Share Market Update: Sensex closes at all-time high of 41,558, Nifty at 12,221; banking stocks gain

Share Market Update: Benchmark indices Sensex and Nifty extended gains for the second consectuive session to close at their all-time highs today. Sensex ended 206 points higher at 41,558 against previous close of 41,352. Similarly, Nifty gained 56 points to 12,221 compared to last close of 12,165. During the day, Sensex hit a record high of 41,614 and Nifty rose to 12,237, a fresh peak for the index. M&M (3.37%), Sun Pharma (2.53%) and Asian Paints (1.88%) were the top Sensex gainers. Tata Motors (3.05%) , HUL (1.79%) and SBI (1.79%) were among the top losers. On Tuesday, Sensex closed 413 points higher at 41,352 and NSE Nifty50 rose 111 to end at 12,165. The rise in domestic indices was in line with global markets that skyrocketed to record highs on US-China trade truce. Domestic indices hovered near record highs as positive global sentiments buoyed by easing trade war tensions between the US and China continue to support the market.

Here's a look at the live market events on Sensex and Nifty for Wednesday's trading session:

3: 40 pm: Banking stocks led the gains with BSE bankex rising 100 points to 36,768.  Earlier, BSE bankex hit all time high of 36,818. Similarly, Bank Nifty hit a record high of 32,293 in today's trade.

3: 35 pm: Of 30 Sensex stocks, 20 ended in green. Market breadth was negative with 1190 stocks closing higher against 1305 ending lower on BSE.  

3: 30 pm: Sensex ended 206 points higher at 41,558 against previous close of 41,352. Similarly, Nifty gained 56 points to 12,221 compared to last close of 12,165.

Bharat Bond to close on Dec 20

3: 00 PM

India's first corporate bond exchange-traded fund (ETF) and largest new fund offer (NFO)- Bharat Bond ETF, has opened for subscription on Thursday and will close on December 20. The fund will invest in AAA-rated bonds of public sector companies with target maturity structures. Retail investors can invest with the minimum investment amount of Rs 1,000 and in multiples of Rs 1,000 thereafter

Prince Pipes collects Rs 150 crore from eight anchor investors

2: 30 PM

Prince Pipes finalised the allocation of 84.26 lakh shares at Rs 178 apiece to eight anchor investors.

SBI Oman, Aditya Birla MF, SBI Life Insurance, HDFC Life Insurance, Mirae Asset MF, HDFC MF, Tata MF and New Mark Capital participated in the anchor investor bidding, the firm said. SBI Oman, through its Oman India Joint Investment Fund, garnered Rs 50 crore.

Prince Pipes IPO, which opened for subscription today (December 18, 2019), ends on Friday.

KRBL share jumps over 16% on stake hike by promoters

2: 00 PM

Shares of KRBL continued gaining streak for the second straight session and rallied nearly 16 per cent in intraday trade on Wednesday amid a surge in volume trade after its promoters hiked their stake in the company.

"Anil Mittal Family Trust, Arun Kumar Gupta Family Trust and Binita Gupta Family Trust have bought 149,500 equity shares each between December 3 and December 17," the packaged foods company said in an exchange filing.

Punjab National Bank declines 3% on CRISIL's rating downgrade

1: 30 PM

Punjab National Bank fell 3.09% on BSE today after the public lender announced that rating agency CRISIL has revised the outllok for its bonds on 'rating watch with developing implications'.

This has been done on account of the announcements made by the Ministry of Finance (MoF) GoI, with respect to the proposed amalgamation of public sector banks as there has been significant progress on the amalgamation including approvals from the Boards of the banks.

CRISIL will resolve the rating watch once clarity emerges, post-merger completion, on the merged entity's business and financial profile.

Sensex, Nifty at new high

1: 20 PM

In a rising streak, domestic equity indices are climbing to fresh lifetime highs on Wednesday's trade, tracking record-high key indices globally. Sensex has hit another fresh all-time high of 41,553 against previous close of 41,352 and Nifty rose to 12,221 compared to last close of 12,165.

NMDC shares climb 2% on getting 20-year extension on 4 mines

1: 15 PM

NMDC shares rose 2.39% to the intraday high of Rs 119.95 on BSE today, over getting a 20-year extension for four iron ore mines.

As per the filing, the company has received Allocation of "Rohne" Coal Block. This allocation would ensure the coking coal requirement of NMDC's upcoming steel plant at Nagarnar, Chhattisgarh. This is an important step for raw material security for the steel plant and also to some extent reduces the import of Coking Coal.

Sunteck Realty rises over 4%

1: 00 PM

Sunteck Realty share price rose 4.14% to the intraday high of Rs 421.45 on BSE today. The company announced that it has sold 125 of 225 units launched 3 weeks ago in Goregaon, for over Rs 200 cr. The company said it remains confident of selling 85-90% of units worth Rs 300-325 cr.

Indices hit new highs

12: 30 PM

Sensex has hit a new high of 41,534 against the previous close of 41,352, Nifty rose to 12,212 compared to the last close of 12,165.

PC Jeweller shares slip 7% 

12: 10 PM

Shares of PC Jeweller fell over 7% on Wednesday after the market regulator SEBI served notice to jewellery firm's two promoters and related entities for violating insider trading rules and imposed a total fine of alleged illegal gains of over Rs 8 crore.

