra day low of 45,841. Nifty too gained 120 points from the day's low of 13,447.