Reacting to the latest notice by the market regulator, the share price of PC Jeweller fell 7.14% to the day's low of 24.05 today, with 3.98 lakh and 40 lakh shares trading on BSE an NSE counters. On Wednesday, shares of PC Jeweller ended at Rs 25.90, down 6.33% on the BSE. Overall, the stock has fallen 10.67% in the two sessions of fall.

Read more

Rupee opens lower

12: 05 PM

The rupee opened on a weak note at the Interbank Foreign Exchange and fell 13 paise to 71.11 against the US dollar in early trade on Wednesday amid strengthening of the US dollar against other currencies overseas. Traders said foreign fund inflows and easing crude oil prices capped the losses of the local unit.

The local unit on Tuesday had closed at 70.98 against the greenback.

Read more

Jaypee Infratech rises nearly 10%

10: 55 AM

Jaypee Infratech rose nearly 10% in Wednesday's trade after the company said that the NBCC's resolution plan for the company has been cleared by the Committee of Creditors.

Infosys pays Rs 56 crore to settle worker misclassification, tax fraud charges

10: 45 AM

Infosys, India's top IT major, has agreed to pay nearly Rs 56 crore (USD 800,000) to settle allegations of misclassification of foreign workers and tax fraud, officials announced. In the settlement, Infosys, however, denied the allegations and asserted of no wrongdoings.

Earlier in 2017, Infosys had agreed to pay the State of New York USD 1 million to settle allegations of submitting wrong documents to federal authorities.

Reacting to the latest announcement by the IT major, the stock price of Infosys rose 1% higher to Rs 737.25 apiece on the BSE today.

GST Council meet today

10: 40 AM

The 38th GST Council meeting is scheduled today, at which reasons for the decline in revenue collection and measures to augment mop-up for the remaining four months of the year will be discussed by the panel of officials.

According to tax department's estimates, the government needs to collect nearly Rs. 1.14 lakh crore per month for the remaining four months to meet its estimates for gross collections.

In the April-November period, average monthly GST collection is a little over Rs. 1 lakh crore. This suggests that the government could be staring at a revenue shortfall of around Rs. 50,000 crore in the year.

IT stocks climb higher on trade optimism

10: 35 AM

IT stocks traded higher on US-China trade deal truce optimism Wednesday, with over 3% rise in Tech Mahindra, followed by 1% in TCS and HCL Tech, while Infosys and Wipro traded 0.88% and 0.78% higher, respectively.

Market Update

10: 30 AM

While Sensex and Nifty traded marginally positive, rising merely 0.05% on Wednesday, domestic indices hovered near record highs today as positive global sentiments buoyed by easing trade war tensions between the US and China continue to pump market.

Sectors Today

10: 25 AM

In terms of sector-based indices, gains in auto, IT, metal, pharma and realty stocks were capped by losses in banking, FMCG and media stocks.

FII and DII action on Tuesday

10: 15 AM

Net investment of equity and debt reported by foreign portfolio investors (FPIs) turned positive with net buying logged at Rs 1,248.47 crore from Indian equities while domestic institutional investors (DIIs) turned bearish with net selling logged at Rs 908.16 crore on Tuesday.

Prince Pipes IPO launches today

10: 00 AM

The initial public offer (IPO) of Prince Pipes, one of the leading PVC pipes and fittings manufacturer in India, will open for subscription today. In a move to part-finance repayment/prepayment of certain outstanding loans, setting up of new facility, upgrading of equipment and general corpus fund needs, Prince Pipes is coming up with its maiden IPO, through which it plans to raise Rs 500 crore that consists of a fresh issue and offer for sale of Rs 250 crore each.

Read more

Gainers and Losers

9: 45 AM

Tata Steel, Tata Motors and TCS were the top Sensex gainers, while HUL, YES Bank and Bharti Airtel were among the top losers in early trade.

Indices hit new record highs

9: 40 PM

Sensex has made a new lifetime high of 41,480 on BSE and Nifty too climbed to a fresh all-time high of 12,199 on NSE.

Opening Bell

9: 30 AM

Benchmark indices Sensex and Nifty extended gains and opened at new all-time highs today. BSE Sensex traded at a rise of 73 points to 41,425 and NSE Nifty50 climbed 20 points to trade at 12,185. While Sensex hit a new high of 41,480 against previous close of 41,352, Nifty rose to 12,199 compared to last close of 12,165.

Global Market Update

9: 15 AM

Asian stocks opened mixed on Wednesday as investors took a breather after the partial US-China trade deal that sent global equities close to record highs. SGX Nifty traded at 12206, up 14 points, while US Futures (Dow Jones) traded at 28,286 up 2 points.

On Wall Street, US indexes closed at records on Tuesday, supported by positive economic data and relief over a truce in Trump's trade war with China.

Last Close

9: 00 AM

Indian benchmark indices Sensex and Nifty rose 1% each by the closing bell on Tuesday, recording new lifetime highs. Ending at its highest level, BSE Sensex closed 413 points higher at 41,352 and NSE Nifty50 rose 111 to end at 12,165. While BSE Sensex rose to its lifetime high of 41,401 in Tuesday's trade, NSE Nifty claimed an all-time high of 12,182 today. In terms of sector, except pharma and realty, all major sector-based indices ended in th green, with nearly 3% rise in metal stocks, followed by 2% climb in IT scrips.

Read more